2026-04-14T11:11:45-05:00 2025-06-30 510229493 BARBACANE THORNTON & COMPANY LLP 503 CARR RD SUITE 100 WILMINGTON DE 19809 990 2024-07-01 510066934 THE MUSIC SCHOOL OF DELAWARE INC MUSI 3027621132 4101 WASHINGTON STREET WILMINGTON DE 198022151 CHRIS STOUT BOARD CHAIR 3027621132 2026-04-14 1 JEFFREY A KOWALCZYK CPA P01563311 3024788940 2026-04-14 2024 2025-03-06 01:10:19Z CHRIS STOUT 4101 WASHINGTON STREET WILMINGTON DE 198022151 2955501 0 X WWW.MUSICSCHOOLOFDELAWARE.ORG X 1924 DE PROVIDE OPPORTUNITY FOR ANYONE TO ACCESS EXCELLENCE IN MUSIC TRAINING, EDUCATION, AND EXPERIENCES. 12 12 138 62 0 0 870499 672260 1950969 1635969 5975 4036 1166 643236 2828609 2955501 172719 202839 0 0 2642324 1944423 0 0 261406 1136981 1114244 3952024 3261506 -1123415 -306005 14607288 15473623 1445230 1504661 13162058 13968962 X IT IS THE MISSION OF THE MUSIC SCHOOL OF DELAWARE TO PROVIDE EXCELLENCE IN MUSIC EDUCATION, TRAINING, AND EXPERIENCES FOR PEOPLE OF ALL AGES AND ABILITIES. 0 0 2049001 202839 1635969 IN FY25, THE MUSIC SCHOOL OF DELAWARE SERVED YOUTH AND ADULT STUDENTS THROUGH OUR STATEWIDE ARRAY OF COMMUNITY MUSIC EDUCATION PROGRAMS, OFFERED AT EIGHT LOCATIONS IN URBAN, EXURBAN, AND RURAL COMMUNITIES. WE ARE PROUD TO HAVE PROVIDED HIGH-QUALITY ONE-ON-ONE PERSONALIZED MUSIC INSTRUCTION THROUGH PRIVATE LESSONS; TO HAVE SUPPORTED STUDENTS IN DEVELOPING THEIR SKILLS AND CREATIVE EXPRESSION THROUGH ENSEMBLE PROGRAMS LIKE DELAWARE YOUTH SYMPHONY, CANTABILE WOMEN'S CHORALE, AND WILMINGTON COMMUNITY ORCHESTRA; AND THROUGH INTENSIVE AND FAMILY-FOCUSED MUSIC EDUCATION PROGRAMS LIKE MELODY (FREE MUSIC EDUCATION FOR UNDERSERVED WILMINGTON YOUTH), SUZUKI (RESEARCH-PROVEN YOUTH DEVELOPMENT PROGRAM), AND EARLY CHILDHOOD (SUPPORTING AGES SIX MONTHS TO FIVE YEARS IN MOTOR SKILL AND FAMILY BONDING THROUGH MUSIC EDUCATION). IN FY22, THE MUSIC SCHOOL RECEIVED A BEQUEST OF $10 MILLION TO ESTABLISH THE NORTHROP ENDOWED FUND FOR MUSIC EDUCATION. INCOME FROM THAT FUND CAN BE APPLIED ONLY TO CERTAIN SCHOLARSHIPS IN LIMITED AMOUNTS AND FOR NO MORE THAN TWO YEARS FOR ANY STUDENT, AND FOR ADMINISTRATIVE EXPENSES OF THE FUND, AND THE FUND'S PRINCIPAL CANNOT BE USED FOR OPERATING EXPENSES. ACCORDINGLY, THE TERMS OF THE BEQUEST SIGNIFICANTLY LIMIT THE EXTENT OF FINANCIAL BENEFIT TO THE MUSIC SCHOOL. IN 2025, THE MUSIC SCHOOL CELEBRATED A CENTURY OF PROVIDING MUSIC EDUCATION FOR OUR COMMUNITY. 2049001 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 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 39 0 1 138 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X X THE MUSIC SCHOOL OF DELAWARE 3027621132 4101 WASHINGTON STREET WILMINGTON DE 198022151 LAWRENCE A HAMERMESH TREASURER 10.00 X X 0 0 0 SUSAN BOOKER MEMBER 5.00 X 0 0 0 ROBERT RINALDI MEMBER 5.00 X 0 0 0 JONATHAN H SALVIN MD MEMBER 5.00 X 0 0 0 CHRIS STOUT BOARD CHAIR 10.00 X X 0 0 0 BRUCE DITTMAR PHD MEMBER EMERITUS 5.00 X 0 0 0 MARIE STEWART DIRECTOR EMERITA 5.00 X 0 0 0 JENNIFER CRESSWELL VICE CHAIR 5.00 X X 0 0 0 ELYSE POINSETT SECRETARY 10.00 X X 0 0 0 NINA ANDERSON DNP MEMBER 5.00 X 0 0 0 JOHN G DAY MEMBER 5.00 X 0 0 0 DAVID L DEVOLL MEMBER 5.00 X 0 0 0 KATHY NACHBAR MEMBER 5.00 X 0 0 0 ELIZABETH STOUT MEMBER 5.00 X 0 0 0 STEPHEN BEAUDOIN PRESIDENT AND CEO (THRU 10/24) 50.00 X 42020 0 3077 TERESA AVERY INTERIM CEO (EFF 11/24) 40.00 X 20000 0 0 62020 0 3077 0 0 0 0 0 235456 436804 672260 TUITION AND FEES 611600 1635969 1635969 1635969 4036 4036 LOAN FORGIVENESS GAIN 611600 643236 643236 643236 2955501 1635969 0 647272 202839 202839 125097 75058 37529 12510 1497598 898560 449278 149760 199657 119794 59897 19966 122071 73242 36621 12208 283162 118931 164231 21748 21748 149009 121074 27935 58374 58374 46026 11873 30474 3679 136650 119315 17335 1017 915 