Louisville Academy Of Music, Inc.
Meets Standards
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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Complaints
Louisville Academy Of Music, Inc. meets the 20 Standards for Charity Accountability.
Stated Purpose:
The Louisville Academy of Music welcomes everyone to join its musical community. The nonprofit nurtures lifelong learners, not solely as musicians but also as creative, inspired people.
Year, State Incorporated:
1957, KY
The Louisville Academy of Music, founded in 1954, has taught nearly a million music lessons. It believes in lifelong learning as a force to realize potential, achieve dreams, and make the world a better place.
For the year ended May 31, 2024, Louisville Academy Of Music, Inc.'s program expenses were:
| Program services | $545,517 |
| Total Program Expenses | $545,517 |
Chief Executive
Sara Callaway, Executive Director
Chair of the Board
Mr. David Handmaker
Chair's Profession / Business Affiliation
Board Size
8
Paid Staff Size
30
Method(s) Used:
Direct mail appeals, Invitations to fund raising events, Print advertisements (newspapers, magazines, etc.), Grant proposals, Internet, Appeals via Social Media (Facebook, etc.)
This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Louisville Academy Of Music, Inc.'s audited financial statements for the year ended May 31, 2024.
Source of Funds
| Lessons and registration | $437,092 |
| Contributions | $177,287 |
| Organizational grants | $147,503 |
| In-kind donations | $25,000 |
| Other income | $5,918 |
| Group classes | $5,714 |
| Interest income | $3,482 |
| Symposium | $2,884 |
| Registrations | $2,806 |
| Merchandise | $1,148 |
| Total Income | $808,834 |
Programs: 81% Fundraising: 7% Administrative: 12%
| Total Income | $808,834 |
| Total expenses: | $670,570 |
| Program expenses | $545,517 |
| Fundraising expenses | $46,354 |
| Administrative expenses | $78,699 |
| Other expenses | $0 |
| Income in Excess of Expenses | $138,264 |
| Beginning Net Assets | $376,948 |
| Other Changes In Net Assets | $0 |
| Ending Net Assets | $515,212 |
| Total Liabilities | $55,395 |
| Total Assets | $570,607 |
Total assets as reported above include $227,773 in property and equipment, net.
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Standards Not Met
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Review in Progress
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Report completed by:
BBB serving Greater Kentucky and South Central Indiana