Civic Intelligence

The Solti Foundation Us Co Fiona Queen Music Institute of Chgo

990 • Fiscal year 2015 • EIN 30-0004328

Jan 01, 2015 to Dec 31, 2015 • Filed on May 24, 2016

Organization Profilewww.soltifoundation.us
1555 Sherman AvenueEvanston, IL 60201

(847) 448-8329

Siviq Scores

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

Liabilities / Assets

25th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Liabilities / Revenue

25th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Net Margin

59th percentile

6.4%

Higher net margin than 59% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Top Officer Pay

49th percentile

$0

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Asset Growth

51st percentile

1.5%

Faster asset growth than 51% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2014 to 2015

Revenue Growth

18th percentile

-18%

Faster revenue growth than 18% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets25th percentile

Assets

Up

$801,239

Up $11,572 (+1.5%) from 2014

Net Assets

Up

$801,239

Up $11,572 (+1.5%) from 2014

Liabilities

Flat

$0

Flat from 2014

Revenue And Expenses
Liabilities / Revenue25th percentileNet Margin59th percentile

Revenue

Down

$181,385

Down $39,647 (-18%) from 2014

Expenses

Up

$169,813

Up $33,500 (+25%) from 2014

Net Income

Down

$11,572

Down $73,147 (-86%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth51st percentile

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

$1.5M$1.0M$500K$0Assets 2014: $789,667Liabilities 2014: $0Net Assets 2014: $789,6672014Assets 2015: $801,239Liabilities 2015: $0Net Assets 2015: $801,2392015Assets 2016: $827,699Liabilities 2016: $0Net Assets 2016: $827,6992016Assets 2017: $897,420Liabilities 2017: $10,532Net Assets 2017: $886,8882017Assets 2018: $814,005Liabilities 2018: $0Net Assets 2018: $814,0052018Assets 2019: $922,138Liabilities 2019: $9,000Net Assets 2019: $913,1382019Assets 2020: $920,155Liabilities 2020: $0Net Assets 2020: $920,1552020Assets 2021: $1,039,096Liabilities 2021: $1,233Net Assets 2021: $1,037,8632021Assets 2022: $834,814Liabilities 2022: $6,302Net Assets 2022: $828,5122022Assets 2023: $817,475Liabilities 2023: $12,637Net Assets 2023: $804,8382023Assets 2024: $794,477Liabilities 2024: $4,611Net Assets 2024: $789,8662024

Highlighted filing

2015

Assets$801,239
Liabilities$0
Net Assets$801,239
Open 2015 Filing

Operations Trend

Revenue Growth18th percentile

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

$400K$200K$0-$200K-$400KRevenue 2014: $221,032Expenses 2014: $136,313Net Income 2014: $84,7192014Revenue 2015: $181,385Expenses 2015: $169,813Net Income 2015: $11,5722015Revenue 2016: $170,576Expenses 2016: $144,116Net Income 2016: $26,4602016Revenue 2017: $222,787Expenses 2017: $163,598Net Income 2017: $59,1892017Revenue 2018: $99,308Expenses 2018: $172,191Net Income 2018: -$72,8832018Revenue 2019: $273,034Expenses 2019: $173,901Net Income 2019: $99,1332019Revenue 2020: $220,260Expenses 2020: $213,243Net Income 2020: $7,0172020Revenue 2021: $322,849Expenses 2021: $205,141Net Income 2021: $117,7082021Revenue 2022: $31,915Expenses 2022: $241,266Net Income 2022: -$209,3512022Revenue 2023: $288,305Expenses 2023: $261,633Net Income 2023: $26,6722023Revenue 2024: $268,811Expenses 2024: $257,687Net Income 2024: $11,1242024

Highlighted filing

2015

Revenue$181,385
Expenses$169,813
Net Income$11,572
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 24, 2016
Return Version
2015v2.0
Gross Receipts
$260,084
Mission and Program Overview

