Civic Intelligence

The Solti Foundation Us Co Fiona Queen Music Institute of Chgo

990 • Fiscal year 2022 • EIN 30-0004328

Jan 01, 2022 to Dec 31, 2022 • Filed on Jul 28, 2023

Organization Profilewww.soltifoundation.us
1555 Sherman Avenue 310Evanston, IL 60201

(847) 448-8329

Siviq Scores

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

Liabilities / Assets

43rd percentile

0.01x

Higher debt load relative to assets than 43% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

76th percentile

0.20x

Higher debt load relative to revenue than 76% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

1st percentile

-656%

Higher net margin than 1% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

11th percentile

-20%

Faster asset growth than 11% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

1st percentile

-90%

Faster revenue growth than 1% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets43rd percentile

Assets

Down

$834,814

Down $204,282 (-20%) from 2021

Net Assets

Down

$828,512

Down $209,351 (-20%) from 2021

Liabilities

Up

$6,302

Up $5,069 (+411%) from 2021

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin1st percentile

Revenue

Down

$31,915

Down $290,934 (-90%) from 2021

Expenses

Up

$241,266

Up $36,125 (+18%) from 2021

Net Income

Down

-$209,351

Down $327,059 (-278%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth11th 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

2022

Assets$834,814
Liabilities$6,302
Net Assets$828,512
Open 2022 Filing

Operations Trend

Revenue Growth1st 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

2022

Revenue$31,915
Expenses$241,266
Net Income-$209,351
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jul 28, 2023
Return Version
2022v5.0
Gross Receipts
$58,763
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$1,037,863$828,512▼ $209,351
Investments in Publicly Traded Securities$978,456$808,274▼ $170,182
Pledges and Grants Receivable$60,150$26,050▼ $34,100
Cash and Non-Interest-Bearing Accounts$490$490→ $0
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$1,039,096$834,814▼ $204,282
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$1,233$6,302▲ $5,069
Total Liabilities$1,233$6,302▲ $5,069
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,037,863$828,512▼ $209,351
Total Liabilities and Net Assets / Fund Balance$1,039,096$834,814▼ $204,282
Compensation and Service Providers
Top Officer Pay53rd percentile

Board Members and Trustees

NameTitle
See attached listDirectors
See attached listOfficers
Revenue and Support

Revenue Composition

Contributions and Grants
$164,884
Program Service Revenue
$0
Investment Income
$28,568
Other Revenue
$-161,537
All Other Contributions
$13,377
Change in Net Assets
$-209,351
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$148,000
Other Expenses$63,770
Salaries, Compensation, and Employee Benefits$29,496
Total Fundraising Expense$26,848
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$148,000--$148,000
Other Salaries and Wages-$27,400-$27,400
Travel-$8,979-$8,979
Advertising-$8,765-$8,765
Fees for Services Accounting-$4,885-$4,885
Fees for Service Investment Mgmnt Fees-$4,676-$4,676
All Other Expenses-$2,191-$2,191
Office Expenses-$2,162-$2,162
Payroll Taxes-$2,096-$2,096
Other Expenses-$1,200$26,848$1,200
Fees for Services Other-$176-$176
Total Functional Expenses$148,000$66,418$26,848$241,266
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$26,848
Fundraising Gross Income$26,848
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
2022$151,507$26,848$26,848$0
Total Events$151,507$26,848$26,848-
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
Backup withholding compliance
Yes
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
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, Section B, Line 11B

“The books of the organization are complied by Thulin & Associates, Inc. Form 990 is reviewed by the officers of the organization.”

Form 990, Part VI, Section C, Line 19

“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 310, Evanston, IL 60201

Signing Officer

Name
Gretchen Zook
Title
TREASURER/Director
Signed
2023-07-28
Discuss with paid preparer
Yes

