LOUISVILLE ACADEMY OF MUSIC

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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

1954

Legal Domicile

Principal Officer

SARA CALLAWAY

Phone

5028937885

Tax Period

2024-06-01 to 2025-05-31

LOUISVILLE ACADEMY OF MUSIC, founded in 1954, is a small nonprofit in the Arts, Culture & Humanities sector that reported $936K in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $805K left a modest 14% surplus.

Mission

THE LOUISVILLE ACADEMY OF MUSIC WELCOMES EVERYONE TO JOIN OUR MUSICAL COMMUNITY. LAM NURTURES LIFELONG LEARNERS, NOT SOLELY AS MUSICIANS BUT ALSO AS CREATIVE, INSPIRED PEOPLE. EQUITY IN MUSIC EDUCATION IS A FORCE TO REALIZE POTENTIAL, ACHIEVE DREAMS, AND MAKE THE WORLD A BETTER PLACE.

Program Service Accomplishments

Program 1

Expenses: $471,279 Revenue: $520,330

28 DEGREED AND DEDICATED FACULTY MEMBERS TAUGHT MORE THAN 14,000 LESSONS TO 600+ STUDENTS FROM OVER 50 ZIP CODES. SINCE 1954, THE LOUISVILLE ACADEMY OF MUSIC (LAM) HAS PROVIDED HIGH-QUALITY MUSIC...

28 DEGREED AND DEDICATED FACULTY MEMBERS TAUGHT MORE THAN 14,000 LESSONS TO 600+ STUDENTS FROM OVER 50 ZIP CODES. SINCE 1954, THE LOUISVILLE ACADEMY OF MUSIC (LAM) HAS PROVIDED HIGH-QUALITY MUSIC EDUCATION TO GENERATIONS OF STUDENTS, NURTURING NOT ONLY MUSICIANS, BUT CREATIVE, INSPIRED PEOPLE PREPARED TO THRIVE IN EVERY AREA OF LIFE. THROUGH PRIVATE LESSONS, GROUP CLASSES, MASTERCLASSES, SUMMER CAMPS, AND MORE WE PROVIDE AN ENRICHING EDUCATIONAL ENVIRONMENT THAT SUPPORTS THE DEVELOPMENT OF A WHOLE AND CONFIDENT MUSICIAN. LAM PROVIDES A WELCOMING SPACE WHERE STUDENTS OF ALL AGES, FROM PRESCHOOLERS TO RETIREES, FIND MENTORSHIP, SELF-EXPRESSION, AND COMMUNITY.

Program 2

Expenses: $169,783 Revenue: $45,673

WE BELIEVE THAT MUSIC BELONGS TO EVERYONE AND THAT ACCESS TO TRANSFORMATIVE ARTS EDUCATION SHOULD NOT DEPEND ON A FAMILY'S INCOME, ZIP CODE, OR BACKGROUND. THROUGH NEED-BASED SCHOLARSHIPS, PUBLIC...

WE BELIEVE THAT MUSIC BELONGS TO EVERYONE AND THAT ACCESS TO TRANSFORMATIVE ARTS EDUCATION SHOULD NOT DEPEND ON A FAMILY'S INCOME, ZIP CODE, OR BACKGROUND. THROUGH NEED-BASED SCHOLARSHIPS, PUBLIC SCHOOL PROGRAMS, AND COMMUNITY PARTNERSHIPS WE REACHED MORE THAN 6,000 PEOPLE WITH FREE MUSIC EDUCATION PROGRAMMING. WE CONTINUE TO INVEST IN MAKING MUSIC EDUCATION ACCESSIBLE TO EVERYONE WHO WISHES TO LEARN, CREATE, AND BELONG. THIS YEAR ALSO BROUGHT A DEFINING HONOR: LAM WAS AWARDED THE GOVERNOR'S AWARD IN THE ARTS FOR EDUCATION, RECOGNIZING OUR EXTRAORDINARY CONTRIBUTIONS TO THE ARTS IN KENTUCKY. THIS STATEWIDE RECOGNITION AFFIRMED THE IMPACT OF OUR MISSION, OUR INNOVATIVE PROGRAMMING, AND OUR COMMITMENT TO ACCESSIBILITY AND EXCELLENCE.

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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 $344,693

Program Service Revenue $566,003

Investment Income $3,882

Other Revenue $21,266

TOTAL REVENUE $935,844

Expense Breakdown

Grants Paid $63,099

Salaries & Benefits $563,144

Fundraising Expenses $71,042

Program Expenses $641,062

Other Expenses $178,405

TOTAL EXPENSES $804,648

Year-over-Year Comparison

	2024	2023	Change
Revenue	$935,844	$859,505	+0.1%
Expenses	$804,648	$721,241	+0.1%
Net Income	$131,196	$138,264	-0.1%

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

$77,036

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ELEANOR LIVINGSTON	TREASURER	2.00	Officer Director	$0	$0	$0
ANNA HAYDEN	SECRETARY	2.00	Officer Director	$0	$0	$0
DAVID HANDMAKER	CHAIR	5.00	Officer Director	$0	$0	$0
EDWARD WHITE	DIRECTOR	1.00	Director	$0	$0	$0
VICTORIA FULLER	DIRECTOR	1.00	Director	$0	$0	$0
BERT GRIFFIN	DIRECTOR	1.00	Director	$0	$0	$0
JACOB GOTTLIB	DIRECTOR	1.00	Director	$0	$0	$0
KENDRICK VAUGHN	DIRECTOR	1.00	Director	$0	$0	$0
SARA CALLAWAY	EXECUTIVE DIRECTOR	40.00	Officer	$77,036	$0	$77,036

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	$935,844	$804,648	$734,109	$131,196
2024	$859,505	$721,241	$570,607	$138,264
2023	$679,987	$631,827	$432,326	$48,160
2022	$223,091	$228,266	$367,451	$-5,175
2021	$477,050	$416,171	$339,746	$60,879
2020	$421,489	$381,169	$315,885	$40,320
2019	$358,121	$299,976	$235,491	$58,145
2018	$250,399	$226,317	$175,732	$24,082