W.O. Smith Community Music School
Fiscal Year
Fiscal Year Start
07/01/2023
Fiscal Year End
06/30/2024
Projected Revenue
$630,000.00
Projected Expenses
$630,000.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| w.o. smith community music school irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $1,306,597.00 | $853,933.00 | $1,172,729.00 |
| Total Expenses | $1,183,881.00 | $1,100,269.00 | $1,105,991.00 |
| Revenue Less Expenses | $122,716.00 | ($246,336.00) | $66,738.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $178,260.00 | $176,660.00 | $129,402.00 |
| 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 | $240,847.00 | $359,800.00 | $524,827.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $37,574.00 | $26,515.00 | $0.00 |
| Investment Income, Net of Losses | $11,458.00 | $-15,535.00 | $27,042.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $27,034.00 | $492.00 | $594.00 |
| Revenue In-Kind | $331,719.00 | $288,001.00 | $431,129.00 |
| Other | $479,705.00 | $0.00 | $59,735.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $930,099.00 | $851,749.00 | $929,675.00 |
| Administration Expense | $201,328.00 | $197,074.00 | $143,448.00 |
| Fundraising Expense | $52,454.00 | $51,446.00 | $32,868.00 |
| Total Revenue/Total Expenses | 110% | 78% | 106% |
| Program Expense/Total Expenses | 79% | 77% | 84% |
| Fundraising Expense/Contributed Revenue | 4% | 5% | 3% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Other Revenue $479,705.00 | Contributions, Gifts, and Grants $359,800.00 | Contributions, Gifts, and Grants $524,827.00 |
| Second Highest Funding Source & Dollar Amount | Noncash Contributions $331,719.00 | Noncash Contributions $288,001.00 | Noncash Contributions $431,129.00 |
| Third Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $240,847.00 | Foundations and Corporations $176,660.00 | Foundations and Corporations $129,402.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $6,178,896.00 | $5,939,533.00 | $6,183,223.00 |
| Current Assets | $1,497,280.00 | $1,195,660.00 | $1,207,129.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Current Liabilities | $138,433.00 | $21,786.00 | $1,140.00 |
| Total Net Assets | $6,040,463.00 | $5,917,747.00 | $6,183,223.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$80,325.00
What is the spending policy for your endowment?
N/A
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
Yes
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
December
Permit Expiration Year
2024
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| W.O. Smith Music School has great success in operational fundraising. While our total revenue would seem to fall short of expenses, this is due to depreciation costs on our new facility opened in 2008. Operational income has exceeded expenses since 2010. Our board of directors has designated funds from our unrestricted balances on a yearly basis for deferred maintenance to defray the future needs of our facility. While this amount does not equal the total in depreciation, in consultation with expert contractors and vendors, we believe it will be more than sufficient to meet our on-going needs. An examination of our yearly audit accurately shows the income and expenses associated with our operations and shows a health revenue stream and the consistent ability for W.O. Smith Music School to meet operational needs. |
Foundation Staff Comments
| Financial figures taken from the audit. Financial documents prepared by Kraft CPAs, PLLC. Comments provided by Nicole Rose 01/07/2024. *W.O. Smith Smith Nashville Community School's endowment is housed at The Community Foundation of Middle Tennessee. |
