Musiconnects INC EIN 47-1483077 Form 990 (PDF) Claim this org

Musiconnects INC FY2024 filing

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Teaches self-expression, leadership, and community through chamber music. For fiscal year 2024 it reported $438K in revenue, $241K in expenses, and $414K in net assets.Pt I

Type
Public charity (501(c)(3)) · Arts & Culture
Location
Boston, MA
Website
www.musiconnects.org
Filings
6 on file (2020–2024)
Revenue
$438KFY2024
Expenses
$241K
Net assets
$414K
People
11
Filings
6
Updates
0
More identity details & actions ⌄
EIN  47-1483077 Public charity (501(c)(3)) Boston, MA
Form 990 (PDF)
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →
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Size
$100K–1M
What they do
Teaches self-expression, leadership, and community through chamber music.
Leadership
Nancy Galluzzo · Former Execu · $32K
Money in and out
$438K revenue, $241K expenses
Bottom line
68% program efficiency
Where the money goes · FY2024
Total revenue
$438K
Pt VIII · Ln 12
Total expenses
$241K
Pt IX · Ln 25
Net assets
$414K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $197K
Where spending went · Part IX cols B–D
Program services $0.69 Management & general $0.28 Fundraising $0.04
Program efficiency
68%
of spending reaches programs
Operating runway
15.5mo
months of highly liquid reserves at operating expense rate
Surplus margin
+45%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$438K
FY2024▲ +40%
Expenses
$241K
FY2024▼ -16%
Total assets
$419K
FY2024▲ +48%
Total liabilities
$30K
FY2024▼ -93%
Total revenue
$438K
Pt VIII · Ln 12
Total expenses
$241K
Pt IX · Ln 25
Net assets
$414K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$197K
Total assetsPt X · Ln 16$419K
Program-expense ratioPt IX · col B69%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CMusiconnects INC
EINHdr · item D47-1483077
Principal addressHdr · item CBoston, MA
WebsiteHdr · item Jwww.musiconnects.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MMA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A68)
Ruling yearIRS BMFDec 2015

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b9
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Former Execu
$32,346Pt VII · Sec A
Executive Di
$17,500Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Current Pres
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Mitch Gordon$65,000$17,500
Nancy Galluzzo$32,346$54,652$53,171$52,520$52,260

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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Mission & Programs · Part III

Where the work happens

1 program service account for $165K of program spending, described in the organization's own filed words · FY2023.
01

Residency program provides individual string instrument lessons, chamber music, and group instruction, as well as mentoring to approx. 60 underserved youth at low to no cost to families. Lessons taught by members of the organization's seven professional string musicians.

$165Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$392K · 89%
Program service revenue$42K · 10%
Other revenue$4K · 1%
Contributions & grants89%$392K
Program service revenue10%$42K
Other revenue1%$4K
— government grantsLn 1e$92K
Total revenueLn 12$438K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.69 Management & general $0.28 Fundraising $0.04
Program services69%$165K
Management & general28%$68K
Fundraising4%$10K
Total functional expensesLn 25$241K

Balance Sheet

Part X · end of year
CashLn 1$312K
Total assetsLn 16$419K
Total liabilitiesLn 26$30K
Total net assetsLn 32$414K
Months of cash on handcomputed15.5

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $312K · Operating expenses/yr $241K
15.5 months
Where the money goes
Program services
Program services $165K · Total expenses $244K
68%
Management & General
Management & general $68K · Total expenses $244K
28%
Fundraising
Fundraising $10K · Total expenses $244K
4%
Cost to raise $1
Fundraising expense (3-yr avg) $11K · Solicited contributions (3-yr avg) $262K
$0.04 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $392K · Total revenue $438K
89%
Government reliance
Government grants $92K · Total revenue $438K
21%
Earned-income share
Program service revenue $42K · Total revenue $438K
10%
Investment reliance
Investment income $0 · Total revenue $438K
0%
Program self-sufficiency
Program service revenue $42K · Total expenses $241K
17%
Growth & trend
Revenue growth (YoY)
This year $438K · Prior year $313K
+40%
Revenue CAGR
FY2019 $250K · FY2023 $438K
+15%
Net-asset trend (YoY)
End of year $414K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $438K · Expenses $241K
+45%
Liabilities-to-Assets
Total liabilities — · Total assets $419K
Net-asset ratio
Net assets $414K · Total assets $419K
99%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $419K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Mitch Gordon · Reported title EXECUTIVE DI · Highest reported compensation $18K · Total expenses $241K
7%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $204K · Total expenses $241K
84%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 69%
Overhead ratio 28%
Fundraising cost ratio 3%
Revenue growth 40%
Accounting fee ratio 1%

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.

Grants

Schedule I · funders on record
Grants received · FY2024
See all 5 funders →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$128K revenue · ⤓ 990 PDF
FY2024$438K revenue · viewing · ⤓ 990 PDF
FY2023$313K revenue · ⤓ 990 PDF
FY2022$311K revenue · ⤓ 990 PDF
FY2021$296K revenue · ⤓ 990 PDF
FY2020$250K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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