GASPARILLA MUSIC FOUNDATION INC

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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

2010

Legal Domicile

Principal Officer

GRYMES CANNON

Phone

8137088423

Tax Period

2024-05-01 to 2025-04-30

GASPARILLA MUSIC FOUNDATION INC, founded in 2010, is a small nonprofit in the Arts, Culture & Humanities sector that reported $803K in total revenue in fiscal year 2024. Revenue fell 67% from the prior year — a significant decline worth monitoring. Expenses of $970K exceeded revenue, resulting in a 21% operating deficit.

Mission

TO NURTURE AND PROMOTE THE CULTURE OF TAMPA BAY BY PRESENTING A SPECTACULAR GATHERING OF MUSICIANS AND PERFORMERS THAT LEADS TO GREATER AWARENESS, ARTS EDUCATION AND THE CONTINUED URBAN RENEWAL OF DOWNTOWN TAMPA.

Program Service Accomplishments

Program 1

Expenses: $736,901 Revenue: $623,390

GMF PRODUCTIONS PROVIDED OVER 400 PAID PERFORMANCE OPPORTUNITIES FOR LOCAL ARTISTS THROUGH PARTNERSHIPS WITH HILLSBOROUGH COUNTY AREA TRANSIT (HART), WATER STREET TAMPA AND OTHER ORGANIZATIONS.

Program 2

Expenses: $21,305

RECYCLED TUNES PROGRAM PROVIDED OVER 300 NEW AND REFURBISHED INSTRUMENTS TO LOCAL SCHOOLS AND MUSIC PROGRAMS. THE PROGRAM ALSO PROVIDED SUPPLIES, STRINGS, REPAIRS AND OTHER SUPPORT TO TEACHERS AND...

RECYCLED TUNES PROGRAM PROVIDED OVER 300 NEW AND REFURBISHED INSTRUMENTS TO LOCAL SCHOOLS AND MUSIC PROGRAMS. THE PROGRAM ALSO PROVIDED SUPPLIES, STRINGS, REPAIRS AND OTHER SUPPORT TO TEACHERS AND CLASSROOMS.

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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 $179,629

Program Service Revenue $623,390

Investment Income $387

Other Revenue $0

TOTAL REVENUE $803,406

Expense Breakdown

Grants Paid $0

Salaries & Benefits $275,590

Fundraising Expenses $0

Program Expenses $758,206

Other Expenses $694,406

TOTAL EXPENSES $969,996

Year-over-Year Comparison

	2024	2023	Change
Revenue	$803,406	$2,435,881	-0.7%
Expenses	$969,996	$2,831,361	-0.7%
Net Income	$-166,590	$-395,480	-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

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

$146,792

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GRYMES CANNON	PRESIDENT	5.00	Officer Director	$0	$0	$0
BRETT MORGAN	VICE PRESIDE	5.00	Officer Director	$0	$0	$0
KELLY BUSTIN	SECRETARY	5.00	Officer Director	$0	$0	$0
DAVID HARRIS	TREASURER	5.00	Officer Director	$0	$0	$0
BRYCE ALLEY	DIRECTOR	5.00	Director	$0	$0	$0
JASON DOWNEY	DIRECTOR	5.00	Director	$0	$0	$0
TY RODRIGUEZ	DIRECTOR	5.00	Director	$0	$0	$0
MELANIE ROUSE	DIRECTOR	5.00	Director	$0	$0	$0
THEO SAI	DIRECTOR	5.00	Director	$0	$0	$0
DAVID COX	EXECUTIVE DI	40.00	Director	$146,792	$0	$146,792

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	$803,406	$969,996	$199,272	$-166,590
2024	$2,435,881	$2,831,361	$397,152	$-395,480
2023	$2,012,543	$2,712,106	$1,045,065	$-699,563
2022	$5,545,638	$4,794,370	$1,064,591	$751,268
2021	$255,655	$389,371	$385,113	$-133,716
2020	$1,766,414	$1,935,463	$492,138	$-169,049
2019	$1,880,393	$1,606,002	$625,657	$274,391
2018	$1,312,102	$1,280,810	$351,329	$31,292