2025-05-15T14:21:22-05:00 2024-06-30 341663731 ZINNER & CO LLP 3201 ENTERPRISE PARKWAY SUITE 410 CLEVELAND OH 441227329 990 2023-07-01 812226622 TMS WEST TMSW 2164215806 11125 MAGNOLIA DRIVE 410 CLEVELAND OH 44106 GERALYN M PRESTI PRESIDENT 2164215806 2025-05-15 1 1 SUSAN D KRANTZ P00233254 2168310733 2025-05-15 2023 2025-03-06 01:10:19Z GERALYN M PRESTI 11125 MAGNOLIA DRIVE 410 CLEVELAND OH 44106 4850000 0 X N/A X 2016 OH TMS WEST, WHOLLY OWNED BY THE MUSIC SETTLEMENT, WAS INCORPORATED IN THE STATE OF OHIO AS A NOT-FOR-PROFIT ORGANIZATION FOR THE PURPOSE OF ESTABLISHING A QUALIFIED ACTIVE LOW- INCOME COMMUNITY BUSINESS PARTICIPATING IN A NEW MARKETS TAX CREDIT (NMTC) REAL ESTATE DEVELOPMENT PROJECT ON CLEVELAND'S WEST SIDE. TMS WEST OWNS A COMMERCIAL UNIT IN A NEW MIXED-USE RESIDENTIAL AND COMMERCIAL BUILDING CONSTRUCTED IN 2018. UNDER A LONG-TERM AGREEMENT TMS WEST LEASES ITS FACILITY TO THE MUSIC SETTLEMENT FOR OPERATING ITS PROGRAMS ON CLEVELAND'S WEST SIDE. THE MUSIC SETTLEMENT'S PROGRAMS AT THIS LOCATION INCLUDE EARLY CHILDHOOD, MUSIC LESSONS AND MUSIC THERAPY SERVICES. 5 4 0 4 0 0 0 4850000 0 0 0 -395655 80970 -7068 80970 4447277 0 0 0 0 0 0 0 0 0 201260 100290 201260 100290 -120290 4346987 4438656 3502254 5283389 0 -844733 3502254 X TMS WEST, WHOLLY OWNED BY THE MUSIC SETTLEMENT, WAS INCORPORATED IN THE STATE OF OHIO AS A NOT-FOR-PROFIT ORGANIZATION FOR THE PURPOSE OF ESTABLISHING A QUALIFIED ACTIVE LOW- INCOME COMMUNITY BUSINESS PARTICIPATING IN A NEW MARKETS TAX CREDIT (NMTC) REAL ESTATE DEVELOPMENT PROJECT ON CLEVELAND'S WEST SIDE. TMS WEST OWNS A COMMERCIAL UNIT IN A NEW MIXED-USE RESIDENTIAL AND COMMERCIAL BUILDING CONSTRUCTED IN 2018. UNDER A LONG-TERM AGREEMENT TMS WEST LEASES ITS FACILITY TO THE MUSIC SETTLEMENT FOR OPERATING ITS PROGRAMS ON CLEVELAND'S WEST SIDE. THE MUSIC SETTLEMENT'S PROGRAMS AT THIS LOCATION INCLUDE EARLY CHILDHOOD, MUSIC LESSONS AND MUSIC THERAPY SERVICES. 0 0 THERE WERE NO APPLICABLE PROGRAM SERVICES THIS FISCAL YEAR. 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 4 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 OH X STEVEN KREGER 2164215806 11125 MAGNOLIA DRIVE CLEVELAND OH 44106 MAURA L HUGHES CHAIRPERSON 1.00 X X 0 0 0 JOHN W WALDECK JR VICE PRESIDENT & TREASURER 1.00 X X 0 0 0 DEBORAH A WILCOX VICE PRESIDENT 1.00 X X 0 0 0 GERALYN M PRESTI PRESIDENT 1.00 X X 0 191000 0 STEPHEN J MILLER SECRETARY 1.00 X X 0 0 0 0 191000 0 0 0 1 0 0 X 4850000 4850000 7068 -7068 -7068 -7068 395655 -395655 -395655 -395655 4447277 -7068 0 -395655 100290 100290 100290 0 100290 0 20246 6 