Merit School Of Music
EIN: 363028768 · Chicago, IL · NTEE: A6E0
| Metric | Value |
|---|---|
| Total Revenue | $13.5M |
| Total Expenses | $8.4M |
| Net Assets | $34.7M |
Is Merit School Of Music Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Merit School Of Music
Merit School Of Music (EIN: 363028768) is a nonprofit organization based in Chicago, IL, classified under NTEE code A6E0. The organization reported total revenue of $13.5M and total assets of $43.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Merit School Of Music's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Merit School Of Music is a large nonprofit that has been operating for 47 years, with 14 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 6.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $11.7M |
| Total Expenses | $8.4M |
| Surplus / Deficit | +$3.3M |
| Total Assets | $36.0M |
| Total Liabilities | $1.3M |
| Net Assets | $34.7M |
| Operating Margin | 28.4% |
| Debt-to-Asset Ratio | 3.5% |
| Months of Reserves | 51.5 months |
Financial Health Grade: A
In 2023, Merit School Of Music reported a surplus of $3.3M with revenue exceeding expenses, holds 51.5 months of operating reserves (strong position), has a debt-to-asset ratio of 3.5% (very low leverage).
Financial Trends
Over 14 years of filings (2011–2023), Merit School Of Music's revenue has grown at a compound annual growth rate (CAGR) of 6.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +78.3% | +3.8% | +11.1% |
| 2022 | -35.4% | +13.6% | -5.6% |
| 2021 | +1066.5% | +609.8% | +9.9% |
| 2020 | -88.5% | -85.9% | +3.0% |
| 2020 | -35.1% | +4.3% | +5.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 2000 |
| IRS Ruling Date | 1979 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Merit School Of Music has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Merit School Of Music with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $3.3M, with revenue exceeding expenses.
- Debt-to-asset ratio: 3.5%.
Frequently Asked Questions about Merit School Of Music
Is Merit School Of Music a legitimate charity?
Merit School Of Music (EIN: 363028768) is a registered tax-exempt nonprofit based in Illinois. It has 14 years of IRS 990 filings on record. Total revenue: $13.5M. No red flags identified. Financial health grade: A.
How does Merit School Of Music spend its money?
Merit School Of Music reported $13.5M in total revenue in IRS 990 filings. 14 years of filing data available. Revenue exceeded expenses in the most recent year. Review the full spending breakdown on NonprofitSpending.
Are donations to Merit School Of Music tax-deductible?
Merit School Of Music is registered as a tax-exempt nonprofit (EIN: 363028768). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Merit School Of Music located?
Merit School Of Music is headquartered in Chicago, Illinois and files with the IRS under EIN 363028768. It is classified under NTEE code A6E0.
How many years of IRS 990 filings does Merit School Of Music have?
Merit School Of Music has 14 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 $13.5M in total revenue.
Filing History
IRS 990 filing history for Merit School Of Music showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2011–2023), Merit School Of Music's revenue has grown by 108.3%, moving from $5.6M to $11.7M. Total assets increased by 59.1% over the same period, from $22.6M to $36.0M. Total functional expenses rose by 42%, from $5.9M to $8.4M. In its most recent filing year (2023), Merit School Of Music reported a surplus of $3.3M, with revenue exceeding expenses. The organization holds $1.3M in liabilities against $36.0M in assets (debt-to-asset ratio: 3.5%), resulting in net assets of $34.7M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $11.7M | $8.4M | $36.0M | $1.3M | — | View 990 |
| 2022 | $6.6M | $8.1M | $32.4M | $989K | — | View 990 |
| 2021 | $10.2M | $7.1M | $34.3M | $1.4M | — | — |
| 2020 | $872K | $1.0M | $31.2M | $1.4M | — | View 990 |
| 2020 | $7.6M | $7.1M | $30.3M | $1.5M | — | View 990 |
| 2019 | $11.7M | $6.8M | $28.8M | $530K | — | View 990 |
| 2018 | $6.7M | $7.0M | $24.0M | $868K | — | View 990 |
| 2017 | $6.5M | $6.8M | $23.4M | $631K | — | View 990 |
| 2016 | $7.2M | $6.9M | $22.5M | $787K | — | View 990 |
| 2015 | $6.1M | $6.6M | $22.6M | $868K | — | View 990 |
| 2014 | $6.9M | $6.8M | $22.8M | $729K | — | View 990 |
| 2013 | $5.5M | $6.3M | $21.1M | $571K | — | View 990 |
| 2012 | $6.2M | $6.0M | $22.3M | $2.0M | — | View 990 |
| 2011 | $5.6M | $5.9M | $22.6M | $2.4M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $11.7M, expenses of $8.4M, and assets of $36.0M (revenue +78.3% year-over-year).
- 2022: Revenue of $6.6M, expenses of $8.1M, and assets of $32.4M (revenue -35.4% year-over-year).
- 2021: Revenue of $10.2M, expenses of $7.1M, and assets of $34.3M (revenue +1066.5% year-over-year).
- 2020: Revenue of $872K, expenses of $1.0M, and assets of $31.2M (revenue -88.5% year-over-year).
- 2020: Revenue of $7.6M, expenses of $7.1M, and assets of $30.3M (revenue -35.1% year-over-year).
- 2019: Revenue of $11.7M, expenses of $6.8M, and assets of $28.8M (revenue +74.6% year-over-year).
- 2018: Revenue of $6.7M, expenses of $7.0M, and assets of $24.0M (revenue +3.0% year-over-year).
- 2017: Revenue of $6.5M, expenses of $6.8M, and assets of $23.4M (revenue -9.7% year-over-year).
- 2016: Revenue of $7.2M, expenses of $6.9M, and assets of $22.5M (revenue +17.3% year-over-year).
- 2015: Revenue of $6.1M, expenses of $6.6M, and assets of $22.6M (revenue -11.7% year-over-year).
- 2014: Revenue of $6.9M, expenses of $6.8M, and assets of $22.8M (revenue +25.7% year-over-year).
- 2013: Revenue of $5.5M, expenses of $6.3M, and assets of $21.1M (revenue -10.5% year-over-year).
- 2012: Revenue of $6.2M, expenses of $6.0M, and assets of $22.3M (revenue +9.9% year-over-year).
- 2011: Revenue of $5.6M, expenses of $5.9M, and assets of $22.6M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Merit School Of Music:
Data Sources and Methodology
This transparency report for Merit School Of Music 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.