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Spektral Quartet Nfp FY2022 filing

Chicago, ILUnknown exempt organizationEIN 45-3696789

To provide artistic and educational programming of classical string quartet chamber music, with performances around the united states, educational workshops with university music students, and commissions of composers for new works.

80¢ of each $1 spent went to programs.
$65K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 2
filings with a surplus
Average surplus $17K a year · 4% of revenue · last 2 filings
Looks good: a surplus in 2 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$65K
to officers and key staff · 12% of spending
Looks good: pay to officers and key staff is 12% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.5 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $31K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$10K
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 9 voting members
Looks good: 8 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$545K
+34% vs prior year
Spent
$537K
To programs
80%
Net assets
$189K
By yearFY2021–FY2024
Revenue
$545K
FY2022▲ +34%
Revenue by fiscal year
FY2021$406K
FY2022$545K
FY2023$143K
FY2024$4K
Expenses
$537K
FY2022▲ +41%
Expenses by fiscal year
FY2021$380K
FY2022$537K
FY2023Not on file
FY2024Not on file
Net assets
$189K
FY2022▲ +4%
Net assets by fiscal year
FY2021$181K
FY2022$189K
FY2023$60K
FY2024$0

From the FY2022 Form 990 (year ending June 2022) · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Status and standing

Is it real, and can you give to it?

Tax-deductible?
Not on file
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Last filed FY2024 — 3 yrs ago
Legal name (IRS)Hdr · item CSpektral Quartet Nfp
EINHdr · item D45-3696789
Exempt statusHdr · item I501(c)(3) · active
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CChicago, IL
NTEE classificationIRS BMFNonprofit
WebsiteHdr · item Jwww.spektralquartet.com

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.80 Management & general $0.12 Fundraising $0.08
Program services80%$432K
Management & general12%$64K
Fundraising8%$41K
Total functional expensesLn 25$537K

Financial health

Is it on solid ground?

Surplus margin
+1%
revenue over expenses, this year
Program spending
80%
of expenses reach programs

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Total assets
$199K
FY2022▼ -18%
Total assets by fiscal year
FY2021$241K
FY2022$199K
FY2023Not on file
FY2024Not on file
Total liabilities
$10K
FY2022▼ -84%
Total liabilities by fiscal year
FY2021$60K
FY2022$10K
FY2023Not on file
FY2024Not on file
Revenue less expensesPt I · Ln 19$8K
Total assetsPt X · Ln 16$199K
Program-expense ratioPt IX · col B80%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 48

Balance Sheet

Part X · end of year
CashLn 1$112K
Total assetsLn 16$199K
Total liabilitiesLn 26$10K
Total net assetsLn 32$189K
Months of cash on handcomputed2.5

Statement of Revenue

Part VIII
Contributions & grants$333K · 61%
Program service revenue$209K · 38%
Contributions & grants61%$333K
Program service revenue38%$209K
Investment income$3
Other revenue$3K
— government grantsLn 1e$185K
Total revenueLn 12$545K

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $112K · Operating expenses/yr $537K
2.5 months
Where the money goes
Program services
Program services $432K · Total expenses $537K
80%
Management & General
Management & general $64K · Total expenses $537K
12%
Fundraising
Fundraising $41K · Total expenses $537K
8%
Cost to raise $1
Fundraising expense (2-yr avg) $47K · Solicited contributions (2-yr avg) $184K
$0.26 to raise $1 (2-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $333K · Total revenue $545K
61%
Government reliance
Government grants $185K · Total revenue $545K
34%
Earned-income share
Program service revenue $209K · Total revenue $545K
38%
Investment reliance
Investment income $3 · Total revenue $545K
<0.01%
Program self-sufficiency
Program service revenue $209K · Total expenses $537K
39%
Growth & trend
Revenue growth (YoY)
This year $545K · Prior year $406K
+34%
Net-asset trend (YoY)
End of year $189K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $545K · Expenses $537K
+1%
Liabilities-to-Assets
Total liabilities — · Total assets $199K
—
Net-asset ratio
Net assets $189K · Total assets $199K
95%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $199K
0%
People & payroll
Highest Reported Total Compensation
Individual Russell Rolen · Reported title Executive Dir. · Highest reported compensation $65K · Total expenses $537K
12%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $282K · Total expenses $537K
53%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 80%——
Overhead ratio 12%——
Fundraising cost ratio 12%——
Revenue growth 34%——
Investment management fee ratio 0%——
Legal fee ratio 0%——
Accounting fee ratio 0%——
Fundraising fee ratio 0%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Russell Rolen
Executive Dir.
$64,680Pt VII · Sec A
$0Pt VII · Sec A
Joseph Bein
Vice-Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
James D Smith
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Nina Kim
Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023FY2022FY2021
Russell Rolen$8,770$50,205$64,680$64,680

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 Spektral Quartet Nfp executive salaries →

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Governance & Policies

Part VI
  • 9Voting board membersPt VI · Ln 1a
  • 8Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13Yes
  • Document retention policyPt VI · Ln 14Yes
  • Top official’s pay independently reviewedPt VI · Ln 15aYes
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Presents classical string quartet concerts and educational workshops, commissioning new music.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

1 program service account for $432K of program spending, described in the organization's own filed words · FY2021.
01

The organization contracts a classical string quartet two violinists, one violist, one cellist called the spektral quartet that serves the organization by promoting the education and expansion of music written for string quartet through performances and educational activities.

$432Kprogram 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 · FY2022
Gaylord and Dorothy Donnelley FoundationFY2022$20K
The Aaron Copland Fund for Music INC Co Alter Kendrick & Baron LLPFY2022$10K
The Irving Harris FoundationFY2022$1K
Amazonsmile FoundationFY2022$25
Total grants receivedfrom 4 funders$31K
See all 4 funders →

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2024 Latest $4K—-97% 990 PDF
FY2023 $143K—-74% 990 PDF
FY2022 Viewing $545K$537K+34% 990 PDF
FY2021 $406K$380K 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

Full filing: Form 990 for FY2022

Every line we hold from the return, cited to its Part and line.
Part IX · Statement of functional expenses $536,775 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $800$800
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staffPrograms $38,808 · Management $12,936 · Fundraising $12,936$64,680
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wagesPrograms $161,121 · Management $11,725 · Fundraising $21,558$194,404
IX-8 Pension plan contributions$0
IX-9 Other employee benefitsPrograms $2,397 · Management $406 · Fundraising $421$3,224
IX-10 Payroll taxesPrograms $15,159 · Management $1,827 · Fundraising $2,660$19,646
IX-11a Management feesPrograms $26,751$26,751
IX-11b Legal fees$0
IX-11c Accounting fees$0
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for servicesManagement $7,023$7,023
IX-12 Advertising and promotionPrograms $14,368$14,368
IX-13 Office expensesManagement $1,286 · Fundraising $1,793$3,079
IX-14 Information technologyManagement $3,270 · Fundraising $992$4,262
IX-15 Royalties$0
IX-16 OccupancyManagement $6,000$6,000
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationManagement $703$703
IX-23 InsuranceManagement $8,812$8,812
IX-24 Other expenses (24a–d)Programs $172,496 · Management $1,364$173,860
IX-24e All other expensesManagement $8,789 · Fundraising $374$9,163
IX-25 Total functional expensesPrograms $431,900 · Management $64,141 · Fundraising $40,734$536,775

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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