FOUNDATION FOR INDEPENDENT MUSIC INC

EIN: 934128743 501(c)(3) Arts, Culture & Humanities

NEW YORK, NY

Total Revenue
$1,082,004
Total Expenses
$980,281
Total Assets
$310,822
Net Assets
$101,723
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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
2023
Legal Domicile
NY
Principal Officer
DR RICHARD JAMES BURGESS
Phone
2132226765
Tax Period
2024-07-01 to 2025-06-30

FOUNDATION FOR INDEPENDENT MUSIC INC, founded in 2023, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.1M in total revenue in fiscal year 2024. Expenses of $980K left a modest 9% surplus.

Mission

THE FOUNDATION FOR INDEPENDENT MUSIC, INC. IS DEDICATED TO FOSTERING THE GROWTH, SUSTAINABILITY, AND INNOVATION OF INDEPENDENT MUSIC AND BUSINESSES THROUGH EDUCATION AND INITIATIVES THAT EMPOWER DIVERSE VOICES AND EQUITABLE OPPORTUNITIES WITHIN THE MUSIC INDUSTRY

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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 (2024)

Revenue Breakdown

Contributions & Grants $1,082,004
Program Service Revenue $0
Investment Income $0
Other Revenue $0
TOTAL REVENUE $1,082,004

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $965,217
Other Expenses $980,281
TOTAL EXPENSES $980,281

Year-over-Year Comparison

2024 2023 Change
Revenue $1,082,004 N/A N/A
Expenses $980,281 N/A N/A
Net Income $101,723 $0 N/A
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
12
Independent Members
12
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
1
$0
Total Directors
15
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
WILSON FULLER BOARD MEMBER 0.00
Director
$0 $0 $0
NABIL AYERS BOARD SECRETARY 0.00
Director
$0 $0 $0
TONY KIEWEL BOARD MEMBER 0.00
Director
$0 $0 $0
HAYS RUDOLPH BOARD MEMBER 0.00
Director
$0 $0 $0
MARY JUREY BOARD MEMBER 0.00
Director
$0 $0 $0
TONY ALEXANDER BOARD TREASURER 0.00
Director
$0 $0 $0
ZENA WHITE BOARD MEMBER 0.00
Director
$0 $0 $0
DEE DIAZ BOARD MEMBER 0.00
Director
$0 $0 $0
JASON PETERSON ADVISORY BOARD 0.00
Director
$0 $0 $0
KRISTIN EPSTEIN ADVISORY BOARD 0.00
Director
$0 $0 $0
STEVEN HILL BOARD CHAIRPERSON 0.00
Director
$0 $0 $0
LOUIS POSEN BOARD MEMBER 0.00
Director
$0 $0 $0
TERRY MCBRIDE BOARD MEMBER 0.00
Director
$0 $0 $0
JANA HERTZEN ADVISORY BOARD 0.00
Director
$0 $0 $0
GLEN BARROS ADVISORY BOARD 0.00
Director
$0 $0 $0
DR RICHARD JAMES BURGESS PRESIDENT & CEO 40.00
Officer
$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
2025 $1,082,004 $980,281 $310,822 $101,723
2024 No data No data $5,000 No data
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