Liabilities / Assets
95th percentile
Higher debt load relative to assets than 95% of similar nonprofits.
Varna International Music Academy
EIN 32-0542058 • 501(c)3 • Columbia, SC
Profile
To hold an annual music academy and educational music tours focusing on teaching students advanced music concepts and allowing them to practice their skills in performance situations like operas and concertos.
Refreshing map…
Siviq Scores
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
1.25x
Liabilities / Revenue
66th percentile
Higher debt load relative to revenue than 66% of similar nonprofits.
Net Margin
62nd percentile
Higher net margin than 62% of similar nonprofits.
Top Officer Pay
40th percentile
Higher top officer pay than 40% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
98th percentile
Faster asset growth than 98% of similar nonprofits.
Revenue Growth
25th percentile
Faster revenue growth than 25% of similar nonprofits.
Balance Sheet
Assets
Down$168,083
Down $281,772 (-63%) from 2022
Liabilities
Up$210,635
Up $44,951 (+27%) from 2022
Net Assets
Down-$42,552
Down $326,723 (-115%) from 2022
Revenue
Down$1,114,027
Down $113,119 (-9.2%) from 2022
Expenses
Down$994,294
Down $229,879 (-19%) from 2022
Net Income
Up$119,733
Up $116,760 (+3927%) from 2022
Trend Graphs
Filings
Most recent year
2025 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
- Assets
- $168,083
- Liabilities
- $210,635
- Net assets
- -$42,552
- Revenue
- $1,114,027
- Expenses
- $994,294
- Net income
- $119,733
Latest Filing Detail
Jump To
Filing Snapshot
- Filing Period
- Aug 1, 2024 to Jul 31, 2025
- Signed
- Nov 19, 2025
- Return Version
- 2024v5.2
- Gross Receipts
- $1,114,027
Mission and Program Overview
Mission
To hold an annual music academy and educational music tours focusing on teaching students advanced music concepts and allowing them to practice their skills in performance situations like operas and concertos.
To hold annual music academies and educational tours focusing on teaching students advanced music concepts and allowing them to practice their skills in opera productions, musicals, and choral-orchestral performances.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Receivables From Officers Etc | - | $85,322 | - |
| Loans From Officers Directors | $112,442 | $73,253 | ▼ $39,189 |
| Cash and Non-Interest-Bearing Accounts | $33,283 | $73,242 | ▲ $39,959 |
| Land, Buildings, and Equipment, Net | $9,519 | $9,519 | → $0 |
| Rtn Earn Endowment Incm Other Fnds | $-162,285 | $-42,552 | ▲ $119,733 |
| Total Assets | $42,802 | $168,083 | ▲ $125,281 |
| Liabilities | |||
| Accounts Payable and Accrued Expenses | $92,645 | $137,382 | ▲ $44,737 |
| Total Liabilities | $205,087 | $210,635 | ▲ $5,548 |
| Net Assets / Fund Balance | |||
| Total Net Assets Fund Balance | $-162,285 | $-42,552 | ▲ $119,733 |
| Total Liabilities and Net Assets / Fund Balance | $42,802 | $168,083 | ▲ $125,281 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $9,519 | - | - |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Sharon Tchonev | Director, President |
| Shaul Paz | Director |
| Jonathan Stinson | Director, Board Sec |
| Gregory Buchalter | Director, VP |
| Kalin Tchonev | Musical Director, Treas |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $342,098
- Program Service Revenue
- $771,929
- Investment Income
- $0
- Other Revenue
- $0
- All Other Contributions
- $9,834
- Change in Net Assets
- $119,733
Noncash Contribution Practices
- Property subject to holding requirements
- No
- Reviewed unusual noncash gifts
- No
- Third parties used for noncash contributions
- No
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $994,294 |
| Total Fundraising Expense | $3,000 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| All Other Expenses | $783,471 | $11,088 | $0 | $794,559 |
| Advertising | $25,523 | $0 | $3,000 | $28,523 |
| Other Expenses | $18,748 | $1,199 | $0 | $19,947 |
| Office Expenses | $0 | $11,846 | $0 | $11,846 |
| Occupancy | $0 | $10,181 | $0 | $10,181 |
| Interest | $0 | $3,370 | $0 | $3,370 |
| Fees for Services Other | $0 | $1,546 | $0 | $1,546 |
| Travel | $0 | $399 | $0 | $399 |
| Fees for Services Legal | $0 | $333 | $0 | $333 |
| Total Functional Expenses | $938,973 | $52,321 | $3,000 | $994,294 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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 Item | Beginning | End | Change |
|---|---|---|---|
| Receivables from Officers, Directors, Trustees, and Key Employees | - | $85,322 | - |
| Loans from Officers, Directors, Trustees, and Key Employees | $112,442 | $73,253 | ▼ $39,189 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- Yes
- Audit committee
- 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
- No
- Other officer compensation reviewed
- No
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- No
- Key decisions subject to board approval
- No
- Management duties delegated
- No
Filing and Contact Details
Filer
- Filer Name
- Varna International Music Academy
- EIN
- 32-0542058
- Phone
- 8035454166
- Address
- 1225 Laurel Street, Columbia, SC 29201
Signing Officer
- Name
- Sharon Tchonev
- Title
- Vice President
- Phone
- 8035454166
- Signed
- 2025-11-19
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Sharon Tchonev
- Formed
- 2017
- Legal Domicile
- Sc
- Voting Board Members
- 5
- Independent Board Members
- 2
- Employees
- 0
- Volunteers
- 0
Preparer
- Firm
- Randall L Raber CPA PA
- Address
- 1920 Barnwell Street, Columbia, SC 29201
- Preparer
- Randall L Raber
- Phone
- 8032542509
Supplemental Narrative
Additional Explanations
Pt VI, Line 12C
“The board of directors and an officer is currently made up of the organizers of the organization, Kalin and Sharon Tchonev. As noted elsewhere, the Tchonevs also own and manage a related for profit entity that incurs many of the expenses that are Varna International Music Academy expenses, so there is an inherent conflict due to this activity.”
