Civic Intelligence

Phantom Regiment Drum & Bugle Corps Inc

990 • Fiscal year 2020 • EIN 23-7198026

Oct 01, 2019 to Sep 30, 2020 • Filed on Aug 12, 2021

7135 Clinton RdLoves Park, IL 61111

(815) 226-2835

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.48x

Higher debt load relative to assets than 83% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

85th percentile

0.58x

Higher debt load relative to revenue than 85% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

52nd percentile

7.2%

Higher net margin than 52% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

87th percentile

$97,125

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 11.7% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

80th percentile

41%

Faster asset growth than 80% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

14th percentile

-41%

Faster revenue growth than 14% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Assets

Up

$990,727

Up $289,912 (+41%) from 2019

Net Assets

Up

$511,300

Up $63,192 (+14%) from 2019

Liabilities

Up

$479,427

Up $226,720 (+90%) from 2019

Revenue

Down

$829,110

Down $567,513 (-41%) from 2019

Expenses

Down

$769,043

Down $780,576 (-50%) from 2019

Net Income

Up

$60,067

Up $213,063 (+139%) from 2019

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0Assets 2011: $442,987Liabilities 2011: $234,788Net Assets 2011: $208,1992011Assets 2012: $596,688Liabilities 2012: $190,838Net Assets 2012: $405,8502012Assets 2013: $741,505Liabilities 2013: $136,901Net Assets 2013: $604,6042013Assets 2014: $831,540Liabilities 2014: $141,195Net Assets 2014: $690,3452014Assets 2015: $1,053,421Liabilities 2015: $276,586Net Assets 2015: $776,8352015Assets 2016: $1,178,461Liabilities 2016: $376,976Net Assets 2016: $801,4852016Assets 2017: $969,392Liabilities 2017: $153,669Net Assets 2017: $815,7232017Assets 2018: $855,669Liabilities 2018: $244,910Net Assets 2018: $610,7592018Assets 2019: $700,815Liabilities 2019: $252,707Net Assets 2019: $448,1082019Assets 2020: $990,727Liabilities 2020: $479,427Net Assets 2020: $511,3002020Assets 2021: $1,306,729Liabilities 2021: $283,689Net Assets 2021: $1,023,0402021Assets 2022: $2,015,777Liabilities 2022: $547,508Net Assets 2022: $1,468,2692022Assets 2023: $1,922,368Liabilities 2023: $600,357Net Assets 2023: $1,322,0112023Assets 2024: $1,871,604Liabilities 2024: $621,538Net Assets 2024: $1,250,0662024

Highlighted filing

2020

Assets$990,727
Liabilities$479,427
Net Assets$511,300

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $991,3112011Expenses 2012: $1,023,4942012Expenses 2013: $1,064,9562013Revenue 2014: $1,247,512Expenses 2014: $1,169,635Net Income 2014: $77,8772014Revenue 2015: $1,318,592Expenses 2015: $1,208,033Net Income 2015: $110,5592015Revenue 2016: $1,313,707Expenses 2016: $1,291,098Net Income 2016: $22,6092016Revenue 2017: $1,441,607Expenses 2017: $1,438,256Net Income 2017: $3,3512017Revenue 2018: $1,297,520Expenses 2018: $1,498,541Net Income 2018: -$201,0212018Revenue 2019: $1,396,623Expenses 2019: $1,549,619Net Income 2019: -$152,9962019Revenue 2020: $829,110Expenses 2020: $769,043Net Income 2020: $60,0672020Revenue 2021: $1,379,502Expenses 2021: $887,788Net Income 2021: $491,7142021Revenue 2022: $3,170,575Expenses 2022: $2,659,549Net Income 2022: $511,0262022Revenue 2023: $2,522,157Expenses 2023: $2,695,931Net Income 2023: -$173,7742023Revenue 2024: $2,960,707Expenses 2024: $3,051,411Net Income 2024: -$90,7042024

Highlighted filing

2020

Revenue$829,110
Expenses$769,043
Net Income$60,067
Jump To
Filing Snapshot
Filing Period
Oct 1, 2019 to Sep 30, 2020
Signed
Aug 12, 2021
Return Version
2019v5.0
Gross Receipts
$857,629
Mission and Program Overview

Mission

To further education in music, marching, dance or interpretive movement, discipline and sportsmanship.

