Overview
What is Academy Of Music Of Philadelphia Inc?
Academy of Music of Philadelphia Inc is a nonprofit organization situated in Philadelphia, Pennsylvania. Its primary mission is to raise funds for the restoration and preservation of the Academy of Music Building, a National Historic Landmark. The organization achieves this goal through special events, capital campaign programs, and various restoration projects, as approved by the Academy Board. Notable projects include the restoration of the balcony and facade lighting upgrades, as well as ongoing multi-year capital renovations through the Pilot Program. The Academy's primary objective is to restore and maintain the 165-year-old opera house, making it the oldest continuously used opera house in the United States.
Official website here: www.academyofmusic.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 45%, Zero-Star out of Four Star rating.
The Academy Of Music Of Philadelphia Inc holds a low overall rating primarily due to significant weaknesses in its financial performance. Although the organization scores well in governance and accountability metrics, such as having a majority independent board and effective oversight committees, its financial ratios are concerning. For instance, the program expense ratio is only 6.06%, indicating that a minimal portion of expenses is directed toward its programs.
Additionally, the fundraising efficiency is notably poor, with just $0.08 raised for every dollar spent on fundraising. This raises questions about the organization's ability to sustain its operations effectively. While the organization has established policies in place, such as conflict of interest and whistleblower policies, its failure to post its tax form on its website contributes to its overall lack of transparency.
In summary, despite having a solid governance structure, the Academy Of Music Of Philadelphia Inc faces significant challenges in financial management and efficiency, leading to its low rating. Stakeholders may want to consider these factors when evaluating their support or involvement with the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Academy Of Music Of Philadelphia Inc legitimate?
Academy Of Music Of Philadelphia Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Academy Of Music Of Philadelphia Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $559,780
For more financial information, click here
Official website here: www.academyofmusic.org
What is the mission statement of Academy Of Music Of Philadelphia Inc?
The Academy of Music of Philadelphia Inc is primarily focused on raising funds to restore and maintain its 165-year-old opera house, which is the oldest continuously operated opera house in the United States. Their primary mission is to preserve this historic landmark through various restoration projects, as approved by their board. The organization achieves this by organizing special events and participating in a capital campaign program. In the recent fiscal year, their restoration projects included refurbishing the balcony and upgrading facade lighting. Additionally, the Academy is engaged in a multi-year capital renovations project, aiming to evaluate, assess, and design the necessary improvements.
Official website here: www.academyofmusic.org
Who is the CEO of Academy Of Music Of Philadelphia Inc?
Matias Tarnopolsky is the Bd Member (President-Poa) of Academy Of Music Of Philadelphia Inc.
Official website here: www.academyofmusic.org
What is the revenue of Academy Of Music Of Philadelphia Inc?
Academy Of Music Of Philadelphia Inc's revenue in 2022 was $2,432,012.
Official website here: www.academyofmusic.org
Who are the executives of Academy Of Music Of Philadelphia Inc and what are their salaries?
There 55 volunteers at Academy Of Music Of Philadelphia Inc.
Here are 19 key members and their salaries:
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Official website here: www.academyofmusic.org
Where can I find the form 990 for Academy Of Music Of Philadelphia Inc?
Academy Of Music Of Philadelphia Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.academyofmusic.org
Learn more at the official website: www.academyofmusic.org
Mission Statement of Academy Of Music Of Philadelphia Inc
The Academy of Music of Philadelphia Inc is dedicated to preserving and restoring the 165-year-old Academy of Music, the oldest continuously operated opera house in the United States. Their primary mission is to raise funds through the Restoration and Preservation Fund, which is used to restore and maintain this historical building. The organization's primary concern is ensuring the upkeep and maintenance of this National Historic Landmark, as its preservation is crucial for future generations to appreciate its historical significance. In the fiscal year ending August 31, 2022, the restoration projects included the renovation of the balcony and upgrades to the facade lighting. Furthermore, the Academy continued its multi-year Capital Renovations Project via the Pilot Program, which involved evaluation, assessment, and design work.
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Impact
October, 2024
The Academy of Music in Philadelphia serves as a vital cultural and historical landmark, with a profound impact on the arts and community engagement. By focusing on the restoration and preservation of this 165-year-old opera house, the organization plays a crucial role in maintaining the legacy of one of the oldest continuously operating opera houses in the United States.
Through fundraising efforts, special events, and capital campaigns, the Academy not only ensures the ongoing maintenance of its historic building but also fosters appreciation for performing arts. Recent restoration projects, such as enhancements to the balcony and facade lighting, contribute to the venue's aesthetic and functional integrity, allowing it to continue hosting a wide range of performances.
Additionally, the upkeep and renovation of the Academy of Music supports local artists, performers, and the broader arts community, making it a central hub for cultural events in Philadelphia. The designation of the Academy as a National Historic Landmark underscores its importance, ensuring that it remains a cherished site for future generations to experience and enjoy the rich traditions of opera and theater. Overall, the Academy’s efforts significantly enrich the local cultural landscape, promote artistic expression, and foster a sense of community pride.
This information is meant to be a general summary of Academy Of Music Of Philadelphia Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $2,760,401
Assets and Liabilities:
- Total Assets: $29,102,895
- Total Liabilities: $196,590
- Net Assets: $28,906,305
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Organization Details
Founding Year
1956
Phone
(215) 893-1900Principal Officer
Matias Tarnopolsky
Main Address
ONE SOUTH BROAD STREET 14TH FLOOR, PHILADELPHIA, PA, 19107
Website
www.academyofmusic.orgNTEE Category
Code: A110 - Arts
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