Civic Intelligence

Lpmc Foundation

990 • Fiscal year 2022 • EIN 47-2032801

Jan 01, 2022 to Dec 31, 2022 • Filed on May 08, 2023

Organization ProfileWWW.LPMCFOUNDATION.ORG
2667 North Lincoln AvenueChicago, IL 60614

(773) 680-2200

Siviq Scores

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

Liabilities / Assets

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

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

Liabilities / Revenue

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

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

Net Margin

81st percentile

33%

Higher net margin than 81% 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

19th percentile

-12%

Faster asset growth than 19% of similar nonprofits.

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

Revenue Growth

4th percentile

-70%

Faster revenue growth than 4% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets31st percentile

Assets

Down

$651,994

Down $86,508 (-12%) from 2021

Net Assets

Down

$651,994

Down $86,508 (-12%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue And Expenses
Liabilities / Revenue31st percentileNet Margin81st percentile

Revenue

Down

$48,426

Down $114,574 (-70%) from 2021

Expenses

Up

$32,645

Up $9,254 (+40%) from 2021

Net Income

Down

$15,781

Down $123,828 (-89%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

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

$1.0M$500K$0Assets 2015: $202,364Liabilities 2015: $0Net Assets 2015: $202,3642015Assets 2016: $317,724Liabilities 2016: $0Net Assets 2016: $317,7242016Assets 2017: $390,890Liabilities 2017: $0Net Assets 2017: $390,8902017Assets 2018: $404,944Liabilities 2018: $0Net Assets 2018: $404,9442018Assets 2019: $502,799Liabilities 2019: $0Net Assets 2019: $502,7992019Assets 2020: $564,901Liabilities 2020: $0Net Assets 2020: $564,9012020Assets 2021: $738,502Liabilities 2021: $0Net Assets 2021: $738,5022021Assets 2022: $651,994Liabilities 2022: $0Net Assets 2022: $651,9942022Assets 2023: $785,333Liabilities 2023: $0Net Assets 2023: $785,3332023Assets 2024: $872,237Liabilities 2024: $0Net Assets 2024: $872,2372024

Highlighted filing

2022

Assets$651,994
Liabilities$0
Net Assets$651,994
Open 2022 Filing

Operations Trend

Revenue Growth4th percentile

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

$300K$200K$100K$0Revenue 2015: $248,971Expenses 2015: $43,996Net Income 2015: $204,9752015Revenue 2016: $129,106Expenses 2016: $27,264Net Income 2016: $101,8422016Revenue 2017: $116,525Expenses 2017: $84,090Net Income 2017: $32,4352017Revenue 2018: $74,894Expenses 2018: $37,411Net Income 2018: $37,4832018Revenue 2019: $60,828Expenses 2019: $20,288Net Income 2019: $40,5402019Revenue 2020: $54,215Expenses 2020: $28,067Net Income 2020: $26,1482020Revenue 2021: $163,000Expenses 2021: $23,391Net Income 2021: $139,6092021Revenue 2022: $48,426Expenses 2022: $32,645Net Income 2022: $15,7812022Revenue 2023: $64,902Expenses 2023: $15,992Net Income 2023: $48,9102023Revenue 2024: $59,288Expenses 2024: $28,682Net Income 2024: $30,6062024

Highlighted filing

2022

Revenue$48,426
Expenses$32,645
Net Income$15,781
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 8, 2023
Return Version
2022v5.0
Gross Receipts
$185,911
Mission and Program Overview

Mission

to share the benefits of a creative education and give the beneficiaries of our program the opportunity to develop positive self-esteem through music by learning skills that will help them throughout their lives.