Mission

The Solti Foundation U.S. was established after the 1997 death of Sir Georg Solti. Its mission is to assist talented young American musicians at the start of their professional careers. It has made annual grants to awardees since 2003.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$789,667$801,239▲ $11,572
Investments in Publicly Traded Securities$789,667$801,160▲ $11,493
Prepaid Expenses and Deferred Charges-$79-
Cash and Non-Interest-Bearing Accounts-$0-
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$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-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$789,667$801,239▲ $11,572
Other Assets Total-$0-
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$789,667$801,239▲ $11,572
Total Liabilities and Net Assets / Fund Balance$789,667$801,239▲ $11,572
Compensation and Service Providers
Top Officer Pay49th percentile

Board Members and Trustees

NameTitle
See attached listDirectors
See attached listOfficers
Revenue and Support

Revenue Composition

Contributions and Grants
$173,275
Program Service Revenue
$860
Investment Income
$38,792
Other Revenue
$-31,542
All Other Contributions
$41,464
Change in Net Assets
$11,572
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$76,153
Grants and Similar Amounts Paid$73,500
Total Fundraising Expense$45,378
Salaries, Compensation, and Employee Benefits$20,160
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$73,500--$73,500
Other Salaries and Wages-$18,727-$18,727
Advertising--$7,557$7,557
All Other Expenses-$5,217-$5,217
Travel--$3,218$3,218
Fees for Services Accounting-$2,996-$2,996
Fees for Service Investment Mgmnt Fees-$2,944-$2,944
Other Expenses$6,196$2,257$33,929$2,257
Office Expenses-$2,135-$2,135
Payroll Taxes-$1,433-$1,433
Fees for Services Other-$30$674$704
Total Functional Expenses$88,696$35,739$45,378$169,813
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$36,264
Fundraising Gross Income$36,264
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
10/14/2015$168,075$36,264-$36,264
Total Events$168,075$36,264$36,264-
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
No
Annual disclosure for covered persons
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

“Valerie solti & gabrielle solti are directors”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Form 990 is reviewed by the Treasurer of the organization.”

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

“Disclosure is made via filings with IRS and Illinois Attorney General”

Filing and Contact Details

Filer

Filer Name
The Solti Foundation US
EIN
30-0004328
Phone
8474488329
Address
1555 Sherman Avenue, Evanston, IL 60201

Signing Officer

Name
Gretchen Zook
Title
TREASURER/Director
Signed
2016-05-24
Discuss with paid preparer
Yes

Organization Details

Formed
2000
Legal Domicile
Il
Voting Board Members
27
Independent Board Members
27
Employees
2
Volunteers
30

