Overview
What is Varna International Music Academy?
Varna International Music Academy is a nonprofit organization situated in Columbia, South Carolina, specifically at 1225 Laurel Street. Its primary mission is to organize an annual music academy and educational tours, providing opportunities for students to enhance their advanced music skills through practical performances in settings such as operas and concertos. In 2021, instead of the usual summer academy, the organization took on the production and management of the MUZIKA festival in Myrtle Beach, South Carolina. This event included the 2022 academy and featured numerous performances across the area. Despite the challenges posed by the Coronavirus, the academy had to cancel its summer sessions in 2020 and 2021.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 56% (One-Star out of Four Stars)
The Varna International Music Academy received a low score of 56% from Charity Navigator, resulting in a One-Star rating. This rating indicates significant concerns regarding the organization's accountability and financial practices. Key issues include a lack of independent board members, with none of the eight board members being independent, and a failure to meet criteria for documenting board meeting minutes and having a conflict of interest policy available on their website.
Despite these weaknesses, the organization does show some strengths in financial management, scoring full points for their program expense ratio and for having financial statements reviewed or compiled appropriately. However, the absence of critical governance policies, such as a whistleblower policy and a document retention policy, raises questions about transparency and oversight within the organization.
Overall, while Varna International Music Academy demonstrates some financial responsibility, the lack of independent oversight and transparency measures highlights the need for improvement in their governance practices to enhance their accountability and trustworthiness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Varna International Music Academy legitimate?
Varna International Music Academy is a legitimate nonprofit organization registered as a 501(c)(3) entity. Varna International Music Academy 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: $0
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What is the mission statement of Varna International Music Academy?
The Varna International Music Academy's mission is centered around conducting an annual music academy and organizing educational music tours. Its primary objective is to provide advanced music education to students, enabling them to enhance their skills through performance experiences in settings such as operas and concertos. By doing so, the academy aims to create an environment where students can apply their learning in practical scenarios, thereby fostering their musical growth. During the summer of 2020 and 2021, the academy had to cancel its events due to the Coronavirus. However, for the 2021-22 period, the academy successfully managed the MUZIKA festival in Myrtle Beach, SC, which included the academy itself and numerous performances across the area.
Who is the CEO of Varna International Music Academy?
Sharon Tchonev is the Musical Director, Treas of Varna International Music Academy.
What is the revenue of Varna International Music Academy?
Varna International Music Academy's revenue in 2022 was $1,227,146.
Who are the executives of Varna International Music Academy and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for Varna International Music Academy?
Varna International Music Academy's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Varna International Music Academy
Varna International Music Academy is dedicated to fulfilling its mission by organizing an annual music academy and educational music tours. The primary objective of these initiatives is to educate students in advanced music concepts. Furthermore, these programs provide students with the opportunity to showcase their skills in real-world performance situations, such as operas and concertos. By offering this unique combination of education and performance experiences, Varna International Music Academy aims to help its students grow as musicians and prepare them for future careers in the music industry. In recent years, the academy has had to adapt to unforeseen circumstances, such as the cancellation of the summer 2020 and 2021 Academies due to the Coronavirus. However, the academy has continued its mission by producing and managing the MUZIKA festival in Myrtle Beach, SC, which included the 2022 Academy and numerous performances throughout the area.
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Impact
October, 2024
The Varna International Music Academy significantly enhances the musical education landscape by providing a platform for students to deepen their understanding of advanced music concepts. Through its annual music academy and educational tours, students engage in hands-on learning experiences that allow them to practice their skills in real performance situations, such as operas and concertos.
The Academy faced challenges during the summer of 2020 and 2021 due to the Coronavirus pandemic, which led to the cancellation of those sessions. However, the organization's resilience shone through in 2021-22 when it successfully produced and managed the MUZIKA festival in Myrtle Beach, SC. This event not only included the 2022 Academy but also featured over two dozen diverse performances, enriching the local cultural scene and providing valuable opportunities for both students and audiences.
By fostering a collaborative environment where emerging musicians can refine their craft and showcase their talents, the Varna International Music Academy plays a vital role in cultivating the next generation of artists and enhancing the arts community in Columbia, SC, and beyond.
This information is meant to be a general summary of Varna International Music Academy. 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.
- Program Service Revenue: $920,215
- Gross Receipts: $1,227,146
Assets and Liabilities:
- Total Assets: $449,855
- Total Liabilities: $165,684
- Net Assets: $284,171
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Muzika performances
Revenue
$327,455
VOH performances and shows
Revenue
$187,760
Muzika non-cash income
Revenue
$214,000
VOH non-cash income
Revenue
$191,000
Organization Details
Founding Year
2017
Phone
(803) 545-4166Principal Officer
Sharon Tchonev
Main Address
1225 Laurel Street, Columbia, SC, 29201
NTEE Category
Code: A68 - Arts
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