Music For The Soul Inc
Music For The Soul Inc consistently operates with modest revenues and expenses, often incurring small annual deficits.
EIN: 10707171 · Nashville, TN · NTEE: A33 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $128K |
| Total Expenses | $159K |
| Program Spending | 80% |
| Net Assets | $27K |
| Transparency Score | 75/100 |
Is Music For The Soul Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Music For The Soul Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Music For The Soul Inc
Music For The Soul Inc (EIN: 10707171) is a nonprofit organization based in Nashville, TN, classified under NTEE code A33. The organization reported total revenue of $128K and total assets of $62K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Music For The Soul Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Music For The Soul Inc is a small nonprofit that has been operating for 24 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $153K |
| Total Expenses | $159K |
| Surplus / Deficit | $-6,741 |
| Total Assets | $35K |
| Total Liabilities | $8K |
| Net Assets | $27K |
| Operating Margin | -4.4% |
| Debt-to-Asset Ratio | 22.0% |
| Months of Reserves | 2.6 months |
Financial Health Grade: C
In 2023, Music For The Soul Inc reported a deficit of $7K with expenses exceeding revenue, holds 2.6 months of operating reserves (limited), has a debt-to-asset ratio of 22.0% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Music For The Soul Inc's revenue has grown at a compound annual growth rate (CAGR) of 3.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +35.2% | +50.4% | -19.1% |
| 2022 | -11.3% | -12.9% | +24.2% |
| 2021 | +55.5% | +28.7% | +21.8% |
| 2020 | -30.5% | -18.6% | -25.6% |
| 2019 | +2.5% | +7.5% | +1.9% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2002 |
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 Music For The Soul Inc with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Music For The Soul Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% 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 $7K, with expenses exceeding revenue.
- Debt-to-asset ratio: 22.0%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that officers are either volunteers or compensated through non-officer categories, which is a positive for donor perception regarding overhead.
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 Music For The Soul Inc's IRS 990 filings:
- Frequent small operating deficits (e.g., 2023, 2020, 2016, 2015, 2014) where expenses exceed revenue, which could impact long-term reserves if not managed.
Strengths
The following positive indicators were identified for Music For The Soul Inc:
- Consistent filing history (13 filings) demonstrating strong transparency.
- 0% reported officer compensation across all filings, indicating a lean executive cost structure.
- Long operational history (over a decade) suggesting resilience and established programs.
- Stable asset base, despite occasional deficits, indicating some financial prudence.
Frequently Asked Questions about Music For The Soul Inc
Is Music For The Soul Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Music For The Soul Inc (EIN: 10707171) some concerns. Mission Score: 75/100. 1 red flag identified, 4 strengths noted.
How does Music For The Soul Inc spend its money?
Music For The Soul Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Music For The Soul Inc tax-deductible?
Music For The Soul Inc is registered as a tax-exempt nonprofit (EIN: 10707171). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Music For The Soul Inc's spending goes to programs?
Music For The Soul Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Music For The Soul Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Music For The Soul Inc is above average for NTEE category A33 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Music For The Soul Inc located?
Music For The Soul Inc is headquartered in Nashville, Tennessee and files with the IRS under EIN 10707171. It is classified under NTEE code A33.
How many years of IRS 990 filings does Music For The Soul Inc have?
Music For The Soul 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 $128K in total revenue.
Is Music For The Soul Inc financially stable?
Yes, the organization appears stable, consistently operating for over a decade with revenues and expenses in the $100k-$150k range, and maintaining a consistent asset base despite occasional small deficits.
Does Music For The Soul Inc pay its officers?
Based on the provided data, officer compensation is reported as 0% across all available filings, suggesting officers are not compensated or are compensated in ways not categorized as officer compensation.
What is the trend in Music For The Soul Inc's revenue?
Revenue has fluctuated but generally remained stable over the past decade, typically between $100,000 and $150,000, with a peak of $180,580 in 2014 and $152,754 in 2023.
Are Music For The Soul Inc's expenses under control?
Expenses are generally in line with revenue, though they have slightly exceeded revenue in several years (e.g., 2023, 2020, 2016, 2015, 2014), indicating a tight operational budget.
Filing History
IRS 990 filing history for Music For The Soul Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Music For The Soul Inc's revenue has grown by 43.7%, moving from $106K to $153K. Total assets increased by 114.3% over the same period, from $16K to $35K. Total functional expenses rose by 70.2%, from $94K to $159K. In its most recent filing year (2023), Music For The Soul Inc reported a deficit of $7K, with expenses exceeding revenue. The organization holds $8K in liabilities against $35K in assets (debt-to-asset ratio: 22.0%), resulting in net assets of $27K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $153K | $159K | $35K | $8K | — | View 990 |
| 2022 | $113K | $106K | $43K | $9K | — | View 990 |
| 2021 | $127K | $122K | $35K | $8K | — | View 990 |
| 2020 | $82K | $95K | $29K | $7K | — | — |
| 2019 | $118K | $116K | $38K | $7K | — | — |
| 2018 | $115K | $108K | $38K | $8K | — | View 990 |
| 2017 | $137K | $126K | $31K | $8K | — | View 990 |
| 2016 | $117K | $118K | $21K | $9K | — | View 990 |
| 2015 | $102K | $110K | $15K | $2K | — | View 990 |
| 2014 | $181K | $187K | $22K | $2K | — | View 990 |
| 2013 | $238K | $265K | $29K | $3K | — | — |
| 2012 | $236K | $197K | $56K | $2K | — | View 990 |
| 2011 | $106K | $94K | $16K | $3K | — | — |
Year-by-Year Financial Summary
- 2023: Revenue of $153K, expenses of $159K, and assets of $35K (revenue +35.2% year-over-year).
- 2022: Revenue of $113K, expenses of $106K, and assets of $43K (revenue -11.3% year-over-year).
- 2021: Revenue of $127K, expenses of $122K, and assets of $35K (revenue +55.5% year-over-year).
- 2020: Revenue of $82K, expenses of $95K, and assets of $29K (revenue -30.5% year-over-year).
- 2019: Revenue of $118K, expenses of $116K, and assets of $38K (revenue +2.5% year-over-year).
- 2018: Revenue of $115K, expenses of $108K, and assets of $38K (revenue -15.9% year-over-year).
- 2017: Revenue of $137K, expenses of $126K, and assets of $31K (revenue +17.2% year-over-year).
- 2016: Revenue of $117K, expenses of $118K, and assets of $21K (revenue +14.0% year-over-year).
- 2015: Revenue of $102K, expenses of $110K, and assets of $15K (revenue -43.3% year-over-year).
- 2014: Revenue of $181K, expenses of $187K, and assets of $22K (revenue -24.0% year-over-year).
- 2013: Revenue of $238K, expenses of $265K, and assets of $29K (revenue +0.5% year-over-year).
- 2012: Revenue of $236K, expenses of $197K, and assets of $56K (revenue +122.3% year-over-year).
- 2011: Revenue of $106K, expenses of $94K, and assets of $16K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Music For The Soul Inc:
Data Sources and Methodology
This transparency report for Music For The Soul 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.