Civic Intelligence

Nvak Inc.

990 • Fiscal year 2019 • EIN 82-5303346

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 16, 2020

225 E 19th Street Suite 706New York, NY 10003

(818) 519-4202

Siviq Scores

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

Liabilities / Assets

95th percentile

1.02x

Higher debt load relative to assets than 95% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

80th percentile

0.07x

Higher debt load relative to revenue than 80% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Net Margin

50th percentile

3.3%

Higher net margin than 50% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Top Officer Pay

77th percentile

$0

Higher top officer pay than 77% of similar nonprofits.

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

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Asset Growth

39th percentile

-2.6%

Faster asset growth than 39% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

93rd percentile

101%

Faster revenue growth than 93% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Annualized from 2018 to 2019

Assets

Down

$15,624

Down $411 (-2.6%) from 2018

Net Assets

Up

-$268

Up $7,590 (+97%) from 2018

Liabilities

Down

$15,892

Down $8,001 (-33%) from 2018

Revenue

Up

$227,587

Up $114,179 (+101%) from 2018

Expenses

Up

$219,997

Up $98,731 (+81%) from 2018

Net Income

Up

$7,590

Up $15,448 (+197%) from 2018

Historical Trend

Balance Sheet Trend

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

$100K$50K$0-$50K-$100KAssets 2018: $16,035Liabilities 2018: $23,893Net Assets 2018: -$7,8582018Assets 2019: $15,624Liabilities 2019: $15,892Net Assets 2019: -$2682019Assets 2020: $22,009Liabilities 2020: $6,339Net Assets 2020: $15,6702020Assets 2021: $3,688Liabilities 2021: $67,636Net Assets 2021: -$63,9482021Assets 2022: $21,680Liabilities 2022: $31,958Net Assets 2022: -$10,2782022Assets 2023: $26,768Liabilities 2023: $24,999Net Assets 2023: $1,7692023

Highlighted filing

2019

Assets$15,624
Liabilities$15,892
Net Assets-$268

Operations Trend

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

$300K$200K$100K$0-$100KRevenue 2018: $113,408Expenses 2018: $121,266Net Income 2018: -$7,8582018Revenue 2019: $227,587Expenses 2019: $219,997Net Income 2019: $7,5902019Revenue 2020: $123,754Expenses 2020: $107,816Net Income 2020: $15,9382020Revenue 2021: $49,568Expenses 2021: $129,186Net Income 2021: -$79,6182021Revenue 2022: $185,873Expenses 2022: $132,203Net Income 2022: $53,6702022Revenue 2023: $172,408Expenses 2023: $160,361Net Income 2023: $12,0472023

Highlighted filing

2019

Revenue$227,587
Expenses$219,997
Net Income$7,590
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 16, 2020
Return Version
2019v5.1
Gross Receipts
$227,587
Mission and Program Overview

Mission

Nvak (which means "Music" in Armenian) is a music education program whose mission is to education and develop the skills of young musicians living in countries facing disadvantages

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$7,500$0▼ $7,500
Cash and Non-Interest-Bearing Accounts$6,147$3,701▼ $2,446
Prepaid Expenses and Deferred Charges$2,388$2,683▲ $295
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$16,035$15,624▼ $411
Other Assets Total$0$9,240▲ $9,240
Liabilities
Accounts Payable and Accrued Expenses$8,893$15,892▲ $6,999
Deferred Revenue$15,000$0▼ $15,000
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$23,893$15,892▼ $8,001
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$0→ $0
Net Assets Without Donor Restrictions$-7,858$-268▲ $7,590
Total Net Assets Fund Balance$-7,858$-268▲ $7,590
Total Liabilities and Net Assets / Fund Balance$16,035$15,624▼ $411

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$9,240--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Tamar MardirossianPresident - Director
Gina SchulmanDirector
Christopher StangSecretary - Director
Revenue and Support

Revenue Composition

Contributions and Grants
$212,587
Program Service Revenue
$15,000
Investment Income
$0
Other Revenue
$0
All Other Contributions
$197,587
Change in Net Assets
$7,590
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$219,997
Total Fundraising Expense$4,618
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Travel$97,081$8,136$2,078$107,295
Fees for Services Other$74,287$500-$74,787
Office Expenses$9,859$12,445$2,540$24,844
Fees for Services Accounting-$7,935-$7,935
Occupancy$3,846--$3,846
Information Technology-$736-$736
Fees for Services Legal-$554-$554
Total Functional Expenses$185,073$30,306$4,618$219,997
International Activity

