Civic Intelligence

Jack Music Inc Jack Quartet

990 • Fiscal year 2019 • EIN 26-3153404

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 16, 2020

350 Fort Washington AvenueNew York, NY 10033

(917) 574-3447

Siviq Scores

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

Liabilities / Assets

49th percentile

0.04x

Higher debt load relative to assets than 49% of similar nonprofits.

2019 filings • NTEE A • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

33rd percentile

0.01x

Higher debt load relative to revenue than 33% of similar nonprofits.

2019 filings • NTEE A • $500k-$1M nonprofits • Source year 2019

Net Margin

49th percentile

3.0%

Higher net margin than 49% of similar nonprofits.

2019 filings • NTEE A • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

76th percentile

$66,000

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 10.9% of source-year revenue.

2019 filings • NTEE A • $500k-$1M nonprofits • Source year 2019

Asset Growth

75th percentile

17%

Faster asset growth than 75% of similar nonprofits.

2019 filings • NTEE A • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

66th percentile

15%

Faster revenue growth than 66% of similar nonprofits.

2019 filings • NTEE A • $500k-$1M nonprofits • Annualized from 2018 to 2019

Assets

Up

$159,425

Up $22,762 (+17%) from 2018

Net Assets

Up

$153,538

Up $18,787 (+14%) from 2018

Liabilities

Up

$5,887

Up $3,975 (+208%) from 2018

Revenue

Up

$606,124

Up $81,200 (+15%) from 2018

Expenses

Up

$587,810

Up $96,816 (+20%) from 2018

Net Income

Down

$18,314

Down $15,616 (-46%) from 2018

Historical Trend

Balance Sheet Trend

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

$600K$400K$200K$0-$200KAssets 2010: $3,015Liabilities 2010: $10,482Net Assets 2010: -$7,4672010Assets 2014: $15,383Liabilities 2014: $41,631Net Assets 2014: -$26,2482014Assets 2015: $37,381Liabilities 2015: $82,506Net Assets 2015: -$45,1252015Assets 2016: $41,351Liabilities 2016: $40,843Net Assets 2016: $5082016Assets 2018: $136,663Liabilities 2018: $1,912Net Assets 2018: $134,7512018Assets 2019: $159,425Liabilities 2019: $5,887Net Assets 2019: $153,5382019Assets 2021: $470,697Liabilities 2021: $23,987Net Assets 2021: $446,7102021Assets 2022: $352,994Liabilities 2022: $18,807Net Assets 2022: $334,1872022

Highlighted filing

2019

Assets$159,425
Liabilities$5,887
Net Assets$153,538

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2010: $169,119Expenses 2010: $172,719Net Income 2010: -$3,6002010Revenue 2014: $353,447Expenses 2014: $376,322Net Income 2014: -$22,8752014Revenue 2015: $355,820Expenses 2015: $374,698Net Income 2015: -$18,8782015Revenue 2016: $454,571Expenses 2016: $408,938Net Income 2016: $45,6332016Revenue 2018: $524,924Expenses 2018: $490,994Net Income 2018: $33,9302018Revenue 2019: $606,124Expenses 2019: $587,810Net Income 2019: $18,3142019Revenue 2021: $767,436Expenses 2021: $610,766Net Income 2021: $156,6702021Revenue 2022: $576,042Expenses 2022: $688,565Net Income 2022: -$112,5232022

Highlighted filing

2019

Revenue$606,124
Expenses$587,810
Net Income$18,314
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 16, 2020
Return Version
2019v5.0
Gross Receipts
$606,124
Mission and Program Overview

Mission

To present, promote, and educate the public community about new music as well as expand and enhance the depth of the string quartet repertoire by collaborating with composers on the interpretation of existing works and the commissioning of new works.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$89,624$141,623▲ $51,999
Accounts Receivable$25,751$17,802▼ $7,949
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$136,663$159,425▲ $22,762
Other Assets Total$21,288$0▼ $21,288
Liabilities
Accounts Payable and Accrued Expenses$1,912$5,887▲ $3,975
Total Liabilities$1,912$5,887▲ $3,975
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$124,751$151,538▲ $26,787
Net Assets With Donor Restrictions$10,000$2,000▼ $8,000
Total Net Assets Fund Balance$134,751$153,538▲ $18,787
Total Liabilities and Net Assets / Fund Balance$136,663$159,425▲ $22,762

