47 Palmer Inc

EIN: 043255365 501(c)(3) Arts, Culture & Humanities

Cambridge, MA

Total Revenue
$2,307,387
Total Expenses
$2,403,266
Total Assets
$514,090
Net Assets
$331,024
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Financial Trends

Organization Details

Formation Year
1994
Legal Domicile
MA
Principal Officer
Michael Busack
Phone
6174925300
Tax Period
2024-07-01 to 2025-06-30

47 Palmer Inc, founded in 1994, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.3M in total revenue in fiscal year 2024.

Mission

The mission of Passim is to provide truly exceptional and interactive live musical experiences for both performers and audiences, to nurture artists at all stages of their career, and to build a vibrant music community. We do so through our legendary listening venue, music school, artist grants and outreach programs. As a nonprofit since 1994, Passim carries on the heritage of our predecessors-the historic Club 47 (1958-1968) and for-profit Passim (1969-1994). We cultivate a diverse mix of musical traditions, where the emphasis is on the relationship between performers and audience and between teachers and students. Located in Harvard Square, Passim serves Cambridge and the broader region by featuring local, national and international artists. Our ultimate goal is to help the performance arts flourish and thereby enrich the lives of members of our community.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $803,168
Program Service Revenue $1,499,632
Investment Income $4,587
Other Revenue $0
TOTAL REVENUE $2,307,387

Expense Breakdown

Grants Paid $61,500
Salaries & Benefits $901,964
Fundraising Expenses $160,422
Program Expenses $1,841,822
Other Expenses $1,439,802
TOTAL EXPENSES $2,403,266

Year-over-Year Comparison

2024 2023 Change
Revenue $2,307,387 $2,149,434 +0.1%
Expenses $2,403,266 $2,234,339 +0.1%
Net Income $-95,879 $-84,905 +0.1%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
14
Independent Members
14
Employees
56
Volunteers
N/A

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$0
Total Directors
14
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
James Patrick Kelly Director & Treasurer 5.00
Officer Director
$0 $0 $0
Alice Bruce Director 2.00
Director
$0 $0 $0
Jaime D'Almeida Director & Clerk 2.00
Officer Director
$0 $0 $0
Chuck Honnet Director & VP 2.00
Officer Director
$0 $0 $0
Kemp Harris Director 2.00
Director
$0 $0 $0
Caroline McCormick Director 2.00
Director
$0 $0 $0
Mark Gillard Director 2.00
Director
$0 $0 $0
Kristina Latino Director 2.00
Director
$0 $0 $0
Brian Berube Director 2.00
Director
$0 $0 $0
Laurie Russell Director 2.00
Director
$0 $0 $0
Melissa Ferrick Director 2.00
Director
$0 $0 $0
Patty Katsaros Director 2.00
Director
$0 $0 $0
Annie Bartlett Director & Chair 5.00
Officer Director
$0 $0 $0
Rosi Amador Director 2.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $2,307,387 $2,403,266 $514,090 $-95,879
2024 $2,149,434 $2,234,339 $584,832 $-84,905
2023 $1,750,261 $1,833,883 $652,259 $-83,622
2022 $1,617,574 $1,508,704 $700,773 $108,870
2021 $1,044,646 $907,753 $735,824 $136,893
2020 $1,829,573 $1,721,512 $578,011 $108,061
2019 $1,725,447 $1,745,892 $386,742 $-20,445
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