Pt VI, Line 15A
“Included in the overall expenses that Varna International Music Academy remits to the for profit company is an overhead charge that includes the administration and program service costs of the Academy. This is also the answer to Question 16 regarding other interactions with taxable entities.”
Pt VI, Line 19
“Information about Forms 1023 and the attached filings are available by request, and Forms 990 are available either by request or from the South Carolina Secretary of States office.”
Pt VI, Line 2
“The organizers of the organization, Kalin and Sharon Tchonev, are married to each other.”
Pt VI, Line 11B
“The directors were shown and approved the return prior to filing.”
Pt III, Line 2
“New program - VIMA will be restarting programs shut do to Covid. In 2023 VIMA will have its Academy program for instruction and performance in Bulgaria and Italy; it also will be involved in the MUZIKA festival in the summer of 2023.”
Form 990, Part IX, Line 24E
“Academy music/lighting/Orch 9706. 9706. 0. 0.”
Form 990, Part IX, Line 24E
“Set, Costume, Theater Master 2958. 2958. 0. 0.”
Form 990, Part IX, Line 24E
“Utilities 1588. 0. 1588. 0.”
Form 990, Part IX, Line 24E
“Participant air 20688. 20688. 0. 0.”
Form 990, Part IX, Line 24E
“Participant ground 54370. 54370. 0. 0.”
Form 990, Part IX, Line 24E
“Participant lodging 220851. 220851. 0. 0.”
Form 990, Part IX, Line 24E
“Participant meals 27793. 27793. 0. 0.”
Form 990, Part IX, Line 24E
“Venues 19680. 19680. 0. 0.”
Form 990, Part IX, Line 24E
“Business Expenses 463. 0. 463. 0.”
Form 990, Part IX, Line 24E
“Other Costs 2914. 0. 2914. 0.”
Form 990, Part IX, Line 24E
“Taxes 52. 0. 52. 0.”
Form 990, Part IX, Line 24E
“Non-cash production and mgt 200000. 200000. 0. 0.”
Form 990, Part IX, Line 24E
“Cash production and mgt 40000. 40000. 0. 0.”
Form 990, Part IX, Line 24E
“Website 636. 0. 636. 0.”
Form 990, Part IX, Line 24E
“Academy Faculty and Honorariums 187425. 187425. 0. 0.”
Form 990, Part IX, Line 24E
“Meals - OH 5435. 0. 5435. 0.”
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| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | The board of directors and an officer is currently made up of the organizers of the organization, Kalin and Sharon Tchonev. As noted elsewhere, the Tchonevs also own and manage a related for profit entity that incurs many of the expenses that are Varna International Music Academy expenses, so there is an inherent conflict due to this activity. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | Included in the overall expenses that Varna International Music Academy remits to the for profit company is an overhead charge that includes the administration and program service costs of the Academy. This is also the answer to Question 16 regarding other interactions with taxable entities. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | Information about Forms 1023 and the attached filings are available by request, and Forms 990 are available either by request or from the South Carolina Secretary of States office. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | The organizers of the organization, Kalin and Sharon Tchonev, are married to each other. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | The directors were shown and approved the return prior to filing. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | New program - VIMA will be restarting programs shut do to Covid. In 2023 VIMA will have its Academy program for instruction and performance in Bulgaria and Italy; it also will be involved in the MUZIKA festival in the summer of 2023. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | Academy music/lighting/Orch 9706. 9706. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | Set, Costume, Theater Master 2958. 2958. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 8 | Utilities 1588. 0. 1588. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 9 | Participant air 20688. 20688. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 10 | Participant ground 54370. 54370. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 11 | Participant lodging 220851. 220851. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 12 | Participant meals 27793. 27793. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 13 | Venues 19680. 19680. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 14 | Business Expenses 463. 0. 463. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 15 | Other Costs 2914. 0. 2914. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 16 | Taxes 52. 0. 52. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 17 | Non-cash production and mgt 200000. 200000. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 18 | Cash production and mgt 40000. 40000. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 19 | Website 636. 0. 636. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 20 | Academy Faculty and Honorariums 187425. 187425. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 21 | Meals - OH 5435. 0. 5435. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Pt VI, Line 12c |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | Pt VI, Line 15a |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | Pt VI, Line 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | Pt VI, Line 2 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | Pt VI, Line 11b |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | Pt III, Line 2 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 7 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 8 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 9 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 10 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 11 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 12 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 13 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 14 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 15 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 16 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 17 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 18 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 19 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 20 | Form 990, Part IX, Line 24e |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 21 | Form 990, Part IX, Line 24e |
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| ReturnHeader/BuildTS | 0 | 2025-03-06 01:10:19Z |
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