Turtle Bay Music School Inc

Nonprofit profile at a glance

EIN
131775772
IRS 990 coverage
2010–2021
Forms available
Form 990 2021
Location
Armonk, NY, USA
Rating
49
Verdict
MIXED
Rating confidence
Moderate
Sector
Performing Arts Schools

Reported finances

Revenue
$-1,426,907
Expenses
$876,737
Assets
$15,185,712
Liabilities
$9,016,440

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • LORNA J NORRIS (EXECUTIVE DIRECTOR)
  • JEFFREY SCHLOSSER (PRESIDENT)

People named in this filing

  • MARY NEUMANN (TRUSTEE)
  • BLAIR TALCOTT (TRUSTEE)
  • TAYLOR NICHOLAS (TRUSTEE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To spread the transformative power of music by providing the highest quality music education and experiences to all in the community who seek them

What it reported doing in 2021

Instructional and outreach programs: instructional - providing music lessons and classes for groups or individuals, consisting of weekly or hourly instruction by faculty members skilled in the particular area lof study, outreach - creating partnerships with public schools, community organizations, hospitals, senior centers, and others as appropriate with the goal of making music accessible to new yorkers. The wide variety of programming offered includes in-school group music lessions, after-school programs, free community concerts, master classes, and family programming. The school ceased all operations and programming on january 29, 2020

Operating model

Revenue model
Other-operating. 80% of the money available for current operations came from other operating revenue.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 100
  • Accountability: 82
  • Sustainability: 37
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -161.4%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: 17.32; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0.59; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -12.7% per year; rating input score 0; 32nd percentile among comparable filings
  • Revenue growth: -3.1% per year; rating input score 0; 53rd percentile among comparable filings
  • Asset growth: 20% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 7 of 7 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 12 filing years from 2010 to 2021
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Sustainability: Operating margin scored 14/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.