Preparer

Firm
Van Acker & Associates Ltd
Address
6S251 New Castle Road, Naperville, IL 60540
Preparer
Martin Van Acker
Phone
6308544535
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IRS990/Desc0Sir Georg was conductor of the Chicago Symphony Orchestra from 1969-1991 and laureate conductor until 1997. The much loved and revered Solti is remembered by his many friends and associates not only in Chicago, but throughout the world. The Solti Foundation U.S. was established to honor the memory of the legendary conductor Sir Georg Solti and his dedication to helping young artists. The Foundation has awarded over $357,500 in grants to American conductors. The Foundation endeavors to seek out those musicians who have chosen to follow a path similar to that followed by Sir Georg himself. In keeping with the spirit of Sir Georgs active approach to his career, young conductors must apply to be considered for the awards.The Foundation currently awards the following grants annually.The Solti Conducting Fellow (formerly known as the Sir Georg Solti Conducting Award or The Solti Fellow). Among the largest grants currently given to American conductors in the formative years of their careers, the prestigious $25,000 Solti Conducting Fellow is given each year to a single promising American conductor 38 years of age or younger, and includes door-opening introductions, ongoing professional mentoring, and introductions to two of Chicagos most prestigious performing organizations: Lyric Opera of Chicago and Chicago Symphony Orchestra;The Solti Foundation U.S. Career Assistance Award. The amount of the Career Assistance Awards varies. The Foundation is currently the only American Foundation to grant these kinds of awards each year to young American conductors. Citizens or permanent residents of the United States who are career-ready artists in the field of conducting are eligible to apply. Applicants for all Solti Foundation U.S. awards must be able to demonstrate that he/she is developing a career as a symphonic/operatic conductor. All applications from The Solti Fellow are considered for a Solti U.S. Career Assistance Award. Applications are reviewed by an awards committee comprised of a panel of professionals with broad musical and conducting experience. The Foundation reserves the right to withhold a grant in any given year if the Awards Committee does not find suitable applicants in one or more of the various award categories.Penny Van Horn, Chair of The Solti Foundation U.S. Board of Directors, stated, The Solti Foundation U.S. is proud to announce this new collaboration, which provides another important opportunity for emerging young conductors. We are honored to enter into this partnership with the Florentine Opera Company, a stellar organization renowned for its artistic excellence. The experience these young conductors will gain from working with such a distinguished opera company and renowned conductor is truly invaluable at this stage of their careers. We are pleased to offer this opportunity to Vladimir Kulenovic and Sean Newhouse, two talented musicians whose potential the Foundation has identified and endeavored to assist with previous awards.Florentine Opera General Director William Florescu said, We are very fortunate and thrilled to have Vladimir Kulenovic in residence for our new production of Wagners The Flying Dutchman in October 2014, and Sean Newhouse in residence for the companys new production of Donizettis Elisir damore, in May 2015 working closely Maestro Rescigno, our Principal Conductor and Maestro Stewart, our Chorus Master.We are thankful for the dedication and investment The Solti Foundation continues to provide for the professional development of young American conductors. We look forward to working with Mr. Kulenovic and Mr. Newhouse on the Florentine Operas productions, as they continue to build their conducting careers.Vladimir Kulenovic, a three-time Solti Foundation U.S. Career Assistance Award recipient, is the Associate Conductor of the Utah Symphony and Resident Conductor of the Belgrade Philharmonic, and the newly appointed music director of the Lake Forest Symphony in Illinois. He has served as pri
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IRS990ScheduleG/MailSolicitationsInd0X
IRS990ScheduleG/PhoneSolicitationsInd0X
IRS990ScheduleG/SpecialFundraisingEventsInd0X
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt073500
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Educational
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/NonCashAssistanceDesc0None
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt011
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0N/A
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0ALL AWARDEES ARE REQUIRED TO FURNISH THE FOUNDATION WITH A BRIEF REPORT CONCERNING USE OF GRANT FUNDS
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Grantmaker's Description of How Grants are Used
IRS990ScheduleI/Total501c3OrgCnt00
IRS990ScheduleI/TotalOtherOrgCnt00
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0VALERIE SOLTI & GABRIELLE SOLTI ARE DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Form 990 is reviewed by the Treasurer of the organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Disclosure is made via filings with IRS and Illinois Attorney General
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0801239
IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/FundraisingAmt03218
IRS990/TravelGrp/TotalAmt03218
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt027
IRS990/VotingMembersIndependentCnt027
IRS990/WebsiteAddressTxt0http://www.soltifoundation.us/
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0GRETCHEN ZOOK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER/Dir
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-05-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE SOLTI FOUNDATION US
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CO Fiona Queen Music Institute of Chgo
ReturnHeader/Filer/BusinessNameControlTxt0SOLT

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$801,239
Liabilities
$0
Net assets
$801,239
Revenue
$181,385
Expenses
$169,813
Net income
$11,572
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.79$0.00$0.79$0.27$0.26$0.01
2023Detailed filing. Detailed filing data is available for this year.$0.82$0.01$0.80$0.29$0.26$0.03
2022Detailed filing. Detailed filing data is available for this year.$0.83$0.01$0.83$0.03$0.24$0.21
2021Detailed filing. Detailed filing data is available for this year.$1.04$0.00$1.04$0.32$0.21$0.12
2020Detailed filing. Detailed filing data is available for this year.$0.92$0.00$0.92$0.22$0.21$0.01
2019Detailed filing. Detailed filing data is available for this year.$0.92$0.01$0.91$0.27$0.17$0.10
2018Detailed filing. Detailed filing data is available for this year.$0.81$0.00$0.81$0.10$0.17$0.07
2017Detailed filing. Detailed filing data is available for this year.$0.90$0.01$0.89$0.22$0.16$0.06
2016Detailed filing. Detailed filing data is available for this year.$0.83$0.00$0.83$0.17$0.14$0.03
2015Detailed filing. Detailed filing data is available for this year.$0.80$0.00$0.80$0.18$0.17$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.79$0.00$0.79$0.22$0.14$0.08