THE MUSIC ACADEMY OF NORTH CAROLINA INC

EIN: 581583883 501(c)(3) Arts, Culture & Humanities

GREEENSBORO, NC

Total Revenue
$1,051,781
Total Expenses
$884,781
Total Assets
$2,163,708
Net Assets
$2,067,154
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1983
Legal Domicile
NC
Principal Officer
KELLIE BURGESS
Phone
3363798748
Tax Period
2024-06-01 to 2025-05-31

THE MUSIC ACADEMY OF NORTH CAROLINA INC, founded in 1983, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.1M in total revenue in fiscal year 2024. Revenue fell 44% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $167K, a strong 16% operating margin.

Mission

TO PROVIDE INDIVIDUALIZED MUSIC INSTRUCTIONS TO STUDENTS REGARDLESS OF RACE, ETHNIC OR ECONOMIC BACKGROUND.

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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 $254,472
Program Service Revenue $729,589
Investment Income $32,361
Other Revenue $35,359
TOTAL REVENUE $1,051,781

Expense Breakdown

Grants Paid $0
Salaries & Benefits $658,045
Fundraising Expenses $20,997
Program Expenses $573,201
Other Expenses $226,736
TOTAL EXPENSES $884,781

Year-over-Year Comparison

2024 2023 Change
Revenue $1,051,781 $1,884,712 -0.4%
Expenses $884,781 $805,944 +0.1%
Net Income $167,000 $1,078,768 -0.8%
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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Governance

Voting Members
11
Independent Members
11
Employees
42
Volunteers
67

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
4
$75,000
Total Directors
9
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KELLIE BURGESS EXECUTIVE DI 40.00
Officer
$75,000 $0 $75,000
ANDREW COLLIER DIRECTOR N/A
Director
$0 $0 $0
DETRA DAVIS DIRECTOR N/A
Director
$0 $0 $0
ZEKE DUNCAN DIRECTOR N/A
Director
$0 $0 $0
KENNETH GAY JR DIRECTOR N/A
Director
$0 $0 $0
DAVE LEVINE DIRECTOR N/A
Director
$0 $0 $0
JOHN LOCKE CHAIR N/A
Director
$0 $0 $0
JORY MARINO DIRECTOR N/A
Director
$0 $0 $0
DAVID MCDONALD DIRECTOR N/A
Director
$0 $0 $0
PAM MURPHY DIRECTOR N/A
Director
$0 $0 $0
DIANNE BERBERICH TREASURER N/A
Officer
$0 $0 $0
GEORGE KONG SECRETARY N/A
Officer
$0 $0 $0
KATHRYN LARSON IMMEDIATE PA N/A
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 $1,051,781 $884,781 $2,163,708 $167,000
2024 $1,884,712 $805,944 $1,969,576 $1,078,768
2023 $1,036,874 $745,114 $880,826 $291,760
2022 $637,956 $680,942 $582,444 $-42,986
2021 $759,628 $652,899 $627,480 $106,729
2020 $666,595 $678,776 $560,453 $-12,181
2019 $629,047 $659,664 $582,957 $-30,617
2018 $743,494 $708,457 $595,549 $35,037
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