Civic Intelligence

Classical 98 1

990 • Fiscal year 2023 • EIN 27-3067797

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 04, 2024

363 Mercer St Suite 200Seattle, WA 98109

(206) 691-2981

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.21x

Higher debt load relative to assets than 53% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

64th percentile

0.44x

Higher debt load relative to revenue than 64% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

28th percentile

-3.5%

Higher net margin than 28% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

65th percentile

$229,718

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 4.5% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

31st percentile

0.3%

Faster asset growth than 31% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

20th percentile

-15%

Faster revenue growth than 20% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Up

$10,611,950

Up $34,779 (+0.3%) from 2022

Net Assets

Up

$8,365,473

Up $143,849 (+1.7%) from 2022

Liabilities

Down

$2,246,477

Down $109,070 (-4.6%) from 2022

Revenue

Down

$5,149,809

Down $909,544 (-15%) from 2022

Expenses

Up

$5,329,631

Up $461,206 (+9.5%) from 2022

Net Income

Down

-$179,822

Down $1,370,750 (-115%) from 2022

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2015: $1,070,778Liabilities 2015: $137,627Net Assets 2015: $933,1512015Assets 2016: $916,291Liabilities 2016: $182,001Net Assets 2016: $734,2902016Assets 2017: $752,201Liabilities 2017: $165,022Net Assets 2017: $587,1792017Assets 2018: $1,701,763Liabilities 2018: $166,253Net Assets 2018: $1,535,5102018Assets 2019: $5,759,494Liabilities 2019: $113,396Net Assets 2019: $5,646,0982019Assets 2020: $6,921,707Liabilities 2020: $184,998Net Assets 2020: $6,736,7092020Assets 2021: $7,691,634Liabilities 2021: $281,436Net Assets 2021: $7,410,1982021Assets 2022: $10,577,171Liabilities 2022: $2,355,547Net Assets 2022: $8,221,6242022Assets 2023: $10,611,950Liabilities 2023: $2,246,477Net Assets 2023: $8,365,4732023Assets 2024: $10,578,745Liabilities 2024: $1,984,887Net Assets 2024: $8,593,8582024

Highlighted filing

2023

Assets$10,611,950
Liabilities$2,246,477
Net Assets$8,365,473

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2015: $4,075,723Expenses 2015: $3,796,445Net Income 2015: $279,2782015Revenue 2016: $3,636,599Expenses 2016: $3,853,451Net Income 2016: -$216,8522016Revenue 2017: $3,788,940Expenses 2017: $3,939,071Net Income 2017: -$150,1312017Revenue 2018: $4,822,792Expenses 2018: $3,895,604Net Income 2018: $927,1882018Revenue 2019: $7,991,072Expenses 2019: $3,901,458Net Income 2019: $4,089,6142019Revenue 2020: $5,222,890Expenses 2020: $4,129,251Net Income 2020: $1,093,6392020Revenue 2021: $5,192,189Expenses 2021: $4,599,563Net Income 2021: $592,6262021Revenue 2022: $6,059,353Expenses 2022: $4,868,425Net Income 2022: $1,190,9282022Revenue 2023: $5,149,809Expenses 2023: $5,329,631Net Income 2023: -$179,8222023Revenue 2024: $2,477,379Expenses 2024: $2,380,389Net Income 2024: $96,9902024

Highlighted filing

2023

Revenue$5,149,809
Expenses$5,329,631
Net Income-$179,822
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 4, 2024
Return Version
2023v5.0
Gross Receipts
$5,359,972
Mission and Program Overview

Mission

To actively grow, diversify, and enrich the love of classical music in our community by providing a voice for classical music and the arts.

