Civic Intelligence

Turtle Bay Music School Inc

EIN 13-1775772 • 501(c)3 • Armonk, NY

Profile

To spread the transformative power of music by providing the highest quality music education and experiences to all in the community who seek them

1 Ledgewood PlaceArmonk, NY 10504

tbms.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

77th percentile

0.52x

Higher debt load relative to assets than 77% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

98th percentile

25.06x

Higher debt load relative to revenue than 98% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

2nd percentile

-141%

Higher net margin than 2% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

28th percentile

-0.9%

Faster asset growth than 28% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

7th percentile

-37%

Faster revenue growth than 7% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Assets

Down

$15,185,712

Down $2,534,917 (-14%) from 2021

Liabilities

Down

$9,016,440

Down $231,273 (-2.5%) from 2021

Net Assets

Down

$6,169,272

Down $2,303,644 (-27%) from 2021

Revenue

Down

-$1,426,907

Down $1,795,986 (-487%) from 2021

Expenses

Down

$876,737

Down $13,220 (-1.5%) from 2021

Net Income

Down

-$2,303,644

Down $1,782,766 (-342%) from 2021

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$20M$15M$10M$5.0M$0Assets 2011: $2,724,912Liabilities 2011: $204,359Net Assets 2011: $2,520,5532011Assets 2012: $2,690,109Liabilities 2012: $193,565Net Assets 2012: $2,496,5442012Assets 2013: $2,561,146Liabilities 2013: $205,796Net Assets 2013: $2,355,3502013Assets 2014: $2,779,917Liabilities 2014: $178,355Net Assets 2014: $2,601,5622014Assets 2015: $2,490,861Liabilities 2015: $207,091Net Assets 2015: $2,283,7702015Assets 2016: $2,378,515Liabilities 2016: $206,196Net Assets 2016: $2,172,3192016Assets 2017: $2,418,298Liabilities 2017: $240,907Net Assets 2017: $2,177,3912017Assets 2018: $19,737,834Liabilities 2018: $7,803,966Net Assets 2018: $11,933,8682018Assets 2019: $18,762,084Liabilities 2019: $8,538,855Net Assets 2019: $10,223,2292019Assets 2020: $17,889,664Liabilities 2020: $8,895,870Net Assets 2020: $8,993,7942020Assets 2021: $17,720,629Liabilities 2021: $9,247,713Net Assets 2021: $8,472,9162021Assets 2022: $15,185,712Liabilities 2022: $9,016,440Net Assets 2022: $6,169,2722022

Highlighted filing

2022

Assets$15,185,712
Liabilities$9,016,440
Net Assets$6,169,272

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2011: $1,489,478Expenses 2011: $1,399,521Net Income 2011: $89,9572011Revenue 2012: $1,443,880Expenses 2012: $1,505,803Net Income 2012: -$61,9232012Revenue 2013: $1,384,625Expenses 2013: $1,560,044Net Income 2013: -$175,4192013Revenue 2014: $1,549,228Expenses 2014: $1,523,279Net Income 2014: $25,9492014Revenue 2015: $1,602,544Expenses 2015: $1,714,130Net Income 2015: -$111,5862015Revenue 2016: $1,383,788Expenses 2016: $1,614,186Net Income 2016: -$230,3982016Revenue 2017: $1,532,799Expenses 2017: $1,642,008Net Income 2017: -$109,2092017Revenue 2018: $12,043,649Expenses 2018: $2,287,172Net Income 2018: $9,756,4772018Revenue 2019: $1,319,597Expenses 2019: $3,266,578Net Income 2019: -$1,946,9812019Revenue 2020: $584,810Expenses 2020: $1,989,374Net Income 2020: -$1,404,5642020Revenue 2021: $369,079Expenses 2021: $889,957Net Income 2021: -$520,8782021Revenue 2022: -$1,426,907Expenses 2022: $876,737Net Income 2022: -$2,303,6442022