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$2,275-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Christopher OttoDirectorFT$66,000$66,000
Jeremiah A CampbellDirectorFT$66,000$66,000
John P RichardsDirectorFT$66,000$66,000

Board Members and Trustees

NameTitle
Elmore DeMottPresident
AUSTIN WullimanDirector
Kate SheeranDirector
Michael TanzerDirector
Marcos BalterSecretary
Daniel BaldiniTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$159,952
Program Service Revenue
$443,333
Investment Income
$0
Other Revenue
$2,839
All Other Contributions
$125,314
Change in Net Assets
$18,314
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$300,003
Salaries, Compensation, and Employee Benefits$287,807
Total Fundraising Expense$11,644
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$170,280$19,800$7,920$198,000
Fees for Services Management$62,332$54,238-$116,570
Travel$114,980--$114,980
Other Salaries and Wages$57,430$6,678$2,672$66,780
Payroll Taxes$17,420$2,026$810$20,256
Fees for Services Accounting-$16,050-$16,050
Other Employee Benefits$2,383$277$111$2,771
Insurance-$2,565-$2,565
Other Expenses$914$228-$1,142
All Other Expenses$169$592$84$845
Advertising$773--$773
Conferences and Meetings$118$72$47$237
Total Functional Expenses$431,564$144,602$11,644$587,810
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
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
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, Line 11B: Form 990 Review Process

The organization's policy regarding the review of the form 990 is as follows: the president of the board of directors is responsible for reviewing and approving the form 990 on behalf of the board of directors. Copies of the form 990 are made available to the entire board of directors for their review and comments.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

On an annual basis all board members sign a conflict of interest statement. The president of the board ensures that all signed forms are received from the board and made available to the accountants during the financial statement review process.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The compensation of all employees is proposed by the president and vice-president of jack music, inc. And approved by unanimous consent of the board of directors on an annual basis as part of the annual budget. Compensation is determined by formulating a practical budget that will keep the organization in sound financial standing. The rationale and discussion points are documented in the board minutes.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The compensation of all employees is proposed by the president and vice- president of jack music, inc. And approved by unanimous consent of the board of directors on an annual basis as part of the annual budget. Compensation is determined by formulating a practical budget that will keep the organization in sound financial standing. The rationale and discussion points are documented in the board minutes.

Form 990, Part VI, Line 18: Explanation of Other Means Forms Available For Public Inspection

These documents are available to the public upon request.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

All policies/documents that are required to be provided to the public are available upon request.

Filing and Contact Details

Filer

Filer Name
Jack Music Inc
EIN
26-3153404
Phone
9175743447
Address
350 Fort Washington Avenue, NEW YORK, NY 10033

Signing Officer

Name
John P Richards
Title
Executive Director
Signed
2020-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John P Richards
Formed
2008
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
9
Employees
6

Preparer

Firm
Zelin & Associates CPA LLC
Address
555 8th Ave Ste 1203, New York, NY 10018
Preparer
Steven Zelin CPA
Phone
6466784496
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

THE Organization FOLLOWS THE PROVISION PERTAINING TO UNCERTAIN TAX POSITIONS UNDER FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, INCOME TAXES, AND HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COMPANY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIOD IN PROGRESS. THE COMPANY BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2016.

