Civic Intelligence

Music Center Foundation

990 • Fiscal year 2014 • EIN 23-7298290

Apr 01, 2013 to Mar 31, 2014 • Filed on Feb 04, 2015

Organization ProfileWWW.MUSICCENTERFOUNDATION.ORG

View Organization Page

135 North Grand Ave90012-3013

(213) 972-8046

Siviq Scores

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

Liabilities / Assets

76th percentile

0.61x

Higher debt load relative to assets than 76% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Liabilities / Revenue

99th percentile

17.19x

Higher debt load relative to revenue than 99% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Net Margin

95th percentile

55%

Higher net margin than 95% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Top Officer Pay

12th percentile

$322,848

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 2.2% of source-year revenue.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Asset Growth

67th percentile

9.8%

Faster asset growth than 67% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Balance Sheet
Liabilities / Assets76th percentile

Assets

Up

$418,037,096

Up $37,423,761 (+9.8%) from 2013

Net Assets

Up

$164,125,497

Up $14,119,925 (+9.4%) from 2013

Liabilities

Up

$253,911,599

Up $23,303,836 (+10%) from 2013

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin95th percentile

Revenue

$14,768,763

No earlier filing loaded for comparison.

Expenses

Up

$6,636,176

Up $177,669 (+2.8%) from 2013

Net Income

$8,132,587

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth67th percentile

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

$600M$400M$200M$0Assets 2010: $312,637,115Liabilities 2010: $179,603,577Net Assets 2010: $133,033,5382010Assets 2011: $346,689,617Liabilities 2011: $205,078,133Net Assets 2011: $141,611,4842011Assets 2012: $358,090,851Liabilities 2012: $215,740,128Net Assets 2012: $142,350,7232012Assets 2013: $380,613,335Liabilities 2013: $230,607,763Net Assets 2013: $150,005,5722013Assets 2014: $418,037,096Liabilities 2014: $253,911,599Net Assets 2014: $164,125,4972014Assets 2015: $428,188,768Liabilities 2015: $256,381,055Net Assets 2015: $171,807,7132015Assets 2016: $407,429,995Liabilities 2016: $241,782,463Net Assets 2016: $165,647,5322016Assets 2017: $435,216,711Liabilities 2017: $258,573,617Net Assets 2017: $176,643,0942017Assets 2018: $302,721,044Liabilities 2018: $111,563,437Net Assets 2018: $191,157,6072018Assets 2019: $285,498,844Liabilities 2019: $98,632,044Net Assets 2019: $186,866,8002019Assets 2020: $250,555,015Liabilities 2020: $80,779,978Net Assets 2020: $169,775,0372020Assets 2021: $340,652,329Liabilities 2021: $116,491,701Net Assets 2021: $224,160,6282021Assets 2022: $314,452,554Liabilities 2022: $109,576,892Net Assets 2022: $204,875,6622022Assets 2023: $285,118,946Liabilities 2023: $97,372,371Net Assets 2023: $187,746,5752023Assets 2024: $306,563,538Liabilities 2024: $98,727,222Net Assets 2024: $207,836,3162024Assets 2025: $314,072,066Liabilities 2025: $100,859,058Net Assets 2025: $213,213,0082025

Highlighted filing

2014

Assets$418,037,096
Liabilities$253,911,599
Net Assets$164,125,497
Open 2014 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$30M$20M$10M$0-$10MExpenses 2010: $6,632,5522010Expenses 2011: $6,362,9192011Expenses 2012: $6,329,6012012Expenses 2013: $6,458,5072013Revenue 2014: $14,768,763Expenses 2014: $6,636,176Net Income 2014: $8,132,5872014Revenue 2015: $6,064,533Expenses 2015: $7,304,504Net Income 2015: -$1,239,9712015Revenue 2016: $6,919,881Expenses 2016: $8,093,908Net Income 2016: -$1,174,0272016Revenue 2017: $4,699,574Expenses 2017: $7,702,956Net Income 2017: -$3,003,3822017Revenue 2018: $7,229,918Expenses 2018: $8,510,837Net Income 2018: -$1,280,9192018Revenue 2019: $6,205,031Expenses 2019: $9,103,620Net Income 2019: -$2,898,5892019Revenue 2020: $3,922,014Expenses 2020: $8,657,561Net Income 2020: -$4,735,5472020Revenue 2021: $8,558,391Expenses 2021: $8,399,396Net Income 2021: $158,9952021Revenue 2022: $21,090,065Expenses 2022: $26,234,757Net Income 2022: -$5,144,6922022Revenue 2023: $2,501,518Expenses 2023: $9,113,867Net Income 2023: -$6,612,3492023Revenue 2024: $10,480,339Expenses 2024: $10,080,290Net Income 2024: $400,0492024Revenue 2025: $14,852,023Expenses 2025: $9,084,745Net Income 2025: $5,767,2782025

Highlighted filing

2014

Revenue$14,768,763
Expenses$6,636,176
Net Income$8,132,587
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Apr 1, 2013 to Mar 31, 2014
Signed
Feb 4, 2015
Return Version
2013v4.0
Gross Receipts
$14,768,763
Mission and Program Overview

Mission

The mission of music center foundation is to provide endowment support to the music center performing arts center of los angeles county, its education and artistic programs and resident companies through planned giving fundraising and asset management.

