Civic Intelligence

Bmi Foundation Inc.

990 • Fiscal year 2021 • EIN 13-3249311

Jan 01, 2021 to Dec 31, 2021 • Filed on Aug 30, 2023

7 Wtc 250 Greenwich StreetNew York, NY 10007

(212) 220-3175

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

41st percentile

0.03x

Higher debt load relative to assets than 41% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

73rd percentile

0.32x

Higher debt load relative to revenue than 73% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

9th percentile

-26%

Higher net margin than 9% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

37th percentile

3.7%

Faster asset growth than 37% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

32nd percentile

0.2%

Faster revenue growth than 32% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Assets

Up

$3,242,347

Up $116,863 (+3.7%) from 2020

Net Assets

Up

$3,138,097

Up $101,706 (+3.3%) from 2020

Liabilities

Up

$104,250

Up $15,157 (+17%) from 2020

Revenue

Up

$326,418

Up $699 (+0.2%) from 2020

Expenses

Up

$412,909

Up $69,071 (+20%) from 2020

Net Income

Down

-$86,491

Down $68,372 (-377%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $2,401,413Liabilities 2011: $0Net Assets 2011: $2,401,4132011Assets 2012: $2,378,583Liabilities 2012: $0Net Assets 2012: $2,378,5832012Assets 2013: $2,499,516Liabilities 2013: $0Net Assets 2013: $2,499,5162013Assets 2014: $2,705,185Liabilities 2014: $0Net Assets 2014: $2,705,1852014Assets 2015: $2,724,057Liabilities 2015: $3,000Net Assets 2015: $2,721,0572015Assets 2016: $2,747,019Liabilities 2016: $0Net Assets 2016: $2,747,0192016Assets 2017: $2,747,725Liabilities 2017: $0Net Assets 2017: $2,747,7252017Assets 2018: $2,706,389Liabilities 2018: $10,000Net Assets 2018: $2,696,3892018Assets 2019: $2,707,041Liabilities 2019: $0Net Assets 2019: $2,707,0412019Assets 2020: $3,125,484Liabilities 2020: $89,093Net Assets 2020: $3,036,3912020Assets 2021: $3,242,347Liabilities 2021: $104,250Net Assets 2021: $3,138,0972021Assets 2022: $2,672,117Liabilities 2022: $93,413Net Assets 2022: $2,578,7042022Assets 2023: $2,800,024Liabilities 2023: $81,686Net Assets 2023: $2,718,3382023Assets 2024: $3,072,593Liabilities 2024: $66,656Net Assets 2024: $3,005,9372024

Highlighted filing

2021

Assets$3,242,347
Liabilities$104,250
Net Assets$3,138,097

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KRevenue 2011: $359,460Expenses 2011: $231,385Net Income 2011: $128,0752011Expenses 2012: $210,3592012Revenue 2013: $356,247Expenses 2013: $235,315Net Income 2013: $120,9322013Revenue 2014: $459,021Expenses 2014: $253,352Net Income 2014: $205,6692014Revenue 2015: $281,116Expenses 2015: $222,395Net Income 2015: $58,7212015Revenue 2016: $207,162Expenses 2016: $237,784Net Income 2016: -$30,6222016Revenue 2017: $354,268Expenses 2017: $320,302Net Income 2017: $33,9662017Revenue 2018: $668,273Expenses 2018: $335,957Net Income 2018: $332,3162018Revenue 2019: $338,717Expenses 2019: $328,065Net Income 2019: $10,6522019Revenue 2020: $325,719Expenses 2020: $343,838Net Income 2020: -$18,1192020Revenue 2021: $326,418Expenses 2021: $412,909Net Income 2021: -$86,4912021Revenue 2022: $392,464Expenses 2022: $394,852Net Income 2022: -$2,3882022Revenue 2023: $231,691Expenses 2023: $400,993Net Income 2023: -$169,3022023Revenue 2024: $607,301Expenses 2024: $401,199Net Income 2024: $206,1022024

Highlighted filing

2021

Revenue$326,418
Expenses$412,909
Net Income-$86,491
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Aug 30, 2023
Return Version
2021v4.2
Gross Receipts
$3,764,231
Mission and Program Overview

Mission

Bmi foundation, inc. Issues grants after consideration by an advisory panel to organzations and individuals requesting assistance for music-related activities.