Youth education and performance activities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$75,402$442,473▲ $367,071
Land, Buildings, and Equipment, Net$279,280$208,756▼ $70,524
Inventories for Sale or Use$40,780$73,188▲ $32,408
Accounts Receivable$39,933--
Prepaid Expenses and Deferred Charges$4,080$9,621▲ $5,541
Investments in Publicly Traded Securities$3,517$3,051▼ $466
Pledges and Grants Receivable$10,822$2,805▼ $8,017
Total Assets$700,815$990,727▲ $289,912
Other Assets Total$247,001$250,833▲ $3,832
Liabilities
Deferred Revenue$20,725$231,503▲ $210,778
Mortgage Notes Payable Secured by Investment Property$53,168$184,078▲ $130,910
Accounts Payable and Accrued Expenses$178,814$63,846▼ $114,968
Total Liabilities$252,707$479,427▲ $226,720
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$173,985$258,362▲ $84,377
Net Assets With Donor Restrictions$274,123$252,938▼ $21,185
Total Net Assets Fund Balance$448,108$511,300▲ $63,192
Total Liabilities and Net Assets / Fund Balance$700,815$990,727▲ $289,912

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$208,756$438,041$646,797
Other Assets Org$700--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$246,301-▲ $19,296$15,464$250,133
2018$253,556-▲ $6,443$13,698$246,301
2017$257,535-▲ $11,954$15,933$253,556
2016$246,934-▲ $25,405$14,804$257,535
2015$244,986-▲ $17,079$15,131$246,934
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rick ValenzuelaExecutive DiFT$80,796$16,329$97,125

Board Members and Trustees

NameTitle
Tim FarrellPresident
Aaron OzminskiDirector
Barb JanowskiDirector
Chuck MccurdyDirector
David KistingDirector
Ed CollinsDirector
Emily BarclayDirector
Glen BroughDirector
Joe HickeyDirector
John BaumgarterDirector
Karen KucharskiDirector
Mark PattersonDirector
Ron SchulzDirector
Barb PelanEmeritus
Jim WrenEmeritus
Kathy VignaEmeritus
Greg NewellSecretary
Kelly CouvelaireTreasurer
Jeff HassanVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$496,711
Program Service Revenue
$245,777
Investment Income
$241
Other Revenue
$86,381
All Other Contributions
$463,056
Change in Net Assets
$60,067

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table7$146,950Fair Market Value
Total Noncash Contributions7$146,950-

Audited Revenue Reconciliation

Revenue per Audited Statements
$857,629
Revenue Not Reported on Financial Statements
$-28,519
Revenue Not Reported on Form 990
$-707
Other Revenue Adjustments
$-28,519
Total Revenue per Audited Statements
$856,922
Total Revenue per Form 990
$829,110
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$593,877
Salaries, Compensation, and Employee Benefits$175,166
Total Fundraising Expense$59,619
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$57,525$14,910$14,910$87,345
Depreciation Depletion$70,524--$70,524
Travel$64,896$1,961$2,008$68,865
Current Officers, Directors, Trustees, and Key Employees$21,203$21,203$10,601$53,007
All Other Expenses$21,844$3,838$6,508$32,190
Other Expenses$29,267$43,108-$29,267
Occupancy$9,417$9,416$9,417$28,250
Other Employee Benefits$14,978$4,993$4,993$24,964
Advertising-$20,350-$20,350
Insurance$9,330$9,329$362$19,021
Office Expenses$2,504$2,504$6,625$11,633
Payroll Taxes$3,300$4,546$2,004$9,850
Interest$9,066--$9,066
Fees for Services Accounting$780$7,674-$8,454
Fees for Services Other--$2,191$2,191
Fees for Services Legal$1,778--$1,778
Total Functional Expenses$565,592$143,832$59,619$769,043

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$797,562
Total Expenses per Audited Statements$797,562
Total Expenses per Form 990$769,043
Expenses Not Reported on Financial Statements$-28,519
Other Expense Adjustments$-28,519
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$68,152
Fundraising Direct Expenses$28,519
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Souvenirs & Oth$68,152$68,152$28,078$40,074
Total Events$68,152$68,152$28,519$39,633
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Lorine ValenzuelaWife of Rick VaLorine Is EmployedNo$37,522
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
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 8B

No committees of the organization have the authority to act on behalf of the organization or the board of directors.

