Civic Intelligence

The Music Academy Nfp

EIN 45-2281679 • 501(c)3 • Rockford, IL

Profile

The academy's mission is to inspire in students a life-long love of music and the arts. Students are life-long learners and range in age from prenatal to those in their 70s and 80s.

226 S Second StreetRockford, IL 61104

www.musicacademyinrockford.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

75th percentile

0.19x

Higher debt load relative to assets than 75% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2025

Liabilities / Revenue

67th percentile

0.08x

Higher debt load relative to revenue than 67% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2025

Net Margin

74th percentile

21%

Higher net margin than 74% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2025

Top Officer Pay

73rd percentile

$63,361

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 9.0% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2025

Asset Growth

94th percentile

112%

Faster asset growth than 94% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2024 to 2025

Revenue Growth

80th percentile

44%

Faster revenue growth than 80% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2024 to 2025

Assets

Up

$290,310

Up $153,342 (+112%) from 2024

Liabilities

Up

$56,576

Up $7,092 (+14%) from 2024

Net Assets

Up

$233,734

Up $146,250 (+167%) from 2024

Revenue

Up

$703,254

Up $215,871 (+44%) from 2024

Expenses

Up

$557,004

Up $29,747 (+5.6%) from 2024

Net Income

Up

$146,250

Up $186,124 (+467%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300K$200K$100K$0Assets 2011: $481Liabilities 2011: $02011Assets 2012: $180,846Liabilities 2012: $36,943Net Assets 2012: $143,9032012Assets 2013: $171,150Liabilities 2013: $36,690Net Assets 2013: $134,4602013Assets 2014: $166,777Liabilities 2014: $30,700Net Assets 2014: $136,0772014Assets 2015: $171,194Liabilities 2015: $35,981Net Assets 2015: $135,2132015Assets 2016: $153,979Liabilities 2016: $30,019Net Assets 2016: $123,9602016Assets 2017: $154,651Liabilities 2017: $29,126Net Assets 2017: $125,5252017Assets 2018: $167,163Liabilities 2018: $39,471Net Assets 2018: $127,6922018Assets 2019: $161,208Liabilities 2019: $35,971Net Assets 2019: $125,2372019Assets 2020: $224,522Liabilities 2020: $49,042Net Assets 2020: $175,4802020Assets 2021: $254,853Liabilities 2021: $36,985Net Assets 2021: $217,8682021Assets 2022: $194,439Liabilities 2022: $46,978Net Assets 2022: $147,4612022Assets 2023: $164,251Liabilities 2023: $36,893Net Assets 2023: $127,3582023Assets 2024: $136,968Liabilities 2024: $49,484Net Assets 2024: $87,4842024Assets 2025: $290,310Liabilities 2025: $56,576Net Assets 2025: $233,7342025

Highlighted filing

2025

Assets$290,310
Liabilities$56,576
Net Assets$233,734

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$800K$600K$400K$200K$0-$200KRevenue 2011: $1,100Expenses 2011: $618Net Income 2011: $4822011Revenue 2012: $633,821Expenses 2012: $490,400Net Income 2012: $143,4212012Expenses 2013: $525,8342013Revenue 2014: $496,687Expenses 2014: $495,070Net Income 2014: $1,6172014Revenue 2015: $462,914Expenses 2015: $463,778Net Income 2015: -$8642015Revenue 2016: $457,975Expenses 2016: $469,228Net Income 2016: -$11,2532016Revenue 2017: $478,486Expenses 2017: $482,421Net Income 2017: -$3,9352017Revenue 2018: $487,813Expenses 2018: $485,646Net Income 2018: $2,1672018Revenue 2019: $470,749Expenses 2019: $473,204Net Income 2019: -$2,4552019Revenue 2020: $520,139Expenses 2020: $469,896Net Income 2020: $50,2432020Revenue 2021: $491,080Expenses 2021: $448,692Net Income 2021: $42,3882021Revenue 2022: $441,422Expenses 2022: $511,829Net Income 2022: -$70,4072022Revenue 2023: $493,603Expenses 2023: $513,706Net Income 2023: -$20,1032023Revenue 2024: $487,383Expenses 2024: $527,257Net Income 2024: -$39,8742024Revenue 2025: $703,254Expenses 2025: $557,004Net Income 2025: $146,2502025