To provide funding to musical organizations in order to share the benefits of a creative education

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$625,295$619,375▼ $5,920
Cash and Non-Interest-Bearing Accounts$113,207$32,619▼ $80,588
Total Assets$738,502$651,994▼ $86,508
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$738,502$651,994▼ $86,508
Total Net Assets Fund Balance$738,502$651,994▼ $86,508
Total Liabilities and Net Assets / Fund Balance$738,502$651,994▼ $86,508
Compensation and Service Providers
Top Officer Pay53rd percentile

Board Members and Trustees

NameTitle
Whe Do KimPresident
Lisa CapitaniniVice President
Jennifer KangDirector
Katya BudzinskiDirector
Jeane-emily DuboseAssistant Secretary
Colin FloodAssistant Treasurer
Fannie YoungSecretary
Mariam AlsikafiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$51,000
Program Service Revenue
$0
Investment Income
$-2,574
Other Revenue
$0
All Other Contributions
$51,000
Change in Net Assets
$15,781
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$26,810
Other Expenses$5,835
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$26,810--$26,810
Fees for Services Accounting-$3,675-$3,675
Fees for Service Investment Mgmnt Fees-$1,251-$1,251
Fees for Services Other-$604-$604
Office Expenses-$305-$305
Total Functional Expenses$26,810$5,835$0$32,645
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Chicago LighthouseChicago, IL501(c)(3)FUNDS IN 2022 USED TO SUPPORT THE LIGHTHOUSE'S PROJECT IN CREATING A MULTI-SENSORY ENVIRONMENT IN THE CHILDREN'S DEVELOPMENT CENTER MUSIC LAB TO PURCHASE MATERIALS AND TOOLS TO SUPPORT THE MUSIC/SOUND PORTION OF THE ROOM.$10,000
Jones College PrepChicago, ILGOV'T UNITSUPPORT JONES' CHOIR DEPARTMENT WITH ITS 2 PROJECTS: (1) PURCHASING GUITAR RACKS, AND (2) PURCHASE GENDER INCLUSIVE FORMAL PERFORMANCE ATTIRE.$9,310
Music in Urban Schools Inspiring ChangeChicago, IL501(c)(3)SUPPORT MUSIC INC.'S PROJECT IN PROVIDING MORE ADVANCED STUDENTS WITH NEW INSTRUMENTS TO HELP IN THEIR MUSICAL DEVELOPMENT.$7,500
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

“The foundation did not have any committees with the authority to act on behalf of the governing body.”

Form 990, Part VI, Section B, Line 11B

“Form 990 is prepared by the foundation's outside cpa firm and reviewed in detail by the foundation's president and treasurer. Once approved, a copy of the finalized return is provided to all board members prior to filing with the irs.”

Form 990, Part VI, Section B, Line 12C

“All officers and directors are provided with a copy of the conflict of interest policy upon joining the foundation. Each individual is required annually to review and agree to comply with the policy. Any potential conflicts of interest are brought to the attention of the board which will discuss and vote on the matter without the presence of the interested party.”

Form 990, Part VI, Section B, Line 15

“The foundation does not pay compensation to any officers or directors.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Lpmc Foundation
EIN
47-2032801
Phone
7736802200
Address
2667 NORTH LINCOLN AVENUE, CHICAGO, IL 60614

Signing Officer

Name
Mariam Alsikafi
Title
Treasurer
Phone
7736802200
Signed
2023-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Whe Do Kim
Formed
2014
Legal Domicile
Il
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
20

Preparer

Firm
Ostrow Reisin Berk & Abrams Ltd
Address
455 N CITYFRONT PLAZA DR SUITE 1500, CHICAGO, IL 60611
Preparer
Jeffrey C Newman
Phone
3126707444
Raw XML Appendix382 raw XML fields

