MUSIC ASSOCIATES OF ASPEN 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

1954

Legal Domicile

Principal Officer

ALAN FLETCHER

Phone

9702055041

Tax Period

2024-10-01 to 2025-09-30

MUSIC ASSOCIATES OF ASPEN INC, founded in 1954, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $43.3M in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion. The organization ran a surplus of $17.5M, a strong 41% operating margin.

Mission

THE ASPEN MUSIC FESTVAL & SCHOOL BRINGS TOGETHER THE FINEST MUSIC STUDENTS, ARTIST FACULTY AND PERFORMERS TO CREATE TRANSFORMATIVE EDUCATIONAL EXPERIENCES WITHIN A COMMUNITY OF ARTISTIC INTEGRITY AND INNOVATION.

Program Service Accomplishments

Program 1

Expenses: $19,710,591 Revenue: $7,703,429

THE ASPEN MUSIC FESTIVAL AND SCHOOL (AMFS) IS WIDELY RECOGNIZED AS ONE OF THE FINEST CLASSICAL MUSIC TRAINING AND PERFORMANCE CENTERS WORLDWIDE. PRESENTING MORE THAN 400 EVENTS DURING ITS 8-WEEK...

THE ASPEN MUSIC FESTIVAL AND SCHOOL (AMFS) IS WIDELY RECOGNIZED AS ONE OF THE FINEST CLASSICAL MUSIC TRAINING AND PERFORMANCE CENTERS WORLDWIDE. PRESENTING MORE THAN 400 EVENTS DURING ITS 8-WEEK SUMMER SEASON, AMFS DRAWS LEADING CLASSICAL MUSICIANS FROM AROUND THE WORLD FOR A RICH COMBINATION OF PERFORMANCES OF ORCHESTRAL WORKS, OPERA, CHAMBER MUSIC, RECITALS, CONTEMPORARY MUSIC, WORKS BY NEW OR PREVIOUSLY UNRECOGNIZED VOICES, FAMILY EVENTS, AND TALKS, COMPETITIONS, AND CLASSES. IN 2025, MORE THAN 450 STUDENTS PARTICIPATED. STUDENTS COME FROM 40 U.S. STATES AND 40 COUNTRIES TO STUDY AND PERFORM ALONGSIDE MORE THAN 135 ARTIST-FACULTY MEMBERS. AMFS'S DISTINCTION STEMS FROM THIS COMBINATION OF SEASONED PROFESSIONALS AND YOUTH AS COLLEAGUES AND CO-INSPIRING FORCES.

Program 2

Expenses: $544,520 Revenue: $299,149

A DEEP COMMITMENT TO ASPEN AND THE SURROUNDING COMMUNITIES IS REFLECTED IN THE DOZENS OF EVENTS AND EXPERIENCES THAT AMFS OFFERS THAT ARE FREE TO THE PUBLIC DURING THE SUMMER SEASON. A SIGNATURE...

A DEEP COMMITMENT TO ASPEN AND THE SURROUNDING COMMUNITIES IS REFLECTED IN THE DOZENS OF EVENTS AND EXPERIENCES THAT AMFS OFFERS THAT ARE FREE TO THE PUBLIC DURING THE SUMMER SEASON. A SIGNATURE SUMMER LESSON PROGRAM TAUGHT BY AMFS STUDENTS (PALS), EARLY CHILDHOOD CLASSES SUCH AS TUNES AND TALES, AND ANNUAL FAMILY CONCERTS BRING HIGH QUALITY, ENGAGING MUSICAL EXPERIENCES TO FAMILIES AND STUDENTS OF ALL AGES. FROM FALL TO SPRING, AMFS ENGAGES YOUNG AUDIENCES WITH POPULAR IN-SCHOOL AND AFTER-SCHOOL LESSONS, CLASSES, IN-SCHOOL CONCERTS, WORKSHOPS, AND PERFORMANCE OPPORTUNITIES. IN 2025, SEPTEMBER TO MAY PROGRAMS SERVED MORE THAN 500 CHILDREN THROUGHOUT THE ROARING FORK VALLEY.

