THE MUSIC ACADEMY NFP

EIN: 452281679 501(c)(3) Arts, Culture & Humanities

ROCKFORD, IL

Total Revenue
$703,254
Total Expenses
$557,004
Total Assets
$290,310
Net Assets
$233,734
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2011
Legal Domicile
IL
Principal Officer
LAURA EAKMAN
Phone
8159860037
Tax Period
2024-07-01 to 2025-06-30

THE MUSIC ACADEMY NFP, founded in 2011, is a small nonprofit in the Arts, Culture & Humanities sector that reported $703K in total revenue in fiscal year 2024. Revenue surged 44% from the prior year, signaling strong growth momentum. The organization ran a surplus of $146K, a strong 21% operating margin.

Mission

THE ACADEMY'S MISSION IS TO INSPIRE IN STUDENTS A LIFE-LONG LOVE OF MUSIC AND THE ARTS. STUDENTS ARE LIFE-LONG LEARNERS AND RANGE IN AGE FROM PRENATAL TO THOSE IN THEIR 70S AND 80S.

Program Service Accomplishments

Program 1
Expenses: $487,897 Revenue: $390,744

FOUNDED IN 1985, THE MUSIC ACADEMY, NFP (THE ACADEMY), WAS INDEPENDENTLY INCORPORATED IN MARCH 2011 AS AN ILLINOIS NOT-FOR-PROFIT COMMUNITY SCHOOL OF MUSIC DEDICATED TO PROVIDING HIGH QUALITY...

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FOUNDED IN 1985, THE MUSIC ACADEMY, NFP (THE ACADEMY), WAS INDEPENDENTLY INCORPORATED IN MARCH 2011 AS AN ILLINOIS NOT-FOR-PROFIT COMMUNITY SCHOOL OF MUSIC DEDICATED TO PROVIDING HIGH QUALITY, AFFORDABLE INSTRUCTION AND PERFORMANCE OPPORTUNITIES TO ACADEMY STUDENTS, REGARDLESS OF AGE OR ABILITY.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $305,309
Program Service Revenue $390,744
Investment Income $-3,184
Other Revenue $10,385
TOTAL REVENUE $703,254

Expense Breakdown

Grants Paid $0
Salaries & Benefits $450,410
Fundraising Expenses $23,441
Program Expenses $487,897
Other Expenses $106,594
TOTAL EXPENSES $557,004

Year-over-Year Comparison

2024 2023 Change
Revenue $703,254 $487,383 +0.4%
Expenses $557,004 $527,257 +0.1%
Net Income $146,250 $-39,874 -4.7%
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

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Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
6
Independent Members
5
Employees
34
Volunteers
20

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
3
$63,361
Total Directors
6
$63,361
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
LAURA EAKMAN EXECUTIVE DI 40.00
Officer Director
$63,361 $0 $63,361
HOPE COLLINS DIRECTOR 2.00
Director
$0 $0 $0
COLLEEN MCDONALD SECRETARY 2.00
Officer Director
$0 $0 $0
KRISTIN NELSON DIRECTOR 2.00
Director
$0 $0 $0
JONATHAN ROZMAN DIRECTOR 2.00
Director
$0 $0 $0
CHRISTOPHER WRATE CHAIR 2.00
Officer 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 $703,254 $557,004 $290,310 $146,250
2024 $487,383 $527,257 $136,968 $-39,874
2023 $493,603 $513,706 $164,251 $-20,103
2022 $441,422 $511,829 $194,439 $-70,407
2021 $491,080 $448,692 $254,853 $42,388
2020 $520,139 $469,896 $224,522 $50,243
2019 $470,749 $473,204 $161,208 $-2,455
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