PROJECT STEP INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1983

Legal Domicile

Principal Officer

JOSU GONZLEZ

Phone

6172675777

Tax Period

2023-07-01 to 2024-06-30

PROJECT STEP INC, founded in 1983, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.6M in total revenue in fiscal year 2023. Revenue fell 76% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $525K, a strong 34% operating margin.

Mission

PROJECT STEP, INC., (PROJECT STEP) WAS INCORPORATED AS A NOT-FOR-PROFIT CORPORATION IN 1983 UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS. PROJECT STEP USES CLASSICAL MUSIC TRAINING TO BRING POSITIVE CHANGE TO THE LIVES OF STUDENTS, THEIR FAMILIES, AND THEIR COMMUNITIES. THE ORGANIZATION IDENTIFIES MUSICALLY TALENTED STUDENTS FROM UNDERREPRESENTED RACIAL AND ETHNIC MINORITIES AT AN EARLY AGE AND PROVIDES THEM WITH A COMPREHENSIVE MUSIC PROGRAM THAT PREPARES THEM TO COMPETE AT THE HIGHEST LEVELS. PROJECT STEP'S GOALS ARE TO EXPAND THE LIVES OF STUDENTS THROUGH MUSIC, HELPING THEM REACH THEIR POTENTIAL, AND TO BRING DIVERSITY TO THE FIELD OF CLASSICAL MUSIC. BY TEACHING THE VALUES OF RESPONSIBILITY, RESPECT, PERSEVERANCE AND JOY IN ACHIEVEMENT THROUGH LEARNING A STRING INSTRUMENT, PROJECT STEP DEVELOPS STRONG, PRODUCTIVE AND HAPPY ADULTS.

Program Service Accomplishments

Program 1

Expenses: $501,409 Revenue: $15,250

WEEKLY PROGRAM OF PRIVATE LESSONS, CHAMBER MUSIC COACHING, ORCHESTRA AND THEORY CLASSES. THE PROGRAM INCLUDES APPROXIMATELY 55-60 STUDENTS AGES SIX TO EIGHTTEEN. 100% OF THE PROGRAM'S GRADUATES HAVE GONE ON TO COLLEGE OR CONSERVATORY. APPROXIMATELY 60% OF THE PROGRAM'S GRADUATES ARE CURRENTLY PROFESSIONALS IN THE FIELD OF CLASSICAL MUSIC. STUDENTS HAVE WON AWARDS AND BEEN ON NATIONAL TELEVISION AND RADIO.

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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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $817,909

Program Service Revenue $15,250

Investment Income $730,159

Other Revenue $-8,521

TOTAL REVENUE $1,554,797

Expense Breakdown

Grants Paid $0

Salaries & Benefits $469,372

Fundraising Expenses $199,289

Program Expenses $501,409

Other Expenses $560,818

TOTAL EXPENSES $1,030,190

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,554,797	$6,539,500	-0.8%
Expenses	$1,030,190	$772,822	+0.3%
Net Income	$524,607	$5,766,678	-0.9%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$105,721

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ELISA PEPE	PRESIDENT	5.00	Officer Director	$0	$0	$0
ALEX MCCRAY	VICE PRESIDE	5.00	Officer Director	$0	$0	$0
MEGHAN JASANI	VICE PRESIDE	5.00	Officer Director	$0	$0	$0
CHRISTOPHER MACKEY	TREASURER	5.00	Officer Director	$0	$0	$0
AUDLEY FULLER	CLERK	5.00	Officer Director	$0	$0	$0
DIANE AUSTIN	DIRECTOR	2.00	Director	$0	$0	$0
MELINDA CHESTON	DIRECTOR	2.00	Director	$0	$0	$0
GRAHAM ROBINSON	DIRECTOR	2.00	Director	$0	$0	$0
ASHLEIGH GORDON	DIRECTOR	2.00	Director	$0	$0	$0
CARLA HAITH	DIRECTOR	2.00	Director	$0	$0	$0
JENELLE LAWSON	DIRECTOR	2.00	Director	$0	$0	$0
MALIK WILLIAMS	DIRECTOR	2.00	Director	$0	$0	$0
MICHAEL HOYLE	DIRECTOR	2.00	Director	$0	$0	$0
KAREN MCINNIS	DIRECTOR	2.00	Director	$0	$0	$0
ADAM CALUS	DIRECTOR	2.00	Director	$0	$0	$0
JOSU GONZLEZ	EXECUTIVE DI	40.00	Officer	$98,825	$6,896	$105,721

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	No data	No data	No data	No data
2024	$1,554,797	$1,030,190	$9,366,101	$524,607
2023	$6,539,500	$772,822	$8,904,494	$5,766,678
2022	$817,605	$745,571	$2,909,410	$72,034
2022	$889,419	$733,464	$2,993,781	$155,955
2021	$1,064,600	$684,200	$3,419,200	$380,400
2020	$828,100	$607,100	$2,583,700	$221,000
2019	$808,100	$672,000	$2,236,400	$136,100
2018	$759,239	$710,435	$2,109,744	$48,804