Pasadena Conservatory of Music

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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

1984

Legal Domicile

Principal Officer

Stephen Cook

Phone

6266833355

Tax Period

2024-07-01 to 2025-06-30

Pasadena Conservatory of Music, founded in 1984, is a community nonprofit in the Arts, Culture & Humanities sector that reported $4.8M in total revenue in fiscal year 2024. Revenue fell 24% from the prior year — a significant decline worth monitoring. Expenses of $4.2M left a modest 12% surplus.

Mission

PCM's mission is to: educate through a comprehensive curriculum taught by an exceptional faculty; advocate for the value of music study; inspire through performances of traditional, contemporary, and multicultural music; and, share our expertise with a broad spectrum of the community.

Program Service Accomplishments

Program 1

Expenses: $3,233,889 Revenue: $2,530,686

Outreach programs are provided to approximately 650 students at various sites in the Pasadena area. On site instruction programs are provided to approximately 1,000 students through a comprehensive curriculum. About 200 performances were presented on and off during the year; attendance at these events totalled more than 18,000.

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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 $2,050,394

Program Service Revenue $2,530,686

Investment Income $183,523

Other Revenue $74

TOTAL REVENUE $4,764,677

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,719,288

Fundraising Expenses $247,331

Program Expenses $3,233,889

Other Expenses $1,493,668

TOTAL EXPENSES $4,212,956

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,764,677	$6,305,314	-0.2%
Expenses	$4,212,956	$3,792,232	+0.1%
Net Income	$551,721	$2,513,082	-0.8%

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

128

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

$174,311

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Laurie Sowd	Board Chair	1.00	Officer Director	$0	$0	$0
Eric Lee	Treasurer	1.00	Officer Director	$0	$0	$0
Alison Lifland	Secretary	1.00	Officer Director	$0	$0	$0
Ann Dobson-Barrett	Director	1.00	Director	$0	$0	$0
Ann Horton	Director	1.00	Director	$0	$0	$0
Richard Goetz	Director	1.00	Director	$0	$0	$0
Jane Kaczmarek	Director	1.00	Director	$0	$0	$0
Bonnie Khang-Keating	Director	1.00	Director	$0	$0	$0
Tom Kidde	Director	1.00	Director	$0	$0	$0
Craig Matsuda	Director	1.00	Director	$0	$0	$0
Greg Pieschala	Director	1.00	Director	$0	$0	$0
Andy Rooke	Director (Until 6/25)	1.00	Director	$0	$0	$0
Stephen McCurry	Executive Director	40.00	Officer	$165,311	$9,000	$174,311

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	$4,764,677	$4,212,956	$22,277,366	$551,721
2024	$6,305,314	$3,792,232	$21,215,232	$2,513,082
2023	$5,168,648	$3,194,700	$17,937,144	$1,973,948
2022	$7,957,752	$2,857,394	$15,881,465	$5,100,358
2021	$3,177,272	$2,741,841	$10,748,228	$435,431
2020	$3,182,158	$3,160,685	$10,545,498	$21,473
2019	$3,306,958	$3,202,894	$10,403,925	$104,064
2018	$3,052,178	$3,154,518	$10,367,733	$-102,340