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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 $25,929,265

Program Service Revenue $8,266,056

Investment Income $9,523,267

Other Revenue $-444,365

TOTAL REVENUE $43,274,223

Expense Breakdown

Grants Paid $3,803,794

Salaries & Benefits $6,940,503

Fundraising Expenses $1,153,813

Program Expenses $20,255,111

Other Expenses $15,000,254

TOTAL EXPENSES $25,744,551

Year-over-Year Comparison

	2024	2023	Change
Revenue	$43,274,223	$38,581,566	+0.1%
Expenses	$25,744,551	$24,352,841	+0.1%
Net Income	$17,529,672	$14,228,725	+0.2%

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

165

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

$604,140

Total Directors

Key Employees

$1,575,500

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
N/A	TRUSTEE/FACULTY	5.00		$46,010	$0	$46,010
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE/FACULTY	5.00		$43,563	$0	$43,563
N/A	TRUSTEE/FACULTY	5.00		$16,735	$0	$16,735
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE/FACULTY	5.00		$45,715	$0	$45,715
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE/FACULTY	5.00		$35,760	$0	$35,760
N/A	TRUSTEE/FACULTY	5.00		$41,419	$0	$41,419
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE/FACULTY	5.00		$19,100	$0	$19,100
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE/FACULTY	5.00		$38,500	$0	$38,500
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE/FACULTY	5.00		$20,150	$0	$20,150
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE/FACULTY	5.00		$40,140	$0	$40,140
N/A	TRUSTEE/FACULTY	5.00		$23,600	$0	$23,600
N/A	TRUSTEE	0.00		$0	$0	$0
N/A	TRUSTEE	0.00		$0	$0	$0
ALAN FLETCHER	PRESIDENT & CEO	40.00	Officer	$573,908	$30,232	$604,140
ALEXANDRA MUNROE	TRUSTEE/CHAIR	0.00	Officer	$0	$0	$0
MICHAEL KLEIN	TRUSTEE/VICE CHAIR	0.00	Officer	$0	$0	$0
CHARLES WALL	TRUSTEE/VICE CHAIR	0.00	Officer	$0	$0	$0
SARAH BROUGHTON	TRUSTEE/SECRETARY	0.00	Officer	$0	$0	$0
SAM BROWN	TRUSTEE/TREASURER	0.00	Officer	$0	$0	$0
ROBERT J HURST	TRUSTEE	0.00	Officer	$0	$0	$0
CARRIE WELLS	TRUSTEE	0.00	Officer	$0	$0	$0
KATE NORTHFIELD LANICH	VP AND GENERAL MANAGER	40.00	Key Emp	$166,226	$20,183	$186,409
AZUSA CHAPMAN	VP AND DEAN OF STUDENTS	40.00	Key Emp	$169,387	$10,082	$179,469
PAUL GIBB	CFO	40.00	Key Emp	$193,445	$22,974	$216,419
AUSTIN STEWART	VP ADVANCEMENT	40.00	Key Emp	$156,216	$10,000	$166,216
LAURA SMITH	VP MARKETING/COMM.	40.00	Key Emp	$211,871	$28,032	$239,903
PATRICK CHAMBERLAIN	VP ARTISTIC ADMIN.	40.00	Key Emp	$222,378	$19,896	$242,274
JENNIFER B ELLIOT	SR VP FINANCE/ADMIN	40.00	Key Emp	$313,678	$31,132	$344,810
FREDERICK GRUETER	MANAGER OF INFORMATION SER	40.00	Highest	$119,843	$16,419	$136,262
LENOR LEEDS	ASSOCIATE VP FOR ADVANCEME	40.00	Highest	$133,667	$21,340	$155,007
MATTHEW BERGDAHL	DIRECTOR OF FACILITIES	40.00	Highest	$112,482	$11,619	$124,101
HEATHER STANTON	VP OF EDUCATION AND COMMUNITY PROGRAMMING	40.00	Highest	$108,239	$17,861	$126,100

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	$43,274,223	$25,744,551	$155,191,841	$17,529,672
2024	$38,581,566	$24,352,841	$137,694,664	$14,228,725
2023	$27,334,728	$21,718,321	$116,943,884	$5,616,407
2022	$15,977,169	$20,635,622	$107,953,322	$-4,658,453
2021	$22,688,530	$17,270,602	$125,000,117	$5,417,928
2020	$8,481,131	$9,867,299	$112,700,014	$-1,386,168
2019	$17,974,227	$22,716,238	$112,915,104	$-4,742,011