Civic Intelligence

The Solti Foundation Us Co Fiona Queen Music Institute of Chgo

990 • Fiscal year 2017 • EIN 30-0004328

Jan 01, 2017 to Dec 31, 2017 • Filed on Jul 18, 2018

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

40th percentile

0.01x

Higher debt load relative to assets than 40% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Liabilities / Revenue

54th percentile

0.05x

Higher debt load relative to revenue than 54% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Net Margin

82nd percentile

27%

Higher net margin than 82% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

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.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Asset Growth

62nd percentile

8.4%

Faster asset growth than 62% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Revenue Growth

78th percentile

31%

Faster revenue growth than 78% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Assets

Up

$897,420

Up $69,721 (+8.4%) from 2016

Net Assets

Up

$886,888

Up $59,189 (+7.2%) from 2016

Liabilities

Up

$10,532

Up $10,532 from 2016

Revenue

Up

$222,787

Up $52,211 (+31%) from 2016

Expenses

Up

$163,598

Up $19,482 (+14%) from 2016

Net Income

Up

$59,189

Up $32,729 (+124%) from 2016

Historical Trend

Balance Sheet Trend

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

2017

Assets$897,420
Liabilities$10,532
Net Assets$886,888

Operations Trend

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

2017

Revenue$222,787
Expenses$163,598
Net Income$59,189
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Jul 18, 2018
Return Version
2017v2.2
Gross Receipts
$388,517
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
Investments in Publicly Traded Securities$814,254$888,725▲ $74,471
Rtn Earn Endowment Incm Other Fnds$827,699$886,888▲ $59,189
Pledges and Grants Receivable$13,200$8,500▼ $4,700
Cash and Non-Interest-Bearing Accounts$244$195▼ $49
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$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-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$827,699$897,420▲ $69,721
Other Assets Total$1$0▼ $1
Liabilities
Other Liabilities-$10,532-
Total Liabilities$0$10,532▲ $10,532
Net Assets / Fund Balance
Total Net Assets Fund Balance$827,699$886,888▲ $59,189
Total Liabilities and Net Assets / Fund Balance$827,699$897,420▲ $69,721
Compensation and Service Providers

Board Members and Trustees

NameTitle
See attached listDirectors
See attached listOfficers
Revenue and Support

Revenue Composition

Contributions and Grants
$120,664
Program Service Revenue
$0
Investment Income
$30,797
Other Revenue
$71,326
Change in Net Assets
$59,189
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$106,000
Other Expenses$38,221
Salaries, Compensation, and Employee Benefits$19,377
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$106,000--$106,000
Other Salaries and Wages-$18,000-$18,000
Advertising-$9,255-$9,255
Travel-$6,661-$6,661
Fees for Services Accounting-$4,910-$4,910
Fees for Service Investment Mgmnt Fees-$3,615-$3,615
Fees for Services Other-$2,200-$2,200
Payroll Taxes-$1,377-$1,377
Information Technology-$1,275-$1,275
All Other Expenses-$696-$696
Other Expenses$6,784$663-$663
Total Functional Expenses$112,784$50,814$0$163,598
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$38,159
Fundraising Gross Income$38,159
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Solti Night 2017$158,823$38,159$38,159$0
Total Events$158,823$38,159$38,159-
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
accrued Expenses$10,532
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
2018-07-18
Discuss with paid preparer
Yes

