Institute Of Music For Children Inc
Institute Of Music For Children Inc shows strong asset growth and no executive compensation, but experienced a deficit in its latest fiscal period.
EIN: 20687805 · Elizabeth, NJ · NTEE: A68 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $2.9M |
| Total Expenses | $1.5M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $9 |
| Net Assets | $5.7M |
| Transparency Score | 85/100 |
Is Institute Of Music For Children Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Institute Of Music For Children Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Institute Of Music For Children Inc
Institute Of Music For Children Inc (EIN: 20687805) is a nonprofit organization based in Elizabeth, NJ, classified under NTEE code A68. The organization reported total revenue of $2.9M and total assets of $9.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Institute Of Music For Children Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Institute Of Music For Children Inc is a mid-size nonprofit that has been operating for 22 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 13.6%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.4M |
| Total Expenses | $1.5M |
| Surplus / Deficit | $-69,682 |
| Total Assets | $5.9M |
| Total Liabilities | $185K |
| Net Assets | $5.7M |
| Operating Margin | -4.9% |
| Debt-to-Asset Ratio | 3.1% |
| Months of Reserves | 47.3 months |
Financial Health Grade: B
In 2023, Institute Of Music For Children Inc reported a deficit of $70K with expenses exceeding revenue, holds 47.3 months of operating reserves (strong position), has a debt-to-asset ratio of 3.1% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Institute Of Music For Children Inc's revenue has grown at a compound annual growth rate (CAGR) of 13.6%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +7.3% | +35.3% | +0.4% |
| 2022 | -78.3% | -2.4% | -1.3% |
| 2021 | +595.7% | +51.6% | +534.6% |
| 2020 | +4.3% | -17.5% | +52.4% |
| 2019 | +1.1% | +18.7% | +5.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1200 |
| IRS Ruling Date | 2004 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Institute Of Music For Children Inc with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Institute Of Music For Children Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $70K, with expenses exceeding revenue.
- Debt-to-asset ratio: 3.1%.
Executive Compensation Analysis
Executive compensation is reported at 0% across all available filings, indicating that no officers received compensation from the organization. This is highly commendable and suggests a strong commitment to directing all available funds towards the organization's mission rather than executive salaries, especially for an organization with current assets of over $9 million.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Institute Of Music For Children Inc's IRS 990 filings:
- Expenses exceeded revenue in the latest fiscal period (202309), indicating a deficit.
- Significant year-over-year revenue volatility, particularly the large spike in 2021 followed by a return to lower levels, suggests potential reliance on unpredictable funding sources.
Strengths
The following positive indicators were identified for Institute Of Music For Children Inc:
- Consistently reports 0% officer compensation, demonstrating strong financial ethics and mission focus.
- Significant growth in assets, from $935,950 in 2020 to $9,014,870 currently, providing a strong financial foundation.
- Long history of IRS 990 filings (13 filings), indicating consistent compliance and transparency.
- Maintained operations and asset growth despite revenue fluctuations, showing resilience.
Frequently Asked Questions about Institute Of Music For Children Inc
Is Institute Of Music For Children Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Institute Of Music For Children Inc (EIN: 20687805) some concerns. Mission Score: 85/100. 2 red flags identified, 4 strengths noted.
How does Institute Of Music For Children Inc spend its money?
Institute Of Music For Children Inc directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Institute Of Music For Children Inc tax-deductible?
Institute Of Music For Children Inc is registered as a tax-exempt nonprofit (EIN: 20687805). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Institute Of Music For Children Inc CEO make?
Institute Of Music For Children Inc's highest-compensated officer earns $9 annually. The organization reported $2.9M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Institute Of Music For Children Inc's spending goes to programs?
Institute Of Music For Children Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Institute Of Music For Children Inc compare to similar nonprofits?
With a transparency score of 85/100 (Excellent), Institute Of Music For Children Inc is above average for NTEE category A68 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Institute Of Music For Children Inc located?
Institute Of Music For Children Inc is headquartered in Elizabeth, New Jersey and files with the IRS under EIN 20687805. It is classified under NTEE code A68.
How many years of IRS 990 filings does Institute Of Music For Children Inc have?
