Chicago Symphony Orchestra FY2024 filing

Tax-deductible

Chicago, IL501(c)(3)Since 1890Arts & CultureEIN 36-2167823Revenue $125.5M in FY2024

On file with the IRScso.org220 South Michigan Ave, 60604-2596 · Chicago, ILTax-exempt since Feb 1927Publicly supported charity — 170(b)(1)(A)(vi)

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With the Chicago Symphony Orchestra at its core, the mission of the Chicago Symphony Orchestra Association is to enrich, inspire and transform lives through music, community engagement and education - locally, nationally and internationally.

501(c)(3) charity; gifts are tax-deductible.
76¢ of each $1 spent went to programs.
$4.1M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $26.1M a year · 25% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
76%
of spending
Looks good: 76% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$4.1M
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
1 mo
of spending, in cash
Fine: 1.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
8
named funders · $72K
Looks good: 8 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$161.5M
28% of total assets
Looks good: liabilities are 28% of assets; 50% or less.
Pt X · Ln 26
Independent board members
122
of 123 voting members
Looks good: 122 of 123 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$125.5M
+55% vs prior year
Spent
$88.6M
To programs
76%
Net assets
$420.3M
By yearFY2020–FY2025
Revenue
$125.5M
FY2024▲ +55%
Tap a bar for its year
Revenue by fiscal year
FY2020$73.8M
FY2021$109.9M
FY2022$102.4M
FY2023$80.8M
FY2024$125.5M
FY2025$125.9M
Expenses
$88.6M
FY2024▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2020$76.3M
FY2021$47.2M
FY2022$75.1M
FY2023$85.6M
FY2024$88.6M
FY2025$88.9M
Net assets
$420.3M
FY2024▲ +23%
Tap a bar for its year
Net assets by fiscal year
FY2020$216.9M
FY2021$348.7M
FY2022$330.4M
FY2023$342.8M
FY2024$420.3M
FY2025$492.0M

From the FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 1927.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

76 cents of each dollar spent went to programs.

Program services 76% · $67.3M Management & general 19% · $16.8M Fundraising 5% · $4.5M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

140 people listed on the 990; $4.1M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$898,151Pt VII · Sec A
Music Director
$628,175Pt VII · Sec A
Concertmaster
$566,546Pt VII · Sec A
Principal Trumpet
$355,107Pt VII · Sec A
Principal Clarinet
$332,961Pt VII · Sec A
Principal Cello
$329,302Pt VII · Sec A
VP for Development
$320,202Pt VII · Sec A
VP, CFO, & Assistant Treasurer
$315,880Pt VII · Sec A

Jeff Alexander’s $914K as President is at the 64th percentile of top reported officer pay among 53 $100M+ arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Riccardo Muti—$628,175$942,263$952,263$1,115,293$1,350,014
Jeff Alexander$914,323$898,151$741,177$529,441$513,036$611,532
Robert Chen$554,827$566,546$536,137$379,024$358,007$470,314
Esteban Batallan Cons—$355,107$322,407$217,995——
Mark Almond$343,234—————
William Welter$339,617—————
Stephen Williamson$331,472$332,961$324,361$232,425$226,805$284,214
Dale Hedding$329,404$320,202$327,764$265,794$269,031$24,861

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Enriches lives globally through world-class orchestral performances, community engagement initiatives, and intensive training programs for young professional musicians.

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3 programs · $61.8M · in their own filed words · FY2023
01

Chicago Symphony Orchestra Concerts

During the 2023/24 Season, the Chicago Symphony Orchestra performed over 130 live concerts. A highlight of the season was the appointment of the CSO's 11th music director in its 133-year history, Klaus Makela, who conducted concerts in April.

$55.1Mprogram expense
02

Symphony Center Presents Concerts

The Chicago Symphony Orchestra Association offers concerts by acclaimed guest artists in the fields of jazz, classical, world and folk music as part of the Symphony Center Presents series. The 23/24 Season featured over 30 concerts, including recital debuts by pianists Bruce Liu and Lucas and Arthur Jussen; three visiting orchestras, the…

$4.3Mprogram expense
03

Civic Orchestra of Chicago

The Civic Orchestra of Chicago, the CSO's prestigious training program for young professional musicians, presented seven programs in Orchestra Hall and community venues, including South Shore Cultural Center, Nicholas Senn High School, Kenwood Academy High School and Fourth Presbyterian Church.

