Overview
What is Music Center Foundation?
The Music Center Foundation is a nonprofit organization located in Los Angeles, California, specifically at 135 North Grand Avenue, 90012. Its primary mission revolves around providing endowment support to the Music Center Performing Arts Center of Los Angeles County, its educational activities, and its affiliated performing arts companies: the Los Angeles Philharmonic Association, Center Theatre Group, Los Angeles Opera Company, and the Los Angeles Master Chorale. By engaging in planned giving fundraising and asset management, the Music Center Foundation ensures the financial stability and continued success of these esteemed organizations.
Official website here: www.musiccenterfoundation.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Star rating)
The Music Center Foundation has achieved a commendable Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and finance. The organization's overall score is entirely composed of its accountability and finance metrics, where it received a high score of 94%. This indicates that the foundation operates with a high level of transparency and financial responsibility.
One of the notable strengths of the Music Center Foundation is its governance structure, boasting a fully independent board with 14 members, which enhances its credibility. The organization also excels in various financial practices, including having no material diversion of assets and effective audit and oversight procedures. The ratios related to liabilities and program expenses suggest that a significant portion of its funds directly supports its mission, further underscoring its operational effectiveness.
However, there are areas where the foundation could improve, particularly in fundraising efficiency, where it scored lower compared to other metrics. This indicates that while the organization is managing its finances well, there may be opportunities to enhance its fundraising strategies to increase its financial resources. Overall, the Music Center Foundation demonstrates a solid performance in governance and financial management.
This AI summary has been generated from information found on Charity Navigator.
Is Music Center Foundation legitimate?
Music Center Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Music Center Foundation 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: $402,076
Professional Fundraising Fees: $0
Other Salaries and Wages: $194,376
For more financial information, click here
Official website here: www.musiccenterfoundation.org
What is the mission statement of Music Center Foundation?
The Music Center Foundation is dedicated to supporting the performing arts center in Los Angeles through endowment management and financial contributions. Its primary mission is to provide funding for the Music Center and its affiliated companies, such as the Los Angeles Philharmonic Association, Center Theatre Group, Los Angeles Opera Company, and the Los Angeles Master Chorale, via planned giving and asset management. The distributions from the foundation's endowment are allocated to the Music Center, its educational programs, and the aforementioned resident performing arts companies. The objective is to ensure the continued success and growth of these organizations, enabling them to deliver exceptional artistic performances and educational experiences to their audiences.
Official website here: www.musiccenterfoundation.org
Who is the CEO of Music Center Foundation?
Steven T Benson is the President of Music Center Foundation.
Official website here: www.musiccenterfoundation.org
What is the revenue of Music Center Foundation?
Music Center Foundation's revenue in 2022 was $21,090,065.
Official website here: www.musiccenterfoundation.org
Who are the executives of Music Center Foundation and what are their salaries?
The average compensation at Music Center Foundation during 2022 was $198,817. There are 3 employees and 16 volunteers at Music Center Foundation.
Here are 17 key members and their salaries:
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- Compensation: $362,250
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- Other: $54,244
Official website here: www.musiccenterfoundation.org
Where can I find the form 990 for Music Center Foundation?
Music Center Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.musiccenterfoundation.org
Learn more at the official website: www.musiccenterfoundation.org
Mission Statement of Music Center Foundation
The Music Center Foundation is a philanthropic organization dedicated to providing endowment support for the Music Center Performing Arts Center of Los Angeles County, its educational programs, and its affiliated performing arts companies. In simple terms, the Music Center Foundation raises funds through planned giving and asset management, and then distributes those funds to the Music Center, its educational initiatives, and its resident performing arts companies: the Los Angeles Philharmonic Association, Center Theatre Group, Los Angeles Opera Company, and the Los Angeles Master Chorale.
By managing the Music Center's endowment, the Foundation plays a crucial role in ensuring the long-term financial sustainability of the performing arts center and its affiliated organizations. The distributions from the endowment support a wide range of activities, from producing world-class performances and providing arts education to underserved communities, to maintaining the facilities and offering affordable ticket prices. In essence, the Music Center Foundation's mission is to secure a financially stable future for the Music Center and its resident performing arts companies, allowing them to continue enriching the cultural landscape of Los Angeles and beyond.
Moreover, the Foundation's support extends beyond just financial resources. Through its fundraising efforts, the Music Center Foundation helps to build a community of supporters who are passionate about the arts and committed to ensuring their accessibility to a diverse audience. The Foundation's partnership with the Music Center and its affiliated companies fosters a vibrant and innovative artistic ecosystem, where artists and audiences can come together to experience the transformative power of the performing arts.
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Impact
October, 2024
The Music Center Foundation significantly enhances the cultural landscape of Los Angeles through effective endowment management and financial support for various programming initiatives. By distributing funds to the Music Center and its associated performing arts organizations, such as the Los Angeles Philharmonic, Center Theatre Group, Los Angeles Opera, and Los Angeles Master Chorale, the Foundation plays a crucial role in sustaining and enriching the arts.
Its impact extends to educational activities that foster a love for the arts in the community, ensuring that future generations can engage with and appreciate high-quality performances. Through strategic planned giving fundraising and thoughtful asset management, the Music Center Foundation not only supports the operational needs of these institutions but also helps to cultivate artistic excellence and innovation throughout the region, reinforcing Los Angeles as a vibrant center for the performing arts.
This information is meant to be a general summary of Music Center Foundation. 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.
- Investment Income: $16,508,629
- Gross Receipts: $35,404,211
Assets and Liabilities:
- Total Assets: $314,452,554
- Total Liabilities: $109,576,892
- Net Assets: $204,875,662
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Organization Details
Founding Year
1973
Phone
(213) 972-8046Principal Officer
Steven T Benson
Main Address
135 NORTH GRAND AVE, LOS ANGELES, CA, 900123013
NTEE Category
Code: A120 - Arts
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