Gifted Music School
Music Education for All
Gifted Music School
EIN: 26-3463598
as of September 2023
as of September 18, 2023
Mission
Gifted Music School nurtures artistry, character, and skills vital to a healthy community through exceptional comprehensive music education.
Ruling year
2021
Artistic Director / Founder
Eugene Watanabe
Main address
182 South 600 East
Salt Lake City, UT 84102 USA
IRS subsection
501(c)(3) Public Charity
IRS filing requirement
This organization is required to file an IRS Form 990 or 990-EZ.
Tax forms
Communication
Programs and results
What we aim to solve
Our programs
What are the organization's current programs, how do they measure success, and who do the programs serve?
Conservatory
The Gifted Music School Conservatory aims to prepare graduates for continued education at the leading conservatories and academic institutions in the world. This program enables the most dedicated students to reach their highest potential through intensive orchestral and chamber music performance, theory and musicianship classes, and community outreach activities. In a few years, with your support, we eagerly anticipate welcoming graduates of Project GRIT into our uppermost program. The Conservatory strives to lead our school and the nation in musical excellence.
Where we work
External reviews
Videos
Our Sustainable Development Goals
Learn more about Sustainable Development Goals.
How we listen
Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.
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How is your organization using feedback from the people you serve?
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Which of the following feedback practices does your organization routinely carry out?
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What challenges does the organization face when collecting feedback?
Financials
Revenue vs. expenses: breakdown
Liquidity in 2017 info
18.56
Months of cash in 2017 info
1.1
Fringe rate in 2017 info
9%
Funding sources info
Assets & liabilities info
Financial data
Gifted Music School
Balance sheetFiscal Year: Jun 01 - May 31
The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.
Fiscal Year: Jun 01 - May 31
This snapshot of Gifted Music School’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.
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Business model indicators
| Profitability info | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Unrestricted surplus (deficit) before depreciation | $23,878 | $36,771 | -$80,555 | -$46,790 | $23,615 |
| As % of expenses | 13.9% | 13.9% | -16.1% | -8.0% | 3.6% |
| Unrestricted surplus (deficit) after depreciation | $23,878 | $36,771 | -$80,555 | -$46,790 | $23,615 |
| As % of expenses | 13.9% | 13.9% | -16.1% | -8.0% | 3.6% |
| Revenue composition info | |||||
|---|---|---|---|---|---|
| Total revenue (unrestricted & restricted) | $195,159 | $369,562 | $427,550 | $543,203 | $626,052 |
| Total revenue, % change over prior year | 16.3% | 89.4% | 15.7% | 27.1% | 15.3% |
| Program services revenue | 32.9% | 24.7% | 29.7% | 27.8% | 46.8% |
| Membership dues | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Investment income | 0.1% | 0.2% | 0.2% | 0.3% | 0.3% |
| Government grants | 44.1% | 0.0% | 1.5% | 0.0% | 0.0% |
| All other grants and contributions | 22.9% | 75.1% | 68.6% | 71.9% | 51.2% |
| Other revenue | 0.0% | 0.0% | 0.0% | 0.0% | 1.8% |
| Expense composition info | |||||
|---|---|---|---|---|---|
| Total expenses before depreciation | $171,281 | $265,492 | $499,000 | $582,102 | $650,160 |
| Total expenses, % change over prior year | 32.1% | 55.0% | 88.0% | 16.7% | 11.7% |
| Personnel | 53.4% | 78.9% | 75.8% | 74.9% | 80.4% |
| Professional fees | 28.9% | 8.5% | 13.8% | 12.6% | 4.3% |
| Occupancy | 4.4% | 4.1% | 5.2% | 9.2% | 9.6% |
| Interest | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Pass-through | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| All other expenses | 13.3% | 8.5% | 5.2% | 3.4% | 5.7% |
| Full cost components (estimated) info | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Total expenses (after depreciation) | $171,281 | $265,492 | $499,000 | $582,102 | $650,160 |
| One month of savings | $14,273 | $22,124 | $41,583 | $48,509 | $54,180 |
| Debt principal payment | $0 | $0 | $0 | $0 | $0 |
| Fixed asset additions | $0 | $230 | $0 | $0 | $0 |
| Total full costs (estimated) | $185,554 | $287,846 | $540,583 | $630,611 | $704,340 |
Capital structure indicators
| Liquidity info | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Months of cash | 8.0 | 7.0 | 2.0 | 0.8 | 1.1 |
| Months of cash and investments | 8.0 | 7.0 | 3.3 | 1.9 | 1.1 |
| Months of estimated liquid unrestricted net assets | 7.8 | 6.7 | 1.6 | 0.4 | 0.8 |
| Balance sheet composition info | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Cash | $113,952 | $154,167 | $83,661 | $38,523 | $58,699 |
| Investments | $0 | $0 | $53,549 | $53,602 | $3,103 |
| Receivables | -$797 | $36,082 | $9,346 | $495 | $536 |
| Gross land, buildings, equipment (LBE) | $268 | $364 | $364 | $364 | $364 |
| Accumulated depreciation (as a % of LBE) | 100.0% | 36.8% | 36.8% | 36.8% | 36.8% |
| Liabilities (as a % of assets) | 2.1% | 3.2% | 15.2% | 9.7% | 5.0% |
| Unrestricted net assets | $110,775 | $147,546 | $66,991 | $20,201 | $43,816 |
| Temporarily restricted net assets | $0 | $37,881 | $61,734 | $68,088 | $20,365 |
| Permanently restricted net assets | $0 | $0 | $0 | $0 | $0 |
| Total restricted net assets | $0 | $37,881 | $61,734 | $68,088 | $20,365 |
| Total net assets | $110,775 | $185,427 | $128,725 | $88,289 | $64,181 |
Key data checks
| Key data checks info | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Material data errors | No | No | No | No | No |
Operations
The people, governance practices, and partners that make the organization tick.
Documents
Artistic Director / Founder
Eugene Watanabe
Number of employees
Source: IRS Form 990
Gifted Music School
Officers, directors, trustees, and key employeesSOURCE: IRS Form 990
Compensation data
There are no highest paid employees recorded for this organization.
Gifted Music School
Board of directorsas of 09/05/2023
Board of directors data
Arthur Dummer
Sam Andersen
Scott Epstein
JP Hughes
Deborah Moench
Diana Peterson
Joanne Rowland
Eugene Watanabe
Michelle Wester
Jennifer Zemp
Karen Peterson
Greg Trimble
Armand Johansen
Josh Whisenant
Barry Bickmore
Board leadership practices
GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.
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Board orientation and education
Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? No -
CEO oversight
Has the board conducted a formal, written assessment of the chief executive within the past year ? No -
Ethics and transparency
Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? No -
Board composition
Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? No -
Board performance
Has the board conducted a formal, written self-assessment of its performance within the past three years? No
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- Letter of Determination
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- Contractor and/or Paid Preparer data for 2017, 2016, 2015
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