Prism Quartet Incorporated FY2024 filing

Tax-deductible

New York, NY501(c)(3)Arts & CultureEIN 26-4210673

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To commission and disseminate contemporary music through performance, residency/outreach, and recording programs

501(c)(3) charity; gifts are tax-deductible.
75¢ of each $1 spent went to programs.
$139K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $20K a year · 6% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
75%
of spending
Looks good: 75% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$139K
to officers and key staff · 52% of spending
Concern: pay to officers and key staff is 52% of spending; over 30%.
Pt VII · Sec A
Cash reserves
20 mo
of spending, in cash
Looks good: 20.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
6
named funders · $115K
Looks good: 6 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 12 voting members
Looks good: 8 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$289K
-36% vs prior year
Spent
$266K
To programs
75%
Net assets
$448K
By yearFY2021–FY2025
Revenue
$289K
FY2024▼ -36%
Revenue by fiscal year
FY2021$194K
FY2022$313K
FY2023$449K
FY2024$289K
FY2025$378K
Expenses
$266K
FY2024▼ -10%
Expenses by fiscal year
FY2021$230K
FY2022$396K
FY2023$297K
FY2024$266K
FY2025$334K
Net assets
$448K
FY2024▲ +5%
Net assets by fiscal year
FY2021$355K
FY2022$273K
FY2023$425K
FY2024$448K
FY2025$492K

From the FY2024 Form 990 (year ending May 2024) · see the original

You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 2009.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

75 cents of each dollar spent went to programs.

Program services 75% · $200K Management & general 15% · $41K Fundraising 9% · $25K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

12 people listed on the 990; $139K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Executive Director
$105,403Pt VII · Sec A
$13,935Pt VII · Sec A
$10,850Pt VII · Sec A
Co-Artistic Director
$8,635Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Matthew Levy’s $103K as Executive Director is at the 90th percentile of top reported officer pay among 2215 $100K–1M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 6 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Matthew Levy$103,298$105,403$99,426$97,222$87,626
Taimer Sullivan——$10,817$22,946$4,050
Zachary Shermon———$22,946$4,150
Timothy McAllister$9,085$8,635$10,317$20,446$4,050
Taimur Sullivan$13,335$13,935———
Zachary Shemon$10,250$10,850$10,817——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Prism Quartet Incorporated executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Commissions and shares new music through performances, residencies, and recordings.

Provided by the organization

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1 program service account for $200K of program spending, described in the organization's own filed words · FY2023.
01

Provides the services of the prism quartet through the presenting and performance of concerts, residency and commissioning programs, and the production of recordings.

$200Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
See all 6 funders →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$289K
Ln 12
Gifts and grantsLn 1h$263K
Fees for servicesLn 2g$21K
Investment incomeLn 3$5K
Money outPt IX
$266K
Ln 25
Programscol B$200K
Managementcol C$41K
Fundraisingcol D$25K
Owns and owesPt X
$448K
net assets · Ln 32
Cash and savingsLn 1–2$448K
Total assetsLn 16$448K
LiabilitiesLn 26$0
PeoplePt VI, VII
12
listed · VII A
PaidVII A4
Voting boardVI 1a12
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$263K
Government grantsLn 1e$98K
Fees for servicesLn 2g$21K
Investment incomeLn 3$5K
Total revenueLn 12$289K
Assets in detailPt X, end of year
CashLn 1$29K
SavingsLn 2$418K
Cash and savings togetherLn 1–2$448K
Total assetsLn 16$448K
LiabilitiesLn 26$0
Net assetsLn 32$448K
OperationsPt I, VI
EmployeesI 51
VolunteersI 68
Fiscal year endsHeaderMay
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$425K$448K
Total assetsLn 16$425K$448K
LiabilitiesLn 26$0$0
Net assetsLn 32$425K$448K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$163K$107K$33K$23K
Payroll taxesLn 10$8K$4K$2K$1K
Legal feesLn 11b$550$0$550$0
Advertising and promotionLn 12$16K$16K$0$0
Office expensesLn 13$3K$299$3K$0
OccupancyLn 16$8K$8K$0$0
TravelLn 17$12K$12K$0$0
InsuranceLn 23$2K$2K$0$0
Other expenses (24a–d)Ln 24$55K$51K$2K$1K
Total functional expensesLn 25$266K$200K$41K$25K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $378K$334K$44K$492K 990 PDF
FY2024 Viewing $289K$266K$23K$448K 990 PDF
FY2023 $449K$297K$152K$425K 990 PDF
FY2022 $313K$396K−$82K$273K 990 PDF
FY2021 $194K$230K−$36K$355K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $288,772 across 6 lines filed
VIII-1e Government grants$98,061
VIII-1f All other contributions, gifts and grants$164,452
VIII-1h Total contributions, gifts and grants$262,513
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$21,065
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $5,194$5,194
VIII-12 Total revenueRelated to mission $21,065 · Unrelated business $0 · Excluded from tax $5,194$288,772
Part IX · Statement of functional expenses $265,804 across 9 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $107,354 · Management $32,789 · Fundraising $22,543$162,686
IX-10 Payroll taxesPrograms $4,287 · Management $2,104 · Fundraising $1,403$7,794
IX-11b Legal feesPrograms $0 · Management $550 · Fundraising $0$550
IX-12 Advertising and promotionPrograms $15,977 · Management $0 · Fundraising $0$15,977
IX-13 Office expensesPrograms $299 · Management $2,694 · Fundraising $0$2,993
IX-16 OccupancyPrograms $7,922 · Management $0 · Fundraising $0$7,922
IX-17 TravelPrograms $11,595 · Management $0 · Fundraising $0$11,595
IX-23 InsurancePrograms $1,616 · Management $0 · Fundraising $0$1,616
IX-24 Other expenses (24a–d)Programs $51,190 · Management $2,404 · Fundraising $1,077$54,671
IX-25 Total functional expensesPrograms $200,240 · Management $40,541 · Fundraising $25,023$265,804
Part X · Balance sheet $447,769 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $13,097$29,278
X-2 Savings and temporary cash investmentsStart of year $411,704$418,491
X-16 Total assetsStart of year $424,801$447,769
X-24 Unsecured notes and loans payableStart of year $0$0
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $414,801$432,769
X-28 Net assets with donor restrictionsStart of year $10,000$15,000
X-32 Total net assets or fund balancesStart of year $424,801$447,769
X-33 Total liabilities and net assetsStart of year $424,801$447,769
Part XI · Reconciliation of net assets $447,769 net assets at year end
XI-1 Total revenue$288,772
XI-2 Total expenses$265,804
XI-3 Revenue less expenses$22,968
XI-4 Net assets at start of year$424,801
XI-10 Net assets at end of year$447,769

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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