Soundcorps INC FY2022 filing

Tax-deductible

Chattanooga, TN501(c)(3)Arts & CultureEIN 46-4519201Revenue $321K in FY2022

On file with the IRSsoundcorps.org555 Cherokee Blvd, 37405-3865 · Chattanooga, TNTax-exempt since May 2015Publicly supported charity — 170(b)(1)(A)(vi)

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We devote our energies to building local music infrastructure and professional expertise through ongoing programs, events and initiatives. These efforts will translate into increased opportunities to experience chattanooga music.

501(c)(3) charity; gifts are tax-deductible.
77¢ of each $1 spent went to programs.
$70K 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

FY2022 · Form 990-TIndependent: 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
FY2024
latest Form 990-T
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average deficit $1K a year · under 1% 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
77%
of spending
Looks good: 77% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$70K
to officers and key staff · 23% of spending
Worth a look: pay to officers and key staff is 23% of spending; over 20%.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Fine: 2.7 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $44K
Looks good: 4 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 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$321K
+42% vs prior year
Spent
$300K
To programs
77%
Net assets
$81K
By yearFY2020–FY2024
Revenue
$321K
FY2022▲ +42%
Tap a bar for its year
Revenue by fiscal year
FY2020$351K
FY2021$226K
FY2022$321K
FY2023$406K
FY2024$211K
Expenses
$300K
FY2022▲ +19%
Tap a bar for its year
Expenses by fiscal year
FY2020$279K
FY2021$253K
FY2022$300K
FY2023$389K
FY2024$300K
Net assets
$81K
FY2022▲ +35%
Tap a bar for its year
Net assets by fiscal year
FY2020$88K
FY2021$60K
FY2022$81K
FY2023$98K
FY2024$10K

From the FY2022 Form 990 · see the original

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

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 2015.

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

Where the money goes

77 cents of each dollar spent went to programs.

Program services 77% · $232K Management & general 16% · $49K Fundraising 6% · $19K

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

9 people listed on the 990-T; $70K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Director
$70,000Pt VII · Sec A
Board Chair
$0Pt VII · Sec A
Board Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Treasurer
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Jonathan Sussman’s $35K as Former Executive Director is at the 29th percentile of top reported officer pay among 2216 $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 · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Stratton Tingle$26,923$70,000$70,000$68,269$65,000
Jonathan Sussman$34,616————

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.

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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 15aNo

Programs and updates

Builds local music infrastructure and expertise, creating more opportunities to experience music.

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Provided by the organization

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3 programs · $187K · in their own filed words · FY2022
01

TN Person Centered Music Program

Soundcorps partnered with the TN arts commission to become the primary nonprofit administrator of the TN person centered music program, which offers tennessee nursing home residents, including those with dementia and alzheimer's, personalized music through digital devices to deliver individualized playlists to reduce medication usage and…

$93Kprogram expense
02

The Chattanooga Hip-Hop Summit

The 2022 chattanooga hip-hop summit, a program of soundcorps, is a community-led initiative that has quadrupled in size from year to year. In 2022, the summit accelerated the careers of local hip-hop artists and music industry professionals through networking, professional development workshops, panel sessions, and performance…

$51Kprogram expense
03

Soundcorps programming is designed to help the local music industry professionals build their careers through training, resource development, and networking. Individuals impacted during the 2022 number at 51,369.

$43Kprogram expense

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
ArtsbuildFY2024$11K
Total grants receivedfrom 4 funders$44K
See all 4 funders →

By the numbers

The FY2022 990-T, line by line.

1The main four
Money in
$321K
Gifts and grants$352K
Fees for services$7K
Money out
$300K
Programs$232K
Management$49K
Fundraising$19K
Owns and owes
$81K
net assets
Cash and savings$67K
Total assets$81K
Liabilities$0
People
9
listed
Paid1
Voting board8
Independent8
2In more detail
Revenue in detail
Gifts and grants$352K
Government grants$151K
Fees for services$7K
Total revenue$321K
Assets in detailEnd of year
Cash and savings together$67K
Total assets$81K
Liabilities$0
Net assets$81K
Operations
Employees3
Volunteers55
Fiscal year endsDecember
Conflict-of-interest policyYes
Whistleblower policyNo
Records policyNo

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $211K$300K−$89K$10K 990 PDF
FY2023 $406K$389K$17K$98K 990 PDF
FY2022 Viewing $321K$300K$21K$81K 990 PDF
FY2021 $226K$253K−$28K$60K 990 PDF
FY2020 $351K$279K$72K$88K 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

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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