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

A draft copy of the return is submitted to the finance committee for their review and if appropriate, they recommend to the board of directors that they approve the return for filing. A copy of the return is provided to the entire board of directors for review and is approved prior to filing.

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

Annually at the first meeting of a new board of directors the conflict of interest policy is reviewed and any known conflicts are discussed at that time.

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

An ad hoc committee of the board of directors completes an annual performance review of the executive director and as part of that process sets the annual compensation and benefits with knowledge of compensation of similar size organizations in our activity and in the geographic area where the organization is headquartered.

Form 990, Page 6, Part VI, Line 19

All documents are available to any interested party during normal business hours at the offices of the organization. Requests other than at the organization's office will also be accepted.

Filing and Contact Details

Filer

Filer Name
Phantom Regiment Inc
EIN
23-7198026
Phone
8152262835
Address
7135 CLINTON RD, LOVES PARK, IL 61111

Signing Officer

Name
Kelly Couvelaire
Title
Treasurer
Phone
8152262835
Signed
2021-08-12

Organization Details

Principal Officer
Kelly Couvelaire
Formed
1956
Legal Domicile
Il
Voting Board Members
19
Independent Board Members
19
Employees
4
Volunteers
65

Preparer

Firm
Lucas Group Cpas Advisors LLC
Address
1617 TEMPLE LANE, ROCKFORD, IL 61112
Preparer
Mark Olson
Phone
8159649955
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4A

Established in 1956 as a part of the rockford vfw post 342, phantom regiment, inc. Is a youth organization dedicated to the development of self-esteem and self-reliance. It encourages teamwork, sportsmanship, civic pride and contributions of one's personal best to a group effort. These lessons are learned through a musical and marching activity in which there is a blending of the arts and athletics. Phantom regiment prides itself on proving a life-changing experience for the youth that participate in any of our programs. We want to offer a conduit through which they succeed not only within the music education world, which is one of our primary focuses, but also providing lessons they can apply to other areas of their life. We provide youth activities that enhance the personal growth and development of its participants through excellence in education, entertainment and the performing arts. It's activities make a lasting impact on our students, many of whom continue their education and become music educators throughout the country while others become professional musicians and dancers. We find that many of our activities have a life-long impact on the students due to the skills and friendships they develop while participating in our programs. Our programs include: phantom regiment drum and bugle corps - this is a performing group of 150 students that range in age from 16 to 21. We have between 600 and 750 students audition to be part of the corps that requires that they attend practices one weekend a month from december through april and move to rockford in may to learn that year's program for three weeks before embarking on a two month tour of the united states to participate in competitions and practice. The competitive season ends in mid-august in indianapolis where the drum corps international world championships are held. The drum corps has the 2nd longest active streak of appearing in dci's top 12 and has won the championship in 1996 and 2008. Public school outreach - the organization provides assistance in the form of lending instruments and introducing students to music. Budget cuts in many of our local school districts have resulted in the reduction or elimination of music programs. Phantom regiment has also provided clinicians and conductors for the city of rockford's all-star and honor band concerts. We feel that music education is essential to a well-rounded student and many studies have documented the positive relationship between being involved in music and math and science scores. High & middle school concert band festival - produced in conjunction with the northern illinois university music department, this festival allows schools the opportunity to perform in the beautiful boutell memorial concert hall, on the campus of northern illinois university. The festival is a noncompetitive, educational event in a welcoming environment where students perform on stage and receive feedback and state of the art audio and video recordings of their concert, as well as take part in a clinic with one of the festival's clinicians following their performance. These programs were limited after the covid-19 pandemic began in march 2020 through the end of the fiscal year.

