Civic Intelligence

Westrick Music Academy Inc

EIN 22-3212405 • 501(c)3 • Princeton Jct, NJ

Profile

Westrick music academy provides opportunities to grow through the pursuit of musical excellence in a supportive, collaborative, and joyous environment for youth choristers and musicians of all ages in the central new jersey and bucks county, pennsylvania, regions.

231 Clarksville Road Suite 8Princeton Jct, NJ 08550

westrickmusic.org

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.73x

Higher debt load relative to assets than 93% of similar nonprofits.

NTEE A • $1M-$5M nonprofits • Source year 2025

Liabilities / Revenue

88th percentile

0.79x

Higher debt load relative to revenue than 88% of similar nonprofits.

NTEE A • $1M-$5M nonprofits • Source year 2025

Net Margin

30th percentile

-6.1%

Higher net margin than 30% of similar nonprofits.

NTEE A • $1M-$5M nonprofits • Source year 2025

Top Officer Pay

72nd percentile

$103,116

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 9.9% of source-year revenue.

NTEE A • $1M-$5M nonprofits • Source year 2025

Asset Growth

36th percentile

-1.0%

Faster asset growth than 36% of similar nonprofits.

NTEE A • $1M-$5M nonprofits • Annualized from 2023 to 2025

Revenue Growth

47th percentile

7.6%

Faster revenue growth than 47% of similar nonprofits.

NTEE A • $1M-$5M nonprofits • Annualized from 2023 to 2025

Assets

Up

$1,148,184

Up $528,838 (+85%) from 2022

Liabilities

Up

$816,489

Up $613,258 (+302%) from 2022

Net Assets

Down

$331,695

Down $84,420 (-20%) from 2022

Revenue

Up

$897,941

Up $122,315 (+16%) from 2022

Expenses

Up

$999,905

Up $102,234 (+11%) from 2022

Net Income

Up

-$101,964

Up $20,081 (+16%) from 2022

Trend Graphs

Balance Sheet Trend

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

$1.5M$1.0M$500K$0Assets 2011: $315,346Liabilities 2011: $64,920Net Assets 2011: $250,4262011Assets 2012: $322,321Liabilities 2012: $89,514Net Assets 2012: $232,8072012Assets 2013: $397,742Liabilities 2013: $113,301Net Assets 2013: $284,4412013Assets 2014: $415,866Liabilities 2014: $83,274Net Assets 2014: $332,5922014Assets 2015: $427,595Liabilities 2015: $95,790Net Assets 2015: $331,8052015Assets 2016: $476,177Liabilities 2016: $110,092Net Assets 2016: $366,0852016Assets 2017: $579,282Liabilities 2017: $137,472Net Assets 2017: $441,8102017Assets 2018: $573,284Liabilities 2018: $115,764Net Assets 2018: $457,5202018Assets 2019: $537,866Liabilities 2019: $133,474Net Assets 2019: $404,3922019Assets 2020: $810,686Liabilities 2020: $299,420Net Assets 2020: $511,2662020Assets 2021: $802,325Liabilities 2021: $207,397Net Assets 2021: $594,9282021Assets 2022: $619,346Liabilities 2022: $203,231Net Assets 2022: $416,1152022Assets 2023: $1,148,184Liabilities 2023: $816,489Net Assets 2023: $331,6952023

Highlighted filing

2023

Assets$1,148,184
Liabilities$816,489
Net Assets$331,695

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2011: $576,416Expenses 2011: $605,004Net Income 2011: -$28,5882011Revenue 2012: $386,658Expenses 2012: $405,009Net Income 2012: -$18,3512012Revenue 2013: $506,744Expenses 2013: $456,556Net Income 2013: $50,1882013Revenue 2014: $571,828Expenses 2014: $532,482Net Income 2014: $39,3462014Revenue 2015: $565,516Expenses 2015: $554,600Net Income 2015: $10,9162015Revenue 2016: $738,163Expenses 2016: $713,298Net Income 2016: $24,8652016Revenue 2017: $639,174Expenses 2017: $593,796Net Income 2017: $45,3782017Revenue 2018: $986,818Expenses 2018: $982,929Net Income 2018: $3,8892018Revenue 2019: $789,662Expenses 2019: $847,119Net Income 2019: -$57,4572019Revenue 2020: $855,755Expenses 2020: $792,012Net Income 2020: $63,7432020Revenue 2021: $844,881Expenses 2021: $824,914Net Income 2021: $19,9672021Revenue 2022: $775,626Expenses 2022: $897,671Net Income 2022: -$122,0452022Revenue 2023: $897,941Expenses 2023: $999,905Net Income 2023: -$101,9642023