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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IRS990/MissionDesc0TO SHARE MUSIC WITH A BROAD AUDIENCE ACROSS AGES AND DEMOGRAPHICS (FROM ELDERLY AT NURSING HOMES TO OPEN PERFORMANCES AT MUSEUMS AND UNIVERSITIES). WE PERFORM FOR THE PUBLIC THROUGH LINCOLN PARK MUSIC CENTER PERFORMANCES AND FUND EDUCATIONAL PROGRAMS. THROUGH OUR EDUCATIONAL GRANTS, WE HOPE TO GIVE BENEFICIARIES THE OPPORTUNITY TO DEVELOP POSITIVE SELF-ESTEEM THROUGH MUSIC BY LEARNING SKILLS THAT WILL HELP THEM THROUGHOUT THEIR LIVES.
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IRS990ScheduleA/FactsAndCircumstancesTestTxt0LPMC FOUNDATION (LPMC) DID NOT PASS THE PUBLIC SUPPORT TEST FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 DUE TO DISRUPTIONS CAUSED BY THE COVID 19 PANDEMIC. BASED ON THE FACTS AND CIRCUMSTANCES BELOW, LPMC IS AN ORGANIZATION THAT IS PUBLICLY SUPPORTED AND EXPECTS TO BE ABLE TO PASS THE PUBLIC SUPPORT TEST AS THE ORGANIZATION IS ABLE TO RETURN TO PRE-PANDEMIC OPERATIONS.SOURCES OF SUPPORT OUR SOURCES OF SUPPORT ARE DIRECTLY LINKED TO OUR PROGRAMMING. THE LAST THREE YEARS WERE AN OUTLIER BECAUSE OUR PUBLIC ACTIVITIES THAT RESULTED IN SMALL DONATIONS FROM INDIVIDUALS ATTENDING SMALL EVENTS AND GATHERINGS HAD BEEN LARGELY CURTAILED. OUR ABILITY TO PERFORM IN OTHER PUBLIC VENUES LIKE THE SUNRISE ASSISTED LIVING, FOR EXAMPLE, WAS ALSO IMPACTED BY COVID PROTOCOLS. THE SUMMER OF 2022 WAS THE FIRST TIME WE WERE ABLE TO BEGIN LOOSENING COVID PROTOCOLS AND PERFORM AS A GROUP. IT WILL TAKE US AT LEAST THIS SAME AMOUNT OF TIME TO RAMP BACK UP TO NORMAL OPERATIONS TO REGENERATE THE BROAD COMMUNITY PROFILE THAT WE NEED FOR SUSTAINED PUBLIC SUPPORT.AVAILABILITY OF PUBLIC PARTICIPATIONWE HOST A LARGE PUBLIC CONCERT EVERY OTHER YEAR AT THE ANDERSON CHAPEL AT NORTH PARK UNIVERSITY AND A SMALLER INVITATION-ONLY CONCERT ON ALTERNATE YEARS. NEITHER OF THESE EVENTS WERE HELD FOR THREE YEARS RUNNING, AND IT IS ONLY IN MARCH 2023 THAT WE HAVE RESUMED PERFORMANCES. THE GOAL IS NOW TO HAVE THE LARGE PUBLIC CONCERT ANNUALLY WHICH IS BOTH LIVE-STREAMED AND OPEN TO THE CHICAGOLAND COMMUNITY. WE BELIEVE RAISING OUR PROFILE THROUGH THESE EVENTS WILL HAVE AN IMPACT ON THE FINANCIAL DONATIONS THAT WE RECEIVE AND THE RANGE OF SUPPORTERS WE REACH FOR LPMC FOUNDATION. ALSO, WITH A NEWLY CREATED JUNIOR BOARD, WE NOW HOPE TO ENCOURAGE OUR YOUNGER MEMBERS TO BE AMBASSADORS FOR LPMC FOUNDATION BOTH LOCALLY AND DOMESTICALLY. WE WERE ABLE TO PERFORM AT THE BEETHOVEN MUSEUM AND CITY HALL IN VIENNA IN JUNE OF 2022, AND ARE DETERMINED TO ELEVATE AND EXPAND THE REACH OF OUR ORGANIZATION TO SHARE MUSIC ACROSS THE WORLD. BOARD REPRESENTATIONHISTORICALLY, THE BOARD HAS BEEN MADE UP OF EIGHT INDIVIDUALS. THIS HAD BEEN THE GROUP THAT ORIGINALLY FUNDED WITH CONTRIBUTIONS TO SEED THE LPMC FOUNDATION. DURING COVID, WE MADE THE TRANSITION TO INCLUDING OUR FIRST SET OF FOUR BOARD MEMBERS THAT ARE FORMER STUDENTS (CHANGING THE MAKEUP BY 50 PERCENT TO BE MORE INCLUSIVE IN AGE, GENDER, LOCATION), AND SET UP A 12 PERSON STUDENT BOARD COMPOSED OF CURRENT HIGH SCHOOL STUDENTS. THE GOAL BY 2024 IS TO HAVE THE LPMC FOUNDATION BOARD BE MADE UP OF ONLY FORMER STUDENTS. WE BELIEVE THIS CHANGES THE TENOR OF OUR FUNDRAISING AND WILL RESULT IN A BROADER AND WIDER BASE OF SUPPORTERS AND PARTICIPANTS THROUGH BOTH SMALL AND LARGER EVENTS.
