Civic Intelligence

Foundation Music School Inc.

990 • Fiscal year 2018 • EIN 20-4421806

Sep 01, 2017 to Aug 31, 2018 • Filed on May 25, 2019

Organization ProfileWWW.FOUNDATIONMUSICSCHOOL.ORG

View Organization Page

3663 South College Ave Unit 13Fort Collins, CO 80525

(970) 407-9084

Siviq Scores

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

Liabilities / Assets

74th percentile

0.23x

Higher debt load relative to assets than 74% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

65th percentile

0.09x

Higher debt load relative to revenue than 65% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Net Margin

58th percentile

6.5%

Higher net margin than 58% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

70th percentile

$57,437

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 9.7% of source-year revenue.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Asset Growth

68th percentile

10%

Faster asset growth than 68% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

65th percentile

13%

Faster revenue growth than 65% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets74th percentile

Assets

Up

$232,279

Up $21,193 (+10%) from 2017

Net Assets

Up

$179,197

Up $38,559 (+27%) from 2017

Liabilities

Down

$53,082

Down $17,366 (-25%) from 2017

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin58th percentile

Revenue

Up

$591,942

Up $69,740 (+13%) from 2017

Expenses

Up

$553,383

Up $72,122 (+15%) from 2017

Net Income

Down

$38,559

Down $2,382 (-5.8%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth68th percentile

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

$400K$300K$200K$100K$0Assets 2010: $23,563Liabilities 2010: $3,463Net Assets 2010: $20,1002010Assets 2011: $26,290Liabilities 2011: $872011Assets 2012: $35,397Liabilities 2012: $175Net Assets 2012: $35,2222012Assets 2013: $42,873Liabilities 2013: $178Net Assets 2013: $42,6952013Assets 2014: $63,794Liabilities 2014: $109Net Assets 2014: $63,6852014Assets 2015: $89,985Liabilities 2015: $99Net Assets 2015: $89,8862015Assets 2016: $99,816Liabilities 2016: $119Net Assets 2016: $99,6972016Assets 2017: $211,086Liabilities 2017: $70,448Net Assets 2017: $140,6382017Assets 2018: $232,279Liabilities 2018: $53,082Net Assets 2018: $179,1972018Assets 2019: $254,985Liabilities 2019: $35,009Net Assets 2019: $219,9762019Assets 2020: $280,614Liabilities 2020: $15,982Net Assets 2020: $264,6322020Assets 2021: $365,068Liabilities 2021: $90,375Net Assets 2021: $274,6932021Assets 2022: $326,525Liabilities 2022: $70Net Assets 2022: $326,4552022Assets 2023: $246,615Liabilities 2023: $1,802Net Assets 2023: $244,8132023Assets 2024: $186,321Liabilities 2024: $59,391Net Assets 2024: $126,9302024

Highlighted filing

2018

Assets$232,279
Liabilities$53,082
Net Assets$179,197
Open 2018 Filing

Operations Trend

Revenue Growth65th percentile

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

$1.0M$500K$0-$500KRevenue 2010: $143,776Expenses 2010: $117,820Net Income 2010: $25,9562010Revenue 2011: $169,133Expenses 2011: $163,030Net Income 2011: $6,1032011Revenue 2012: $253,535Expenses 2012: $244,516Net Income 2012: $9,0192012Expenses 2013: $291,7032013Revenue 2014: $365,759Expenses 2014: $344,769Net Income 2014: $20,9902014Revenue 2015: $419,043Expenses 2015: $392,842Net Income 2015: $26,2012015Revenue 2016: $456,533Expenses 2016: $446,722Net Income 2016: $9,8112016Revenue 2017: $522,202Expenses 2017: $481,261Net Income 2017: $40,9412017Revenue 2018: $591,942Expenses 2018: $553,383Net Income 2018: $38,5592018Revenue 2019: $638,835Expenses 2019: $598,056Net Income 2019: $40,7792019Revenue 2020: $692,001Expenses 2020: $647,345Net Income 2020: $44,6562020Revenue 2021: $683,587Expenses 2021: $673,526Net Income 2021: $10,0612021Revenue 2022: $861,230Expenses 2022: $809,468Net Income 2022: $51,7622022Revenue 2023: $743,253Expenses 2023: $824,895Net Income 2023: -$81,6422023Revenue 2024: $828,855Expenses 2024: $946,738Net Income 2024: -$117,8832024

Highlighted filing

2018

Revenue$591,942
Expenses$553,383
Net Income$38,559
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2017 to Aug 31, 2018
Signed
May 25, 2019
Return Version
2017v2.3
Gross Receipts
$594,810
Mission and Program Overview