4095634 593386 3602541 3502248 815869 0 4438656 3502254 4850000 0 433389 0 5283389 0 X -844733 3502254 -844733 3502254 4438656 3502254 4346987 0 X X 0 1 X 1 0 X X X 1 THE CLEVELAND MUSIC SCHOOL SETTLEMENT 340714339 2 1 7068 0 1 7068 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 79273 79273 4016361 593386 3422975 3502248 0 0 0 0 0 0 0 0 0 GERALYN M PRESTI PRESIDENT 0 191000 0 0 0 0 0 0 0 0 0 191000 0 0 PART I, LINE 3 PRESIDENT & CEO GERALYN M. PRESTI WAS PAID BY THE CLEVELAND MUSIC SCHOOL SETTLEMENT WHICH IS A RELATED ORGANIZATION. THE CHIEF EXECUTIVE OFFICER POSITION IS REVIEWED ANNUALLY BY BOTH THE CHAIRMAN OF THE BOARD AND THE BOARD. A SALARY ANALYSIS IS COMPLETED AND PRESENTED FOR COMMITTEE REVIEW AND APPROVAL. ALL OTHER OFFICERS ARE REVIEWED ANNUALLY BY THE CHIEF EXECUTIVE OFFICER, WHICH INCLUDES A PERFORMANCE ASSESSMENT TO ESTABLISH WHETHER ANNUAL OBJECTIVES (BY POSITION) HAVE BEEN MET. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF FORM 990 WAS PROVIDED TO ALL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C TMS WEST REQUIRES AN ANNUAL REVIEW AND UPDATE BY BOARD MEMBERS OF THE CONFLICT OF INTEREST POLICY. BOARD AND SENIOR STAFF MEMBERS ANNUALLY SIGN A DOCUMENT WHICH STATES THAT THEY HAVE READ AND ARE IN COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION C, LINE 19 TMS WEST MAKES ALL GOVERNING DOCUMENTS, ITS CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VIII, LINE 7B(II) IN OCTOBER 2023, THE MUSIC SETTLEMENT SUCCESSFULLY COMPLETED THE SEVEN-YEAR COMPLIANCE PERIOD RELATED TO THE NMTC FINANCING SECURED FOR THIS DEVELOPMENT PROJECT. ON OCTOBER 3, 2023 THE NMTC EXIT TRANSACTION WAS CLOSED WHEN THE OTHER NMTC LENDERS WITHDREW AND THE MUSIC SETTLEMENT AND TMS WEST COLLAPSED THE NMTC STRUCTURE. AS A RESULT, ALL RELATED LOANS WERE FORGIVEN AND TMS WEST OWNS THE OHIO CITY PROPERTY. NO DEBT SURVIVED FROM THIS INITIAL NMTC FINANCING AND TMS WEST RECORDED A GAIN ON FORGIVENESS OF DEBT OF $4,850,000 AS REVENUE DURING THE FISCAL YEAR ENDED 06/30/24. IN ADDITION, THE DEFERRED INVESTMENT, ORGANIZATIONAL AND OTHER COSTS RELATED TO THE FINANCING TRANSACTION WERE WRITTEN OFF, RESULTING IN A LOSS OF $395,655 DURING THE YEAR ENDED JUNE 30, 2024. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. THE CLEVELAND MUSIC SCHOOL SETTLEMENT 11125 MAGNOLIA DRIVE CLEVELAND OH 44106 340714339 PROVIDE ARTS EXPERIENCES OH 501(C)(3) LINE 2 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 1 0 0 0 THE CLEVELAND MUSIC SCHOOL SETTLEMENT J FAIR MARKET VALUE THE CLEVELAND MUSIC SCHOOL SETTLEMENT P 7068 FAIR MARKET VALUE