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0FUNDS IN 2022 USED TO SUPPORT THE LIGHTHOUSE'S PROJECT IN CREATING A MULTI-SENSORY ENVIRONMENT IN THE CHILDREN'S DEVELOPMENT CENTER MUSIC LAB TO PURCHASE MATERIALS AND TOOLS TO SUPPORT THE MUSIC/SOUND PORTION OF THE ROOM.
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1SUPPORT JONES' CHOIR DEPARTMENT WITH ITS 2 PROJECTS: (1) PURCHASING GUITAR RACKS, AND (2) PURCHASE GENDER INCLUSIVE FORMAL PERFORMANCE ATTIRE.
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2SUPPORT MUSIC INC.'S PROJECT IN PROVIDING MORE ADVANCED STUDENTS WITH NEW INSTRUMENTS TO HELP IN THEIR MUSICAL DEVELOPMENT.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0THE CHICAGO LIGHTHOUSE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1JONES COLLEGE PREP
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2MUSIC IN URBAN SCHOOLS INSPIRING CHANGE
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION REQUIRES DOCUMENTATION TO SUPPORT THE PURCHASE OF ITEMS BY THE GRANTEE ORGANIZATION THAT WERE LISTED AS PART OF THE GRANT AGREEMENT TO ENSURE THAT GRANT FUNDS ARE BEING USED BY THE GRANTEE FOR THEIR INTENDED PURPOSE.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION DID NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS PREPARED BY THE FOUNDATION'S OUTSIDE CPA FIRM AND REVIEWED IN DETAIL BY THE FOUNDATION'S PRESIDENT AND TREASURER. ONCE APPROVED, A COPY OF THE FINALIZED RETURN IS PROVIDED TO ALL BOARD MEMBERS PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL OFFICERS AND DIRECTORS ARE PROVIDED WITH A COPY OF THE CONFLICT OF INTEREST POLICY UPON JOINING THE FOUNDATION. EACH INDIVIDUAL IS REQUIRED ANNUALLY TO REVIEW AND AGREE TO COMPLY WITH THE POLICY. ANY POTENTIAL CONFLICTS OF INTEREST ARE BROUGHT TO THE ATTENTION OF THE BOARD WHICH WILL DISCUSS AND VOTE ON THE MATTER WITHOUT THE PRESENCE OF THE INTERESTED PARTY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION DOES NOT PAY COMPENSATION TO ANY OFFICERS OR DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
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ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$651,994
Liabilities
$0
Net assets
$651,994
Revenue
$48,426
Expenses
$32,645
Net income
$15,781
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.72$0.00$8.72$0.59$0.29$0.31
2023Detailed filing. Detailed filing data is available for this year.$7.85$0.00$7.85$0.65$0.16$0.49
2022Detailed filing. Detailed filing data is available for this year.$6.52$0.00$6.52$0.48$0.33$0.16
2021Detailed filing. Detailed filing data is available for this year.$7.39$0.00$7.39$1.63$0.23$1.40
2020Detailed filing. Detailed filing data is available for this year.$5.65$0.00$5.65$0.54$0.28$0.26
2019Detailed filing. Detailed filing data is available for this year.$5.03$0.00$5.03$0.61$0.20$0.41
2018Detailed filing. Detailed filing data is available for this year.$4.05$0.00$4.05$0.75$0.37$0.37
2017Detailed filing. Detailed filing data is available for this year.$3.91$0.00$3.91$1.17$0.84$0.32
2016Detailed filing. Detailed filing data is available for this year.$3.18$0.00$3.18$1.29$0.27$1.02
2015Detailed filing. Detailed filing data is available for this year.$2.02$0.00$2.02$2.49$0.44$2.05