Civic Intelligence

Spektral Quartet Nfp

990 • Fiscal year 2022 • EIN 45-3696789

Jul 01, 2021 to Jun 30, 2022 • Filed on Nov 09, 2022

1506 W Rosemont Ave Apt 1Chicago, IL 60660

(773) 710-1396

Siviq Scores

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

Liabilities / Assets

60th percentile

0.05x

Higher debt load relative to assets than 60% of similar nonprofits.

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

Liabilities / Revenue

48th percentile

0.02x

Higher debt load relative to revenue than 48% of similar nonprofits.

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

Net Margin

40th percentile

1.5%

Higher net margin than 40% of similar nonprofits.

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

Top Officer Pay

74th percentile

$64,680

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 11.9% of source-year revenue.

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

Asset Growth

13th percentile

-18%

Faster asset growth than 13% of similar nonprofits.

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

Revenue Growth

72nd percentile

34%

Faster revenue growth than 72% of similar nonprofits.

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

Assets

Down

$198,758

Down $42,292 (-18%) from 2021

Net Assets

Up

$189,002

Up $7,983 (+4.4%) from 2021

Liabilities

Down

$9,756

Down $50,275 (-84%) from 2021

Revenue

Up

$544,758

Up $138,404 (+34%) from 2021

Expenses

Up

$536,775

Up $157,105 (+41%) from 2021

Net Income

Down

$7,983

Down $18,701 (-70%) from 2021

Historical Trend

Balance Sheet Trend

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

$300K$200K$100K$0Assets 2013: $9,062Liabilities 2013: $02013Assets 2014: $5,539Liabilities 2014: $02014Assets 2015: $41,767Liabilities 2015: $1,9202015Assets 2016: $56,304Liabilities 2016: $2,562Net Assets 2016: $53,7422016Assets 2017: $61,801Liabilities 2017: $2,082Net Assets 2017: $59,7192017Assets 2018: $58,542Liabilities 2018: $215Net Assets 2018: $58,3272018Assets 2019: $164,321Liabilities 2019: $11,419Net Assets 2019: $152,9022019Assets 2020: $201,346Liabilities 2020: $48,511Net Assets 2020: $152,8352020Assets 2021: $241,050Liabilities 2021: $60,031Net Assets 2021: $181,0192021Assets 2022: $198,758Liabilities 2022: $9,756Net Assets 2022: $189,0022022Assets 2023: $59,711Liabilities 2023: $802023

Highlighted filing

2022

Assets$198,758
Liabilities$9,756
Net Assets$189,002

Operations Trend

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

$600K$400K$200K$0-$200KRevenue 2013: $66,457Expenses 2013: $66,642Net Income 2013: -$1852013Revenue 2014: $117,439Expenses 2014: $120,962Net Income 2014: -$3,5232014Revenue 2015: $198,790Expenses 2015: $166,806Net Income 2015: $31,9842015Revenue 2016: $205,253Expenses 2016: $190,988Net Income 2016: $14,2652016Revenue 2017: $217,286Expenses 2017: $212,898Net Income 2017: $4,3882017Revenue 2018: $250,885Expenses 2018: $252,277Net Income 2018: -$1,3922018Revenue 2019: $401,458Expenses 2019: $337,682Net Income 2019: $63,7762019Revenue 2020: $501,111Expenses 2020: $501,178Net Income 2020: -$672020Revenue 2021: $406,354Expenses 2021: $379,670Net Income 2021: $26,6842021Revenue 2022: $544,758Expenses 2022: $536,775Net Income 2022: $7,9832022Revenue 2023: $142,614Expenses 2023: $271,985Net Income 2023: -$129,3712023

Highlighted filing

2022

Revenue$544,758
Expenses$536,775
Net Income$7,983
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Nov 9, 2022
Return Version
2021v4.0
Gross Receipts
$544,949
Mission and Program Overview

Mission

To provide artistic and educational programming of classical string quartet chamber music, with performances around the united states, educational workshops with university music students, and commissions of composers for new works.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$157,763$106,170▼ $51,593
Pledges and Grants Receivable$36,000$81,310▲ $45,310
Savings and Temporary Cash Investments$31,184$5,878▼ $25,306
Prepaid Expenses and Deferred Charges$10,490$4,542▼ $5,948
Land, Buildings, and Equipment, Net$1,406$703▼ $703
Accounts Receivable$4,207$155▼ $4,052
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-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$241,050$198,758▼ $42,292
Other Assets Total-$0-
Liabilities
Unsecured Notes Loans Payable$53,612--
Accounts Payable and Accrued Expenses$6,419$9,756▲ $3,337
Total Liabilities$60,031$9,756▼ $50,275
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$103,749$122,692▲ $18,943
Net Assets With Donor Restrictions$77,270$66,310▼ $10,960
Total Net Assets Fund Balance$181,019$189,002▲ $7,983
Total Liabilities and Net Assets / Fund Balance$241,050$198,758▼ $42,292

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$703$6,269$6,972
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Russell RolenExecutive DirectorFT$64,680$64,680