The foundation issues grants to individuals and organizations in music fields.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$3,033,792$3,158,202▲ $124,410
Cash and Non-Interest-Bearing Accounts$91,692$84,145▼ $7,547
Total Assets$3,125,484$3,242,347▲ $116,863
Liabilities
Grants Payable$74,227$104,250▲ $30,023
Other Liabilities$14,866$0▼ $14,866
Total Liabilities$89,093$104,250▲ $15,157
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,120,091$2,079,169▼ $40,922
Net Assets Without Donor Restrictions$916,300$1,058,928▲ $142,628
Total Net Assets Fund Balance$3,036,391$3,138,097▲ $101,706
Total Liabilities and Net Assets / Fund Balance$3,125,484$3,242,347▲ $116,863
Compensation and Service Providers

Board Members and Trustees

NameTitle
Deirdre ChadwickPresident
Samantha CoxVice President
Corey FieldTrustee
Luciana SouzaTrustee
Pamela WilliamsTrustee
William WellsTrustee
Clay BradleySecretary
Dan ColemanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$187,694
Program Service Revenue
$0
Investment Income
$138,724
Other Revenue
$0
All Other Contributions
$62,694
Change in Net Assets
$-86,491

Audited Revenue Reconciliation

Revenue per Audited Statements
$313,773
Revenue Not Reported on Financial Statements
$12,645
Revenue Not Reported on Form 990
$173,331
Total Revenue per Audited Statements
$487,104
Total Revenue per Form 990
$326,418
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$261,023
Salaries, Compensation, and Employee Benefits$96,613
Other Expenses$55,273
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$167,973--$167,973
Grants to Domestic Individuals$93,050--$93,050
Other Salaries and Wages-$89,711-$89,711
Fees for Services Legal-$16,076-$16,076
Fees for Service Investment Mgmnt Fees-$12,645-$12,645
Payroll Taxes-$6,902-$6,902
Advertising$2,400--$2,400
Insurance-$1,629-$1,629
Other Expenses$15,850$1,530-$1,530
Office Expenses$271--$271
Total Functional Expenses$279,544$133,365$0$412,909

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$412,909
Expenses per Audited Statements$400,264
Total Expenses per Audited Statements$400,264
Expenses Not Reported on Financial Statements$12,645
Expenses Not Reported on Form 990$0
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
Audit committee
Yes
Backup withholding compliance
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The treasurer reviews the form 990 before filing with the internal revenue service.

Form 990, Part VI, Section C, Line 19

All documents, financial statements and tax returns are available upon request.

Filing and Contact Details

Filer

Filer Name
Bmi Foundation Inc
EIN
13-3249311
Phone
2122203175
Address
7 WTC 250 GREENWICH STREET, NEW YORK, NY 10007

Signing Officer

Name
Deirdre Chadwick
Title
President
Phone
2122203175
Signed
2023-08-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Deirdre Chadwick
Formed
1985
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
Employees
1
Volunteers
11

Preparer

Firm
Lbmc Pc
Address
PO BOX 1869, BRENTWOOD, TN 37024-1869
Preparer
Mayumi Stella
Phone
6153774600
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Due to change in reporting period 14,866.

Financial Statement Notes

PART X, LINE 2:

The foundation is an exempt organization from federal income taxes under the provisions of irs code secton 501(c)(3) and, accordingly, no provision for federal income taxes is included in the financial statements. The foundation recognizes the tax benenfit associated with a tax position taken for tax return purposes when it is more likely than not the position will be sustained. The foundation does not believe there are any material uncertain tax positions that qualify for either recognition or disclosure in the financial statements. It is the foundations policy to recognize interest and/or penalties related to income tax matters in income tax expense. As of december 31, 2021, the foundation has accrued no interest or penalties related to uncertain tax positions.