Form 990, Page 2, Part III, Line 4B

Educational camps - phantom regiment has been producing summer educational camps since 2003. We hold camps for drum major, brass, percussion and color guard. These 3 or 4-day camps are held throughout the united states and are attended by high school students that want to improve their skills. The educational camp staff is made up of some of the best high school and college band directors from around the country, most of whom are current or former members of the phantom regiment instructional staff. Our educational camp students get an intense, hands-on experience that generally includes interactive session with the drum corps. Surveys of the camp students have shown that the education and experience they've gained at one of our camps have helped them become better performers and leaders back at their high school programs. Educational camps were not held after the covid-19 pandemic began in march 2020 through the end of the fiscal year.

Form 990, Part XI, Line 9

Change in market value of beneficial interest in 3,832

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

The income from the funds in the perpetual trust will be used to further the organization's mission.

Schedule D, Page 3, Part X

The organization follows the authoritative guidance issued by the financial accounting standards board clarifying the accounting for uncertainty in income taxes recognized in an entity's financial statements and prescribing a recongnition threshold of "more-likely-than-not" to be sustained upon examination. Measurement of the tax uncertainty occurs if the recognition threshold has not been met. This guidance also addresses de-recognition, classification, interest and penalties, disclosures and transition. The organization does not believe the financial statemnts include (or reflect) any unceratin tax positions.

