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Nonprofiteer
← LOUISVILLE ACADEMY OF MUSIC INC

Form 990 for tax year 2024

Filed by LOUISVILLE ACADEMY OF MUSIC INC.

Totals

Total revenue
$935,844
Total expenses
$804,648
Contributions and grants received
$344,693
Grants paid
$63,099
Program service revenue
$566,003
Investment income
$3,882
Other revenue
$21,266
Total assets, end of year
$734,109
Total liabilities, end of year
$87,701
Net assets or fund balances, end of year
$646,408
Program services expenses (Part IX)
$641,062
Management and general expenses
$92,544
Fundraising expenses
$71,042
Program service expenses (Part III)
$641,062

Program services were 79.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $50,000

  • 1f · All other contributions, gifts and grants

    $294,693

  • 1g · Noncash contributions included above

    $11,110

  • 2a · Program service revenue: LESSONS

    total $520,330 · related or exempt $520,330

  • 2b · Program service revenue: SYMPOSIUM

    total $16,306 · related or exempt $16,306

  • 2c · Program service revenue: OTHER FEES

    total $15,623 · related or exempt $15,623

  • 2d · Program service revenue: GROUP CLASSES

    total $13,744 · related or exempt $13,744

  • 3 · Investment income

    total $3,882 · excluded $3,882

  • 8a · Fundraising events: gross income

    $12,362

  • 8b · Fundraising events: direct expenses

    $2,348

  • 8c · Net income from fundraising events

    total $10,014 · excluded $10,014

  • 11a · Other revenue: INSURANCE RECOVERY

    total $11,252 · excluded $11,252

  • 11e · Other revenue, total

    $11,252

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $63,099 · program services $63,099

  • 5 · Compensation of officers, directors and key employees

    total $77,036 · program services $65,925 · management and general $6,866 · fundraising $4,245

  • 7 · Other salaries and wages

    total $444,537 · program services $356,981 · management and general $48,464 · fundraising $39,092

  • 9 · Other employee benefits

    total $1,674 · program services $1,507 · management and general $167

  • 10 · Payroll taxes

    total $39,897 · program services $32,576 · management and general $4,043 · fundraising $3,278

  • 11c · Fees: accounting

    total $10,900 · management and general $10,900

  • 11g · Fees: other

    total $68,100 · program services $33,733 · management and general $13,567 · fundraising $20,800

  • 12 · Advertising and promotion

    total $4,769 · program services $3,741 · management and general $159 · fundraising $869

  • 13 · Office expenses

    total $21,071 · program services $15,042 · management and general $5,973 · fundraising $56

  • 14 · Information technology

    total $5,269 · program services $3,567 · management and general $1,126 · fundraising $576

  • 16 · Occupancy

    total $8,151 · program services $7,862 · management and general $289

  • 22 · Depreciation, depletion and amortization

    total $23,297 · program services $22,961 · management and general $336

  • 23 · Insurance

    total $7,963 · program services $7,869 · management and general $94

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $10,578 · program services $10,078 · management and general $400 · fundraising $100

  • 24b · Other expenses: SUPPLIES

    total $9,766 · program services $9,766

  • 24c · Other expenses: STAFF DEVELOPMENT

    total $2,385 · program services $2,385

  • 24d · Other expenses: EVENT EXPENSES

    total $1,013 · program services $377 · fundraising $636

  • 24e · All other expenses

    total $5,143 · program services $3,593 · management and general $160 · fundraising $1,390

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $228,769 · end of year $197,729