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$333,228
Program Service Revenue
$208,941
Investment Income
$3
Other Revenue
$2,586
All Other Contributions
$148,567
Change in Net Assets
$7,983

Audited Revenue Reconciliation

Revenue per Audited Statements
$544,758
Total Revenue per Audited Statements
$544,758
Total Revenue per Form 990
$544,758
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$281,954
Other Expenses$254,021
Total Fundraising Expense$40,734
Grants and Similar Amounts Paid$800
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$161,121$11,725$21,558$194,404
Current Officers, Directors, Trustees, and Key Employees$38,808$12,936$12,936$64,680
Fees for Services Management$26,751--$26,751
Payroll Taxes$15,159$1,827$2,660$19,646
Advertising$14,368--$14,368
All Other Expenses-$8,789$374$9,163
Insurance-$8,812-$8,812
Other Expenses$8,150$1,008-$8,150
Fees for Services Other-$7,023-$7,023
Occupancy-$6,000-$6,000
Information Technology-$3,270$992$4,262
Other Employee Benefits$2,397$406$421$3,224
Office Expenses-$1,286$1,793$3,079
Grants to Domestic Orgs$800--$800
Depreciation Depletion-$703-$703
Total Functional Expenses$431,900$64,141$40,734$536,775

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$536,775
Total Expenses per Audited Statements$536,775
Total Expenses per Form 990$536,775
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
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 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
Yes
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
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
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

Governance Explanations

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

Form 990 is reviewed by the treasurer before submitting to the irs. The forms are deposited into a shared hard drive, to which all board members have viewing privileges. Board members are notified and invited to review the form as they wish.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

The board of directors makes it a standing agenda item to query the board for potential conflicts of interest.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The compensation committee is comprised of three independent directors, and meets to discuss and approve all compensation for administration and to set fee schedule for program service vendors.

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

The organization maintains a profile on guidestar.org and files all required paperwork with the state of illinois.

Filing and Contact Details

Filer

Filer Name
Spektral Quartet Nfp
EIN
45-3696789
Phone
7737101396
Address
1506 W ROSEMONT AVE APT 1, CHICAGO, IL 60660

Signing Officer

Name
Russell Rolen
Title
Executive Director
Signed
2022-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Russell Rolen
Formed
2011
Legal Domicile
Il
Voting Board Members
9
Independent Board Members
8
Employees
6
Volunteers
8

Preparer

Firm
Il Nfp Audit and Tax Llp
Address
564 W RANDOLPH STREET SUITE 200, CHICAGO, IL 60661
Preparer
Alfredo Rodriguez CPA
Phone
3129985500
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

The organization is exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code, therefore, the financial statements do not include a provision for income taxes. The organization reviews income tax positions taken or expected to be taken in income tax returns to determine if there are any income tax uncertainties. This includes positions that the entity is exempt from income taxes or not subject to income taxes on unrelated business income. The organization recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by taking authorities, based on the technical merits of the positions. The organization files information returns as a tax-exempt organization. Should that status be challenged in the future, all years since inception could be subject to review by the irs.

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IRS990/OtherExpensesGrp/Desc2Meetings & Events
IRS990/OtherExpensesGrp/Desc3ARTISTIC GUEST FEES
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IRS990/OtherExpensesGrp/ProgramServicesAmt135970
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt04542
IRS990/PrincipalOfficerNm0RUSSELL ROLEN
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THEREFORE, THE FINANCIAL STATEMENTS DO NOT INCLUDE A PROVISION FOR INCOME TAXES. THE ORGANIZATION REVIEWS INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN INCOME TAX RETURNS TO DETERMINE IF THERE ARE ANY INCOME TAX UNCERTAINTIES. THIS INCLUDES POSITIONS THAT THE ENTITY IS EXEMPT FROM INCOME TAXES OR NOT SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME. THE ORGANIZATION RECOGNIZES TAX BENEFITS FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAKING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITIONS. THE ORGANIZATION FILES INFORMATION RETURNS AS A TAX-EXEMPT ORGANIZATION. SHOULD THAT STATUS BE CHALLENGED IN THE FUTURE, ALL YEARS SINCE INCEPTION COULD BE SUBJECT TO REVIEW BY THE IRS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED BY THE TREASURER BEFORE SUBMITTING TO THE IRS. THE FORMS ARE DEPOSITED INTO A SHARED HARD DRIVE, TO WHICH ALL BOARD MEMBERS HAVE VIEWING PRIVILEGES. BOARD MEMBERS ARE NOTIFIED AND INVITED TO REVIEW THE FORM AS THEY WISH.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS MAKES IT A STANDING AGENDA ITEM TO QUERY THE BOARD FOR POTENTIAL CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE COMPENSATION COMMITTEE IS COMPRISED OF THREE INDEPENDENT DIRECTORS, AND MEETS TO DISCUSS AND APPROVE ALL COMPENSATION FOR ADMINISTRATION AND TO SET FEE SCHEDULE FOR PROGRAM SERVICE VENDORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAINTAINS A PROFILE ON GUIDESTAR.ORG AND FILES ALL REQUIRED PAPERWORK WITH THE STATE OF ILLINOIS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IL

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