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Nonprofiteer
← MUSIC CENTER FOUNDATION

Form 990 for tax year 2023

Filed by MUSIC CENTER FOUNDATION.

Totals

Total revenue
$10,480,339
Total expenses
$10,080,290
Contributions and grants received
$7,027,634
Grants paid
$9,027,380
Program service revenue
$0
Investment income
$3,452,705
Other revenue
$0
Total assets, end of year
$306,563,538
Total liabilities, end of year
$98,727,222
Net assets or fund balances, end of year
$207,836,316
Program services expenses (Part IX)
$9,027,380
Management and general expenses
$568,835
Fundraising expenses
$484,075
Program service expenses (Part III)
$9,027,380

Program services were 89.6% 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.

  • 1f · All other contributions, gifts and grants

    $7,027,634

  • 3 · Investment income

    total $1,259,522 · unrelated business -$59,814 · excluded $1,319,336

  • 7a · Gross sales of assets other than inventory

    securities $15,629,597

  • 7b · Less cost or other basis and sales expenses

    securities $13,436,414

  • 7c · Gain or loss

    securities $2,193,183

  • 7d · Net gain or loss

    total $2,193,183 · excluded $2,193,183

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $9,027,380 · program services $9,027,380

  • 5 · Compensation of officers, directors and key employees

    total $409,292 · management and general $204,646 · fundraising $204,646

  • 7 · Other salaries and wages

    total $232,079 · management and general $116,040 · fundraising $116,039

  • 8 · Pension plan contributions

    total $19,301 · management and general $9,651 · fundraising $9,650

  • 9 · Other employee benefits

    total $29,181 · management and general $14,591 · fundraising $14,590

  • 10 · Payroll taxes

    total $33,620 · management and general $16,810 · fundraising $16,810

  • 11b · Fees: legal

    total $27,735 · management and general $13,868 · fundraising $13,867

  • 11c · Fees: accounting

    total $156,082 · management and general $117,062 · fundraising $39,020

  • 11f · Fees: investment management

    total $235,195 · management and general $235,195

  • 11g · Fees: other

    total $39,487 · management and general $2,764 · fundraising $36,723

  • 13 · Office expenses

    total $19,424 · management and general $9,711 · fundraising $9,713

  • 16 · Occupancy

    total $5,555 · management and general $2,778 · fundraising $2,777

  • 19 · Conferences, conventions and meetings

    total $13,777 · management and general $13,777

  • 23 · Insurance

    total $33,501 · management and general $16,751 · fundraising $16,750

  • 24a · Other expenses: TELEPHONE EXPENSE

    total $3,114 · management and general $1,557 · fundraising $1,557

  • 24b · Other expenses: REIMBURSED EXPENSES

    total -$204,433 · management and general -$206,366 · fundraising $1,933

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $9,137,326 · end of year $11,039,548

  • 3 · Pledges and grants receivable

    beginning of year $30,406,098 · end of year $31,773,122

  • 7 · Other notes and loans receivable

    beginning of year $97,560 · end of year $93,085

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,774 · end of year $100,752

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

    $28,295

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

    $28,295

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $32,361,130 · end of year $42,126,939

  • 12 · Investments: other securities

    beginning of year $116,533,749 · end of year $122,830,932

  • 15 · Other assets

    beginning of year $96,570,309 · end of year $98,599,160

  • 17 · Accounts payable and accrued expenses

    beginning of year $292,505 · end of year $242,500

  • 21 · Escrow or custodial account liability

    beginning of year $92,695,162 · end of year $94,192,912

  • 25 · Other liabilities

    beginning of year $4,384,704 · end of year $4,291,810

  • 28 · Net assets with donor restrictions

    beginning of year $187,746,575 · end of year $207,836,316

Mission and programs · 2023

Mission

THE MISSION OF MUSIC CENTER FOUNDATION IS TO PROVIDE ENDOWMENT SUPPORT TO THE MUSIC CENTER PERFORMING ARTS CENTER OF LOS ANGELES COUNTY, ITS EDUCATION AND ARTISTIC PROGRAMS AND RESIDENT COMPANIES THROUGH PLANNED GIVING FUNDRAISING AND ASSET MANAGEMENT.

Activities or mission (Part I)

ENDOWMENT MANAGEMENT AND FINANCIAL SUPPORT OF PROGRAMMING AT LOS ANGELES' MUSIC CENTER

  • ENDOWMENT DISTRIBUTIONS TO THE MUSIC CENTER/PERFORMING ARTS CENTER OF LOS ANGELES COUNTY, ITS EDUCATIONAL ACTIVITIES AND ITS AFFILIATED PERFORMING ARTS COMPANIES WHICH INCLUDE LOS ANGELES PHILHARMONIC ASSOCIATION, CENTER THEATRE GROUP, LOS ANGELES OPERA COMPANY AND THE LOS ANGELES MASTER CHORALE.

    Expenses $7,364,644 · Grants $7,364,644

  • THE MUSIC CENTER FOUNDATION'S LAPA FUND MAKES DISTRIBUTIONS TO THE LOS ANGELES PHILHARMONIC ASSOCIATION.

    Expenses $1,662,736 · Grants $1,662,736

As filed on the 2023 return.

Listed in Part VII

  • Shelby Notkin

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Kiki R Gindler

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Kenneth S Williams

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Thomas L Beckmen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John B Emerson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amy R Forbes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Darell L Krasnoff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kent Kresa

    DIRECTOR (THRU 05/2023)

    Total calculated
    $0
    Hours/week
    1

  • Keith Leonard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kelsey N Martin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Michelson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Cindy Miscikowski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jeffrey Soros

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Philip Swan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sue Wegleitner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Steven T Benson

    PRESIDENT

    Total calculated
    $410,465
    From this org
    $363,437
    From related orgs
    $0
    Other
    $47,028
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $345,499
    Bonus
    $17,938
    Other
    $0
    Deferred
    $33,000
    Nontaxable benefits
    $14,028
    Filer's total
    $410,465

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
THE PRESIDENT RECEIVED A DISCRETIONARY BONUS DURING 2023.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHARITABLE REMAINDER TRUSTS (14)

    INVESTMENTS · CA

  • CHARITABLE LEAD TRUSTS (4)

    INVESTMENTS · CA

Provenance

Return type
form_990
Tax year
2023
Filed
3 February 2025
IRS schema version
2023v6.0
Source object
202510359349301336

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