International Summary

Offices
0
Employees
5
Spending
$170,382

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Russia and the Newly Independent StatesProgram Servicesmusic education01$77,585
Middle East and North AfricaProgram Servicesmusic education03$72,332
Sub-Saharan AfricaProgram Servicesmusic education01$20,465
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
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
Nvak Inc
EIN
82-5303346
In Care Of
% TAMAR MARDIROSSIAN
Phone
8185194202
Address
225 E 19th Street Suite 706, New York, NY 10003

Signing Officer

Name
Tamar Mardirossian
Title
President & Director
Signed
2020-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tamar Mardirossian
Formed
2017
Legal Domicile
De
Voting Board Members
3
Independent Board Members
1
Employees
0
Volunteers
3

Preparer

Firm
WithumSmithBrown PC
Address
ONE TOWER CENTER BLVD 14TH FL, EAST BRUNSWICK, NJ 08816
Preparer
Brad Caruso
Phone
7328281614
Supplemental Narrative

Additional Explanations

Core Form 990 Responses

Form 990, part iii, line 1 nvak (which means music in armenian) is a music education program whose mission is to educate and develop the skills of young musicians living in countries facing social, political and/or economic challenges. We connect our students (ages 14-30) with educators and professionals from the music business, using music education as a way to (1) bring people together into dialogue, (2) foster artistic and social collaboration and (3) help our students find career growth opportunities that would otherwise be unavailable to them. Form 990, part iii, line 4a in 2015, because of the work tamar was doing in the u.s. Music business, she was given the opportunity to spend extended amounts of time in yerevan, armenia. During those months, she got to know local creatives and realized while talent was equally distributed, opportunity was not. The armenian youth possessed huge amounts of emotional intelligence; they were curious and hungry to learn; they wanted to integrate into the global and technologically connected world; they wanted to have more access to opportunities that were unavailable to them. Tamar realized that because of her connections in the music industry, and the platform she had in the country, there was an opportunity for her to create an organization super-serving talented musicians in armenia. Prior to nvak, there was no collaborative, cohesive, vibrant, modern music community in armenia. Young musicians were not writing or releasing original music. They were not collaborating and working with each other. They were not playing live shows. No one knew what an open-mic-night was. No one knew what songwriter circles were. The mission was to create change and to weave together the fragmented creative community. In 2018 and 2019, nvak scaled to 2 additional countries and has super-served over 1500 underserved musicians; in 3 different regions (armenia, israel, and malawi); impacting over 6 different cultural groups. What originally started as a summer program is now a year-round community and family that aims to provide free, high-quality, inclusive music education for under-served musicians globally. Form 990, part vi, section a, question 2 tamar mardirossian and christopher stang have a family relationship. Form 990, part vi, section b, question 11 the form 990 is prepared by an independent cpa firm. The form 990 is distributed to board members who review prior to filing with the irs. Form 990, part vi, section b, question 12 all board members are required to complete annual conflict of intererst questionnaires and recuse themselves from voting in any conflicts exist. If there are any potential conflicts, the board will investigate and determine if it is truly a conflict of interest. Board members and employees are asked to disclose any potental conflicts throughout the year as they arise. Form 990, part vi, section c, question 19 all governing documents, conflict of interest policy, and financial statement are maintained at the organization's main office and are available upon request. Form 990 is maintained at the main office and available upon request.