Organization Details

Formed
2000
Legal Domicile
Il
Voting Board Members
21
Independent Board Members
21
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/Desc0The Solti Foundation U.S. is the foremost organization in the United States dedicated exclusively to helping young American conductors. Established in 2000 to honor the memory of Sir Georg Solti by lending significant support to career-ready young American musicians, in 2004, the Foundation concentrated the focus of its award program to exclusively assist talented young American conductors early in their professional careers. Since then, it has awarded over $1,000,000 in grants to young American conductors.Board Chair Penny Van Horn and Elizabeth Buccheri announced that the Solti Foundation U.S. selected 18 young conductors to be recipients of 2022 Career Assistance Awards: Tiffany Chang, Maurice Cohn, Nathaniel Efthimiou, Kevin Fitzgerald, Taichi Fukumara, Chelsea Gallo, Keitaro Harada, Robert Kahn, Farkhad Khudyev, Louis Lohraseb, Francois Lopez-Ferrer, Benjamin Manis, Stephen Mulligan, Tristan Rais-Sherman, Michael Repper, Matthew Straw, William Walker, and Dean Whiteside.The 2022 recipients of The Sir Georg Solti Career Assistance Award have experience on both the concert and operatic stages, many both nationally and abroad, and have all demonstrated a community-oriented outlook in their work, whether it be through the education, repertoire, or industry-supportive fronts. Ms. Van Horn stated, It is our pleasure to announce the 2022 Career Assistance Award recipients. This season, selecting recipients was a thrilling challenge. All the applicants showed dedication and passion for their craft and an intention to forge a career along the lines of the late Sir Georg Solti. But, equally important, across the board demonstrated an intent towards positive change for the continued growth of the classical music field, whether through creative and diverse programming, innovative projects, or bringing attention to the field through blogs, lectures and other projects.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. 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 American conductors 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 Chicagos most prestigious performing organizations: Lyric Opera of Chicago and Chicago Symphony Orchestra. Recipients include Gemma New, Aram Demirjian, Yaniv Dinur, Roderick Cox, Christopher Allen, Karina Canellakis, Vladimir Kulenovic, Cristian Macelaru, James Feddeck, Case Scaglione, Eric Nielsen, and Anthony Barrese.The Solti Foundation U.S. Career Assistance Award. The amounts given for the Solti Foundation U.S. Career Assistance Awards vary, but the intent behind them does not.The Elizabeth Buccheri Opera Residency. Introduced in the 2014-15 season, the program places former award recipients with a distinguished opera house for one-on-one mentoring and coaching of an opera during the companys professional season. Recipients have worked with numerous stellar opera companies renowned for their artistic excellence across the country, including the Lyric Opera of Chicago, Florentine Opera Company in Milwaukee, North Carolina Opera, Opera Theatre of St. Louis, Michigan Opera Theatre, and Opera Delaware.The latest distinguished opera company to come on board will be Opera Southwest in 2023. Conductors cannot app
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IRS990ScheduleA/InvestmentIncomeCYPct00.16910
IRS990ScheduleA/InvestmentIncomePYPct00.23290
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0151500
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0171300
IRS990ScheduleA/Total509Grp/TotalAmt0753772
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0140169
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0183212
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0201641
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt0907224
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IRS990ScheduleG/MailSolicitationsInd0X
IRS990ScheduleG/PhoneSolicitationsInd0X
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IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0148000
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0Educational
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/NonCashAssistanceDesc0None
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt022
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/ExplanationTxt0The books of the organization are complied by Thulin & Associates, Inc. Form 990 is reviewed by the officers of the organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Disclosure is made via filings with IRS and Illinois Attorney General
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
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IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01555 Sherman Avenue 310
IRS990/USAddress/CityNm0Evanston
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060201
IRS990/VotingMembersGoverningBodyCnt021
IRS990/VotingMembersIndependentCnt021
IRS990/WebsiteAddressTxt0http://www.soltifoundation.us/
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0GRETCHEN ZOOK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER/Dir
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-07-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE SOLTI FOUNDATION US
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CO Fiona Queen
ReturnHeader/Filer/BusinessNameControlTxt0SOLT
ReturnHeader/Filer/EIN0300004328
ReturnHeader/Filer/PhoneNum08474488329
ReturnHeader/Filer/USAddress/AddressLine1Txt01555 Sherman Avenue 310
ReturnHeader/Filer/USAddress/CityNm0Evanston
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060201
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0454370453
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Van Acker & Associates Ltd
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt06S251 New Castle Road
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Naperville
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd060540
ReturnHeader/PreparerPersonGrp/PhoneNum06308544535
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Martin Van Acker

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$834,814
Liabilities
$6,302
Net assets
$828,512
Revenue
$31,915
Expenses
$241,266
Net income
-$209,351
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
Peer Organizations

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