Highlighted filing

2025

Revenue$703,254
Expenses$557,004
Net Income$146,250

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.90$0.57$2.34$7.03$5.57$1.46
2024Detailed filing. Detailed filing data is available for this year.$1.37$0.49$0.87$4.87$5.27$0.40
2023Detailed filing. Detailed filing data is available for this year.$1.64$0.37$1.27$4.94$5.14$0.20
2022Detailed filing. Detailed filing data is available for this year.$1.94$0.47$1.47$4.41$5.12$0.70
2021Detailed filing. Detailed filing data is available for this year.$2.55$0.37$2.18$4.91$4.49$0.42
2020Detailed filing. Detailed filing data is available for this year.$2.25$0.49$1.75$5.20$4.70$0.50
2019Detailed filing. Detailed filing data is available for this year.$1.61$0.36$1.25$4.71$4.73$0.02
2018Detailed filing. Detailed filing data is available for this year.$1.67$0.39$1.28$4.88$4.86$0.02
2017Detailed filing. Detailed filing data is available for this year.$1.55$0.29$1.26$4.78$4.82$0.04
2016Detailed filing. Detailed filing data is available for this year.$1.54$0.30$1.24$4.58$4.69$0.11
2015Detailed filing. Detailed filing data is available for this year.$1.71$0.36$1.35$4.63$4.64$0.01
2014Detailed filing. Detailed filing data is available for this year.$1.67$0.31$1.36$4.97$4.95$0.02
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.71$0.37$1.34$5.26
2012Summary only. Only limited summary data is available for this year.$1.81$0.37$1.44$6.34$4.90$1.43
2011Summary only. Only limited summary data is available for this year.$0.00$0.00$0.01$0.01$0.00
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Dec 1, 2025
Return Version
2024v5.0
Gross Receipts
$706,738
Mission and Program Overview

Mission

The academy's mission is to inspire in students a life-long love of music and the arts. Students are life-long learners and range in age from prenatal to those in their 70s and 80s.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$29,799$155,169▲ $125,370
Land, Buildings, and Equipment, Net$66,122$81,625▲ $15,503
Accounts Receivable$17,515$30,853▲ $13,338
Pledges and Grants Receivable-$9,000-
Prepaid Expenses and Deferred Charges$1,455$2,056▲ $601
Total Assets$136,968$290,310▲ $153,342
Other Assets Total$22,077$11,607▼ $10,470
Liabilities
Deferred Revenue$26,774$33,540▲ $6,766
Other Liabilities$22,077$13,263▼ $8,814
Accounts Payable and Accrued Expenses$633$9,773▲ $9,140
Total Liabilities$49,484$56,576▲ $7,092
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$87,484$180,038▲ $92,554
Net Assets With Donor Restrictions-$53,696-
Total Net Assets Fund Balance$87,484$233,734▲ $146,250
Total Liabilities and Net Assets / Fund Balance$136,968$290,310▲ $153,342

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$76,069$136,813$212,882
Other Land Buildings$5,556$15,380$20,936
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Laura EakmanExecutive DiFT$63,361$63,361

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$305,309
Program Service Revenue
$390,744
Investment Income
$-3,184
Other Revenue
$10,385
All Other Contributions
$252,059
Change in Net Assets
$146,250

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table22$34,930
Total Noncash Contributions22$34,930

Audited Revenue Reconciliation

Revenue per Audited Statements
$703,254
Revenue Not Reported on Form 990
$78,476
Total Revenue per Audited Statements
$781,730
Total Revenue per Form 990
$703,254
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$450,410
Other Expenses$106,594
Total Fundraising Expense$23,441
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$332,682$10,772$9,911$353,365
Current Officers, Directors, Trustees, and Key Employees$38,833$11,800$11,800$62,433
Occupancy$32,273$2,810-$35,083
Payroll Taxes$31,151$1,731$1,730$34,612
Depreciation Depletion$15,140$1,682-$16,822
Office Expenses$10,896$2,985-$13,881
Fees for Services Accounting-$11,819-$11,819
Insurance$6,431$715-$7,146
All Other Expenses$1,008$572-$1,580
Other Expenses$2,998$780-$780
Advertising$705--$705
Total Functional Expenses$487,897$45,666$23,441$557,004

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$635,480
Expenses per Audited Statements$557,004
Total Expenses per Form 990$557,004
Expenses Not Reported on Form 990$78,476
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$300
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liabilities$11,492
Due to Related Parties$1,771
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
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
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 4

Bylaws changes are related to change in terms for directors other than the executive director to serve no more than three consecutive one year terms in given office.