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IRS990/Desc02019 WAS A YEAR OF ARTISTIC GROWTH AND ORGANIZATIONAL SUCCESS AS JACK PERFORMED AND TAUGHT CONTEMPORARY MUSIC WORLDWIDE. THE QUARTET WAS AWARDED AN AVERY FISHER CAREER GRANT, WHICH WE USED TO LAUNCH A NEW PROJECT CALLED JACK STUDIO THAT SUPPORTS UNDER-REPRESENTED ARTISTS THROUGH COMMISSIONING, RECORDING, AND PROFESSIONAL DEVELOPMENT. WE LAUNCHED OUR INAUGURAL JACK FRONTIERS FESTIVAL IN NEW YORK FEATURING ADVENTUROUS NEW WORK BY RISING ARTISTS. JACK BECOME THE QUARTET IN RESIDENCE AT THE MANNES SCHOOL OF MUSIC AND CONTINUED LONG-STANDING EDUCATIONAL WORK AT THE BANFF CENTRE IN CANADA, LUCERNE FESTIVAL ACADEMY IN SWITZERLAND, NEW MUSIC ON THE POINT IN VERMONT, AND THE UNIVERSITY OF IOWA. WE CONTINUED TO BREAK INTO NEW MARKETS WITHIN IN THE CLASSICAL MUSIC FIELD AND RECEIVED EXCEPTIONAL PRESS COVERAGE THANKS TO A NEW RELATIONSHIP WITH UNISON MEDIA. WE UNDERTOOK A TOUR AS SOLOISTS WITH THE JUNGE DEUTSCHE PHILHARMONIE THROUGHOUT GERMANY AND PERFORMED THE COMPLETE STRING QUARTETS OF ELLIOT CARTER TO CRITICAL ACCLAIM AT THE MORGAN LIBRARY IN NEW YORK AND WIGMORE HALL IN LONDON. THESE ARE JUST A FEW HIGHLIGHTS FROM A VARIED YEAR OF WORK.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE Organization FOLLOWS THE PROVISION PERTAINING TO UNCERTAIN TAX POSITIONS UNDER FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, INCOME TAXES, AND HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COMPANY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIOD IN PROGRESS. THE COMPANY BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2016.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990/ScheduleJRequiredInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION'S POLICY REGARDING THE REVIEW OF THE FORM 990 IS AS FOLLOWS: THE PRESIDENT OF THE BOARD OF DIRECTORS IS RESPONSIBLE FOR REVIEWING AND APPROVING THE FORM 990 ON BEHALF OF THE BOARD OF DIRECTORS. COPIES OF THE FORM 990 ARE MADE AVAILABLE TO THE ENTIRE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ON AN ANNUAL BASIS ALL BOARD MEMBERS SIGN A CONFLICT OF INTEREST STATEMENT. THE PRESIDENT OF THE BOARD ENSURES THAT ALL SIGNED FORMS ARE RECEIVED FROM THE BOARD AND MADE AVAILABLE TO THE ACCOUNTANTS DURING THE FINANCIAL STATEMENT REVIEW PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE COMPENSATION OF ALL EMPLOYEES IS PROPOSED BY THE PRESIDENT AND VICE-PRESIDENT OF JACK MUSIC, INC. AND APPROVED BY UNANIMOUS CONSENT OF THE BOARD OF DIRECTORS ON AN ANNUAL BASIS AS PART OF THE ANNUAL BUDGET. COMPENSATION IS DETERMINED BY FORMULATING A PRACTICAL BUDGET THAT WILL KEEP THE ORGANIZATION IN SOUND FINANCIAL STANDING. THE RATIONALE AND DISCUSSION POINTS ARE DOCUMENTED IN THE BOARD MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE COMPENSATION OF ALL EMPLOYEES IS PROPOSED BY THE PRESIDENT AND VICE- PRESIDENT OF JACK MUSIC, INC. AND APPROVED BY UNANIMOUS CONSENT OF THE BOARD OF DIRECTORS ON AN ANNUAL BASIS AS PART OF THE ANNUAL BUDGET. COMPENSATION IS DETERMINED BY FORMULATING A PRACTICAL BUDGET THAT WILL KEEP THE ORGANIZATION IN SOUND FINANCIAL STANDING. THE RATIONALE AND DISCUSSION POINTS ARE DOCUMENTED IN THE BOARD MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THESE DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL POLICIES/DOCUMENTS THAT ARE REQUIRED TO BE PROVIDED TO THE PUBLIC ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 18: Explanation of Other Means Forms Available For Public Inspection
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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