MUSIC INSTITUTE OF CHICAGO (EIN 362374224) - 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

1939

Legal Domicile

Principal Officer

SHALISA KLINE UGAZ

Phone

8479051500

Tax Period

2023-09-01 to 2024-08-31

MUSIC INSTITUTE OF CHICAGO, founded in 1939, is a community nonprofit in the Arts, Culture & Humanities sector that reported $7.1M in total revenue in fiscal year 2023.

Mission

PROVIDE THE HIGHEST QUALITY MUSIC EDUCATION. REACH INDIVIDUALS WHERE OPPORTUNITIES ARE LIMITED.

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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 $2,191,690

Program Service Revenue $4,795,309

Investment Income $25,417

Other Revenue $43,523

TOTAL REVENUE $7,055,939

Expense Breakdown

Grants Paid $499,026

Salaries & Benefits $5,050,548

Fundraising Expenses $443,119

Program Expenses $5,478,534

Other Expenses $2,057,372

TOTAL EXPENSES $7,606,946

Year-over-Year Comparison

	2023	2022	Change
Revenue	$7,055,939	$6,681,836	+0.1%
Expenses	$7,606,946	$8,058,706	-0.1%
Net Income	$-551,007	$-1,376,870	-0.6%

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

209

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

$888,149

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT VERSCHOOR	CHAIR	1.00	Officer Director	$0	$0	$0
LEE ANNE STODDART	VICE CHAIR	1.00	Officer Director	$0	$0	$0
ALEXANDRA C NICHOLS	CHAIR EMERITA	1.00	Officer Director	$0	$0	$0
BARBARA SEREDA	SECRETARY	1.00	Officer Director	$0	$0	$0
TIM PATENODE	TREASURER	1.00	Officer Director	$0	$0	$0
MR PAUL BROURMAN	DIRECTOR	1.00	Director	$0	$0	$0
CARLOS CARDENAS	DIRECTOR	1.00	Director	$0	$0	$0
HANS J GERMANN	DIRECTOR	1.00	Director	$0	$0	$0
DANIEL HAHN	DIRECTOR	1.00	Director	$0	$0	$0
COURTNEY HOLOHAN	DIRECTOR	1.00	Director	$0	$0	$0
KAY MABIE	DIRECTOR	1.00	Director	$0	$0	$0
DR YANA NEDVETSKY	DIRECTOR	1.00	Director	$0	$0	$0
RENEE PARQUETTE	DIRECTOR	1.00	Director	$0	$0	$0
JAMES STONE	DIRECTOR	1.00	Director	$0	$0	$0
ROSS UPDEGRAFF	DIRECTOR	1.00	Director	$0	$0	$0
ZALMAN USISKIN	DIRECTOR	1.00	Director	$0	$0	$0
AUDRA WILSON	DIRECTOR	1.00	Director	$0	$0	$0
DAVID ZAMPA	DIRECTOR	1.00	Director	$0	$0	$0
FLORIAN ZETTELMEYER	DIRECTOR	1.00	Director	$0	$0	$0
MR TAO ZHU	DIRECTOR	1.00	Director	$0	$0	$0
DR MARK GEORGE	PRESIDENT & CEO	40.00	Officer	$193,530	$24,238	$217,768
MARCIA RUBIN	VP & CFO	40.00	Officer	$135,465	$2,309	$137,774
SUE POLUTNIK	VP & COO	40.00	Officer	$115,857	$10,836	$126,693
EMILY ABRAHAM	VP ACADEMIC AFFAIRS	40.00	Officer	$96,958	$18,073	$115,031
JENNIFER HANSON	VP & CMO	40.00	Officer	$107,576	$15,007	$122,583
JENNIFER BIENEMANN	VP & CDO	40.00	Officer	$168,000	$300	$168,300

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
2024	$7,055,939	$7,606,946	$10,817,414	$-551,007
2023	$6,681,836	$8,058,706	$10,500,371	$-1,376,870
2022	$8,335,240	$7,217,576	$11,160,030	$1,117,664
2021	$7,011,364	$6,712,136	$11,276,124	$299,228
2020	$9,121,839	$6,908,684	$10,694,673	$2,213,155
2019	$6,676,662	$7,182,259	$8,864,085	$-505,597
2018	$6,375,620	$7,215,932	$9,069,235	$-840,312

MUSIC INSTITUTE OF CHICAGO