Civic Intelligence

Friends of Kexp

EIN 91-2061474 • 501(c)3 • Seattle, WA

Profile

Kexp's mission is to enrich your life by championing music and discovery.

472 1st Ave NSeattle, WA 98109-4721

www.kexp.org

Siviq Scores

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

Liabilities / Assets

66th percentile

0.39x

Higher debt load relative to assets than 66% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

74th percentile

0.78x

Higher debt load relative to revenue than 74% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

9th percentile

-24%

Higher net margin than 9% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

81st percentile

$467,504

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

9th percentile

-9.9%

Faster asset growth than 9% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

47th percentile

6.6%

Faster revenue growth than 47% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Down

$31,148,305

Down $3,413,768 (-9.9%) from 2023

Liabilities

Down

$12,137,252

Down $285,126 (-2.3%) from 2023

Net Assets

Down

$19,011,053

Down $3,128,642 (-14%) from 2023

Revenue

Up

$15,641,016

Up $966,549 (+6.6%) from 2023

Expenses

Up

$19,470,085

Up $2,094,074 (+12%) from 2023

Net Income

Down

-$3,829,069

Down $1,127,525 (-42%) from 2023

Trend Graphs

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2011: $3,462,954Liabilities 2011: $572,437Net Assets 2011: $2,890,5172011Assets 2012: $4,553,734Liabilities 2012: $803,617Net Assets 2012: $3,750,1172012Assets 2013: $7,867,804Liabilities 2013: $909,929Net Assets 2013: $6,957,8752013Assets 2014: $14,009,149Liabilities 2014: $4,860,371Net Assets 2014: $9,148,7782014Assets 2015: $22,531,900Liabilities 2015: $9,231,688Net Assets 2015: $13,300,2122015Assets 2016: $22,056,172Liabilities 2016: $7,402,305Net Assets 2016: $14,653,8672016Assets 2017: $30,051,112Liabilities 2017: $4,358,931Net Assets 2017: $25,692,1812017Assets 2018: $27,497,735Liabilities 2018: $3,388,713Net Assets 2018: $24,109,0222018Assets 2019: $27,409,336Liabilities 2019: $2,979,823Net Assets 2019: $24,429,5132019Assets 2020: $27,675,072Liabilities 2020: $2,173,988Net Assets 2020: $25,501,0842020Assets 2021: $29,661,098Liabilities 2021: $2,329,044Net Assets 2021: $27,332,0542021Assets 2022: $35,330,554Liabilities 2022: $12,522,312Net Assets 2022: $22,808,2422022Assets 2023: $34,562,073Liabilities 2023: $12,422,378Net Assets 2023: $22,139,6952023Assets 2024: $31,148,305Liabilities 2024: $12,137,252Net Assets 2024: $19,011,0532024

Highlighted filing

2024

Assets$31,148,305
Liabilities$12,137,252
Net Assets$19,011,053

Operations Trend

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

$20M$10M$0-$10MRevenue 2011: $4,118,787Expenses 2011: $4,046,225Net Income 2011: $72,5622011Revenue 2012: $6,076,836Expenses 2012: $5,087,236Net Income 2012: $989,6002012Revenue 2013: $9,316,975Expenses 2013: $6,109,217Net Income 2013: $3,207,7582013Revenue 2014: $8,650,743Expenses 2014: $6,459,840Net Income 2014: $2,190,9032014Revenue 2015: $12,367,692Expenses 2015: $8,216,258Net Income 2015: $4,151,4342015Revenue 2016: $9,750,702Expenses 2016: $8,652,885Net Income 2016: $1,097,8172016Revenue 2017: $19,514,096Expenses 2017: $8,787,549Net Income 2017: $10,726,5472017Revenue 2018: $9,618,994Expenses 2018: $10,565,370Net Income 2018: -$946,3762018Revenue 2019: $10,585,311Expenses 2019: $11,606,223Net Income 2019: -$1,020,9122019Revenue 2020: $11,899,114Expenses 2020: $11,931,033Net Income 2020: -$31,9192020Revenue 2021: $14,424,316Expenses 2021: $11,625,171Net Income 2021: $2,799,1452021Revenue 2022: $13,872,717Expenses 2022: $15,436,168Net Income 2022: -$1,563,4512022Revenue 2023: $14,674,467Expenses 2023: $17,376,011Net Income 2023: -$2,701,5442023Revenue 2024: $15,641,016Expenses 2024: $19,470,085Net Income 2024: -$3,829,0692024