Endowment management and financial support of programming at los angeles' music center.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$117,654,266$130,482,451▲ $12,828,185
Pledges and Grants Receivable$21,966,709$24,371,303▲ $2,404,594
Savings and Temporary Cash Investments$5,703,001$5,746,101▲ $43,100
Prepaid Expenses and Deferred Charges$4,680,959$3,670,171▼ $1,010,788
Land, Buildings, and Equipment, Net$9,978$9,978→ $0
Total Assets$380,613,335$418,037,096▲ $37,423,761
Other Assets Total$230,598,422$253,757,092▲ $23,158,670
Liabilities
Other Liabilities$230,310,513$253,511,460▲ $23,200,947
Accounts Payable and Accrued Expenses$297,250$400,139▲ $102,889
Total Liabilities$230,607,763$253,911,599▲ $23,303,836
Net Assets / Fund Balance
Permanently Rstr Net Assets$104,319,312$107,954,754▲ $3,635,442
Temporarily Rstr Net Assets$45,686,260$56,170,743▲ $10,484,483
Total Net Assets Fund Balance$150,005,572$164,125,497▲ $14,119,925
Total Liabilities and Net Assets / Fund Balance$380,613,335$418,037,096▲ $37,423,761

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$9,978$18,317$28,295
Other Assets Org$4,977,348--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$150,005,572$2,530,981▲ $18,225,120-$164,125,497
2012$142,350,723$2,974,511▲ $11,138,845-$150,005,572
2011$141,611,484$2,906,283▲ $4,162,557-$142,350,723
2010$133,033,538$2,283,646▲ $12,657,219-$141,611,484
2009$112,622,822$2,060,052▲ $24,983,216-$133,033,538
Compensation and Service Providers
Top Officer Pay12th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steven T BensonPresidentFT$284,469$38,379$322,848

Board Members and Trustees

NameTitle
Peter W MullinChairman
Stuart M KetchumVice President/secretary
Stephen F Hinchliffe JrVice President/treasurer
Bowen H MccoyDirector
C Daniel EwellDirector
Darell L KrasnoffDirector
David C BohnettDirector
Diane PaulDirector
Frank E BaxterDirector
Kenneth WilliamsDirector
Lisa SpechtDirector
Marc I SternDirector
Mark FosterDirector
Michael a LawsonDirector
Sarah H KettererDirector
Susan C SchnabelDirector
William Lloyd DavisDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Monticello Associates INCInvestment Consultant-$300,000
Revenue and Support

Revenue Composition

Contributions and Grants
$2,530,981
Program Service Revenue
$0
Investment Income
$12,237,782
Other Revenue
$0
All Other Contributions
$2,530,981
Change in Net Assets
$8,132,587

Audited Revenue Reconciliation

Revenue per Audited Statements
$14,768,763
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$5,987,338
Total Revenue per Audited Statements
$20,756,101
Total Revenue per Form 990
$14,768,763
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$6,113,301
Salaries, Compensation, and Employee Benefits$469,559
Total Fundraising Expense$217,224
Other Expenses$53,316
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$6,113,301--$6,113,301
Current Officers, Directors, Trustees, and Key Employees-$167,578$167,578$335,156
Fees for Services Accounting-$180,052$60,017$240,069
Fees for Service Investment Mgmnt Fees-$64,268$64,268$128,536
Other Salaries and Wages-$46,039$46,039$92,078
Fees for Services Other-$2,573$34,181$36,754
Insurance-$13,858$13,858$27,716
Conferences and Meetings-$9,830$9,830$19,660
Payroll Taxes-$9,364$9,364$18,728
Other Employee Benefits-$6,788$6,787$13,575
Pension Plan Contributions-$5,011$5,011$10,022
Office Expenses-$4,018$4,017$8,035
Occupancy-$2,778$2,777$5,555
Fees for Services Legal-$1,886$1,885$3,771
Other Expenses-$-215,765$-215,764$-431,529
Total Functional Expenses$6,113,301$305,651$217,224$6,636,176

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,636,176
Total Expenses per Audited Statements$6,636,176
Total Expenses per Form 990$6,636,176
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
95-1696734-501(c)(3)General Support$2,843,692
95-2217011-501(c)(3)General Support$1,274,330
95-2466183-501(c)(3)General Support$1,051,905
95-2096402-501(c)(3)General Support$795,849
95-2315682-501(c)(3)General Support$147,525

International Summary

Offices
0
Employees
0
Spending
$35,484,114

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,InvestmentsN/a00$35,484,114
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Funds Held for Others$248,597,266
Distributions Payable$3,662,708
Obligations Under Annuities & Trusts$1,251,486
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 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, Part VI, Section B, Line 11

“The audit committee meets with the auditors to review and discuss a draft of the form 990. Once approved by the audit committee, the form is presented to the entire board of directors. The return is then electronically filed.”

