SAVE OUR MUSICIANS FOUNDATION INC

EIN: 871020850 501(c)(3) Arts, Culture & Humanities

JUPITER, FL

Total Revenue
$23,345,101
Total Expenses
$16,507,925
Total Assets
$10,100,260
Net Assets
$6,828,789
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2021
Legal Domicile
FL
Principal Officer
DENNIS CUNNINGHAM
Phone
5616778961
Tax Period
2023-01-01 to 2023-12-31

SAVE OUR MUSICIANS FOUNDATION INC, founded in 2021, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $23.3M in total revenue in fiscal year 2023. Revenue surged 16099970% from the prior year, signaling strong growth momentum. The organization ran a surplus of $6.8M, a strong 29% operating margin.

Mission

THE SAVE OUR MUSICIANS FOUNDATION (SOMF) IS A PASSIONATE 501(C)(3) NON-PROFIT DEDICATED TO EMPOWERING THE INDEPENDENT MUSICIAN. THE ORGANIZATION WAS INITIALLY FOUNDED IN 2021 WITH THE GOAL OF HELPING MUSICIANS THROUGH A CHALLENGING POST-PANDEMIC PERIOD WHERE OPPORTUNITIES TO BOOK LIVE GIGS BECAME VIRTUALLY NON-EXISTENT. OUR MISSION HAS SINCE EVOLVED TO A MORE COMPREHENSIVE APPROACH TOWARDS ADDRESSING THE CHALLENGES FACED BY ASPIRING INDEPENDENT MUSICIANS. WHILE THE CORE OF OUR NON-PROFIT ACTIVITIES CENTER AROUND SHOWCASING TALENT THROUGH LIVE GIGS AND PERFORMANCE OPPORTUNITIES, WE ALSO PROVIDE A WHOLISTIC APPROACH TOWARDS THE VARIOUS FACETS OF ARTIST DEVELOPMENT AND FOSTER GROWTH AT EVERY STAGE OF A MUSICIAN'S CAREER. WE BELIEVE MUSIC IS A TRANSFORMATIVE FORCE THAT UNITES COMMUNITIES AND IGNITES POSITIVE CHANGE. BY FOSTERING A SUPPORTIVE ECOSYSTEM, WE CULTIVATE ARTISTIC GROWTH, PROPEL CAREERS, AND CHAMPION THE FUTURE OF MUSIC.

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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 (2023)

Revenue Breakdown

Contributions & Grants $22,609,900
Program Service Revenue $595,103
Investment Income $140,098
Other Revenue $0
TOTAL REVENUE $23,345,101

Expense Breakdown

Grants Paid $630,000
Salaries & Benefits $0
Fundraising Expenses $3,087,151
Program Expenses $12,914,665
Other Expenses $15,877,925
TOTAL EXPENSES $16,507,925

Year-over-Year Comparison

2023 2022 Change
Revenue $23,345,101 $145 +160999.7%
Expenses $16,507,925 $8,532 +1933.8%
Net Income $6,837,176 $-8,387 -816.2%
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

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Governance

Voting Members
5
Independent Members
5
Employees
N/A
Volunteers
10

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
5
$0
Total Directors
5
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DENNIS CUNNINGHAM PRESIDENT/CEO 1.00
Officer Director
$0 $0 $0
FELICIA CUNNINGHAM TREASURER 1.00
Officer Director
$0 $0 $0
CHRISTIAN DEMERS VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
BERNIE CARBALLO SECRETARY 1.00
Officer Director
$0 $0 $0
ROBERT SAMUELS VICE PRESIDENT 1.00
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 $23,345,101 $16,507,925 $10,100,260 $6,837,176
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