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

The 990 is reviewed by the executive director and the business manager prior to filing.

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

The board of directors reviews the executive director's salary annually prior to the beginning of each new fiscal year. Only the board is authorized to make changes to compensation and benefits. Compensation data shall be collected from related agencies and organizations to serve as a guideline in determining appropriate compensation and benefits.

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

Compensation data from related agencies and organizations serve as a guideline for determining appropriate compensation and benefits for all employees.

Form 990, Page 6, Part VI, Line 19

Governing documents, conflicts of interest policy and audited financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
The Music Academy Nfp
EIN
45-2281679
Phone
8159860037
Address
226 S SECOND STREET, ROCKFORD, IL 61104

Signing Officer

Name
Laura Eakman
Title
Executive Director
Phone
8159860037
Signed
2025-12-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Laura Eakman
Formed
2011
Legal Domicile
Il
Voting Board Members
6
Independent Board Members
5
Employees
34
Volunteers
20

Preparer

Firm
Lucas Group Cpas Advisors Pllc
Address
1753 S WEST AVE, FREEPORT, IL 61032-6709
Preparer
Aspen Tipp
Phone
8152359610
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

The academy follows the recognition requirements for uncertain income tax positions as required by generally accepted accounting principles. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The academy has analyzed tax provisions taken for filing with the internal revenue service and all state jurisdictions where it operates. The academy believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on the academy's financial condition, results of operations, or cash flows. Accordingly, the academy has not recorded any reserves or related accruals for interest and penalties for uncertain tax positions at june 30, 2025.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0PPP LOAN FORGIVENESS 80,046
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART III, LINE 12
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OPERATING LEASE LIABILITIES
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ACADEMY FOLLOWS THE RECOGNITION REQUIREMENTS FOR UNCERTAIN INCOME TAX POSITIONS AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE ACADEMY HAS ANALYZED TAX PROVISIONS TAKEN FOR FILING WITH THE INTERNAL REVENUE SERVICE AND ALL STATE JURISDICTIONS WHERE IT OPERATES. THE ACADEMY BELIEVES THAT INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON THE ACADEMY'S FINANCIAL CONDITION, RESULTS OF OPERATIONS, OR CASH FLOWS. ACCORDINGLY, THE ACADEMY HAS NOT RECORDED ANY RESERVES OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN TAX POSITIONS AT JUNE 30, 2025.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BYLAWS CHANGES ARE RELATED TO CHANGE IN TERMS FOR DIRECTORS OTHER THAN THE EXECUTIVE DIRECTOR TO SERVE NO MORE THAN THREE CONSECUTIVE ONE YEAR TERMS IN GIVEN OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR AND THE BUSINESS MANAGER PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS REVIEWS THE EXECUTIVE DIRECTOR'S SALARY ANNUALLY PRIOR TO THE BEGINNING OF EACH NEW FISCAL YEAR. ONLY THE BOARD IS AUTHORIZED TO MAKE CHANGES TO COMPENSATION AND BENEFITS. COMPENSATION DATA SHALL BE COLLECTED FROM RELATED AGENCIES AND ORGANIZATIONS TO SERVE AS A GUIDELINE IN DETERMINING APPROPRIATE COMPENSATION AND BENEFITS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3COMPENSATION DATA FROM RELATED AGENCIES AND ORGANIZATIONS SERVE AS A GUIDELINE FOR DETERMINING APPROPRIATE COMPENSATION AND BENEFITS FOR ALL EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0THE MUSIC ACADEMY FOUNDATION
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IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2ESTIMATED FAIR VALUE
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0THE MUSIC ACADEMY FOUNDATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1THE MUSIC ACADEMY FOUNDATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2THE MUSIC ACADEMY FOUNDATION
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