Civic Intelligence

Music Center Foundation

990 • Fiscal year 2015 • EIN 23-7298290

Apr 01, 2014 to Mar 31, 2015 • Filed on Mar 11, 2016

135 North Grand AveLos Angeles, CA 90012-3013

(213) 972-8046

Siviq Scores

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

Liabilities / Assets

76th percentile

0.60x

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

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Liabilities / Revenue

99th percentile

42.28x

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

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Net Margin

4th percentile

-20%

Higher net margin than 4% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Top Officer Pay

12th percentile

$334,816

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 5.5% of source-year revenue.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Asset Growth

52nd percentile

2.4%

Faster asset growth than 52% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Revenue Growth

1st percentile

-59%

Faster revenue growth than 1% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Assets

Up

$428,188,768

Up $10,151,672 (+2.4%) from 2014

Net Assets

Up

$171,807,713

Up $7,682,216 (+4.7%) from 2014

Liabilities

Up

$256,381,055

Up $2,469,456 (+1.0%) from 2014

Revenue

Down

$6,064,533

Down $8,704,230 (-59%) from 2014

Expenses

Up

$7,304,504

Up $668,328 (+10%) from 2014

Net Income

Down

-$1,239,971

Down $9,372,558 (-115%) from 2014

Historical Trend

Balance Sheet Trend

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

2015

Assets$428,188,768
Liabilities$256,381,055
Net Assets$171,807,713

Operations Trend

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

2015

Revenue$6,064,533
Expenses$7,304,504
Net Income-$1,239,971
Jump To
Filing Snapshot
Filing Period
Apr 1, 2014 to Mar 31, 2015
Signed
Mar 11, 2016
Return Version
2014v6.0
Gross Receipts
$6,064,533
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$130,482,451$133,707,155▲ $3,224,704
Pledges and Grants Receivable$24,371,303$25,031,374▲ $660,071
Savings and Temporary Cash Investments$5,746,101$7,108,235▲ $1,362,134
Prepaid Expenses and Deferred Charges$3,670,171$4,570,902▲ $900,731
Land, Buildings, and Equipment, Net$9,978$9,978→ $0
Total Assets$418,037,096$428,188,768▲ $10,151,672
Other Assets Total$253,757,092$257,761,124▲ $4,004,032
Liabilities
Other Liabilities$253,511,460$256,111,210▲ $2,599,750
Accounts Payable and Accrued Expenses$400,139$269,845▼ $130,294
Total Liabilities$253,911,599$256,381,055▲ $2,469,456
Net Assets / Fund Balance
Permanently Rstr Net Assets$107,954,754$111,333,395▲ $3,378,641
Temporarily Rstr Net Assets$56,170,743$60,474,318▲ $4,303,575
Total Net Assets Fund Balance$164,125,497$171,807,713▲ $7,682,216
Total Liabilities and Net Assets / Fund Balance$418,037,096$428,188,768▲ $10,151,672

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$9,978$18,317$28,295
Other Assets Org$5,723,394--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$164,125,497$2,616,339▲ $12,070,381-$171,807,713
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steven T BensonPresidentFT$295,904$38,912$334,816

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
Diane PaulDirector
Frank E BaxterDirector
Jerrold EberhardtDirector
Kenneth WilliamsDirector
Lisa SpechtDirector
Marc I SternDirector
Sarah H KettererDirector
Susan C SchnabelDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Monticello Associates INCInvestment Consultant1200 17TH ST 2600, Denver, CO 80202$300,000
Revenue and Support

Revenue Composition

Contributions and Grants
$2,616,339
Program Service Revenue
$0
Investment Income
$3,448,194
Other Revenue
$0
All Other Contributions
$2,616,339
Change in Net Assets
$-1,239,971

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,764,533
Revenue Not Reported on Financial Statements
$300,000
Revenue Not Reported on Form 990
$8,922,187
Total Revenue per Audited Statements
$14,686,720
Total Revenue per Form 990
$6,064,533
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$6,478,642
Salaries, Compensation, and Employee Benefits$481,648
Total Fundraising Expense$355,133
Other Expenses$344,214
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$6,478,642--$6,478,642
Fees for Service Investment Mgmnt Fees-$215,949$215,949$431,898
Current Officers, Directors, Trustees, and Key Employees-$170,661$170,661$341,322
Fees for Services Accounting-$180,204$56,907$237,111
Other Salaries and Wages-$47,372$47,372$94,744
Insurance-$13,694$13,694$27,388
Conferences and Meetings-$10,135$10,135$20,270
Payroll Taxes-$9,720$9,720$19,440
Fees for Services Legal-$9,662$9,662$19,324
Other Employee Benefits-$7,921$7,921$15,842
Fees for Services Other-$2,568$10,270$12,838
Office Expenses-$5,923$5,923$11,846
Pension Plan Contributions-$5,150$5,150$10,300
Occupancy-$2,778$2,777$5,555
Other Expenses-$-225,129$-225,129$-450,258
Total Functional Expenses$6,478,642$470,729$355,133$7,304,504

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$7,304,504
Expenses per Audited Statements$7,004,504
Total Expenses per Audited Statements$7,004,504
Expenses Not Reported on Financial Statements$300,000
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Los Angeles Philharmonic AssociationLos Angeles, CA501(c)(3)General Support$3,059,006
The Music Center Performing Arts Center of Los Angeles CountyLos Angeles, CA501(c)(3)General Support$1,282,585
Center Theatre Group of Los Angeles IncLos Angeles, CA501(c)(3)General Support$1,133,550
Los Angeles Opera CompanyLos Angeles, CA501(c)(3)General Support$839,160
Los Angeles Master Chorale AssociationLos Angeles, CA501(c)(3)General Support$164,341

International Summary

Offices
0
Employees
0
Spending
$38,066,180

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
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$38,066,180
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$251,569,238
Distributions Payable$3,909,871
Obligations Under Annuities & Trusts$632,101
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

Filer Name
Music Center Foundation
EIN
23-7298290
Phone
2139728046
Address
135 NORTH GRAND AVE, LOS ANGELES, CA 90012-3013

Signing Officer

Name
Steven T Benson
Title
President
Phone
2139728046
Signed
2016-03-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven T Benson
Formed
1973
Legal Domicile
CA
Voting Board Members
14
Independent Board Members
14
Employees
2
Volunteers
0

Preparer

Firm
Singerlewak Llp
Address
10960 WILSHIRE BLVD STE 700, LOS ANGELES, CA 90024-3783
Preparer
Lior Temkin
Phone
3104773924
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Changes in value of split-interest agreements 984,068.

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, 2015, 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 2010.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of split-interest agreements 984,068.

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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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Document Assets

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Filings

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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