Highlighted filing

2023

Revenue$897,941
Expenses$999,905
Net Income-$101,964

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Sep 1, 2022 to Aug 31, 2023
Signed
Mar 9, 2024
Return Version
2022v5.0
Gross Receipts
$923,795
Mission and Program Overview

Mission

Westrick music academy provides opportunities to grow through the pursuit of musical excellence in a supportive, collaborative, and joyous environment for youth choristers and musicians of all ages in the central new jersey and bucks county, pennsylvania, regions.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$382,017$403,718▲ $21,701
Cash and Non-Interest-Bearing Accounts$141,389$61,050▼ $80,339
Land, Buildings, and Equipment, Net$40,815$31,471▼ $9,344
Savings and Temporary Cash Investments$18,305--
Accounts Receivable$16,863$13,750▼ $3,113
Prepaid Expenses and Deferred Charges$449--
Total Assets$619,346$1,148,184▲ $528,838
Other Assets Total$19,508$638,195▲ $618,687
Liabilities
Other Liabilities-$632,677-
Unsecured Notes Loans Payable$149,781$146,163▼ $3,618
Deferred Revenue$36,068$20,100▼ $15,968
Accounts Payable and Accrued Expenses$17,382$17,549▲ $167
Total Liabilities$203,231$816,489▲ $613,258
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$416,115$326,666▼ $89,449
Net Assets With Donor Restrictions-$5,029-
Total Net Assets Fund Balance$416,115$331,695▼ $84,420
Total Liabilities and Net Assets / Fund Balance$619,346$1,148,184▲ $528,838

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$31,471$76,166$107,637
Other Assets Org$10,000--
Other Securities$403,718--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$47,174-▲ $3,051-$49,850
2021$52,603-▼ $5,052-$47,174
2020$43,261$925▲ $8,792-$52,603
2019$37,494-▲ $6,142-$43,261
2018$36,933-▲ $936-$37,494
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Hilary K ButlerE D Ex OfficFT$81,945$7,511$89,456

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$219,371
Program Service Revenue
$673,987
Investment Income
$8,554
Other Revenue
$-3,971
All Other Contributions
$219,371
Change in Net Assets
$-101,964

Audited Revenue Reconciliation

Revenue per Audited Statements
$894,932
Revenue Not Reported on Financial Statements
$3,009
Revenue Not Reported on Form 990
$43,398
Total Revenue per Audited Statements
$938,330
Total Revenue per Form 990
$897,941
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$586,482
Salaries, Compensation, and Employee Benefits$413,423
Total Fundraising Expense$38,130
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$220,748$46,772$21,346$288,866
Occupancy$113,089$8,764$2,781$124,634
Current Officers, Directors, Trustees, and Key Employees$53,031$20,798$8,116$81,945
Payroll Taxes$30,681$8,948$2,983$42,612
Fees for Services Management-$35,672-$35,672
Insurance$15,335$18,742-$34,077
Fees for Service Investment Mgmnt Fees$15,703$3,009-$18,712
Advertising$9,705$3,532$2,708$15,945
Other Expenses$19,860$15,454-$15,454
All Other Expenses$2,710$9,822-$12,532
Interest$12,188--$12,188
Fees for Services Accounting-$12,000-$12,000
Depreciation Depletion-$10,655-$10,655
Office Expenses$2,759$4,996$196$7,951
Travel$1,829$277-$2,106
Total Functional Expenses$762,334$199,441$38,130$999,905

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,022,750
Total Expenses per Form 990$999,905
Expenses per Audited Statements$996,896
Expenses Not Reported on Form 990$25,854
Expenses Not Reported on Financial Statements$3,009
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$25,854
Fundraising Gross Income$21,883
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Boutique and Dr$21,883$21,883$25,854$-3,971
Total Events$21,883$21,883$25,854$-3,971
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$632,677
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
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

Form 990 is distributed to all members of the westrick music academy board of directors via email for review. The board of directors votes at its next meeting to approve submission of the 990 prior to filing the form.

