Music Institute Of Chicago
EIN: 362374224 · Evanston, IL · NTEE: A250
| Metric | Value |
|---|---|
| Total Revenue | $10.2M |
| Total Expenses | $8.1M |
| Net Assets | $8.5M |
Is Music Institute Of Chicago Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Music Institute Of Chicago
Music Institute Of Chicago (EIN: 362374224) is a nonprofit organization based in Evanston, IL, classified under NTEE code A250. The organization reported total revenue of $10.2M and total assets of $10.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Music Institute Of Chicago's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Music Institute Of Chicago is a large nonprofit that has been operating for 69 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -2.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $6.7M |
| Total Expenses | $8.1M |
| Surplus / Deficit | $-1,376,870 |
| Total Assets | $10.5M |
| Total Liabilities | $2.0M |
| Net Assets | $8.5M |
| Operating Margin | -20.6% |
| Debt-to-Asset Ratio | 18.9% |
| Months of Reserves | 15.6 months |
Financial Health Grade: B
In 2023, Music Institute Of Chicago reported a deficit of $1.4M with expenses exceeding revenue, holds 15.6 months of operating reserves (strong position), has a debt-to-asset ratio of 18.9% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Music Institute Of Chicago's revenue has declined at a compound annual growth rate (CAGR) of -2.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -19.8% | +11.7% | -5.9% |
| 2022 | +18.9% | +7.5% | -1.0% |
| 2021 | -23.1% | -2.8% | +5.4% |
| 2020 | +36.6% | -3.8% | +20.7% |
| 2019 | +4.7% | -0.5% | -2.3% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1957 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Music Institute Of Chicago 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 Music Institute Of Chicago 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 deficit of $1.4M, with expenses exceeding revenue.
- Debt-to-asset ratio: 18.9%.
Frequently Asked Questions about Music Institute Of Chicago
Is Music Institute Of Chicago a legitimate charity?
Based on AI analysis of IRS 990 filings, Music Institute Of Chicago (EIN: 362374224) insufficient data. 0 red flags identified, 0 strengths noted.
How does Music Institute Of Chicago spend its money?
Detailed spending breakdown data is not yet available for Music Institute Of Chicago. Check back for updated IRS 990 analysis.
Are donations to Music Institute Of Chicago tax-deductible?
Music Institute Of Chicago is registered as a tax-exempt nonprofit (EIN: 362374224). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Music Institute Of Chicago located?
Music Institute Of Chicago is headquartered in Evanston, Illinois and files with the IRS under EIN 362374224. It is classified under NTEE code A250.
How many years of IRS 990 filings does Music Institute Of Chicago have?
Music Institute Of Chicago 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 $10.2M in total revenue.
Filing History
IRS 990 filing history for Music Institute Of Chicago showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Music Institute Of Chicago's revenue has declined by 22.9%, moving from $8.7M to $6.7M. Total assets decreased by 10.4% over the same period, from $11.7M to $10.5M. Total functional expenses rose by 9%, from $7.4M to $8.1M. In its most recent filing year (2023), Music Institute Of Chicago reported a deficit of $1.4M, with expenses exceeding revenue. The organization holds $2.0M in liabilities against $10.5M in assets (debt-to-asset ratio: 18.9%), resulting in net assets of $8.5M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $6.7M | $8.1M | $10.5M | $2.0M | — | View 990 |
| 2022 | $8.3M | $7.2M | $11.2M | $1.2M | — | View 990 |
| 2021 | $7.0M | $6.7M | $11.3M | $2.0M | — | View 990 |
| 2020 | $9.1M | $6.9M | $10.7M | $1.9M | — | — |
| 2019 | $6.7M | $7.2M | $8.9M | $1.7M | — | View 990 |
| 2018 | $6.4M | $7.2M | $9.1M | $1.3M | — | View 990 |
| 2017 | $6.4M | $7.1M | $10.0M | $1.6M | — | View 990 |
| 2016 | $5.9M | $6.6M | $10.2M | $1.1M | — | View 990 |
| 2015 | $6.9M | $6.9M | $10.8M | $1.1M | — | View 990 |
| 2014 | $6.7M | $7.1M | $11.0M | $1.1M | — | View 990 |
| 2013 | $6.7M | $7.3M | $11.2M | $1.3M | — | View 990 |
| 2012 | $7.3M | $7.5M | $11.8M | $1.3M | — | View 990 |
| 2011 | $8.7M | $7.4M | $11.7M | $1.3M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $6.7M, expenses of $8.1M, and assets of $10.5M (revenue -19.8% year-over-year).
- 2022: Revenue of $8.3M, expenses of $7.2M, and assets of $11.2M (revenue +18.9% year-over-year).
- 2021: Revenue of $7.0M, expenses of $6.7M, and assets of $11.3M (revenue -23.1% year-over-year).
- 2020: Revenue of $9.1M, expenses of $6.9M, and assets of $10.7M (revenue +36.6% year-over-year).
- 2019: Revenue of $6.7M, expenses of $7.2M, and assets of $8.9M (revenue +4.7% year-over-year).
- 2018: Revenue of $6.4M, expenses of $7.2M, and assets of $9.1M (revenue -0.8% year-over-year).
- 2017: Revenue of $6.4M, expenses of $7.1M, and assets of $10.0M (revenue +9.0% year-over-year).
- 2016: Revenue of $5.9M, expenses of $6.6M, and assets of $10.2M (revenue -14.5% year-over-year).
- 2015: Revenue of $6.9M, expenses of $6.9M, and assets of $10.8M (revenue +2.4% year-over-year).
- 2014: Revenue of $6.7M, expenses of $7.1M, and assets of $11.0M (revenue +-0.0% year-over-year).
- 2013: Revenue of $6.7M, expenses of $7.3M, and assets of $11.2M (revenue -7.7% year-over-year).
- 2012: Revenue of $7.3M, expenses of $7.5M, and assets of $11.8M (revenue -15.8% year-over-year).
- 2011: Revenue of $8.7M, expenses of $7.4M, and assets of $11.7M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Music Institute Of Chicago:
Data Sources and Methodology
This transparency report for Music Institute Of Chicago 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.