Form 990 Part IX Line 11G

Description:professional fees total fees:74787

Raw XML AppendixShowing 400 of 426 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990, PART III, LINE 1 NVAK (WHICH MEANS MUSIC IN ARMENIAN) IS A MUSIC EDUCATION PROGRAM WHOSE MISSION IS TO EDUCATE AND DEVELOP THE SKILLS OF YOUNG MUSICIANS LIVING IN COUNTRIES FACING SOCIAL, POLITICAL AND/OR ECONOMIC CHALLENGES. WE CONNECT OUR STUDENTS (AGES 14-30) WITH EDUCATORS AND PROFESSIONALS FROM THE MUSIC BUSINESS, USING MUSIC EDUCATION AS A WAY TO (1) BRING PEOPLE TOGETHER INTO DIALOGUE, (2) FOSTER ARTISTIC AND SOCIAL COLLABORATION AND (3) HELP OUR STUDENTS FIND CAREER GROWTH OPPORTUNITIES THAT WOULD OTHERWISE BE UNAVAILABLE TO THEM. FORM 990, PART III, LINE 4A IN 2015, BECAUSE OF THE WORK TAMAR WAS DOING IN THE U.S. MUSIC BUSINESS, SHE WAS GIVEN THE OPPORTUNITY TO SPEND EXTENDED AMOUNTS OF TIME IN YEREVAN, ARMENIA. DURING THOSE MONTHS, SHE GOT TO KNOW LOCAL CREATIVES AND REALIZED WHILE TALENT WAS EQUALLY DISTRIBUTED, OPPORTUNITY WAS NOT. THE ARMENIAN YOUTH POSSESSED HUGE AMOUNTS OF EMOTIONAL INTELLIGENCE; THEY WERE CURIOUS AND HUNGRY TO LEARN; THEY WANTED TO INTEGRATE INTO THE GLOBAL AND TECHNOLOGICALLY CONNECTED WORLD; THEY WANTED TO HAVE MORE ACCESS TO OPPORTUNITIES THAT WERE UNAVAILABLE TO THEM. TAMAR REALIZED THAT BECAUSE OF HER CONNECTIONS IN THE MUSIC INDUSTRY, AND THE PLATFORM SHE HAD IN THE COUNTRY, THERE WAS AN OPPORTUNITY FOR HER TO CREATE AN ORGANIZATION SUPER-SERVING TALENTED MUSICIANS IN ARMENIA. PRIOR TO NVAK, THERE WAS NO COLLABORATIVE, COHESIVE, VIBRANT, MODERN MUSIC COMMUNITY IN ARMENIA. YOUNG MUSICIANS WERE NOT WRITING OR RELEASING ORIGINAL MUSIC. THEY WERE NOT COLLABORATING AND WORKING WITH EACH OTHER. THEY WERE NOT PLAYING LIVE SHOWS. NO ONE KNEW WHAT AN OPEN-MIC-NIGHT WAS. NO ONE KNEW WHAT SONGWRITER CIRCLES WERE. THE MISSION WAS TO CREATE CHANGE AND TO WEAVE TOGETHER THE FRAGMENTED CREATIVE COMMUNITY. IN 2018 AND 2019, NVAK SCALED TO 2 ADDITIONAL COUNTRIES AND HAS SUPER-SERVED OVER 1500 UNDERSERVED MUSICIANS; IN 3 DIFFERENT REGIONS (ARMENIA, ISRAEL, AND MALAWI); IMPACTING OVER 6 DIFFERENT CULTURAL GROUPS. WHAT ORIGINALLY STARTED AS A SUMMER PROGRAM IS NOW A YEAR-ROUND COMMUNITY AND FAMILY THAT AIMS TO PROVIDE FREE, HIGH-QUALITY, INCLUSIVE MUSIC EDUCATION FOR UNDER-SERVED MUSICIANS GLOBALLY. FORM 990, PART VI, SECTION A, QUESTION 2 TAMAR MARDIROSSIAN AND CHRISTOPHER STANG HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, QUESTION 11 THE FORM 990 IS PREPARED BY AN INDEPENDENT CPA FIRM. THE FORM 990 IS DISTRIBUTED TO BOARD MEMBERS WHO REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, QUESTION 12 ALL BOARD MEMBERS ARE REQUIRED TO COMPLETE ANNUAL CONFLICT OF INTERERST QUESTIONNAIRES AND RECUSE THEMSELVES FROM VOTING IN ANY CONFLICTS EXIST. IF THERE ARE ANY POTENTIAL CONFLICTS, THE BOARD WILL INVESTIGATE AND DETERMINE IF IT IS TRULY A CONFLICT OF INTEREST. BOARD MEMBERS AND EMPLOYEES ARE ASKED TO DISCLOSE ANY POTENTAL CONFLICTS THROUGHOUT THE YEAR AS THEY ARISE. FORM 990, PART VI, SECTION C, QUESTION 19 ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENT ARE MAINTAINED AT THE ORGANIZATION'S MAIN OFFICE AND ARE AVAILABLE UPON REQUEST. FORM 990 IS MAINTAINED AT THE MAIN OFFICE AND AVAILABLE UPON REQUEST.
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