Mission

A non-profit community school of the arts committed to providing high- quality opportunities in the arts to interested individuals of all ages, abilities and incomes.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$127,438$131,310▲ $3,872
Cash and Non-Interest-Bearing Accounts$83,144$100,905▲ $17,761
Intangible Assets$89$64▼ $25
Total Assets$211,086$232,279▲ $21,193
Other Assets Total$415--
Liabilities
Unsecured Notes Loans Payable$70,294$52,974▼ $17,320
Other Liabilities$154$108▼ $46
Total Liabilities$70,448$53,082▼ $17,366
Net Assets / Fund Balance
Unrestricted Net Assets$140,638$179,197▲ $38,559
Total Net Assets Fund Balance$140,638$179,197▲ $38,559
Total Liabilities and Net Assets / Fund Balance$211,086$232,279▲ $21,193

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$131,310$4,338$135,648
Compensation and Service Providers
Top Officer Pay70th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Karen ParsellExecutive DiFT$57,437$57,437

Board Members and Trustees

NameTitle
Katherine AcottPresident
Chip DeverBoard Member
Ellen CokerBoard Member
Patrick KentBoard Member
Steve GrahamBoard Member
Pam MillerAssistant Se
Toni FarquarSecretary
Scott RunyanTreasurer
Sally HarrisVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$270,330
Program Service Revenue
$324,068
Investment Income
$130
Other Revenue
$-2,586
All Other Contributions
$248,841
Change in Net Assets
$38,559
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$406,325
Other Expenses$118,609
Grants and Similar Amounts Paid$28,449
Total Fundraising Expense$6,260
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$201,658$39,057$1,461$242,176
Payroll Taxes$67,097$24,620$1,346$93,063
Occupancy$65,881--$65,881
Current Officers, Directors, Trustees, and Key Employees$14,359$40,206$2,872$57,437
Grants to Domestic Individuals$28,449--$28,449
Other Employee Benefits$5,896$7,264$489$13,649
Insurance$4,458$3,076-$7,534
Fees for Services Other$4,049$958-$5,007
All Other Expenses$3,799$312$18$4,129
Depreciation Depletion$3,953--$3,953
Office Expenses$2,090$767$42$2,899
Interest$2,849--$2,849
Other Expenses$1,613$592$32$2,237
Fees for Services Accounting-$1,236-$1,236
Advertising$178--$178
Total Functional Expenses$429,035$118,088$6,260$553,383
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$2,868
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Bowling for Bea$13,657-$2,868-
Total Events$13,657-$2,868$-2,868
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Sales Tax Payable$108
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Board is provided the 990 after it is filed.”

Form 990, Page 6, Part VI, Line 19

“AVAILABLE UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Foundation Music School
EIN
20-4421806
Phone
9704079084
Address
3663 SOUTH COLLEGE AVE UNIT 13, FORT COLLINS, CO 80525

Signing Officer

Name
Karen Parsell
Title
Executive Director
Phone
9704079084
Signed
2019-05-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karen Parsell
Voting Board Members
8
Independent Board Members
8
Employees
24

Preparer

Firm
Shaw & Associates CPA Pc
Address
1044 W DRAKE RD STE 201, FORT COLLINS, CO 80526-3080
Preparer
Kevin W Shaw
Phone
9702230792
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt04338
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0135648
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0108
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SALES TAX PAYABLE
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IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt013657
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AVAILABLE UPON REQUEST.
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IRS990/TotalProgramServiceRevenueAmt0324068
IRS990/TotalReportableCompFromOrgAmt057437
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IRS990/USAddress/AddressLine1Txt03663 SOUTH COLLEGE UNIT 13
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IRS990/VotingMembersIndependentCnt08
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IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KAREN PARSELL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$232,279
Liabilities
$53,082
Net assets
$179,197
Revenue
$591,942
Expenses
$553,383
Net income
$38,559
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.86$0.59$1.27$8.29$9.47$1.18
2023Detailed filing. Detailed filing data is available for this year.$2.47$0.02$2.45$7.43$8.25$0.82
2022Detailed filing. Detailed filing data is available for this year.$3.27$0.00$3.26$8.61$8.09$0.52
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.65$0.90$2.75$6.84$6.74$0.10
2020Detailed filing. Detailed filing data is available for this year.$2.81$0.16$2.65$6.92$6.47$0.45
2019Detailed filing. Detailed filing data is available for this year.$2.55$0.35$2.20$6.39$5.98$0.41
2018Detailed filing. Detailed filing data is available for this year.$2.32$0.53$1.79$5.92$5.53$0.39
2017Detailed filing. Detailed filing data is available for this year.$2.11$0.70$1.41$5.22$4.81$0.41
2016Detailed filing. Detailed filing data is available for this year.$1.00$0.00$1.00$4.57$4.47$0.10
2015Detailed filing. Detailed filing data is available for this year.$0.90$0.00$0.90$4.19$3.93$0.26
2014Detailed filing. Detailed filing data is available for this year.$0.64$0.00$0.64$3.66$3.45$0.21
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.43$0.00$0.43$2.92
2012Summary only. Only limited summary data is available for this year.$0.35$0.00$0.35$2.54$2.45$0.09
2011Summary only. Only limited summary data is available for this year.$0.26$0.00$1.69$1.63$0.06
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.24$0.03$0.20$1.44$1.18$0.26