2024-04-02T08:39:30-05:00 2023-05-31 990 2022-06-01 610530107 LOUISVILLE ACADEMY OF MUSIC INC LOUI 5028937885 2740 FRANKFORT AVE LOUISVILLE KY 40206 SARA CALLAWAY EXECUTIVE DIRECTOR 5028937885 2024-04-01 SARA CALLAWAY 999009999 0 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z LOUISVILLE ACADEMY OF MUSIC SARA CALLAWAY 2740 FRANKFORT AVE LOUISVILLE KY 40206 679987 0 X WWW.LOUISVILLEACADEMYOFMUSIC.ORG X 1954 KY THE LOUISVILLE ACADEMY OF MUSIC WELCOMES EVERYONE TO JOIN OUR MUSICAL COMMUNITY. LAM NURTURES LIFELONG LEARNERS, NOT SOLELY AS MUSICIANS BUT ALSO AS CREATIVE, INSPIRED PEOPLE. EQUITY IN MUSIC EDUCATION IS A FORCE TO REALIZE POTENTIAL, ACHIEVE DREAMS, AND MAKE THE WORLD A BETTER PLACE. 8 8 17 20 0 0 6816 174154 216225 505211 50 622 0 0 223091 679987 9185 43218 0 0 173856 455656 0 0 34839 45225 132953 228266 631827 -5175 48160 367451 432326 38663 55378 328788 376948 X LOUISVILLE ACADEMY OF MUSIC NURTURES LIFELONG LEARNERS, NOT SOLELY AS MUSICIANS BUT ALSO AS CREATIVE, INSPIRED PEOPLE. 0 0 483500 31240 503701 THE LOUISVILLE ACADEMY HAS TAUGHT NEARLY A MILLION MUSIC LESSONS SINCE OUR FOUNDING. IN THE PAST FIVE YEARS WE HAVE EXPERIENCED A REBIRTH DOUBLING OUR STUDENT BODY, LAUNCHING A NEED-BASED SCHOLARSHIP PROGRAM, AND REACHING THOUSANDS OF PEOPLE THROUGH OUR NEW COMMUNITY MUSIC PROGRAMS. WE HAVE EXPANDED OUR NEED BASED SCHOLARSHIP PROGRAM TO OFFER LESSONS BOTH ON AND OFF-CAMPUS, WE HAVE ENGAGED IN COMMUNITY RESIDENCIES, AND PARTNERED WITH 30 OTHER COMMUNITY ORGANIZATIONS TO REACH 4,000 PARTICIPANTS WITH CREATIVE, INCLUSIVE, AND FREE MUSIC PROGRAMS ACROSS OUR COMMUNITY. 56694 11978 1510 OUR MUSIC FOR EVERYONE PROGRAM PROVIDES ONSITE MUSIC EDUCATION TO SCHOOLS AND COMMUNITY CENTERS IN UNDERSERVED PARTS OF LOUISVILLE, WE OFFER NEEDS-BASED SCHOLARSHIPS FOR OUR TRADITIONAL CLASSES AND LESSONS, AND WE HOST DIVERSE GUEST ARTISTS WHO SHARE A WIDE VARIETY OF GENRES AND SKILLS WITH OUR STUDENTS. WE ARE PROUD OF THE ENRICHING LEARNING ENVIRONMENT WE CREATE FOR ALL OF OUR STUDENTS AND THEIR VARIED INTERESTS. WE PARTNERED WITH 19 KENTUCKIANA ORGANIZATIONS TO PROVIDE FREE PERFORMANCES, WORKSHOPS AND OTHER EDUCATIONAL EXPERIENCES TO OVER 4,000 PEOPLE IN 30 LOCATIONS. THE LOUISVILLE ACADEMY OF MUSIC'S FIRST EQUITY PLAN WAS COLLABORATIVELY WRITTEN USING FEEDBACK FROM OUR STAFF, TEACHERS, BOARD OF DIRECTORS, FAMILIES AND STUDENT ADVISORS AND SUPPORT FROM THE KENTUCKY ARTS COUNCIL. 540194 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 25 0 1 17 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 KY X X SARA CALLAWAY 5028937885 2740 FRANKFORT AVE LOUISVILLE KY 40206 LUKE DARVILLE DIRECTOR 1.00 X 6450 0 0 WILL OLDHAM DIRECTOR 1.00 X 0 0 0 ELEANOR LIVINGSTON TREASURER 2.00 X X 0 0 0 ANNA HAYDEN SECRETARY 2.00 X X 0 0 0 SHERONDA SHORTER DIRECTOR 1.00 X 0 0 0 DAVID HANDMAKER CHAIRMAN 5.00 X X 0 0 0 EDWARD WHITE DIRECTOR 1.00 X 0 0 0 VICTORIA FULLER DIRECTOR 1.00 X 0 0 0 SARA CALLAWAY EXECUTIVE DIRECTOR 40.00 X 61353 0 0 67803 0 0 0 0 0 0 0 174154 174154 LESSONS 611610 503701 503701 OFF CAMPUS WORKSHOPS 611610 1510 1510 505211 622 622 679987 505211 0 622 43218 43218 418752 385948 15377 17427 4870 4870 32034 29525 1176 1333 15833 938 14895 28619 13529 40 15050 1524 1177 328 19 17385 14924 2448 13 4519 2856 1303 