MERIT SCHOOL OF MUSIC (EIN 363028768) - 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

1979

Legal Domicile

Phone

3127869428

Tax Period

2024-09-01 to 2025-08-31

MERIT SCHOOL OF MUSIC, founded in 1979, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $13.8M in total revenue in fiscal year 2024. Revenue decreased 13% compared to the prior year. The organization ran a surplus of $4.1M, a strong 29% operating margin.

Mission

Merit School of Music transforms the lives of Chicago-area youth through removing barriers to high-quality music education so that Chicago's driven young musicians can experience the transformative power of mentorship, community, and song.

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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 $6,939,164

Program Service Revenue $3,410,035

Investment Income $2,003,258

Other Revenue $1,496,901

TOTAL REVENUE $13,849,358

Expense Breakdown

Grants Paid $882,685

Salaries & Benefits $6,772,805

Fundraising Expenses $694,907

Program Expenses $7,835,546

Other Expenses $2,122,714

TOTAL EXPENSES $9,778,204

Year-over-Year Comparison

	2024	2023	Change
Revenue	$13,849,358	$15,958,128	-0.1%
Expenses	$9,778,204	$9,170,963	+0.1%
Net Income	$4,071,154	$6,787,165	-0.4%

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

224

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

$572,858

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Charles Grode	President and Executive Director	37.5	Officer	$194,006	$6,687	$200,693
Meredith Barber	Vice President for Development & Marketing	37.5	Officer	$133,546	$4,698	$138,244
Kurtis C Gildow	Vice President for Programming	37.5	Officer	$119,556	$3,919	$123,475
Amy Johnson	Vice President for Finance & Administration	37.5	Officer	$106,527	$3,919	$110,446
Julie Green Baumeister	Board Chair	3	Director	$0	$0	$0
Thomas Linguanti	Vice Chair	3	Director	$0	$0	$0
Jennifer Montague	Vice Chair	2	Director	$0	$0	$0
Michael Andrews	Treasurer	2	Director	$0	$0	$0
Marisela Rosales Lawson	Secretary	2	Director	$0	$0	$0
Kamila Muhammed	Associate Board Representative	2	Director	$0	$0	$0
Charles K Huebner	Immediate Past Board Chair	2	Director	$0	$0	$0
JeNyce Boolton	Trustee	1	Director	$0	$0	$0
Ryan DeVore	Trustee	1	Director	$0	$0	$0
Jeffrey Breslow	Trustee	1	Director	$0	$0	$0
Binta Brown	Trustee	1	Director	$0	$0	$0
Carol Clavadetscher	Trustee	1	Director	$0	$0	$0
Matt Gruseck	Trustee	1	Director	$0	$0	$0
Dr Derrick Gay	Trustee	1	Director	$0	$0	$0
Cynthia Mufarreh	Trustee	1	Director	$0	$0	$0
Joe Musselman	Trustee	1	Director	$0	$0	$0
Nishad Parmar	Trustee	1	Director	$0	$0	$0
Micheal Powers	Trustee	1	Director	$0	$0	$0
Abiman Rajadurai	Trustee	1	Director	$0	$0	$0
David Schulz	Trustee	1	Director	$0	$0	$0
Susie Sultan	Trustee	1	Director	$0	$0	$0
David P Thomas	Trustee	1	Director	$0	$0	$0
Dr Jennifer Turner	Trustee	1	Director	$0	$0	$0
Jennifer Vianello	Trustee	1	Director	$0	$0	$0
John F Young	Trustee	1	Director	$0	$0	$0
Cathy Wloch	Trustee	1	Director	$0	$0	$0
Dr Huan J Chang	Trustee	1	Director	$0	$0	$0
Sandy Rusnak	Trustee	1	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	$13,849,358	$9,778,204	$46,948,653	$4,071,154
2024	$15,958,128	$9,170,963	$42,968,720	$6,787,165
2023	$11,718,289	$8,391,535	$35,999,488	$3,326,754
2022	$6,571,408	$8,085,007	$32,406,157	$-1,513,599
2021	$10,166,594	$7,114,338	$34,329,132	$3,052,256
2020	$871,543	$1,002,234	$31,237,141	$-130,691
2019	$11,667,837	$6,833,803	$28,772,667	$4,834,034
2018	$6,683,559	$6,980,226	$23,995,336	$-296,667

MERIT SCHOOL OF MUSIC