Totals
- Total revenue
- $2,501,518
- Total expenses
- $9,113,867
- Contributions and grants received
- $1,418,180
- Grants paid
- $8,160,238
- Program service revenue
- $0
- Investment income
- $1,083,338
- Other revenue
- $0
- Total assets, end of year
- $285,118,946
- Total liabilities, end of year
- $97,372,371
- Net assets or fund balances, end of year
- $187,746,575
- Program services expenses (Part IX)
- $8,160,238
- Management and general expenses
- $385,528
- Fundraising expenses
- $568,101
- Program service expenses (Part III)
- $8,160,238
Program services were 89.5% 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
$1,418,180
-
3 · Investment income
total $826,960 · unrelated business -$13,561 · excluded $840,521
-
7a · Gross sales of assets other than inventory
securities $9,495,316
-
7b · Less cost or other basis and sales expenses
securities $9,238,938
-
7c · Gain or loss
securities $256,378
-
7d · Net gain or loss
total $256,378 · excluded $256,378
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $8,160,238 · program services $8,160,238
-
5 · Compensation of officers, directors and key employees
total $387,470 · management and general $193,735 · fundraising $193,735
-
7 · Other salaries and wages
total $139,679 · management and general $69,840 · fundraising $69,839
-
8 · Pension plan contributions
total $48,699 · management and general $24,350 · fundraising $24,349
-
9 · Other employee benefits
total $33,575 · management and general $16,787 · fundraising $16,788
-
10 · Payroll taxes
total $31,320 · management and general $15,660 · fundraising $15,660
-
11b · Fees: legal
total $4,752 · management and general $2,376 · fundraising $2,376
-
11c · Fees: accounting
total $140,657 · management and general $105,493 · fundraising $35,164
-
11f · Fees: investment management
total $243,948 · management and general $121,974 · fundraising $121,974
-
11g · Fees: other
total $48,167 · management and general $6,930 · fundraising $41,237
-
13 · Office expenses
total $19,945 · management and general $9,973 · fundraising $9,972
-
16 · Occupancy
total $5,555 · management and general $2,778 · fundraising $2,777
-
19 · Conferences, conventions and meetings
total $6,010 · management and general $3,005 · fundraising $3,005
-
23 · Insurance
total $39,033 · management and general $19,516 · fundraising $19,517
-
24a · Other expenses: TELEPHONE EXPENSE
total $2,563 · management and general $1,282 · fundraising $1,281
-
24b · Other expenses: LICENSES, FEES, DUES, S
total $2,038 · management and general $1,019 · fundraising $1,019
-
24c · Other expenses: REIMBURSED EXPENSES
total -$199,782 · management and general -$209,190 · fundraising $9,408
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $11,220,018 · end of year $9,137,326
-
3 · Pledges and grants receivable
beginning of year $29,835,252 · end of year $30,406,098
-
7 · Other notes and loans receivable
beginning of year $110,544 · end of year $97,560
-
9 · Prepaid expenses and deferred charges
beginning of year $12,027 · end of year $12,774
-
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 $36,779,637 · end of year $32,361,130
-
12 · Investments: other securities
beginning of year $126,898,091 · end of year $116,533,749
-
15 · Other assets
beginning of year $109,596,985 · end of year $96,570,309
-
17 · Accounts payable and accrued expenses
beginning of year $288,843 · end of year $292,505
-
21 · Escrow or custodial account liability
beginning of year $104,935,673 · end of year $92,695,162
-
25 · Other liabilities
beginning of year $4,352,376 · end of year $4,384,704
-
28 · Net assets with donor restrictions
beginning of year $204,875,662 · end of year $187,746,575
Mission and programs · 2022
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 $7,069,448 · Grants $7,069,448
-
THE MUSIC CENTER FOUNDATION'S LAPA FUND MAKES DISTRIBUTIONS TO THE LOS ANGELES PHILHARMONIC ASSOCIATION.
Expenses $1,090,790 · Grants $1,090,790
As filed on the 2022 return.
Listed in Part VII
-
Shelby NotkinSHELBY NOTKIN
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Kiki R GindlerKIKI R GINDLER
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Kenneth S WilliamsKENNETH S WILLIAMS
SECRETARY/TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Thomas L BeckmenTHOMAS L BECKMEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
John B EmersonJOHN B EMERSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Amy R ForbesAMY R FORBES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Darell L KrasnoffDARELL L KRASNOFF
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kent KresaKENT KRESA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Keith LeonardKEITH LEONARD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kelsey N MartinKELSEY N MARTIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Cindy MiscikowskiCINDY MISCIKOWSKI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jeffrey SorosJEFFREY SOROS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Philip SwanPHILIP SWAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sue WegleitnerSUE WEGLEITNER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Steven T BensonSTEVEN T BENSON
PRESIDENT
- Total calculated
- $400,026
- From this org
- $358,238
- From related orgs
- $0
- Other
- $41,788
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $348,238
- Bonus
- $10,000
- Other
- $0
- Deferred
- $30,500
- Nontaxable benefits
- $11,288
- Filer's total
- $400,026
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 2022.
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
-
LOS ANGELES PHILHARMONIC ASSOCIATION
$3,138,934
GENERAL SUPPORT
-
GENERAL SUPPORT
-
CENTER THEATRE GROUP OF LOS ANGELES INC
$1,565,158
GENERAL SUPPORT
-
$1,326,052
GENERAL SUPPORT
-
$274,898
GENERAL SUPPORT
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 (5)
INVESTMENTS · CA
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 5 February 2024
- IRS schema version
- 2022v5.0
- Source object
- 202440399349300709
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