Civic Intelligence

Music Center Foundation

990 • Fiscal year 2017 • EIN 23-7298290

Apr 01, 2016 to Mar 31, 2017 • Filed on Feb 12, 2018

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

75th percentile

0.59x

Higher debt load relative to assets than 75% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

99th percentile

55.02x

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

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Net Margin

2nd percentile

-64%

Higher net margin than 2% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

15th percentile

$370,755

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 7.9% of source-year revenue.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2017

Asset Growth

52nd percentile

6.8%

Faster asset growth than 52% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

3rd percentile

-32%

Faster revenue growth than 3% of similar nonprofits.

2017 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Assets

Up

$435,216,711

Up $27,786,716 (+6.8%) from 2016

Net Assets

Up

$176,643,094

Up $10,995,562 (+6.6%) from 2016

Liabilities

Up

$258,573,617

Up $16,791,154 (+6.9%) from 2016

Revenue

Down

$4,699,574

Down $2,220,307 (-32%) from 2016

Expenses

Down

$7,702,956

Down $390,952 (-4.8%) from 2016

Net Income

Down

-$3,003,382

Down $1,829,355 (-156%) from 2016

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

2017

Assets$435,216,711
Liabilities$258,573,617
Net Assets$176,643,094

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

2017

Revenue$4,699,574
Expenses$7,702,956
Net Income-$3,003,382
Jump To
Filing Snapshot
Filing Period
Apr 1, 2016 to Mar 31, 2017
Signed
Feb 12, 2018
Return Version
2016v3.0
Gross Receipts
$4,699,574
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$129,336,133$142,718,778▲ $13,382,645
Pledges and Grants Receivable$25,409,463$24,002,772▼ $1,406,691
Savings and Temporary Cash Investments$4,939,010$9,856,089▲ $4,917,079
Prepaid Expenses and Deferred Charges$5,448,781$435,262▼ $5,013,519
Other Notes and Loans Receivable, Net$177,997$182,888▲ $4,891
Land, Buildings, and Equipment, Net$9,978$9,978→ $0
Total Assets$407,429,995$435,216,711▲ $27,786,716
Other Assets Total$242,108,633$258,010,944▲ $15,902,311
Liabilities
Other Liabilities$241,287,507$258,431,816▲ $17,144,309
Accounts Payable and Accrued Expenses$494,956$141,801▼ $353,155
Total Liabilities$241,782,463$258,573,617▲ $16,791,154
Net Assets / Fund Balance
Permanently Rstr Net Assets$115,256,557$117,902,227▲ $2,645,670
Temporarily Rstr Net Assets$50,390,975$58,740,867▲ $8,349,892
Total Net Assets Fund Balance$165,647,532$176,643,094▲ $10,995,562
Total Liabilities and Net Assets / Fund Balance$407,429,995$435,216,711▲ $27,786,716

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$9,978$18,317$28,295
Other Assets Org$326,117--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$165,647,532$2,017,689▲ $16,380,829-$176,643,094
2015$171,807,713$3,496,207▼ $1,862,480-$165,647,532
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steven T BensonPresidentFT$328,061$42,694$370,755
Margaret CutronaManager of OperationFT$104,037$28,094$132,131

Board Members and Trustees

NameTitle
Peter W MullinChairman
Darell L KrasnoffVice Chairman
C Daniel EwellVice Chairman/treasurer
Stuart M KetchumVice President
Bowen H MccoyDirector
Frank E BaxterDirector
Jerrold L EberhardtDirector
John EmersonDirector
Kenneth WilliamsDirector
Kiki GindlerDirector
Lisa SpechtDirector
Marc I SternDirector
Sarah H KettererDirector
Shelby NotkinDirector
Stephen F HinchliffeDirector
Susan C SchnabelDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Monticello Associates INCInvestment Consultant1200 17TH ST 2600, Denver, CO 80202$300,000
Singerlewak LLPAccounting/tax10960 WILSHIRE BLVD 7TH FLOOR, Los Angeles, CA 90024$115,757
Revenue and Support

Revenue Composition

Contributions and Grants
$2,017,686
Program Service Revenue
$0
Investment Income
$2,681,888
Other Revenue
$0
All Other Contributions
$2,017,686
Change in Net Assets
$-3,003,382

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,399,574
Revenue Not Reported on Financial Statements
$300,000
Revenue Not Reported on Form 990
$13,998,944
Total Revenue per Audited Statements
$18,398,518
Total Revenue per Form 990
$4,699,574
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$6,901,719
Salaries, Compensation, and Employee Benefits$570,182
Total Fundraising Expense$350,773
Other Expenses$231,055
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$6,901,719--$6,901,719
Fees for Service Investment Mgmnt Fees-$196,742$196,742$393,484
Current Officers, Directors, Trustees, and Key Employees-$188,097$188,097$376,194
Fees for Services Accounting-$183,077$61,026$244,103
Other Salaries and Wages-$76,568$76,568$153,136
Fees for Services Other-$1,820$24,181$26,001
Payroll Taxes-$12,203$12,203$24,406
Insurance-$12,079$12,079$24,158
Conferences and Meetings-$7,286$7,286$14,572
Pension Plan Contributions-$6,200$6,200$12,400
Office Expenses-$5,021$5,021$10,042
Fees for Services Legal-$4,330$4,330$8,660
Occupancy-$2,778$2,778$5,556
Other Employee Benefits-$2,023$2,023$4,046
Other Expenses-$1,565$1,565$3,130
All Other Expenses-$-280,054$-280,054$-560,108
Total Functional Expenses$6,901,719$450,464$350,773$7,702,956

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$7,702,956
Expenses per Audited Statements$7,402,956
Total Expenses per Audited Statements$7,402,956
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$3,120,223
The Music Center Performing Arts Center of Los Angeles CountyLos Angeles, CA501(c)(3)General Support$1,422,376
Center Theatre Group of Los Angeles IncLos Angeles, CA501(c)(3)General Support$1,238,819
Los Angeles Opera CompanyLos Angeles, CA501(c)(3)General Support$928,670
Los Angeles Master Chorale AssociationLos Angeles, CA501(c)(3)General Support$191,630

International Summary

Offices
0
Employees
0
Spending
$33,229,554

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$33,229,554
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$252,432,497
Distributions Payable$5,219,955
Obligations Under Annuities & Trusts$453,247
Obligations Under Pension Plan$326,117
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 11B

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
2018-02-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven T Benson
Formed
1973
Legal Domicile
CA
Voting Board Members
16
Independent Board Members
16
Employees
3
Volunteers
19

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 692,917.

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:

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 an 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, 2017, the foundation did not recognize any amount in potential interest and penalties associated with uncertain tax positions.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of split-interest agreements 692,917.

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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/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt17MANAGER OF OPERATION
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IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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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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IRS990/NondeductibleContributionsInd00
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IRS990/OccupancyGrp/TotalAmt05556
IRS990/OfficeExpensesGrp/FundraisingAmt05021
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt05021
IRS990/OfficeExpensesGrp/TotalAmt010042
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0242108633
IRS990/OtherAssetsTotalGrp/EOYAmt0258010944
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IRS990/OtherExpensesGrp/Desc1MISCELLANEOUS
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IRS990/OtherExpensesGrp/FundraisingAmt14160
IRS990/OtherExpensesGrp/FundraisingAmt22102
IRS990/OtherExpensesGrp/FundraisingAmt31565
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt024466
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt14161
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt02530981
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt02974511
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0938106
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0633189
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0916350
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt0944748
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt01007890
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt04440283
IRS990ScheduleA/PublicOrganization170Ind0X
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt03496207
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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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