THE RHAPSODY PROJECT (EIN 873845851) - 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

2021

Legal Domicile

Principal Officer

Joe Seamons

Tax Period

2023-01-01 to 2023-12-31

THE RHAPSODY PROJECT, founded in 2021, is a small nonprofit in the Arts, Culture & Humanities sector that reported $382K in total revenue in fiscal year 2023. Revenue surged 132% from the prior year, signaling strong growth momentum. The organization ran a surplus of $102K, a strong 27% operating margin.

Mission

The mission of The Rhapsody Project is to celebrate music and heritage through an anti-racist lens.

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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 $314,109

Program Service Revenue $63,338

Investment Income $1,109

Other Revenue $3,262

TOTAL REVENUE $381,818

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $16,582

Program Expenses $174,926

Other Expenses $279,615

TOTAL EXPENSES $279,615

Year-over-Year Comparison

	2023	2022	Change
Revenue	$381,818	$164,848	+1.3%
Expenses	$279,615	$154,687	+0.8%
Net Income	$102,203	$10,161	+9.1%

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

N/A

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

$57,720

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Joe Seamons	Co-Founder	17.00	Officer	$57,720	$0	$57,720
Katelyn Kimmons	Board Member	1.00	Director	$0	$0	$0
Katie Chase	Board Member	1.00	Director	$0	$0	$0
Naudia Miller	Board Member	1.00	Director	$0	$0	$0
Monika Jo	Board Member	1.00	Director	$0	$0	$0
Valerie Diaz Leroy	Board Member	1.00	Director	$0	$0	$0
Anita White	Board Member	1.00	Officer Director	$0	$0	$0
John Oliver III	Board Member	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	$381,818	$279,615	$133,955	$102,203

THE RHAPSODY PROJECT