  • 2 · Savings and temporary cash investments

    beginning of year $96,807 · end of year $100,501

  • 3 · Pledges and grants receivable

    beginning of year $17,258 · end of year $68,947

  • 10a · Land, buildings and equipment: cost or other basis

    $630,873

  • 10b · Land, buildings and equipment: accumulated depreciation

    $263,941

  • 10c · Land, buildings and equipment, net

    beginning of year $227,773 · end of year $366,932

  • 17 · Accounts payable and accrued expenses

    beginning of year $50,239 · end of year $73,251

  • 19 · Deferred revenue

    beginning of year $5,156 · end of year $14,450

  • 27 · Net assets without donor restrictions

    beginning of year $346,013 · end of year $528,881

  • 28 · Net assets with donor restrictions

    beginning of year $169,199 · end of year $117,527

Mission and programs · 2024

Mission

THE LOUISVILLE ACADEMY OF MUSIC WELCOMES EVERYONE TO JOIN OUR MUSICAL COMMUNITY. LAM NURTURES LIFELONG LEARNERS, NOT SOLELY AS MUSICIANS BUT ALSO AS CREATIVE, INSPIRED PEOPLE. EQUITY IN MUSIC EDUCATION IS A FORCE TO REALIZE POTENTIAL, ACHIEVE DREAMS, AND MAKE THE WORLD A BETTER PLACE.

  • 28 DEGREED AND DEDICATED FACULTY MEMBERS TAUGHT MORE THAN 14,000 LESSONS TO 600+ STUDENTS FROM OVER 50 ZIP CODES. SINCE 1954, THE LOUISVILLE ACADEMY OF MUSIC (LAM) HAS PROVIDED HIGH-QUALITY MUSIC EDUCATION TO GENERATIONS OF STUDENTS, NURTURING NOT ONLY MUSICIANS, BUT CREATIVE, INSPIRED PEOPLE PREPARED TO THRIVE IN EVERY AREA OF LIFE. THROUGH PRIVATE LESSONS, GROUP CLASSES, MASTERCLASSES, SUMMER CAMPS, AND MORE WE PROVIDE AN ENRICHING EDUCATIONAL ENVIRONMENT THAT SUPPORTS THE DEVELOPMENT OF A WHOLE AND CONFIDENT MUSICIAN. LAM PROVIDES A WELCOMING SPACE WHERE STUDENTS OF ALL AGES, FROM PRESCHOOLERS TO RETIREES, FIND MENTORSHIP, SELF-EXPRESSION, AND COMMUNITY.

    Expenses $471,279 · Revenue $520,330

  • WE BELIEVE THAT MUSIC BELONGS TO EVERYONE AND THAT ACCESS TO TRANSFORMATIVE ARTS EDUCATION SHOULD NOT DEPEND ON A FAMILY'S INCOME, ZIP CODE, OR BACKGROUND. THROUGH NEED-BASED SCHOLARSHIPS, PUBLIC SCHOOL PROGRAMS, AND COMMUNITY PARTNERSHIPS WE REACHED MORE THAN 6,000 PEOPLE WITH FREE MUSIC EDUCATION PROGRAMMING. WE CONTINUE TO INVEST IN MAKING MUSIC EDUCATION ACCESSIBLE TO EVERYONE WHO WISHES TO LEARN, CREATE, AND BELONG. THIS YEAR ALSO BROUGHT A DEFINING HONOR: LAM WAS AWARDED THE GOVERNOR'S AWARD IN THE ARTS FOR EDUCATION, RECOGNIZING OUR EXTRAORDINARY CONTRIBUTIONS TO THE ARTS IN KENTUCKY. THIS STATEWIDE RECOGNITION AFFIRMED THE IMPACT OF OUR MISSION, OUR INNOVATIVE PROGRAMMING, AND OUR COMMITMENT TO ACCESSIBILITY AND EXCELLENCE.

    Expenses $169,783 · Grants $63,099 · Revenue $45,673

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Eleanor Livingston

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Anna Hayden

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • David Handmaker

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Edward White

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Victoria Fuller

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bert Griffin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jacob Gottlib

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kendrick Vaughn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sara Callaway

    EXECUTIVE DIRECTOR

    Total calculated
    $77,036
    From this org
    $77,036
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
11 March 2026
IRS schema version
2024v5.5
Source object
202600779349301500

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