Sound Mind Live 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

2019

Legal Domicile

Principal Officer

Chris Bullard

Phone

8186182654

Tax Period

2024-01-01 to 2024-12-31

Sound Mind Live Inc, founded in 2019, is a small nonprofit in the Mental Health sector that reported $904K in total revenue in fiscal year 2024. Revenue surged 27% from the prior year, signaling strong growth momentum. Expenses of $1.0M exceeded revenue, resulting in a 15% operating deficit.

Mission

The mission of Sound Mind Live is to foster community, open dialogue, and action on mental health through the power of music.

Program Service Accomplishments

Program 1

Expenses: $788,472

The production of events, concerts, podcast, video, and other content that leverage the power of music to build community and open dialogue around mental health, and elevate critical mental health...

The production of events, concerts, podcast, video, and other content that leverage the power of music to build community and open dialogue around mental health, and elevate critical mental health resources. In 2022 our programs reached 1.6 million people in partnership with more than 60 artists advocating for mental health dialogue and action. 85% of our audience reported they can have more open, honest conversations about mental health as a result of our programs, and 86% of youth reported feeling a reduced sense of "otherness" related to mental health issues as a result of our programs.In 2024 we opened a community center that has already served over 3,000 people in theNew York City and surrounding area.

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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 $817,424

Program Service Revenue $86,120

Investment Income $0

Other Revenue $0

TOTAL REVENUE $903,544

Expense Breakdown

Grants Paid $0

Salaries & Benefits $178,264

Fundraising Expenses $839

Program Expenses $788,472

Other Expenses $857,926

TOTAL EXPENSES $1,036,190

Year-over-Year Comparison

	2024	2023	Change
Revenue	$903,544	$710,608	+0.3%
Expenses	$1,036,190	$897,059	+0.2%
Net Income	$-132,646	$-186,451	-0.3%

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

$133,373

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Chris Bullard	Executive Dir.	40.00	Officer	$133,373	$0	$133,373
Dr David Ballard	President	2.50	Officer Director	$0	$0	$0
David Carpenter	Board Member	2.50	Director	$0	$0	$0
Jennifer Leff LCSW	Board Member	2.50	Director	$0	$0	$0
Brenda Foster	Board Member	2.50	Director	$0	$0	$0
Kim Cavallo	Board Member	2.50	Director	$0	$0	$0
Noah Morgan	Board Member	2.50	Director	$0	$0	$0
Danielle Geiger	Board Member	2.50	Director	$0	$0	$0
Michael Heyliger	Board Member	2.50	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	$903,544	$1,036,190	$187,644	$-132,646
2023	$710,608	$897,059	$51,694	$-186,451
2022	$802,272	$891,870	$299,993	$-89,598
2021	$544,595	$465,073	$311,001	$79,522
2020	$240,817	$156,819	$117,310	$83,998