$2.4Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
See all 8 funders →
Grants paid · 1 grant · $6K · 2021–2021
Roosevelt UniversityIL · FY2021$5,950

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$125.5M
Ln 12
Gifts and grantsLn 1h$71.5M
Fees for servicesLn 2g$31.7M
Investment incomeLn 3$22.1M
Money outPt IX
$88.6M
Ln 25
Programscol B$67.3M
Managementcol C$16.8M
Fundraisingcol D$4.5M
Owns and owesPt X
$420.3M
net assets · Ln 32
Cash and savingsLn 1–2$9.3M
Total assetsLn 16$581.8M
LiabilitiesLn 26$161.5M
PeoplePt VI, VII
140
listed · VII A
PaidVII A10
Voting boardVI 1a123
IndependentVI 1b122
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$71.5M
Government grantsLn 1e$400K
Noncash giftsLn 1g$4.0M
Fundraising eventsLn 1c$1.9M
Fees for servicesLn 2g$31.7M
Investment incomeLn 3$22.1M
Other incomeLn 4–11$197K
Gains on assetsLn 7$12.3M
Total revenueLn 12$125.5M
Assets in detailPt X, end of year
CashLn 1$2.2M
SavingsLn 2$7.1M
Cash and savings togetherLn 1–2$9.3M
InvestmentsLn 11–13$453.5M
Land, buildings, equipmentLn 10c$71.2M
Other assetsLn 15$442K
Total assetsLn 16$581.8M
LiabilitiesLn 26$161.5M
Net assetsLn 32$420.3M
OperationsPt I, VI
EmployeesI 51,141
VolunteersI 6819
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$8.7M$9.3M
InvestmentsLn 11–13$401.4M$453.5M
Land, buildings, equipmentLn 10c$73.0M$71.2M
Total assetsLn 16$515.2M$581.8M
LiabilitiesLn 26$172.4M$161.5M
Net assetsLn 32$342.8M$420.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$2.1M$325K$1.4M$354K
Other salaries and wagesLn 7$40.0M$34.4M$3.5M$2.1M
Pension plan contributionsLn 8$2.6M$2.4M$114K$66K
Other employee benefitsLn 9$7.0M$5.5M$1.0M$529K
Payroll taxesLn 10$2.7M$2.1M$344K$173K
Legal feesLn 11b$404K$505K−$102K
Accounting feesLn 11c$171K$171K
Professional fundraising feesLn 11e$220K$220K
Investment management feesLn 11f$1.1M$1.1M
Other fees for servicesLn 11g$8.0M$6.9M$1.1M$15K
Advertising and promotionLn 12$3.8M$3.3M$241K$227K
Office expensesLn 13$846K$482K$232K$132K
Information technologyLn 14$531K$302K$145K$83K
OccupancyLn 16$2.9M$2.4M$263K$298K
TravelLn 17$3.0M$2.9M$88K$43K
Conferences, conventions and meetingsLn 19$63K$28K$4K$32K
InterestLn 20$5.6M$5.6M
Depreciation, depletion and amortizationLn 22$3.8M$3.5M$313K
InsuranceLn 23$365K$365K
Other expenses (24a–d)Ln 24$2.3M$2.0M$185K$153K
All other expensesLn 24e$1.2M$320K$717K$119K
Total functional expensesLn 25$88.6M$67.3M$16.8M$4.5M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $125.9M$88.9M$37.0M$492.0M 990 PDF
FY2024 Viewing $125.5M$88.6M$36.8M$420.3M 990 PDF
FY2023 $80.8M$85.6M−$4.8M$342.8M 990 PDF
FY2022 $102.4M$75.1M$27.4M$330.4M 990 PDF
FY2021 $109.9M$47.2M$62.7M$348.7M 990 PDF
FY2020 $73.8M$76.3M−$2.4M$216.9M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $125,469,447 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $24,278,183$71,465,790
I-9 Program service revenuePrior year $29,251,034$31,725,287
I-10 Investment incomePrior year $27,140,395$22,081,209
I-11 Other revenuePrior year $158,110$197,161
I-12 Total revenuePrior year $80,827,722$125,469,447
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $52,682,226$54,321,705
I-16a Professional fundraising feesPrior year $285,301$219,655
I-17 Other expensesPrior year $32,633,656$34,080,272
I-18 Total expensesPrior year $85,601,183$88,621,632
I-19 Revenue less expensesPrior year −$4,773,461$36,847,815
Part VI · Governance 122 of 123 board members independent, 1 to look at
VI-1a Voting members of the governing body123
VI-1b Independent voting members122
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $125,469,447 across 11 lines filed
Lines not itemized here account for $65,153 of total revenue; see the IRS return.
VIII-1c Fundraising events$1,880,978
VIII-1e Government grants$400,000
VIII-1f All other contributions, gifts and grants$69,184,812
VIII-1g Noncash contributions (included above)$4,032,842
VIII-1h Total contributions, gifts and grants$71,465,790
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $31,562,036 · Excluded from tax $420,000$31,982,036
VIII-3 Investment incomeExcluded from tax $9,776,793$9,776,793
VIII-6 Net rental income or lossUnrelated business −$158,689−$158,689