360 23721 13353 10368 906 906 15382 13592 1790 7342 6637 705 PROGRAM SUPPLIES AND EX 9573 9412 161 PAYROLL PROCESSING FEE 3074 423 2651 SHEET MUSIC AND MUSIC S 2994 2807 187 2081 949 495 637 631827 540194 56794 34839 170858 107451 92689 93325 9389 12411 4930 3140 3290 0 436144 220145 86295 215999 367451 432326 38663 54089 1289 38663 55378 X 286648 316099 42140 60849 328788 376948 367451 432326 48160 0 X X 0 1 X 0 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 241144 57136 184008 195000 163009 31991 215999 X PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THE FINANCIAL STATEMENTS DO NOT PROVIDE FOR INCOME TAXES. THE ORGANIZATION HAS IMPLEMENTED THE ACCOUNTING GUIDANCE FOR UNCERTAINTY IN INCOME TAXES. UNDER THAT GUIDANCE, TAX POSITIONS NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE-LIKELY-THAN -NOT THE POSITION WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. AS OF MAY 31, 2023, THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIOINS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE ORGANIZATION FILES FEDERAL FORM 990. THE ORGANIZATION IS NOT CURRENTLY BEING EXAMINED AND MANAGEMENT BELIEVES ITS TAX-EXEMPT STATUS WOULD BE UPHELD UNDER EXAMINATION. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST REVENUE PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST REVENUE 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 SCHOLARSHIPS 25 43218 VALUE OF LESSONS PROVIDED FORM 990, PART VI, SECTION A, LINE 8B NOT ALL COMMITTEES CONSISTENTLY KEPT MINUTES. FORM 990, PART VI, SECTION B, LINE 11B A COMPLETE COPY OF THE FORM 990 WAS EMAILED TO ALL BOARD MEMBERS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANY DIRECTOR, PRINCIPAL OFFICER, OR MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST IS AN INTERESTED PERSON. IN CONNECTION WITH ANY POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FNANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO TEH DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD-DELEGATED POWERS IN CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BAORD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. AFTER EXERCISING DUE DILIGENCE, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE ORGANIZATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES THAT DON'T PRODUCE A CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE REVIEWED COMPARABLE SALARIES OF ORGANIZATIONS OF SIMILAR SIZE AND PURPOSE TO DETERMINE THE EXECUTIVE DIRECTOR'S COMPENSATION. THE COMPENSATION AMOUNT WAS PRESENTED AND APPROVED BY THE BOARD. THE DELIBERATION HAS BEEN DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION PROVIDES ITS FINANCIAL STATEMENTS TO THE PUBLIC UPON REQUEST. THE ORGANIZATION SHARES ITS 990 UPON REQUEST AS WELL AS HAVING A LINK TO THE FORM 990 ON THEIR WEBPAGE. THE ORGANIZATION HAS ALSO COMPLETED THE SILVER TRANSPARENCY SEAL ON GUIDESTAR. FORM 990, PART XII, LINE 2C THE ORGANIZATION CHANGED IT'S FISCAL YEAR FROM A CALENDAR YEAR TO A YEAR ENDING MAY 31 EFFECTIVE MAY 31, 20222. THE ORGANIZATION'S FINANCIAL STATEMENTS FOR THE PERIOD JANUARY 1, 2022 THROUGH MAY 31, 2023 WERE AUDITED. THESE FINANCIAL STATEMENTS INCORPORATE TWO 990 FILINGS: THE SHORT PERIOD JANUARY 1, 2022 THROUGH MAY 31, 2022 AND JUNE 1, 2022 THROUGH MAY 31, 2023.