102 17481 2605 14764 112 63171 63171 178480 133860 44620 79333 59501 19832 REPAIRS AND MAINTENANCE 65355 39533 25822 DUES AND SUBSCRIPTIONS 12842 12585 257 0 SECURITY 1256 942 314 STATIONARY AND PRINTING 340 340 3261506 2049001 951099 261406 261349 870023 60872 218232 3290 6404621 3874030 2709071 2530591 11436346 11764026 139650 87461 14607288 15473623 130462 65271 429144 413880 885624 1025510 1445230 1504661 X 1795427 2500672 11366631 11468290 13162058 13968962 14607288 15473623 -306005 1112909 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11275520 34399 1074241 731159 11653001 10481552 12500 1187900 406432 11275520 10232861 22500 617317 391126 10481552 674362 10000000 -441501 10232861 574141 100221 674362 0.02250 0.04400 0.93350 1 0 129057 129057 5164350 2963261 2201089 385597 231358 154239 725617 679411 46206 2530591 WORKING CAPITAL LOAN 100000 RIGHT TO USE - LEASE PAYABLE 87461 BANK LOAN PAYABLE 395793 ADVANCE OF COLLECTION OF REVENUE 442256 1025510 X 4068410 1112909 1112909 2955501 0 2955501 3261506 0 3261506 0 3261506 PART V, LINE 4: THE SCHOOL'S ENDOWMENT ASSETS ALLOW THE SCHOOL TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS. THE ENDOWMENT INCLUDES THE NORTHROP TRUST, VALUED AT $10,841,769 AS OF JUNE 30, 2025. THE FUNDS IN THIS TRUST ARE RESTRICTED TO USE FOR SCHOLARSHIPS AND ADMINISTRATIVE EXPENSES OF THE FUND, AND ARE NOT AVAILABLE FOR THE OPERATING COSTS OF THE SCHOOL. PART X, LINE 2: THE SCHOOL IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE SCHOOL'S TAX-EXEMPT PURPOSE MAY BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES PRESCRIBE RULES FOR THE RECOGNITION, MEASUREMENT, CLASSIFICATION, AND DISCLOSURE IN THE FINANCIAL STATEMENTS OF UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE SCHOOL'S TAX RETURNS. MANAGEMENT HAS DETERMINED THAT THE SCHOOL DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS OR ASSOCIATED UNRECOGNIZED BENEFITS THAT MATERIALLY IMPACT THE FINANCIAL STATEMENTS OR RELATED DISCLOSURES. SINCE TAX MATTERS ARE SUBJECT TO SOME DEGREE OF UNCERTAINTY, THERE CAN BE NO ASSURANCE THAT THE SCHOOL'S TAX RETURNS WILL NOT BE CHALLENGED BY THE TAXING AUTHORITIES AND THAT THE SCHOOL WILL NOT BE SUBJECT TO ADDITIONAL TAX, PENALTIES, AND INTEREST AS A RESULT OF SUCH CHALLENGE. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE NONDISCRIMINATION POLICY IS PART OF THE ORGANIZATION'S ADMISSIONS POLICY, WHICH IS POSTED ON THE SCHOOL'S WEBSITE. ADDITIONALLY, THE POLICY IS PUBLISHED IN A BROCHURE WHICH IS DISTRIBUTED IN MASS MAILINGS. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES GRANT FUNDING THROUGH THE DELAWARE DIVISION OF THE ARTS 1 SCHOLARSHIPS TO STUDENTS 37 202839 FMV TUITION SCHOLARSHIPS PART I, LINE 2: SCHOLARSHIPS ARE AWARDED TO DESERVING STUDENTS BASED ON ABILITY AND/OR DEMONSTRATED NEED. SCHEDULE I, PART 1, LINE 2 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS DISTRIBUTED TO ALL MEMBERS OF THE BOARD BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS ARE REQUIRED TO DISCLOSE ANY KNOWN OR POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE VOTING DIRECTORS' APPROVAL OF THE CEO'S COMPENSATION IS BASED ON INPUT FROM A VARIETY OF SOURCES, INCLUDING EXPERIENCE WITH OTHER NON-PROFIT ORGANIZATIONS, ADVICE FROM A NATIONAL SEARCH FIRM, AND ASSESSMENT OF THE CEO'S PERFORMANCE FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S FORM 990 AND FORM 1023 ARE AVAILABLE UPON REQUEST. ADDITIONALLY, FORM 990 IS AVAILABLE ON GUIDESTAR.ORG. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. REQUESTS FOR THESE DOCUMENTS WOULD BE EVALUATED ON A CASE BY CASE BASIS BY THE DIRECTORS. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED ITS PROCESS GOVERNING THE OVERSIGHT AND SELECTION OF AN INDEPENDENT AUDITOR.