Virginia Waring International Pian… - Form 990 Financial Data

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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

1982

Legal Domicile

Principal Officer

Christine Cross

Phone

7607732575

Tax Period

2023-07-01 to 2024-06-30

Virginia Waring International Piano Competition, founded in 1982, is a small nonprofit that reported $837K in total revenue in fiscal year 2023. Revenue surged 146% from the prior year, signaling strong growth momentum. The organization ran a surplus of $514K, a strong 61% operating margin.

Mission

THE MISSION OF THE VIRGINA WARING INTERNATIONAL PIANO COMPETITION IS TO EXCITE, EDUCATE, AND ENGAGE THE COMMUNITY AT LARGE WITH THE JOY OF CLASSICAL PIANO BY PRESENTING, PROMOTING, AND NURTURING CLASSICAL MUSIC THROUGH LIVE PIANO PERFORMANCE INCLUDING INTERNATIONAL COMPETITIONS, CONCERTS, AND LOCAL EDUCATION OUTREACH PROGRAMS FOR ALL AGES.

Program Service Accomplishments

Program 1

Expenses: $163,990 Revenue: $110,891

Between July 1, 2023 and June 30, 2024 Virginia Waring International Piano Competition dba Palm Springs International Piano Competition offered four concerts featuring world-renowned pianists in the Coachella Valley. At each concert, complimentary tickets were provided to the communitys senior citizens and high school students. In addition to the public concerts, private in-school concerts were offered for schools within the Palm Springs Unified School District. More than 350 elementary and high school students attended concerts at their school. A post-concert Q & A session allowed students to better understand the educational requirements for a career in music, music performance and music education. The hands-on keyboard classes were expanded with a keen focus on low-income student populations. More than 200 hours of instruction were provided to elementary school-aged students, including those students participating in a home school setting. Volunteers are integral to the success of our programming. Approximately 56 volunteers provided more than 300 hours during the fiscal year.

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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 $595,209

Program Service Revenue $110,891

Investment Income $36,553

Other Revenue $94,339

TOTAL REVENUE $836,992

Expense Breakdown

Grants Paid $0

Salaries & Benefits $159,726

Fundraising Expenses $91,000

Program Expenses $163,990

Other Expenses $163,032

TOTAL EXPENSES $322,758

Year-over-Year Comparison

	2023	2022	Change
Revenue	$836,992	$339,793	+1.5%
Expenses	$322,758	$381,792	-0.2%
Net Income	$514,234	$-41,999	-13.2%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID BURNETT	Director	10.00	Director	$0	$0	$0
DR ELIZABETH SMALLEY	Secretary	6.00	Officer Director	$0	$0	$0
ISABEL CHAPMAN	Director	2.00	Director	$0	$0	$0
CHRISTINE CROSS	Treasurer	15.00	Officer Director	$0	$0	$0
JoAnn Wellner	Advisory Chair	10.00	Director	$0	$0	$0
Carole J Westrick-Bomar Esq	Director	2.00	Director	$0	$0	$0
Bram Conley	Dev Chair	10.00	Director	$0	$0	$0
Dr Joan RuBane	Director	2.00	Director	$0	$0	$0
Howard Schreiber Esq	Director	2.00	Director	$0	$0	$0
Sandy Woodson	Director	8.00	Director	$0	$0	$0
MARCO GODOY	Director	10.00	Director	$0	$0	$0
Joe Giarrusso	President	30.00	Officer Director	$0	$0	$0
ALDO IANNARELLI	Director	2.00	Director	$0	$0	$0
DR Judith Zacher	Director	2.00	Director	$0	$0	$0
Dr Betty Baxter	Nominating COMM	6.00	Director	$0	$0	$0
Lois Darr	Director	2.00	Director	$0	$0	$0
Jessica Lagos Greene	Director	10.00	Director	$0	$0	$0
Andrea Laguni	Vice President	4.00	Officer Director	$0	$0	$0
DEBRA POLLOCK	Director	8.00	Director	$0	$0	$0
Elaine Wang Meyerhoffer	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	No data	No data	No data	No data
2024	$836,992	$322,758	$966,804	$514,234
2023	$339,793	$381,792	$456,704	$-41,999
2022	$302,130	$349,366	$492,644	$-47,236
2021	$65,663	$133,857	$539,852	$-68,194
2020	$126,498	$176,104	$607,041	$-49,606
2018	$476,604	$280,353	$795,564	$196,251

Virginia Waring International Piano Competition