Highlighted filing

2022

Revenue-$1,426,907
Expenses$876,737
Net Income-$2,303,644

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$15.2$9.02$6.17$1.43$0.88$2.30
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17.7$9.25$8.47$0.37$0.89$0.52
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.9$8.90$8.99$0.58$1.99$1.40
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.8$8.54$10.2$1.32$3.27$1.95
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.7$7.80$11.9$12.0$2.29$9.76
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.42$0.24$2.18$1.53$1.64$0.11
2016Detailed filing. Detailed filing data is available for this year.$2.38$0.21$2.17$1.38$1.61$0.23
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.49$0.21$2.28$1.60$1.71$0.11
2014Detailed filing. Detailed filing data is available for this year.$2.78$0.18$2.60$1.55$1.52$0.03
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.56$0.21$2.36$1.38$1.56$0.18
2012Summary only. Only limited summary data is available for this year.$2.69$0.19$2.50$1.44$1.51$0.06
2011Summary only. Only limited summary data is available for this year.$2.72$0.20$2.52$1.49$1.40$0.09
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Sep 1, 2021 to Aug 31, 2022
Signed
Jul 17, 2023
Return Version
2021v4.2
Gross Receipts
$12,460,377
Mission and Program Overview

Mission

Turtle Bay Music School ("TBMS") is one of the oldest community music school in the United States. TBMS upholds its mission to spread the transformative power of music by providing the highest quality music education and experiences to all in the community who seek them. TBMS provides a range of music programs to individuals of all ages, level of ability and financial backgrounds. The principle that unites all of TBMS's programming is the fundamental belief that creativity is a vital means of bringing together a culturally and ethnically diverse community. Reaching thousands of New Yorkers each year, TBMS is truly a haven in the community, and a space for all to share in the joy of music making.

To spread the transformative power of music by providing the highest quality music education and experiences to all in the community who seek them

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$15,847,772$13,598,611▼ $2,249,161
Investments in Publicly Traded Securities$1,092,899$1,159,031▲ $66,132
Cash and Non-Interest-Bearing Accounts$398,193$46,305▼ $351,888
Total Assets$17,720,629$15,185,712▼ $2,534,917
Other Assets Total$381,765$381,765→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,656,350$8,796,894▲ $140,544
Accounts Payable and Accrued Expenses$591,363$219,546▼ $371,817
Total Liabilities$9,247,713$9,016,440▼ $231,273
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,864,166$5,560,522▼ $2,303,644
Net Assets With Donor Restrictions$608,750$608,750→ $0
Total Net Assets Fund Balance$8,472,916$6,169,272▼ $2,303,644
Total Liabilities and Net Assets / Fund Balance$17,720,629$15,185,712▼ $2,534,917

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,514,717$1,905,240-
Other Land Buildings-$5,110-
Equipment$83,894$182,289-
Other Assets Org$4,616--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Edwin SirlinChairtreasurer
Jeffrey SchlosserPresident
Lorna J NorrisExecutive Director
Blair TalcottTrustee
David BondyTrustee
Mary NeumannTrustee
Taylor NicholasTrustee
Nancy GrebeySecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$26,465
Program Service Revenue
$0
Investment Income
$-1,820,340
Other Revenue
$366,968
All Other Contributions
$26,465
Change in Net Assets
$-2,303,644
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$857,232
Salaries, Compensation, and Employee Benefits$19,505
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion-$360,419-$360,419
Occupancy-$182,301-$182,301
Fees for Services Legal-$164,345-$164,345
Interest-$98,467-$98,467
Insurance-$26,319-$26,319
Other Expenses-$20,237-$20,237
Current Officers, Directors, Trustees, and Key Employees-$19,505-$19,505
All Other Expenses-$177-$177
Total Functional Expenses$0$876,737$0$876,737
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

The 990 has been reviewed by a group of persons authorized to review financial and audit matters prior to filing. The final 990 (filed with the irs) will be available at the next meeting of the board for inspection. In addition, upon request of any board member, a copy will be provided. If there are material changes, an amended 990 will be filed.

Conflict of interest policy compliance Part VI line 12C

The organizations board of directors reaffirms its conflict of interest policy annually, and shares this policy with staff and employees annually. Any and all grievances reported are handled in accordance with the affirmed policy.

CEO executive director top management comp Part VI line 15A

When hiring the executive director and other key employees, and thereafter on an annual basis, the board of directors performed a thorough review to determine suitable compensation. This process included a review of comparability data by the board, or, if deemed necessary, an independent compensation consultant hired by the board. Comparability data included compensation surveys, written employment contracts, and 990s of similar organizations. The board retained documentation of the deliberation and final decision.

Other officer or key employee compensation Part VI line 15B

When hiring the executive director and other key employees, and thereafter on an annual basis, the board of directors performed a thorough review to determine suitable compensation. This process included a review of comparability data by the board, or, if deemed necessary, an independent compensation consultant hired by the board. Comparability data included compensation surveys, written employment contracts, and 990s of similar organizations. The board retained documentation of the deliberation and final decision.