Classical 98.1 will actively grow, diversify, and enrich the love of classical music in our community by providing a voice for classical music and the arts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$4,214,036$3,291,113▼ $922,923
Savings and Temporary Cash Investments$2,004,381$2,870,433▲ $866,052
Land, Buildings, and Equipment, Net$1,694,007$1,407,161▼ $286,846
Intangible Assets-$595,507-
Accounts Receivable$294,196$267,691▼ $26,505
Prepaid Expenses and Deferred Charges$105,175$93,563▼ $11,612
Pledges and Grants Receivable$122,000$86,500▼ $35,500
Total Assets$10,577,171$10,611,950▲ $34,779
Other Assets Total$2,143,376$1,999,982▼ $143,394
Liabilities
Other Liabilities$2,337,613$2,169,291▼ $168,322
Accounts Payable and Accrued Expenses$17,934$77,186▲ $59,252
Total Liabilities$2,355,547$2,246,477▼ $109,070
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,218,380$7,463,371▲ $244,991
Net Assets With Donor Restrictions$1,003,244$902,102▼ $101,142
Total Net Assets Fund Balance$8,221,624$8,365,473▲ $143,849
Total Liabilities and Net Assets / Fund Balance$10,577,171$10,611,950▲ $34,779

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$28,090$99,360-
Equipment$176,223$818,602-
Leasehold Improvements$1,202,848$407,809-
Other Assets Org$1,999,982--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brenda BarnesCEOFT$196,966$62,604$229,718
Barbara DolbyChief Dev ofFT$131,218$33,658$164,876
Barbara DolbyChief Dev Officer-$131,218$27,016$164,876
Rina RomeroCOOFT$149,005$17,836$161,823
Dave C BeckAnnouncerFT$112,205$7,738$119,943

Board Members and Trustees

NameTitle
Jim DuncanPresident
Christopher T BayleyPresident Em
Brian GrantDirector
Charles DickeyDirector
Diana CareyDirector
Diana GaoDirector
Douglas JacksonDirector
Moya VasquezDirector
Naomi MinegishiDirector
Neil JordanDirector
Steven CliffordDirector
Susan CoughlinDirector
Jon RosenSecretary
Kevin FoxTreasurer
Susan HarmonVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$4,653,600
Program Service Revenue
$314,437
Investment Income
$181,772
Other Revenue
$0
All Other Contributions
$220,903
Change in Net Assets
$-179,822

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Cars and Other Vehicles112$174,010Selling Price
Securities Publicly Traded1$36,153-
Total Noncash Contributions113$210,163-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,729,648
Other Expenses$2,474,108
Total Fundraising Expense$1,598,777
Professional Fundraising Fees$125,875
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,367,753$150,617$555,629$2,073,999
Office Expenses$284,974$95,260$103,849$484,083
Depreciation Depletion$272,503$14,342-$286,845
Fees for Services Other$181,773$71,646-$253,419
Other Employee Benefits$129,531$28,566$71,992$230,089
Current Officers, Directors, Trustees, and Key Employees$146,382$16,119$59,465$221,966
Payroll Taxes$119,798$22,423$61,373$203,594
Fees for Services Professional Fundraising--$125,875$125,875
All Other Expenses$57,144$14,156$30,977$102,277
Other Expenses$76,832$20,775$57,784$57,784
Insurance$38,874$11,577$592$51,043
Advertising$40,750--$40,750
Travel$12,572$3,513$13,564$29,649
Conferences and Meetings$823$1,626$3,180$5,629
Total Functional Expenses$3,260,341$470,513$1,598,777$5,329,631
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$125,875
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
Classic RadioEntity OverlapCash PaidNo$530,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$2,116,845
Other Liabilities$52,446
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
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

Form 990 is circulated to the president, treasurer, ceo, finance committee and chief operating officer for preview before the form is filed with the irs.

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

Upon appointment, each director and principal officer of the organization signs a statement which affirms he/she has received a copy of the conflicts of interest policy, has read and understands the policy and agrees to comply with the policy. A copy of the conflicts of interest policy is also distributed annually to the directors and officers. In addition, periodic reviews are performed to determine that all transactions conform to the organization's written policies.

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

In 2021, a compensation study was performed to determine market equity increase including review with board of directors to determine compensation for the ceo. The information from this study was considered to be applicable to 2022 as well.

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

In 2021, a compensation study was performed to determine market equity increase including review with board of directors to determine compensation for the ceo. The information from this study was considered to be applicable to 2022 as well.