Raw XML Appendix394 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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IRS990ScheduleA/ThirtyThrPctSuprtTestsPY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0187694
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0263272
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt030408
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0148273
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0115563
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0745210
IRS990ScheduleA/TotalSupportAmt01273381
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt012645
IRS990ScheduleD/ExpensesSubtotalAmt0400264
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvestmentExpensesNotIncld2Amt012645
IRS990ScheduleD/InvestmentExpensesNotIncldAmt012645
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0173331
IRS990ScheduleD/RevenueNotReportedAmt0173331
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt012645
IRS990ScheduleD/RevenueSubtotalAmt0313773
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION IS AN EXEMPT ORGANIZATION FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF IRS CODE SECTON 501(C)(3) AND, ACCORDINGLY, NO PROVISION FOR FEDERAL INCOME TAXES IS INCLUDED IN THE FINANCIAL STATEMENTS. THE FOUNDATION RECOGNIZES THE TAX BENENFIT ASSOCIATED WITH A TAX POSITION TAKEN FOR TAX RETURN PURPOSES WHEN IT IS MORE LIKELY THAN NOT THE POSITION WILL BE SUSTAINED. THE FOUNDATION DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. IT IS THE FOUNDATIONS POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO INCOME TAX MATTERS IN INCOME TAX EXPENSE. AS OF DECEMBER 31, 2021, THE FOUNDATION HAS ACCRUED NO INTEREST OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0412909
IRS990ScheduleD/TotalRevenuePerForm990Amt0326418
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0487104
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0400264
IRS990ScheduleI/GrantRecordsMaintainedInd00
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt093050
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt032
IRS990ScheduleI/Total501c3OrgCnt00
IRS990ScheduleI/TotalOtherOrgCnt00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE TREASURER REVIEWS THE FORM 990 BEFORE FILING WITH THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL DOCUMENTS, FINANCIAL STATEMENTS AND TAX RETURNS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DUE TO CHANGE IN REPORTING PERIOD 14,866.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt03125484
IRS990/TotalAssetsEOYAmt03242347
IRS990/TotalAssetsGrp/BOYAmt03125484
IRS990/TotalAssetsGrp/EOYAmt03242347
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0187694
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0133365
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0279544
IRS990/TotalFunctionalExpensesGrp/TotalAmt0412909
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt089093
IRS990/TotalLiabilitiesEOYAmt0104250
IRS990/TotalLiabilitiesGrp/BOYAmt089093
IRS990/TotalLiabilitiesGrp/EOYAmt0104250
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03036391
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03138097
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0279544
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0138724
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0326418
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt011
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03125484
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03242347
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt07 WTC 250 GREENWICH ST
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010007
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0BMIFOUNDATION.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0DEIRDRE CHADWICK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02122203175
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-08-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BMI FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0BMIF
ReturnHeader/Filer/EIN0133249311
ReturnHeader/Filer/PhoneNum02122203175
ReturnHeader/Filer/USAddress/AddressLine1Txt07 WTC 250 GREENWICH STREET
ReturnHeader/Filer/USAddress/CityNm0NEW YORK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010007
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0621199757
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0LBMC PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 1869
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BRENTWOOD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0370241869
ReturnHeader/PreparerPersonGrp/PhoneNum06153774600
ReturnHeader/PreparerPersonGrp/PreparationDt02023-08-30
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MAYUMI STELLA
ReturnHeader/ReturnTs02023-09-12T10:05:36-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0DEIRDRE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0CHADWICK
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.07$0.07$3.01$0.61$0.40$0.21
2023Detailed filing. Detailed filing data is available for this year.$2.80$0.08$2.72$0.23$0.40$0.17
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.67$0.09$2.58$0.39$0.39$0.00
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.24$0.10$3.14$0.33$0.41$0.09
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.13$0.09$3.04$0.33$0.34$0.02
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.71$0.00$2.71$0.34$0.33$0.01
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.71$0.01$2.70$0.67$0.34$0.33
2017Detailed filing. Detailed filing data is available for this year.$2.75$0.00$2.75$0.35$0.32$0.03
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.75$0.00$2.75$0.21$0.24$0.03
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.72$0.00$2.72$0.28$0.22$0.06
2014Detailed filing. Detailed filing data is available for this year.$2.71$0.00$2.71$0.46$0.25$0.21
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$2.50$0.00$2.50$0.36$0.24$0.12
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.38$0.00$2.38$0.21
2011Summary only. Only limited summary data is available for this year.$2.40$0.00$2.40$0.36$0.23$0.13