Varna International Music Academy (EIN 320542058) - Form 990 Financial Analysis & Trantor Score

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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

2017

Legal Domicile

Principal Officer

Sharon Tchonev

Phone

8035454166

Tax Period

2024-08-01 to 2025-07-31

Varna International Music Academy, founded in 2017, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.1M in total revenue in fiscal year 2024. Revenue decreased 8% compared to the prior year. Expenses of $994K left a modest 11% surplus.

Mission

To hold annual music academies and educational tours focusing on teaching students advanced music concepts and allowing them to practice their skills in opera productions, musicals, and choral-orchestral performances.

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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 (2024)

Revenue Breakdown

Contributions & Grants $342,098

Program Service Revenue $771,929

Investment Income $0

Other Revenue $0

TOTAL REVENUE $1,114,027

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $3,000

Program Expenses $938,973

Other Expenses $994,294

TOTAL EXPENSES $994,294

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,114,027	$1,216,717	-0.1%
Expenses	$994,294	$1,421,318	-0.3%
Net Income	$119,733	$-204,601	-1.6%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Kalin Tchonev	Musical Director, Treas	35.00	Officer Director	$0	$0	$0
Sharon Tchonev	Director, President	35.00	Officer Director	$0	$0	$0
Shaul Paz	Director	0.50	Director	$0	$0	$0
Gregory Buchalter	Director, VP	0.50	Officer Director	$0	$0	$0
Jonathan Stinson	Director, Board Sec	0.50	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	$1,114,027	$994,294	$168,083	$119,733
2024	$1,216,717	$1,421,318	$42,802	$-204,601
2023	$645,920	$887,775	$139,032	$-241,855
2022	$1,227,146	$1,224,173	$449,855	$2,973
2021	$143,110	$83,103	$281,209	$60,007
2020	$456,187	$251,433	$221,190	$204,754

Varna International Music Academy