Form 990, Page 6, Part VI, Line 12C

Board members are requested throughout the year to report any new interests that may arise after the annual disclosure is completed. These potential conflicts are compiled and reviewed regularly throughout the year. Proposed transactions, particularly those of a financial nature, are reviewed against this list to identify any possible conflicts. Document and retention policy westrick electronic documents will be retained for the same period of time as paper documents. Seven years will be retained for the organizations accounting and auditing records. Four years for employees records and confidential files after the date of termination. The executive director is responsible for the ongoing process of identifying westrick records which have met the required retention period and overseeing their destruction.

Form 990, Page 6, Part VI, Line 15A

The officer salaries are compared with national benchmarking and combined with the employee's recent performance reviews to determine a recommended salary. These recommendations are then presented to the board for discussion, adjustments, and approval. The deliberation and decision are included in the meeting minutes.

Form 990, Page 6, Part VI, Line 19

Governing documents, conflict of interest policy, and financial statements are available to the public within two weeks' time upon request.

Filing and Contact Details

Filer

Filer Name
Westrick Music Academy Inc
EIN
22-3212405
Phone
6096881888
Address
231 CLARKSVILLE ROAD SUITE 8, PRINCETON JCT, NJ 08550

Signing Officer

Name
Lorraine Goodman
Title
Executive Director
Phone
6096881888
Signed
2024-03-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lorraine Goodman
Formed
1993
Voting Board Members
12
Independent Board Members
12
Employees
24
Volunteers
60

Preparer

Firm
Hamilton Mercer Advisors
Address
1540 KUSER ROAD SUITE A4, MERCERVILLE, NJ 08619-3828
Preparer
James S Alfieri
Phone
6095810300
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Westrick music academy provides opportunities to grow through the pursuit of musical excellence in a supportive, collaborative, and joyous environment for youth choristers and musicians of all ages in the central new jersey and bucks county, pennsylvania, regions.

Form 990, Page 1, Part I, Line 6

Volunteers serve on the board and assist with programs and other activities during the year.

Form 990, Part XI, Line 9

Fundraising expenses 25,854 fundraising expenses -25,854

Financial Statement Notes

Schedule D, Page 3, Part X

Generally accepted accounting principles prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It requires that computations of current and deferred income taxes only consider tax positions that are more likely than not to be sustained if the tax authorities examine a position. The organization evaluates statutes of limitations changes in tax law and new authoritative rulings and accrues for liabilities if applicable. The organization's analysis found no uncertain tax positions. Federal and state tax returns are subject to examination by the taxing authorities generally for a period of three years after they are filed. Any penalties and interest assessed by taxing authorities are included in operating expenses. There were no interest or penalties for the years ended august 31, 2023 and 2022.

Schedule D, Page 4, Part XI, Line 2D

Fundraising expenses 25,854

Schedule D, Page 4, Part XII, Line 2D

Fundraising expenses 25,854

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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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IRS990/MissionDesc0WESTRICK MUSIC ACADEMY PROVIDES OPPORTUNITIES TO GROW THROUGH THE PURSUIT OF MUSICAL EXCELLENCE IN A SUPPORTIVE, COLLABORATIVE, AND JOYOUS ENVIRONMENT FOR YOUTH CHORISTERS AND MUSICIANS OF ALL AGES IN THE CENTRAL NEW JERSEY AND BUCKS COUNTY, PENNSYLVANIA, REGIONS.
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IRS990/ProgSrvcAccomActy2Grp/Desc0PERFORMANCE TOURS IN ADDITION TO PRESENTING PERFORMANCES THROUGHOUT THE TRI-STATE AREA, WESTRICK MUSIC ACADEMY TOURS BOTH DOMESTICALLY AND INTERNATIONALLY ON AN ANNUAL BASIS. THESE TOURS ALLOW CHORISTERS TO PERFORM FOR NEW AUDIENCES AND INTERACT WITH MUSICIANS FROM DIFFERENT BACKGROUNDS AND CULTURES. TOURS MAY RANGE FROM A WEEKEND FESTIVAL IN A NEARBY STATE TO A TWO-WEEK INTERNATIONAL PERFORMANCE TOUR FILLED WITH PERFORMANCES AND WORKSHOPS FOR MANY AUDIENCES. IN ADDITION TO EXPANDING THEIR MUSICAL EXPERIENCE, THE CHORISTERS ARE EMPOWERED WITH GROWING INDEPENDENCE, A SHARPER SELF-AWARENESS, AND ENHANCED PERSPECTIVE OF THE WORLD IN WHICH THEY LIVE. TOURS ARE FUNDED BY THE PARTICIPANTS, WITH FINANCIAL ASSISTANCE PROVIDED BY DIRECTED GIFTS.
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