Governing documents etc available to public Part VI line 19

Financial statements & other documents are made available to the public upon request

Filing and Contact Details

Filer

Filer Name
Turtle Bay Music School Inc
EIN
13-1775772
Address
1 LEDGEWOOD PLACE, ARMONK, NY 10504

Signing Officer

Name
Jeffrey Schlosser
Title
President
Phone
9175794848
Signed
2023-07-17
Discuss with paid preparer
Yes

Organization Details

Formed
1928
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
50

Preparer

Firm
RG Brenner Income Tax M1
Address
570 Lexington Ave, New York, NY 10022
Preparer
Christopher Leonardo CPA
Phone
5167752000
Raw XML Appendix386 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 HAS BEEN REVIEWED BY A GROUP OF PERSONS AUTHORIZED TO REVIEW FINANCIAL AND AUDIT MATTERS PRIOR TO FILING. THE FINAL 990 (FILED WITH THE IRS) WILL BE AVAILABLE AT THE NEXT MEETING OF THE BOARD FOR INSPECTION. IN ADDITION, UPON REQUEST OF ANY BOARD MEMBER, A COPY WILL BE PROVIDED. IF THERE ARE MATERIAL CHANGES, AN AMENDED 990 WILL BE FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATIONS BOARD OF DIRECTORS REAFFIRMS ITS CONFLICT OF INTEREST POLICY ANNUALLY, AND SHARES THIS POLICY WITH STAFF AND EMPLOYEES ANNUALLY. ANY AND ALL GRIEVANCES REPORTED ARE HANDLED IN ACCORDANCE WITH THE AFFIRMED POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2WHEN HIRING THE EXECUTIVE DIRECTOR AND OTHER KEY EMPLOYEES, AND THEREAFTER ON AN ANNUAL BASIS, THE BOARD OF DIRECTORS PERFORMED A THOROUGH REVIEW TO DETERMINE SUITABLE COMPENSATION. THIS PROCESS INCLUDED A REVIEW OF COMPARABILITY DATA BY THE BOARD, OR, IF DEEMED NECESSARY, AN INDEPENDENT COMPENSATION CONSULTANT HIRED BY THE BOARD. COMPARABILITY DATA INCLUDED COMPENSATION SURVEYS, WRITTEN EMPLOYMENT CONTRACTS, AND 990S OF SIMILAR ORGANIZATIONS. THE BOARD RETAINED DOCUMENTATION OF THE DELIBERATION AND FINAL DECISION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3WHEN HIRING THE EXECUTIVE DIRECTOR AND OTHER KEY EMPLOYEES, AND THEREAFTER ON AN ANNUAL BASIS, THE BOARD OF DIRECTORS PERFORMED A THOROUGH REVIEW TO DETERMINE SUITABLE COMPENSATION. THIS PROCESS INCLUDED A REVIEW OF COMPARABILITY DATA BY THE BOARD, OR, IF DEEMED NECESSARY, AN INDEPENDENT COMPENSATION CONSULTANT HIRED BY THE BOARD. COMPARABILITY DATA INCLUDED COMPENSATION SURVEYS, WRITTEN EMPLOYMENT CONTRACTS, AND 990S OF SIMILAR ORGANIZATIONS. THE BOARD RETAINED DOCUMENTATION OF THE DELIBERATION AND FINAL DECISION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4FINANCIAL STATEMENTS & OTHER DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/OOBSecurityVerificationCd000
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JEFFREY SCHLOSSER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum09175794848
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-07-17
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TURTLE BAY MUSIC SCHOOL INC
ReturnHeader/Filer/BusinessNameControlTxt0TURT
ReturnHeader/Filer/EIN0131775772
ReturnHeader/Filer/USAddress/AddressLine1Txt01 LEDGEWOOD PLACE
ReturnHeader/Filer/USAddress/CityNm0ARMONK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010504
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0112242224
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RG Brenner Income Tax M1
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0570 Lexington Ave
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0New York
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010022
ReturnHeader/PreparerPersonGrp/PhoneNum05167752000
ReturnHeader/PreparerPersonGrp/PreparationDt02023-10-20
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Christopher Leonardo CPA
ReturnHeader/ReturnTs02023-10-20T13:42:01-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JEFFREY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SCHLOSSER
ReturnHeader/TaxPeriodBeginDt02021-09-01
ReturnHeader/TaxPeriodEndDt02022-08-31
ReturnHeader/TaxYr02021

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