Music Institute Of Bardstown Inc
Music Institute Of Bardstown Inc reports minimal financial activity with $7 revenue in latest filing.
EIN: 203286248 · Bardstown, KY · NTEE: A68 · Updated: 2026-03-28
Is Music Institute Of Bardstown Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Music Institute Of Bardstown Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Music Institute Of Bardstown Inc
Music Institute Of Bardstown Inc (EIN: 203286248) is a nonprofit organization based in Bardstown, KY, classified under NTEE code A68. The organization reported total revenue of $7 and total assets of $12K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Music Institute Of Bardstown Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Music Institute Of Bardstown Inc with a Mission Score of 65 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: 10%
- programs: 80%
- fundraising: 10%
According to IRS 990 filings, Music Institute Of Bardstown Inc allocates its expenses as follows: admin: 10%, programs: 80%, fundraising: 10%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no officers or directors receive compensation from the organization, which is appropriate for an organization of this size and financial activity.
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 Institute Of Bardstown Inc's IRS 990 filings:
- Extremely low and declining revenue in recent years, with only $7 reported in 202406.
- Consistent liabilities of $2,972 over many years without clear explanation in provided data, potentially indicating unresolved financial obligations.
Strengths
The following positive indicators were identified for Music Institute Of Bardstown Inc:
- Consistent reporting of IRS 990 filings, indicating a commitment to basic transparency.
- Zero officer compensation reported across all filings, suggesting efficient use of limited funds for administrative overhead.
- Maintains positive net assets, albeit declining, indicating solvency despite low revenue.
Frequently Asked Questions about Music Institute Of Bardstown Inc
Is Music Institute Of Bardstown Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Music Institute Of Bardstown Inc (EIN: 203286248) some concerns. Mission Score: 65/100. 2 red flags identified, 3 strengths noted.
How does Music Institute Of Bardstown Inc spend its money?
Music Institute Of Bardstown Inc directs 80% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Music Institute Of Bardstown Inc tax-deductible?
Music Institute Of Bardstown Inc is registered as a tax-exempt nonprofit (EIN: 203286248). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What is the nature of the consistent $2,972 liability reported across multiple years?
The IRS 990 filings consistently show liabilities of $2,972 from 201506 through 202406. Understanding the specific nature of these liabilities (e.g., long-term debt, deferred revenue) is crucial for a complete financial picture.
Why has the organization's revenue decreased so dramatically in recent years?
Revenue has declined from $25,602 in 201506 to $7 in 202406. Investigating the reasons for this significant drop, such as changes in funding sources or program activities, would be important.
How does the organization sustain its operations with such low revenue and expenses?
With only $7 in revenue and $15 in expenses in the latest period, it's unclear how the organization is actively pursuing its mission. Further details on operational funding and activities are needed.
Filing History
IRS 990 filing history for Music Institute Of Bardstown Inc showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2011–2024), Music Institute Of Bardstown Inc's revenue has declined by 100%, moving from $45K to $7. Total assets decreased by 2.6% over the same period, from $12K to $12K. Total functional expenses fell by 100%, from $44K to $15. In its most recent filing year (2024), Music Institute Of Bardstown Inc reported a deficit of $8, with expenses exceeding revenue. The organization holds $3K in liabilities against $12K in assets (debt-to-asset ratio: 24.5%), resulting in net assets of $9K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2024 | $7 | $15 | $12K | $3K | — | — |
| 2023 | $3K | $4K | $12K | $3K | — | View 990 |
| 2022 | $3K | $4K | $13K | $3K | — | View 990 |
| 2021 | $855 | $3K | $14K | $3K | — | — |
| 2020 | $8K | $6K | $16K | $3K | — | View 990 |
| 2019 | $8K | $8K | $14K | $3K | — | View 990 |
| 2018 | $11K | $10K | $14K | $3K | — | View 990 |
| 2017 | $19K | $16K | $13K | $3K | — | View 990 |
| 2016 | $19K | $17K | $11K | $3K | — | View 990 |
| 2015 | $26K | $21K | $8K | $3K | — | View 990 |
| 2014 | $28K | $31K | $4K | $3K | — | View 990 |
| 2013 | $33K | $35K | $7K | $3K | — | View 990 |
| 2012 | $32K | $36K | $9K | $3K | — | View 990 |
| 2011 | $45K | $44K | $12K | $3K | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $7, expenses of $15, and assets of $12K (revenue -99.8% year-over-year).
- 2023: Revenue of $3K, expenses of $4K, and assets of $12K (revenue +14.7% year-over-year).
- 2022: Revenue of $3K, expenses of $4K, and assets of $13K (revenue +203.7% year-over-year).
- 2021: Revenue of $855, expenses of $3K, and assets of $14K (revenue -89.9% year-over-year).
- 2020: Revenue of $8K, expenses of $6K, and assets of $16K (revenue +8.7% year-over-year).
- 2019: Revenue of $8K, expenses of $8K, and assets of $14K (revenue -26.8% year-over-year).
- 2018: Revenue of $11K, expenses of $10K, and assets of $14K (revenue -43.2% year-over-year).
- 2017: Revenue of $19K, expenses of $16K, and assets of $13K (revenue -1.5% year-over-year).
- 2016: Revenue of $19K, expenses of $17K, and assets of $11K (revenue -25.5% year-over-year).
- 2015: Revenue of $26K, expenses of $21K, and assets of $8K (revenue -7.3% year-over-year).
- 2014: Revenue of $28K, expenses of $31K, and assets of $4K (revenue -15.9% year-over-year).
- 2013: Revenue of $33K, expenses of $35K, and assets of $7K (revenue +2.0% year-over-year).
- 2012: Revenue of $32K, expenses of $36K, and assets of $9K (revenue -27.9% year-over-year).
- 2011: Revenue of $45K, expenses of $44K, and assets of $12K.
Data Sources and Methodology
This transparency report for Music Institute Of Bardstown 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.