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

Fundraising event expenses -28,519

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

Fundraising event expenses -28,519

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IRS990/Desc0ESTABLISHED IN 1956 AS A PART OF THE ROCKFORD VFW POST 342, PHANTOM REGIMENT, INC. IS A YOUTH ORGANIZATION DEDICATED TO THE DEVELOPMENT OF SELF-ESTEEM AND SELF-RELIANCE. IT ENCOURAGES TEAMWORK, SPORTSMANSHIP, CIVIC PRIDE AND CONTRIBUTIONS OF ONE'S PERSONAL BEST TO A GROUP EFFORT. THESE LESSONS ARE LEARNED THROUGH A MUSICAL AND MARCHING ACTIVITY IN WHICH THERE IS A BLENDING OF THE ARTS AND ATHLETICS. PHANTOM REGIMENT PRIDES ITSELF ON PROVING A LIFE-CHANGING EXPERIENCE FOR THE YOUTH THAT PARTICIPATE IN ANY OF OUR PROGRAMS. WE WANT TO OFFER A CONDUIT THROUGH WHICH THEY SUCCEED NOT ONLY WITHIN THE MUSIC EDUCATION WORLD, WHICH IS ONE OF OUR PRIMARY FOCUSES, BUT ALSO PROVIDING LESSONS THEY CAN APPLY TO OTHER AREAS OF THEIR LIFE. WE PROVIDE YOUTH ACTIVITIES THAT ENHANCE THE PERSONAL GROWTH AND DEVELOPMENT OF ITS PARTICIPANTS THROUGH EXCELLENCE IN EDUCATION, ENTERTAINMENT AND THE PERFORMING ARTS. IT'S ACTIVITIES MAKE A LASTING IMPACT ON OUR STUDENTS, MANY OF WHOM CONTINUE THEIR EDUCATION AND BECOME MUSIC EDUCATORS THROUGHOUT THE COUNTRY WHILE OTHERS BECOME PROFESSIONAL MUSICIANS AND DANCERS. WE FIND THAT MANY OF OUR ACTIVITIES HAVE A LIFE-LONG IMPACT ON THE STUDENTS DUE TO THE SKILLS AND FRIENDSHIPS THEY DEVELOP WHILE PARTICIPATING IN OUR PROGRAMS. OUR PROGRAMS INCLUDE: PHANTOM REGIMENT DRUM AND BUGLE CORPS - THIS IS A PERFORMING GROUP OF 150 STUDENTS THAT RANGE IN AGE FROM 16 TO 21. WE HAVE BETWEEN 600 AND 750 STUDENTS AUDITION TO BE PART OF THE CORPS THAT REQUIRES THAT THEY ATTEND PRACTICES ONE WEEKEND A MONTH FROM DECEMBER THROUGH APRIL AND MOVE TO ROCKFORD IN MAY TO LEARN THAT YEAR'S PROGRAM FOR THREE WEEKS BEFORE EMBARKING ON A TWO MONTH TOUR OF THE UNITED STATES TO PARTICIPATE IN COMPETITIONS AND PRACTICE. THE COMPETITIVE SEASON ENDS IN MID-AUGUST IN INDIANAPOLIS WHERE THE DRUM CORPS INTERNATIONAL WORLD CHAMPIONSHIPS ARE HELD. THE DRUM CORPS HAS THE 2ND LONGEST ACTIVE STREAK OF APPEARING IN DCI'S TOP 12 AND HAS WON THE CHAMPIONSHIP IN 1996 AND 2008. PUBLIC SCHOOL OUTREACH - THE ORGANIZATION PROVIDES ASSISTANCE IN THE FORM OF LENDING INSTRUMENTS AND INTRODUCING STUDENTS TO MUSIC. BUDGET CUTS IN MANY OF OUR LOCAL SCHOOL DISTRICTS HAVE RESULTED IN THE REDUCTION OR ELIMINATION OF MUSIC PROGRAMS. PHANTOM REGIMENT HAS ALSO PROVIDED CLINICIANS AND CONDUCTORS FOR THE CITY OF ROCKFORD'S ALL-STAR AND HONOR BAND CONCERTS. WE FEEL THAT MUSIC EDUCATION IS ESSENTIAL TO A WELL-ROUNDED STUDENT AND MANY STUDIES HAVE DOCUMENTED THE POSITIVE RELATIONSHIP BETWEEN BEING INVOLVED IN MUSIC AND MATH AND SCIENCE SCORES. HIGH & MIDDLE SCHOOL CONCERT BAND FESTIVAL - PRODUCED IN CONJUNCTION WITH THE NORTHERN ILLINOIS UNIVERSITY MUSIC DEPARTMENT, THIS FESTIVAL ALLOWS SCHOOLS THE OPPORTUNITY TO PERFORM IN THE BEAUTIFUL BOUTELL MEMORIAL CONCERT HALL, ON THE CAMPUS OF NORTHERN ILLINOIS UNIVERSITY. THE FESTIVAL IS A NONCOMPETITIVE, EDUCATIONAL EVENT IN A WELCOMING ENVIRONMENT WHERE STUDENTS PERFORM ON STAGE AND RECEIVE FEEDBACK AND STATE OF THE ART AUDIO AND VIDEO RECORDINGS OF THEIR CONCERT, AS WELL AS TAKE PART IN A CLINIC WITH ONE OF THE FESTIVAL'S CLINICIANS FOLLOWING THEIR PERFORMANCE. THESE PROGRAMS WERE LIMITED AFTER THE COVID-19 PANDEMIC BEGAN IN MARCH 2020 THROUGH THE END OF THE FISCAL YEAR.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1PART III, LINE 12
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.87$0.62$1.25$2.96$3.05$0.09
2023Detailed filing. Detailed filing data is available for this year.$1.92$0.60$1.32$2.52$2.70$0.17
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.02$0.55$1.47$3.17$2.66$0.51
2021Detailed filing. Detailed filing data is available for this year.$1.31$0.28$1.02$1.38$0.89$0.49
2020Detailed filing. Detailed filing data is available for this year.$0.99$0.48$0.51$0.83$0.77$0.06
2019Detailed filing. Detailed filing data is available for this year.$0.70$0.25$0.45$1.40$1.55$0.15
2018Detailed filing. Detailed filing data is available for this year.$0.86$0.24$0.61$1.30$1.50$0.20
2017Detailed filing. Detailed filing data is available for this year.$0.97$0.15$0.82$1.44$1.44$0.00
2016Detailed filing. Detailed filing data is available for this year.$1.18$0.38$0.80$1.31$1.29$0.02
2015Detailed filing. Detailed filing data is available for this year.$1.05$0.28$0.78$1.32$1.21$0.11
2014Detailed filing. Detailed filing data is available for this year.$0.83$0.14$0.69$1.25$1.17$0.08
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.74$0.14$0.60$1.06
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.60$0.19$0.41$1.02
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.44$0.23$0.21$0.99