Highlighted filing

2024

Revenue$15,641,016
Expenses$19,470,085
Net Income-$3,829,069

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$31.1$12.1$19.0$15.6$19.5$3.83
2023Detailed filing. Detailed filing data is available for this year.$34.6$12.4$22.1$14.7$17.4$2.70
2022Detailed filing. Detailed filing data is available for this year.$35.3$12.5$22.8$13.9$15.4$1.56
2021Detailed filing. Detailed filing data is available for this year.$29.7$2.33$27.3$14.4$11.6$2.80
2020Detailed filing. Detailed filing data is available for this year.$27.7$2.17$25.5$11.9$11.9$0.03
2019Detailed filing. Detailed filing data is available for this year.$27.4$2.98$24.4$10.6$11.6$1.02
2018Detailed filing. Detailed filing data is available for this year.$27.5$3.39$24.1$9.62$10.6$0.95
2017Detailed filing. Detailed filing data is available for this year.$30.1$4.36$25.7$19.5$8.79$10.7
2016Detailed filing. Detailed filing data is available for this year.$22.1$7.40$14.7$9.75$8.65$1.10
2015Summary only. Only limited summary data is available for this year.$22.5$9.23$13.3$12.4$8.22$4.15
2014Summary only. Only limited summary data is available for this year.$14.0$4.86$9.15$8.65$6.46$2.19
2013Summary only. Only limited summary data is available for this year.$7.87$0.91$6.96$9.32$6.11$3.21
2012Summary only. Only limited summary data is available for this year.$4.55$0.80$3.75$6.08$5.09$0.99
2011Summary only. Only limited summary data is available for this year.$3.46$0.57$2.89$4.12$4.05$0.07
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jun 25, 2025
Return Version
2024v5.2
Gross Receipts
$32,476,421
Mission and Program Overview

Mission

Kexp's mission is to enrich your life by championing music and discovery.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$9,829,988$8,378,006▼ $1,451,982
Intangible Assets$3,885,487$7,635,487▲ $3,750,000
Land, Buildings, and Equipment, Net$3,550,825$2,339,219▼ $1,211,606
Accounts Receivable$745,232$1,075,548▲ $330,316
Cash and Non-Interest-Bearing Accounts$697,031$851,926▲ $154,895
Pledges and Grants Receivable$612,762$541,789▼ $70,973
Prepaid Expenses and Deferred Charges$737,612$158,272▼ $579,340
Savings and Temporary Cash Investments$3,921,944$84,509▼ $3,837,435
Inventories for Sale or Use$25,676$22,563▼ $3,113
Total Assets$34,562,073$31,148,305▼ $3,413,768
Other Assets Total$10,555,516$10,060,986▼ $494,530
Liabilities
Other Liabilities$10,789,105$10,398,167▼ $390,938
Accounts Payable and Accrued Expenses$1,509,229$1,486,461▼ $22,768
Deferred Revenue$124,044$252,624▲ $128,580
Total Liabilities$12,422,378$12,137,252▼ $285,126
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$21,963,930$18,153,904▼ $3,810,026
Net Assets With Donor Restrictions$175,765$857,149▲ $681,384
Total Net Assets Fund Balance$22,139,695$19,011,053▼ $3,128,642
Total Liabilities and Net Assets / Fund Balance$34,562,073$31,148,305▼ $3,413,768

