Music for the Soul, Inc.
Fiscal Year
Fiscal Year Start
01/01/2023
Fiscal Year End
12/31/2023
Projected Revenue
$157,840.00
Projected Expenses
$157,840.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| music for the soul irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Revenue | $113,014.00 | $127,480.00 | $81,962.00 |
| Total Expenses | $106,082.00 | $121,849.00 | $94,690.00 |
| Revenue Less Expenses | $6,932.00 | $5,631.00 | ($12,728.00) |
Revenue Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $0.00 |
| Government - Federal | $0.00 | $0.00 | $0.00 |
| Government - State | $0.00 | $0.00 | $0.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $0.00 | $0.00 | $0.00 |
| Contributions, Gifts, and Grants | $105,240.00 | $120,986.00 | $76,800.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $7,566.00 | $6,492.00 | $5,159.00 |
| Investment Income, Net of Losses | $208.00 | $2.00 | $3.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $0.00 | $0.00 | $0.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $0.00 | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Program Expense | $106,082.00 | $121,849.00 | $94,690.00 |
| Administration Expense | $0.00 | $0.00 | $0.00 |
| Fundraising Expense | $0.00 | $0.00 | $0.00 |
| Total Revenue/Total Expenses | 107% | 105% | 87% |
| Program Expense/Total Expenses | 100% | 100% | 100% |
| Fundraising Expense/Contributed Revenue | 0% | 0% | 0% |
Top Funding Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Contributions, Gifts, and Grants $105,240.00 | Contributions, Gifts, and Grants $120,986.00 | Contributions, Gifts and Grants $76,800.00 |
| Second Highest Funding Source & Dollar Amount | Program Revenue $7,566.00 | Program Revenue $6,492.00 | Program Revenue $5,159.00 |
| Third Highest Funding Source & Dollar Amount | Investment Income $208.00 | Investment Income $2.00 | Investment Income $3.00 |
Assets and Liabilities
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Assets | $43,272.00 | $34,827.00 | $28,594.00 |
| Current Assets | $43,174.00 | $34,827.00 | $28,594.00 |
| Long-Term Liabilities | $6,186.00 | $6,186.00 | $6,186.00 |
| Current Liabilities | $3,025.00 | $1,612.00 | $1,007.00 |
| Total Net Assets | $34,061.00 | $27,029.00 | $7,193.00 |
Endowment Info
Do you have an endowment?
No
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
No
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
June
Permit Expiration Year
2024
Solicitations Permit
Form 990s
Audit Documents
| Music for the Soul Compilation | 2022 |
| Music for the Soul Compilation | 2021 |
| Music for the Soul Compilation | 2020 |
CEO/Executive Director/Board Comments
| Our biggest challenge with regard to income is the bite that streaming has taken out of our revenue stream. We are addressing that by reconfiguring our resources to be available in physical book form where the music becomes available as a free download with the purchase of a book. A sales consultant is working with us on a commission basis to help us take this model to the counseling and church communities. Our fall 2023 calendar is full of in-person events to help with both ministry and fundraising. Our partnership with Hope for the Heart is expected to generate impact from the devotional/song 5 packs we are creating for them. We've created a major donor packet that comprehensively lays our needs for the ministry, the achievements we've had, and our future goals. We believe the opportunity to create legacy through healing music that will last forever has great appeal. We also have a Healing Music Guide at our website and our book about the ministry, 'Music for the Soul Healing for the Heart' as way to share the story of our ministry, building new relationships with potential donors. We do not include project budgets in our annual budget. That is because different issues appeal to different donors based on their lived experience. Because of our commitment to excellence our projects are expensive to fund so we need to expand our donor base. Also, we need to add a Development person to our team. |
Foundation Staff Comments
| Financial figures taken from the 990EZ. Foundation and corporate grants may be included in Contributions, Gifts and Grants sum as these amounts were not separated in Form 990EZ. Form 990EZ was prepared by Carson & McKinney, CPAs, PLLC. Compilation was prepared in accordance with the modified cash basis of accounting by Blankenship CPA Group, PLLC. Comments provided by Nicole Rose 08/14/2023. |