Institute Of Music For Children Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $2.9M in total revenue.
What caused the significant revenue spike in 2021 to $6,114,164, and how does it relate to the organization's long-term financial strategy?
The provided data does not specify the source of the 2021 revenue spike. Understanding if this was a one-time grant, a capital campaign, or another unique event is crucial for assessing future revenue predictability and sustainability.
Why did expenses exceed revenue in the 202309 period ($1,494,267 vs. $1,424,585)?
The latest filing shows a deficit, which could be due to increased program activities, capital expenditures, or a temporary dip in funding. This trend should be monitored to ensure long-term financial stability.
How does the organization plan to utilize its substantial asset base of $9,014,870 to further its mission?
With significant assets, understanding the organization's strategy for investment, program expansion, or endowment building would provide insight into its long-term impact and financial planning.
What is the detailed breakdown of program, administrative, and fundraising expenses for the most recent fiscal year?
While the provided data indicates overall expenses, a detailed functional expense breakdown is necessary to fully assess spending efficiency and ensure a high percentage of funds are directed to programs.
Filing History
IRS 990 filing history for Institute Of Music For Children Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Institute Of Music For Children Inc's revenue has grown by 363.8%, moving from $307K to $1.4M. Total assets increased by 9918.2% over the same period, from $59K to $5.9M. Total functional expenses rose by 259.2%, from $416K to $1.5M. In its most recent filing year (2023), Institute Of Music For Children Inc reported a deficit of $70K, with expenses exceeding revenue. The organization holds $185K in liabilities against $5.9M in assets (debt-to-asset ratio: 3.1%), resulting in net assets of $5.7M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.4M | $1.5M | $5.9M | $185K | — | View 990 |
| 2022 | $1.3M | $1.1M | $5.9M | $199K | — | — |
| 2021 | $6.1M | $1.1M | $5.9M | $178K | — | View 990 |
| 2020 | $879K | $746K | $936K | $196K | — | View 990 |
| 2019 | $843K | $904K | $614K | $58K | — | View 990 |
| 2018 | $834K | $762K | $585K | $22K | — | View 990 |
| 2017 | $1.0M | $834K | $545K | $18K | — | View 990 |
| 2016 | $746K | $743K | $368K | $26K | — | View 990 |
| 2015 | $685K | $637K | $351K | $8K | — | View 990 |
| 2014 | $628K | $593K | $330K | $24K | — | View 990 |
| 2013 | $770K | $532K | $271K | $12K | — | View 990 |
| 2012 | $443K | $454K | $46K | $22K | — | View 990 |
| 2011 | $307K | $416K | $59K | $24K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.4M, expenses of $1.5M, and assets of $5.9M (revenue +7.3% year-over-year).
- 2022: Revenue of $1.3M, expenses of $1.1M, and assets of $5.9M (revenue -78.3% year-over-year).
- 2021: Revenue of $6.1M, expenses of $1.1M, and assets of $5.9M (revenue +595.7% year-over-year).
- 2020: Revenue of $879K, expenses of $746K, and assets of $936K (revenue +4.3% year-over-year).
- 2019: Revenue of $843K, expenses of $904K, and assets of $614K (revenue +1.1% year-over-year).
- 2018: Revenue of $834K, expenses of $762K, and assets of $585K (revenue -16.6% year-over-year).
- 2017: Revenue of $1.0M, expenses of $834K, and assets of $545K (revenue +34.1% year-over-year).
- 2016: Revenue of $746K, expenses of $743K, and assets of $368K (revenue +8.8% year-over-year).
- 2015: Revenue of $685K, expenses of $637K, and assets of $351K (revenue +9.1% year-over-year).
- 2014: Revenue of $628K, expenses of $593K, and assets of $330K (revenue -18.5% year-over-year).
- 2013: Revenue of $770K, expenses of $532K, and assets of $271K (revenue +74.0% year-over-year).
- 2012: Revenue of $443K, expenses of $454K, and assets of $46K (revenue +44.1% year-over-year).
- 2011: Revenue of $307K, expenses of $416K, and assets of $59K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Institute Of Music For Children Inc:
Data Sources and Methodology
This transparency report for Institute Of Music For Children Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.