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$1,430,558$9,716,010$11,146,568
Equipment$805,511$1,569,751$2,375,262
Other Land Buildings$103,150$772,700$875,850
Other Assets Org$1,296--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$10,014,555-▲ $1,077,532$2,578,000$8,458,750
2023$13,225,995-▲ $1,921,086$5,070,000$10,014,555
2022$16,608,756-▼ $3,010,632$310,000$13,225,995
2021$12,081,413$3,189,251▲ $1,398,645-$16,608,756
2020$10,759,322-▲ $1,373,719-$12,081,413
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ethan RaupChief Executive OfficerFT$233,752$48,499$282,251
John RichardsDirector of Progrm. & HostFT$219,799$44,618$264,417
Ramberto TorruellaChief Technology OfficerFT$233,719$11,700$245,419
Rebecca DenkChief Financial OfficerFT$170,434$35,602$206,036
Christopher KelloggChief Programming OfficerFT$173,344$21,523$194,867
Thomas SmithDirector of Strategic Rel & DevFT$155,757$37,801$193,558
Cheryl WatersCreative Director, L.p. & HostFT$167,048$25,087$192,135
Alexander Van BurenDirector of It OperationsFT$161,902$25,560$187,462
Robert BenderAssociate Director of Bus. Sup.FT$125,788$58,592$184,380
Cyrus DespresDirector of Planning & Bus. Int.FT$160,637$20,572$181,209

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
B-bam INCDonor Premiums And Mailings4818 EVERGREEN WAY SUITE 250, Everett, WA 98203$479,127
Experis US INCSoftware Development Services29973 NETWORK PLACE, Chicago, IL 60673-1299$205,469
BraintreeDonor Credit Card Processing222 WEST MERCHANDISE MART PLAZA SU, Chicago, IL 60654$184,913
Iron And Oak LLCSecurity Services1425 BROADWAY SUITE 495, Seattle, WA 98122$179,150
CompunetCyber Security And ConsultingPO BOX 35124-5143, Seattle, WA 98124$126,197
Revenue and Support

Revenue Composition

Contributions and Grants
$13,854,758
Program Service Revenue
$21,600
Investment Income
$406,836
Other Revenue
$1,357,822
All Other Contributions
$13,168,763
Change in Net Assets
$-3,829,069

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded23$180,439Fair Market Value (FMV)
Other Non Cash Contri Table1$49,500Fair Market Value (FMV)
Total Noncash Contributions24$229,939-

Audited Revenue Reconciliation

Revenue per Audited Statements
$15,594,168
Revenue Not Reported on Financial Statements
$46,848
Revenue Not Reported on Form 990
$1,669,504
Other Revenue Adjustments
$-8,489
Total Revenue per Audited Statements
$17,263,672
Total Revenue per Form 990
$15,641,016
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$12,317,161
Other Expenses$7,152,924
Total Fundraising Expense$4,804,629
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,986,223$786,371$1,885,460$8,658,054
Depreciation Depletion$1,117,392$82,999$250,428$1,450,819
Fees for Services Other$860,006$29,477$468,237$1,357,720
Other Employee Benefits$835,580$117,927$282,268$1,235,775
Current Officers, Directors, Trustees, and Key Employees$773,673$102,574$245,884$1,122,131
Payroll Taxes$572,108$74,830$177,014$823,952
Information Technology$614,229$121,002$64,157$799,388
Occupancy$568,680$39,012$120,273$727,965
Office Expenses$175,959$19,527$298,384$493,870
Pension Plan Contributions$322,696$45,543$109,010$477,249
Advertising$329,448$462$45,043$374,953
Travel$169,620$5,742$79,202$254,564
All Other Expenses$10,119$74,530$153,722$238,371
Fees for Services Legal$156,278$3,392$5,355$165,025
Insurance$59,455$5,398$16,471$81,324
Fees for Service Investment Mgmnt Fees-$55,337-$55,337
Fees for Services Accounting-$55,306-$55,306
Other Expenses$192,866$3,750$1,665$3,750
Total Functional Expenses$13,039,172$1,626,284$4,804,629$19,470,085

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$20,392,314
Total Expenses per Form 990$19,470,085
Expenses per Audited Statements$19,414,748
Expenses Not Reported on Form 990$977,566
Expenses Not Reported on Financial Statements$55,337
International Activity

International Summary

Offices
0
Employees
0
Spending
$13,653

International Compliance

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
Europe (including Iceland & Greenland)Program ServicesSupport Paid to Local Artists, Bands and Audio/video Technicians.00$7,653
North America - Canada and Mexico, But Not the United StatesProgram ServicesSupport Paid to Local Artists, Bands and Audio/video Technicians.00$6,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
Yes
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Gaming Gross Income$242,874
Gaming Direct Expenses$1,253
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 Liability$10,398,167
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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, Part VI, Section A, Line 7A

Friends of kexp is an affiliate of the university of washington (uw), and as such uw fills one seat on kexp's board of directors. This uw appointed director has the same rights and responsibilities of any other board member.