Form 990, Part VI, Section B, Line 12C

“The organization sends a conflict of interest questionnaire annually to the board of directors and officers. The questionnaires are reviewed to ensure they are compliant with the policy.”

Form 990, Part VI, Section B, Line 15

“A survey of compensation for comparable positions was performed and approved by the board.”

Form 990, Part VI, Section C, Line 18

“Form 1023 and all other informational return documents are available to the public upon written request.”

Form 990, Part VI, Section C, Line 19

“The music center foundation makes its governing documents, conflict of interest policy, financial statements, and informational returns available upon written request. The informational returns are also made available to the public through www.guidestar.org, a public website.”

FORM 990, PART VIII, LINE 7A & 7B:

“Proceeds from sale of stocks & cost or other basis: the music center foundation has investment accounts, hedge funds and other investment partnerships with many stock transactions. Due to the large quantity of stock transactions, this information is not included in the return, but is available upon request.”

Filing and Contact Details

Filer

EIN
23-7298290
Phone
2139728046

Signing Officer

Name
Steven T Benson
Title
President
Phone
2139728046
Signed
2015-02-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven T Benson
Formed
1973
Legal Domicile
CA
Voting Board Members
17
Independent Board Members
17
Employees
2
Volunteers
0

Preparer

Preparer
Lior Temkin
Phone
3104773924
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Changes in value of split-interest agreements 1,028,554.”

FORM 990, PART XII, LINE 2C:

“Since the filing of prior year's informational return, there have been no changes to the audit oversight and selection process.”

Financial Statement Notes

PART V, LINE 4:

“Annual distributions to support the performing arts at the music center/ performing arts center of los angeles county and its resident companies.”

PART X, LINE 2:

“In accordance with asc 740, "uncertainty in income taxes," the foundation recognizes the impact of tax positions in the financial statements if that position is more likely than not to be sustained on audit, based on the technical merits of the position. To date, the foundation has not recorded any uncertain tax positions. The foundation recognizes potential accrued interest and penalties related to uncertain tax positions in income tax expense. During the year ended march 31, 2014, the foundation did not recognize any amount in potential interest and penalties associated with uncertain tax positions. The foundation is no longer subject to u.s. Federal, state or local income tax examinations by tax authorities for years before 2009.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Change in value of split-interest agreements 1,028,554.”

Raw XML AppendixShowing 400 of 822 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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IRS990/Form990PartVIISectionAGrp/PersonNm14LISA SPECHT
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IRS990/Form990PartVIISectionAGrp/PersonNm16KENNETH WILLIAMS
IRS990/Form990PartVIISectionAGrp/PersonNm17STEVEN T BENSON
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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT/SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17PRESIDENT
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IRS990/MissionDesc0THE MISSION OF MUSIC CENTER FOUNDATION IS TO PROVIDE ENDOWMENT SUPPORT TO THE MUSIC CENTER/PERFORMING ARTS CENTER OF LOS ANGELES COUNTY, ITS EDUCATION AND ARTISTIC PROGRAMS AND RESIDENT COMPANIES THROUGH PLANNED GIVING FUNDRAISING AND ASSET MANAGEMENT.
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$418,037,096
Liabilities
$253,911,599
Net assets
$164,125,497
Revenue
$14,768,763
Expenses
$6,636,176
Net income
$8,132,587
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$314$101$213$14.9$9.08$5.77
2024Detailed filing. Detailed filing data is available for this year.$307$98.7$208$10.5$10.1$0.40
2023Detailed filing. Detailed filing data is available for this year.$285$97.4$188$2.50$9.11$6.61
2022Detailed filing. Detailed filing data is available for this year.$314$110$205$21.1$26.2$5.14
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$341$116$224$8.56$8.40$0.16
2020Detailed filing. Detailed filing data is available for this year.$251$80.8$170$3.92$8.66$4.74
2019Detailed filing. Detailed filing data is available for this year.$285$98.6$187$6.21$9.10$2.90
2018Detailed filing. Detailed filing data is available for this year.$303$112$191$7.23$8.51$1.28
2017Detailed filing. Detailed filing data is available for this year.$435$259$177$4.70$7.70$3.00
2016Detailed filing. Detailed filing data is available for this year.$407$242$166$6.92$8.09$1.17
2015Detailed filing. Detailed filing data is available for this year.$428$256$172$6.06$7.30$1.24
2014Detailed filing. Detailed filing data is available for this year.$418$254$164$14.8$6.64$8.13
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$381$231$150$6.46
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$358$216$142$6.33
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$347$205$142$6.36
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$313$180$133$6.63
Peer Organizations

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