IRIS MUSIC PROJECT (EIN 834042952) - 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

2019

Legal Domicile

Tax Period

2023-01-01 to 2023-12-31

IRIS MUSIC PROJECT, founded in 2019, is a small nonprofit in the Arts, Culture & Humanities sector that reported $462K in total revenue in fiscal year 2023. Revenue surged 77% from the prior year, signaling strong growth momentum. The organization ran a surplus of $127K, a strong 28% operating margin.

Mission

IRIS MUSIC PROJECT REIMAGINES RESIDENTIAL AND HEALTHCARE COMMUNITIES AS SPACES OF CREATIVE EXCHANGE. THROUGH COLLABORATIVELY DESIGNED PROGRAMMING, IRIS MUSIC PROJECT PROVIDES OPPORTUNITIES FOR CONNECTION AND PURPOSE FOR RESIDENTS, CAREGIVERS, AND MUSICIANS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $291,365

Program Service Revenue $166,610

Investment Income $1,733

Other Revenue $2,105

TOTAL REVENUE $461,813

Expense Breakdown

Grants Paid $0

Salaries & Benefits $212,030

Fundraising Expenses $10,000

Program Expenses $323,891

Other Expenses $112,679

TOTAL EXPENSES $334,709

Year-over-Year Comparison

	2023	2022	Change
Revenue	$461,813	$261,160	+0.8%
Expenses	$334,709	$213,885	+0.6%
Net Income	$127,104	$47,275	+1.7%

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

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

N/A

Employees

N/A

Volunteers

N/A

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

$85,000

Key Employees

$192,250

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LAUREN LATESSA	EXECUTIVE DIRECTOR	40.00	Director Key Emp	$85,000	$0	$85,000
JOANNA OWEN	DIRECTOR OF OPERATIONS	30.00	Key Emp	$64,750	$0	$64,750
JIYOUNG OH	DIRECTOR OF TRAINING	20.00	Key Emp	$42,500	$0	$42,500
DERYN DUDLEY	DIRECTOR	2.00	Director	$0	$0	$0
DENISE LOVE	DIRECTOR	2.00	Director	$0	$0	$0
BRITT OLSEN-ECKER	DIRECTOR	2.00	Director	$0	$0	$0
GARY VIKAN	DIRECTOR	2.00	Director	$0	$0	$0
SOL GLASNER	CO-CHAIR	8.00	Officer Director	$0	$0	$0
LORI RAPHAEL	CO-CHAIR	8.00	Officer Director	$0	$0	$0
SOFIA HAILU	SECRETARY	8.00	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
2024	No data	No data	No data	No data
2023	$461,813	$334,709	$143,827	$127,104
2022	$261,160	$213,885	$70,986	$47,275

IRIS MUSIC PROJECT