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

Upon completion, drafts of kexp's annual financial statements and form 990 are distributed electronically to the board of directors for review. The documents are then presented by the audit chair at a board meeting and approved by a vote.

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

As part of the kexp board of director's annual meeting process in september, all members are required to complete a conflict-of-interest policy & confidentiality statement form via docusign. This form includes a section for members to acknowledge and disclose any potential professional or personal instances of conflict with kexp. Additionally, the fcc requires kexp to file a noncommercial broadcast stations ownership report biannually which identifies all members of the board, its officers, % of ownership interest, voting & interest % (or ex officio), or whether the member has an attributable interest in one or more broadcast stations. If a board member has a potential professional or personal conflict they are barred from discussions and voting on such matters of interest.

Form 990, Part VI, Section B, Line 15

For all kexp positions, including chief executives, salary surveys are purchased, comparable data is compiled, and market compensation data is used to update salary bands annually. This data is shared with the board of directors' executive committee for their performance review of the ceo each year. The hr director of kexp updates pay bands for each job role annually. The board only has oversight of the ceo's performance and compensation, while the ceo has that responsibility for the executive suite: cao, cfo, cpo, and cto. The last compensation review occurred in march 2024.

Form 990, Part VI, Section C, Line 19

Per the fedral communications commission (fcc) requirements, kexp uploads license applications and related materials, ownership reports, eeo records and issues, and programs list to fcc public inspection files at publicfiles.fcc.gov. Per corporation for public broadcasting (cpb) requirements, kexp posts the most recent audited financial statement and annual financial statement provided to cpb, content and service reports, board meeting calendar, governing body and community advisory board names, station senior/executive management names, titles and contact information, and diversity statement on our website. Also, per cpb requirements, board meeting minutes and employment statistical reports are filed in the public file box at reception. Kexp does not make governing documents, conflict of interest policy or organizational policies available to the public.

Filing and Contact Details

Filer

Filer Name
Friends of Kexp
EIN
91-2061474
Phone
2065205800
Address
472 1ST AVE N, SEATTLE, WA 98109-4721
Doing Business As
Kexp-fm

Signing Officer

Name
Ethan Raup
Title
President & CEO
Phone
2065205800
Signed
2025-06-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ethan Raup
Formed
2001
Legal Domicile
Wa
Voting Board Members
24
Independent Board Members
24
Employees
155
Volunteers
275

Preparer

Firm
Clark Nuber Ps
Address
10900 NE 4TH ST STE 1400, BELLEVUE, WA 98004
Preparer
Megan R Ryan
Phone
4254544919
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 6 VOLUNTEERS:

Kexp uses a web application, shiftboard, to recruit, schedule and record volunteer jobs and hours. In 2024, 236 kexp volunteers contributed 8,759 hours assisting djs with listener emails and real-time playlist entries, welcoming artists and guests to kexp, helping with kexp events, testing kexp's mobile apps, digitizing paper licensing agreements, and assisting in kexp's physical music library. Additionally, 15 community advisory board and 24 board of director members gave 111 and 556 hours respectively, representing listeners, governing kexp and sharing their expertise.

Financial Statement Notes

PART V, LINE 4:

Friends of kexp has a board designated fund in an investment portfolio with bny mellon. Kexp plans to withdraw from the portfolio according to its estimated annual needs for capital investments, special projects, development initiatives and other projects as approved by the board.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Rental expenses -7,236. Gaming expense -1,253.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Gaming expense 1,253. Rental expenses 7,236.

Raw XML AppendixShowing 400 of 1,057 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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