ACADEMY OF MUSIC OF PHILADELPHIA INC

EIN: 231501159 501(c)(3) Arts, Culture & Humanities

PHILADELPHIA, PA

Total Revenue
$1,405,807
Total Expenses
$3,385,410
Total Assets
$25,436,097
Net Assets
$25,244,343
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1956
Legal Domicile
DE
Principal Officer
RYAN FLEUR
Phone
2158931900
Tax Period
2023-09-01 to 2024-08-31

ACADEMY OF MUSIC OF PHILADELPHIA INC, founded in 1956, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.4M in total revenue in fiscal year 2023. Revenue fell 71% from the prior year — a significant decline worth monitoring. Expenses of $3.4M exceeded revenue, resulting in a 141% operating deficit.

Mission

THE ACADEMY'S PRIMARY EXEMPT PURPOSE IS TO RAISE FUNDS THROUGH THE RESTORATION AND PRESERVATION FUND TO RESTORE AND MAINTAIN THE 167-YEAR-OLD ACADEMY OF MUSIC, THE OLDEST KNOWN CONTINUOUSLY OPERATING OPERA HOUSE IN THE UNITED STATES.

Program Service Accomplishments

Program 1
Expenses: $245,593 Revenue: $0

THE ORGANIZATION'S PRIMARY PROGRAM SERVICE ACTIVITY IS TO RAISE FUNDS FOR THE RESTORATION OF THE ACADEMY OF MUSIC BUILDING THROUGH SPECIAL EVENTS AND A CAPITAL CAMPAIGN PROGRAM. COMBINED PROCEEDS ARE...

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THE ORGANIZATION'S PRIMARY PROGRAM SERVICE ACTIVITY IS TO RAISE FUNDS FOR THE RESTORATION OF THE ACADEMY OF MUSIC BUILDING THROUGH SPECIAL EVENTS AND A CAPITAL CAMPAIGN PROGRAM. COMBINED PROCEEDS ARE USED TO FUND NUMEROUS RESTORATION PROJECTS AS APPROVED BY THE ACADEMY BOARD. THE ACADEMY OF MUSIC BUILDING HAS BEEN DESIGNATED AS A NATIONAL HISTORIC LANDMARK AND THEREFORE ITS UPKEEP AND MAINTENANCE IS THE ORGANIZATION'S PRIMARY CONCERN. FOR THE YEAR ENDED AUGUST 31, 2024, THE RESTORATION PROJECTS INCLUDED CHILLER REPLACMENT, ROOF REPAIRS, AND CONTINUED RESTORATION OF THE BALCONY. (CONTINUED IN SCH O)(CONTINUED):THESE PROGRAM SERVICE ACTIVITY EXPENDITURES ARE REPORTED AS PART OF FIXED ASSETS IN SCHEDULE D, PART VI.

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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 (2023)

Revenue Breakdown

Contributions & Grants $2,139,568
Program Service Revenue $0
Investment Income $0
Other Revenue $-733,761
TOTAL REVENUE $1,405,807

Expense Breakdown

Grants Paid $20,000
Salaries & Benefits $560,063
Fundraising Expenses $269,859
Program Expenses $245,593
Other Expenses $2,805,347
TOTAL EXPENSES $3,385,410

Year-over-Year Comparison

2023 2022 Change
Revenue $1,405,807 $4,878,504 -0.7%
Expenses $3,385,410 $3,532,925 0.0%
Net Income $-1,979,603 $1,345,579 -2.5%
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

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Liquidity & Cash Position

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Governance

Voting Members
16
Independent Members
13
Employees
N/A
Volunteers
55

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
6
$2,001,932
Total Directors
18
$2,001,932
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MATIAS TARNOPOLSKY BD MEMBER (PRESIDENT-POA) 5.00
Officer Director
$0 $154,061 $1,072,718
RYAN FLEUR BD MEMBER/SECRETARY (EXEC-DIR POA) 5.00
Officer Director
$0 $61,061 $501,540
MARIO MESTICHELLI BD MEMBER/TREASURER (CFO-POA) 5.00
Officer Director
$0 $59,311 $427,674
CAROLINE B ROGERS CHAIR 10.00
Officer Director
$0 $0 $0
ADELE K SCHAEFFER CHAIR EMERITUS 2.00
Officer Director
$0 $0 $0
KATE ALLISON BOARD MEMBER (THRU JAN 2024) 2.00
Director
$0 $0 $0
LISA BETTINGER-BUCKINGHAM BOARD MEMBER (THRU DEC 2023) 2.00
Director
$0 $0 $0
JAMES P BRANDAU BOARD MEMBER 2.00
Director
$0 $0 $0
ANNE F HAMILTON BOARD MEMBER 2.00
Director
$0 $0 $0
HARRY EDWARD HILL III BOARD MEMBER 2.00
Director
$0 $0 $0
SCOTT S JOHNSON BOARD MEMBER 2.00
Director
$0 $0 $0
TERESA C KENNY BOARD MEMBER 2.00
Director
$0 $0 $0
BRUCE G LETO BOARD MEMBER 2.00
Director
$0 $0 $0
JOHN H MCFADDEN BOARD MEMBER 2.00
Director
$0 $0 $0
RALPH W MULLER BOARD MEMBER (CHAIR-POA) 5.00
Officer Director
$0 $0 $0
JOHN R SALER BOARD MEMBER 2.00
Director
$0 $0 $0
LINDA FYNES SIEGFRIED BOARD MEMBER 2.00
Director
$0 $0 $0
MICHAEL ZISMAN BOARD MEMBER 5.00
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 No data No data No data No data
2024 $1,405,807 $3,385,410 $25,436,097 $-1,979,603
2023 $4,878,504 $3,532,925 $27,513,081 $1,345,579
2022 $2,432,012 $4,003,376 $29,102,895 $-1,571,364
2021 $3,266,946 $3,411,061 $30,910,650 $-144,115
2020 $1,254,547 $3,494,933 $30,708,691 $-2,240,386
2019 $1,303,334 $3,417,624 $33,369,162 $-2,114,290
2018 $3,503,847 $3,432,286 $35,199,408 $71,561
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