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New York BBB Wise Giving Report for
Society of the Third Street Music School Settlement

A BBB Accredited charity

 


  • Meets all standards

Expiration Date:
07/2015
Name:
Society of the Third Street Music School Settlement
Address:
235 East 11th Street
New York, NY 10003
Phone:
212-777-3240
Year, State Incorporated:
1903, New York
Affiliates:
None
Stated Purpose:
" Provides music and arts education primarily to children of New York's Lower East Side. "






Evaluation Conclusions
 

              
Society of the Third Street Music School Settlement meets the 20 Standards for Charity Accountability.




Programs
 

              
Third Street Music School Settlement, the nation’s oldest community music school, was founded in 1894 and has been changing lives and its community by providing access to world-class music instruction to students, regardless of their financial resources or ability. As part of the settlement movement of the mid-19th century in which young university graduates “settled” in poor, immigrant communities to improve the quality of life, Third Street originally employed live-in social workers and, in addition to music lessons, provided public baths for use by students and families. From its very inception, Third Street has been a home away from home for countless students, instilling within them a genuine sense of accomplishment and achievement. Third Street still serves a large immigrant community, and more than 75% of all students receive some type of need-based financial aid or participate in tuition-free instruction and low-cost enrichment programs. Over the course of 119 years, Third Street’s programs have grown and earned a reputation for teaching excellence that now attract students and families with diverse backgrounds from all over the New York area. In its second century of service, the School provides instruction in music and dance to more than 4,500 students of all ages at its school on East 11th Street and through partnerships with more than 20 schools and community centers, located primarily on Manhattan’s Lower East Side. The School is known for its vibrant chamber music programs, its new focus on adult programming, its commitment to woodwinds and brass instruction for pre-teen and teenage beginners and its newly launched Center for Music Theory & Composition. Third Street offers weekly after-school and Saturday music instruction (individual and group) in most instruments and voice, along with music theory, composition, chamber music, ensemble and many performance activities. The School also offers classes in ballet, tap dance and hip-hop. While primarily serving school-age children through after-school and Saturday programs, Third Street also offers a range of programs for adults, summer workshops for students of all ages and early childhood programs, including a licensed music-centered preschool. As part of its educational mission and in service to the broader community, the School presents more than 250 free-to-the-public concerts and recitals by faculty, students and renowned guest artists each year. Third Street Music School Settlement believes that music and dance transcend cultural and societal boundaries, inspiring togetherness, bringing people joy and enriching the communities in which they live. Access and exposure to the arts is an integral part of a thriving cultural community and a well-rounded education. To this end, Third Street strives to be a leader in arts learning both in the community and nationwide.



Governance
 

              
Chief Executive Officer:
Mr. Lee Koonce, Executive Director
Compensation*:
$188,279
Chair of the Board:
Mr. Vincent C. Perro
Chair's Profession / Business Affiliation:
President of Archimedes
Board Size:
18
Paid Staff Size:
152



Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.




Fund Raising
 

              
Method(s) Used:


Direct Mail Appeals, Invitations To Fundraising Events, Grant Proposals.
Fundraising costs were 29.2% of related contributions. (Related contributions, which totaled $1,838,069, are donations received as a result of fund raising activities.)




Tax Status
 

              
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.




Financial
 

              
The following information is based on Audited Financial Statements for the fiscal year ended June 30, 2012.

Source of Funds  

Operating Revenue and Contributed Support of Tuition and Registration

$3,022,027

Foundations, Trusts and Corporations

851,863

School Partnerships

464,383

Individuals and Others

354,937

Special Events Income

315,603

Estates, Trusts and Bequests

184,916

Government Agencies

130,750

Miscellaneous

20,712

Cost of Direct Benefits

(30,662)

Total Income

$5,314,529

Program Expenses  

Instruction

$3,437,550

School Partnerships

956,173

Performances

113,254
Total Program Expenses:
Fund Raising Expenses
Administrative Expenses

Total expenses

Expenses in Excess of Income

4,506,977
536,449
524,055

$5,567,481

$(252,952)




Uses of Funds as a % of Total Expenses


Programs: 81%  Fund Raising: 10%  Administrative 9% 
Roll the cursor over the pie chart to see the dollar amounts.


Beginning net assets $10,608,626
Ending net assets 10,318,561
Total liabilities 1,903,196

Total assets

$12,221,757






 

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