Organization Details

Formed
2000
Legal Domicile
Il
Voting Board Members
24
Independent Board Members
24
Employees
1
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 Solti 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. For 2017, Penny Van Horn, Board Chair of The Solti Foundation U.S. and Elizabeth Buccheri, Artistic and Awards Committee Chair, announced the Foundation's eighth grant, The Sir Georg Solti Conducting Award, to Christopher Allen, Resident Conductor for Cincinnati Opera. Also announced was an increase of five thousand dollars to $30,000 in what is the largest grant awarded to young American conductors in the United States."In reviewing the needs of young conductors today, the Board elected to increase themonetary value of The Sir Georg Solti Conducting Award from $25,000 to $30,000 tohelp ensure that our young conductors have the opportunity to demonstrate theirmusicianship, leadership and full potential to the broadest possible audience."About The Solti Foundation U.S.Now in its thirteenth year of assisting outstanding young U.S. conductors to furtherdevelop their talent and careers, The Solti Foundation U.S. is the foremost organization in the United States dedicated exclusively to helping young conductors.Established in 2000 to honor the memory of Sir Georg Solti by lending significantsupport to career-ready young American musicians, in 2004, the Foundationconcentrated the focus of its award program to exclusively assist talented youngAmerican conductors early in their professional careers (its original mission was of a more general arts nature). Since then, it has awarded over $412,500 in grants toAmerican conductors.In the words of Lady Valerie Solti, "We are committed to realizing Solti's passion for excellence in music by extending assistance to further the early careers of those with exceptional talent."The Foundation endeavors to seek out those musicians who have chosen to follow apath similar to that followed by Sir Georg himself. In keeping with the spirit of Sir Georg's active approach to his career, young conductors must apply to be considered for the awards.While dedicated to identifying and assisting young conductors early on, the Foundation is also concerned with the long-term development of its award recipients, continuing to offer support and maintaining a constant interest in their growth and achievements.The Foundation currently awards the following grants annually:The Sir Georg Solti Conducting Award. The largest grant currently given to Americanconductors in the formative years of their careers, the prestigious $30,000 grant is given annually to a single promising American conductor 38 years of age or younger. The Award, also known as The Solti Fellow, includes door-opening introductions, ongoing professional mentoring, and introductions to two of Chicago's most prestigious performing organizations: Lyric Opera of Chicago and Chicago Symphony Orchestra. Past recipients include Karina Canellakis, Vladimir Kulenovic, Cristian Macelaru, James Feddeck, Case Scaglione, Eric Nielsen, and Anthony Barrese.The Solti Foundation U.S. Career Assistance Award. The amount of the Career Assistance Awards varies.Opera Residency Program. Introduced in the 2014-15 season, the program places formeraward recipients with a distinguished opera house for one-on-one mentoring andcoaching of an opera during the company's professional season. Conductors cannotapply, but are instead selected by the Artistic and Awards Committee.The Foundation is currently the only American Foundation to grant these kinds ofawards 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 demo
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt096614
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt049660
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt07250
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt030349
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt012467
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0201849
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0158823
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0109836
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0131811
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0124355
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0137000
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0661825
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt049660
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt07250
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt030349
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt012467
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0201849
IRS990ScheduleA/InvestmentIncomeCYPct00.20990
IRS990ScheduleA/InvestmentIncomePYPct00.12000
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt0860
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt0600
IRS990ScheduleA/OtherIncome509Grp/TotalAmt01460
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
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IRS990ScheduleA/PublicSupportCY509Pct00.78860
IRS990ScheduleA/PublicSupportPY509Pct00.87840
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IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0157438
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0184250
IRS990ScheduleA/Total509Grp/TotalAmt0758439
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0260947
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0170576
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0145121
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0188387
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0196717
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0961748
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IRS990ScheduleG/EmailSolicitationsInd0X
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IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt0120664
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt038159
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0Solti Night 2017
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt0158823
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0158823
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt038159
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt038159
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt038159
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt038159
IRS990ScheduleG/InPersonSolicitationsInd0X
IRS990ScheduleG/MailSolicitationsInd0X
IRS990ScheduleG/PhoneSolicitationsInd0X
IRS990ScheduleG/SpecialFundraisingEventsInd0X
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0106000
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Educational
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/NonCashAssistanceDesc0None
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt015
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/TaxablePartyNotificationInd0false
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IRS990/TotalAssetsGrp/EOYAmt0897420
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IRS990/TotalEmployeeCnt01
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt050814
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0112784
IRS990/TotalFunctionalExpensesGrp/TotalAmt0163598
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt010532
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt010532
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0827699
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0886888
IRS990/TotalProgramServiceExpensesAmt0112784
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0102123
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0222787
IRS990/TotalVolunteersCnt030
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0827699
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0897420
IRS990/TravelGrp/ManagementAndGeneralAmt06661
IRS990/TravelGrp/TotalAmt06661
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt024
IRS990/VotingMembersIndependentCnt024
IRS990/WebsiteAddressTxt0http://www.soltifoundation.us/
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0GRETCHEN ZOOK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER/Dir
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-07-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE SOLTI FOUNDATION US
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CO Fiona Queen Music Institute of Chgo
ReturnHeader/Filer/BusinessNameControlTxt0SOLT
ReturnHeader/Filer/EIN0300004328
ReturnHeader/Filer/PhoneNum08474488329
ReturnHeader/Filer/USAddress/AddressLine1Txt01555 Sherman Avenue
ReturnHeader/Filer/USAddress/CityNm0Evanston
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060201
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0454370453
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Van Acker & Associates Ltd
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt06S251 New Castle Road
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Naperville

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