Form 990, Page 6, Part VI, Line 19

The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon written request.

Filing and Contact Details

Filer

Filer Name
Classical 981
EIN
27-3067797
Phone
2066912981
Address
363 MERCER ST SUITE 200, SEATTLE, WA 98109

Signing Officer

Name
Brenda Barnes
Title
CEO
Phone
2066912981
Signed
2024-10-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brenda Barnes
Formed
2010
Voting Board Members
15
Independent Board Members
15
Employees
27

Preparer

Firm
Francis & Company Pllc
Address
200 W MERCER ST STE 208, SEATTLE, WA 98119-3994
Preparer
Horace C Francis CPA
Phone
2062823720
Supplemental Narrative

Additional Explanations

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

Classical king 98.1 was founded in 1948 and became a public radio station in 2011. King fm reaches more than 220,000 listeners each week, offering commercial-free classical music 24 hours a day over the air throughout the puget sound region and globally via online streams. King fm offers local classical concert broadcasts annually, engages more than 15,000 donors, and moved into a new state-of-the-art facility in 2020. King fm also offers video music content featuring local performers. King fm is also committed to growing the next generation of classical music listeners, offering several music education initiatives on-air, online and in the community. Our board adopted a new strategic framework in 2020 that calls us for us to make significant steps in diversifying our programming, our staff, and our board within the next five years. We are in the process of updating that plan.

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

Classical 98.1 uses a wide spectrum of technologies to deliver the highest quality experience on air and online. In addition to a full-powered analog fm broadcast signal, king fm transmits additional channels of classical music using a state-of-the-art hd digital signal that allows over-the-air cd-quality reception of the main king fm channel and the calm by king channel. In support of our mission, king fm reaches out to a world-wide audience via online audio streams and our smartphone apps allowing audiences far beyond the range of our fm signal to appreciate and enjoy the northwest's great classical music performances. King fm's live broadcast capabilities bring the music of northwest artists from performance venues into the homes of listeners. Classical 98.1 carries concert pre-recorded broadcasts featuring seattle opera, seattle symphony, the seattle chamber music society, and the compline service at st. Mark's cathedral among others.

