Irish Music School of Chicago (EIN 364062622) - 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

1996

Legal Domicile

Principal Officer

SEAN CLELAND President

Phone

7734125082

Tax Period

2024-01-01 to 2024-12-31

Irish Music School of Chicago, founded in 1996, is a small nonprofit in the Arts, Culture & Humanities sector that reported $209K in total revenue in fiscal year 2024.

Mission

The Irish Music School is committed to maintaining the strong tradition of Irish music, song and dance, to involve more people in the community of Irish music, and ensure that this type of music does not disappear in Chicago and the United States.

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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 $48,255

Program Service Revenue $160,261

Investment Income $0

Other Revenue $0

TOTAL REVENUE $208,516

Expense Breakdown

Grants Paid $0

Salaries & Benefits $67,770

Fundraising Expenses $0

Program Expenses $222,609

Other Expenses $154,839

TOTAL EXPENSES $222,609

Year-over-Year Comparison

	2024	2023	Change
Revenue	$208,516	$197,050	+0.1%
Expenses	$222,609	$172,582	+0.3%
Net Income	$-14,093	$24,468	-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

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

$67,770

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SEAN CLELAND	PRESIDENT	60.00	Officer	$67,770	$0	$67,770
RICHARD B DELANEY	Director	1.00	Director	$0	$0	$0
PATRICK KARPOWICZ	DIRECTOR	1.00	Director	$0	$0	$0
KEITH MCCORMICK	DIRECTOR	1.00	Director	$0	$0	$0
Tim McGinness	Director	1.00	Director	$0	$0	$0
Jason Mahoney	Director	1.00	Director	$0	$0	$0
KATHY MEDIC	TREASURER	6.00	Officer	$0	$0	$0
Kori Milroy	Secretary	1.00	Officer	$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	$208,516	$222,609	$62,270	$-14,093

Irish Music School of Chicago