VIII-7 Net gain or loss on sales of assetsUnrelated business −$215,360 · Excluded from tax $12,519,776$12,304,416
VIII-8 Net income from fundraising eventsExcluded from tax $33,948$33,948
VIII-12 Total revenueRelated to mission $31,808,481 · Unrelated business −$54,741 · Excluded from tax $22,249,917$125,469,447
Part IX · Statement of functional expenses $88,621,632 across 21 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $325,131 · Management $1,376,355 · Fundraising $353,752$2,055,238
IX-7 Other salaries and wagesPrograms $34,391,901 · Management $3,504,447 · Fundraising $2,055,610$39,951,958
IX-8 Pension plan contributionsPrograms $2,440,133 · Management $113,816 · Fundraising $66,443$2,620,392
IX-9 Other employee benefitsPrograms $5,474,401 · Management $1,028,280 · Fundraising $528,604$7,031,285
IX-10 Payroll taxesPrograms $2,144,900 · Management $344,456 · Fundraising $173,476$2,662,832
IX-11b Legal feesPrograms $505,451 · Management −$101,706$403,745
IX-11c Accounting feesManagement $170,846$170,846
IX-11e Professional fundraising feesFundraising $219,655$219,655
IX-11f Investment management feesManagement $1,066,923$1,066,923
IX-11g Other fees for servicesPrograms $6,863,468 · Management $1,097,458 · Fundraising $14,627$7,975,553
IX-12 Advertising and promotionPrograms $3,331,730 · Management $241,374 · Fundraising $226,580$3,799,684
IX-13 Office expensesPrograms $481,689 · Management $231,826 · Fundraising $132,139$845,654
IX-14 Information technologyPrograms $302,221 · Management $145,452 · Fundraising $82,907$530,580
IX-16 OccupancyPrograms $2,351,601 · Management $262,996 · Fundraising $298,158$2,912,755
IX-17 TravelPrograms $2,911,697 · Management $87,696 · Fundraising $42,877$3,042,270
IX-19 Conferences, conventions and meetingsPrograms $27,740 · Management $3,595 · Fundraising $31,594$62,929
IX-20 InterestManagement $5,642,868$5,642,868
IX-22 Depreciation, depletion and amortizationPrograms $3,486,489 · Management $313,186$3,799,675
IX-23 InsuranceManagement $365,074$365,074
IX-24 Other expenses (24a–d)Programs $1,968,252 · Management $184,792 · Fundraising $153,308$2,306,352
IX-24e All other expensesPrograms $319,872 · Management $716,911 · Fundraising $118,581$1,155,364
IX-25 Total functional expensesPrograms $67,326,676 · Management $16,796,645 · Fundraising $4,498,311$88,621,632
Part X · Balance sheet $581,822,920 assets, 20 lines filed
X-1 Cash, non-interest-bearingStart of year $1,254,402$2,167,440
X-2 Savings and temporary cash investmentsStart of year $7,452,604$7,133,640
X-3 Pledges and grants receivableStart of year $29,407,854$44,574,446
X-4 Accounts receivableStart of year $687,668$1,144,410
X-8 Inventories for sale or useStart of year $158,348$165,762
X-9 Prepaid expenses and deferred chargesStart of year $1,479,453$1,421,108
X-10c Land, buildings and equipment, netStart of year $72,968,106$71,244,842
X-11 Publicly traded securitiesStart of year $305,753,015$354,783,057
X-12 Other securitiesStart of year $95,683,693$98,746,202
X-15 Other assetsStart of year $341,508$442,013
X-16 Total assetsStart of year $515,186,651$581,822,920
X-17 Accounts payable and accrued expensesStart of year $6,992,382$8,491,811
X-19 Deferred revenueStart of year $11,250,118$11,802,572
X-20 Tax-exempt bond liabilitiesStart of year $119,373,380$117,112,793
X-25 Other liabilitiesStart of year $34,819,999$24,110,340
X-26 Total liabilitiesStart of year $172,435,879$161,517,516
X-27 Net assets without donor restrictionsStart of year $99,333,690$140,199,153
X-28 Net assets with donor restrictionsStart of year $243,417,082$280,106,251
X-32 Total net assets or fund balancesStart of year $342,750,772$420,305,404
X-33 Total liabilities and net assetsStart of year $515,186,651$581,822,920
Part XI · Reconciliation of net assets $420,305,404 net assets at year end
XI-1 Total revenue$125,469,447
XI-2 Total expenses$88,621,632
XI-3 Revenue less expenses$36,847,815
XI-4 Net assets at start of year$342,750,772
XI-5 Net unrealized gains (losses) on investments$33,225,516
XI-9 Other changes in net assets$7,481,301
XI-10 Net assets at end of year$420,305,404

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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