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IRS990/Desc0CLASSICAL KING 98.1 WAS FOUNDED IN 1948 AND BECAME A PUBLIC RADIO STATION IN 2011. KING FM REACHES MORE THAN 220,000 LISTENERS EACH WEEK, OFFERING COMMERCIAL-FREE CLASSICAL MUSIC 24 HOURS A DAY OVER THE AIR THROUGHOUT THE PUGET SOUND REGION AND GLOBALLY VIA ONLINE STREAMS. KING FM OFFERS LOCAL CLASSICAL CONCERT BROADCASTS ANNUALLY, ENGAGES MORE THAN 15,000 DONORS, AND MOVED INTO A NEW STATE-OF-THE-ART FACILITY IN 2020. KING FM ALSO OFFERS VIDEO MUSIC CONTENT FEATURING LOCAL PERFORMERS. KING FM IS ALSO COMMITTED TO GROWING THE NEXT GENERATION OF CLASSICAL MUSIC LISTENERS, OFFERING SEVERAL MUSIC EDUCATION INITIATIVES ON-AIR, ONLINE AND IN THE COMMUNITY. OUR BOARD ADOPTED A NEW STRATEGIC FRAMEWORK IN 2020 THAT CALLS US FOR US TO MAKE SIGNIFICANT STEPS IN DIVERSIFYING OUR PROGRAMMING, OUR STAFF, AND OUR BOARD WITHIN THE NEXT FIVE YEARS. WE ARE IN THE PROCESS OF UPDATING THAT PLAN.
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IRS990/Form990PartVIISectionAGrp/TitleTxt13VICE PRESIDE
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IRS990/MissionDesc0TO ACTIVELY GROW, DIVERSIFY, AND ENRICH THE LOVE OF CLASSICAL MUSIC IN OUR COMMUNITY BY PROVIDING A VOICE FOR CLASSICAL MUSIC AND THE ARTS.
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IRS990/ProgSrvcAccomActy2Grp/Desc0CLASSICAL 98.1 USES A WIDE SPECTRUM OF TECHNOLOGIES TO DELIVER THE HIGHEST QUALITY EXPERIENCE ON AIR AND ONLINE. IN ADDITION TO A FULL-POWERED ANALOG FM BROADCAST SIGNAL, KING FM TRANSMITS ADDITIONAL CHANNELS OF CLASSICAL MUSIC USING A STATE-OF-THE-ART HD DIGITAL SIGNAL THAT ALLOWS OVER-THE-AIR CD-QUALITY RECEPTION OF THE MAIN KING FM CHANNEL AND THE CALM BY KING CHANNEL. IN SUPPORT OF OUR MISSION, KING FM REACHES OUT TO A WORLD-WIDE AUDIENCE VIA ONLINE AUDIO STREAMS AND OUR SMARTPHONE APPS ALLOWING AUDIENCES FAR BEYOND THE RANGE OF OUR FM SIGNAL TO APPRECIATE AND ENJOY THE NORTHWEST'S GREAT CLASSICAL MUSIC PERFORMANCES. KING FM'S LIVE BROADCAST CAPABILITIES BRING THE MUSIC OF NORTHWEST ARTISTS FROM PERFORMANCE VENUES INTO THE HOMES OF LISTENERS. CLASSICAL 98.1 CARRIES CONCERT PRE-RECORDED BROADCASTS FEATURING SEATTLE OPERA, SEATTLE SYMPHONY, THE SEATTLE CHAMBER MUSIC SOCIETY, AND THE COMPLINE SERVICE AT ST. MARK'S CATHEDRAL AMONG OTHERS.
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IRS990/ProgSrvcAccomActy3Grp/Desc0CLASSICAL 98.1 IS COMMITTED TO SUPPORTING THE ARTS COMMUNITY AND TO MAKING CLASSICAL MUSIC ACCESSIBLE TO ALL THROUGH NEW PARTNERSHIPS. LOCAL CLASSICAL MUSIC PERFORMING ORGANIZATIONS ARE STILL STRUGGLING IN BRINGING AUDIENCES BACK AFTER THE PANDEMIC. THIS IS IMPACTING THEIR FINANCIAL WELL-BEING AS WELL. CLASSICAL KING CONTINUES TO PROVIDE FREE AND LOW COST ANNOUNCEMENTS TO THESE ORGANIZATIONS TO HELP THEM ATTRACT AUDIENCES TO CONCERTS, EVENTS, AND EXHIBITIONS.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0CLASSICAL CD COMMISSION REVENUE 1,367 MUSIC TRAVEL CLUB 195,000 CLASSICAL MUSIC CABLE ROYALTY INCOME 0 SEATTLE ART COLLABORATION PROJECT 1,200 SHAKESPEARE SEATTLE COLLABORATION PR 2,500 TAX REFUND 7,977 SEATTLE CTR FOUNDATION PPE COVID 1,044 SEATTLE CHILDREN'S THEATRE COLLAB PR 2,000 TALLEY REFUND 1,254
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1SCHEDULE A, PART II, LINE 10: OTHER INCOME DETAIL BY YEAR: CLASSICAL CD COMMISSION REVENUE 2018 457 2019 494 2020 707 2021 166 CLASSICAL MUSIC TRAVEL CLUB 2018 110,000 2019 135,000 2022 60,000 CLASSICAL MUSIC CABLE ROYALTY INCOME 2018 8,399 SEATTLE ART COLLABORATION PROJECT 2020 1,200 SHAKESPEARE SEATTLE COLLABORATION PROJECT 2020 2,500 TAX REFUND 2020 3,899 2021 4,078 SEATTLE CENTER FOUNDATION - PPE FOR COVID SUPPLIES 2021 1,044 SEATTLE CHILDREN'S THEATRE COLLABORATION PROJECT FEE 2021 2,000 TALLEY REFUND 2021 1,254
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1SUPPLEMENTAL INFORMATION
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