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Grand Rapids Symphony Foundation FY2020 filing

Tax-deductible

Grand Rapids, MI501(c)(3)Arts & CultureEIN 81-4564213Revenue $414K in FY2020

On file with the IRS300 Ottawa Ave Nw Ste 100, 49503-2314 · Grand Rapids, MITax-exempt since Mar 2017Supporting org, Type I — 509(a)(3)

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Supports the operations and programs of the Grand Rapids Symphony society through sustainment of the orchestra's concert, music education and accessibility programming across west michigan.

501(c)(3) charity; gifts are tax-deductible.
70¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $610K a year · 48% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
70%
of spending
Fine: 70% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Plus $24.4M in investments, Pt X · Ln 11–13
Fine: 0.3 months of spending in cash, plus $24.4M in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$11K
0.04% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$414K
Spent
$1.5M
To programs
70%
Net assets
$27.5M
By yearFY2020–FY2024
Revenue
$414K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$414K
FY2021$2.3M
FY2022$2.4M
FY2023$339K
FY2024$978K
Expenses
$1.5M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$1.5M
FY2021$1.4M
FY2022$1.4M
FY2023$1.8M
FY2024$3.4M
Net assets
$27.5M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$27.5M
FY2021$32.5M
FY2022$26.9M
FY2023$27.5M
FY2024$28.6M

From the FY2020 Form 990 (year ending August 2020) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2017.

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

Where the money goes

70 cents of each dollar spent went to programs.

Program services 70% · $1.0M Management & general 8% · $112K Fundraising 22% · $318K

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

7 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
$0Pt VII · Sec A
Joan Garety
Chairperson
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Grand Rapids Symphony Foundation executive salaries →

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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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Funds concerts, music education, and accessibility programs for the Grand Rapids Symphony across West Michigan.

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Provided by the organization

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1 program · $1.0M · in their own filed words · FY2019
01

Contributions to the grand rapids symphony society.

$1.0Mprogram 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 · FY2022
Grand Rapids Community FoundationFY2022$10K
Total grants receivedfrom 1 funder$10K
Grants paid · 5 grants · $8.1M · 2019–2023
Grand Rapids Symphony SocietyFY2023$3,150,000
Grand Rapids Symphony SocietyFY2022$1,545,000
Grand Rapids Symphony SocietyFY2021$1,200,000
Grand Rapids Symphony SocietyFY2020$1,222,035
Grand Rapids Symphony SocietyFY2019$1,015,067

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$414K
Ln 12
Investment incomeLn 3$387K
Gifts and grantsLn 1h$28K
Money outPt IX
$1.5M
Ln 25
Programscol B$1.0M
Managementcol C$112K
Fundraisingcol D$318K
Owns and owesPt X
$27.5M
net assets · Ln 32
Cash and savingsLn 1–2$37K
Total assetsLn 16$27.5M
LiabilitiesLn 26$11K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$28K
Investment incomeLn 3$387K
Gains on assetsLn 7−$256K
Total revenueLn 12$414K
Assets in detailPt X, end of year
SavingsLn 2$37K
Cash and savings togetherLn 1–2$37K
InvestmentsLn 11–13$24.4M
Other assetsLn 15$260K
Total assetsLn 16$27.5M
LiabilitiesLn 26$11K
Net assetsLn 32$27.5M
OperationsPt I, VI
EmployeesI 50
VolunteersI 66
Fiscal year endsHeaderAugust
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 FY20End FY20
Cash and savingsLn 1–2$129K$37K
InvestmentsLn 11–13$22.6M$24.4M
Total assetsLn 16$26.6M$27.5M
LiabilitiesLn 26$18K$11K
Net assetsLn 32$26.6M$27.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1.0M$1.0M
Management feesLn 11a$134K$6K$71K$57K
Legal feesLn 11b$2K$2K
Accounting feesLn 11c$6K$6K
Investment management feesLn 11f$28K$28K
OccupancyLn 16$11K$6K$4K$2K
Other expenses (24a–d)Ln 24$260K$1K$259K
Total functional expensesLn 25$1.5M$1.0M$112K$318K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $978K$3.4M−$2.4M$28.6M 990 PDF
FY2023 $339K$1.8M−$1.4M$27.5M 990 PDF
FY2022 $2.4M$1.4M$961K$26.9M 990 PDF
FY2021 $2.3M$1.4M$872K$32.5M 990 PDF
FY2020 Viewing $414K$1.5M−$1.0M$27.5M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $414,119 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $66,987$27,534
I-9 Program service revenue$0
I-10 Investment incomePrior year $913,614$386,585
I-11 Other revenue$0
I-12 Total revenuePrior year $980,601$414,119
I-13 Grants and similar amounts paidPrior year $1,025,000$1,015,067
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $246,011$441,076
I-18 Total expensesPrior year $1,271,011$1,456,143
I-19 Revenue less expensesPrior year −$290,410−$1,042,024
Part VI · Governance 6 of 6 board members independent, 1 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $414,119 across 5 lines filed
VIII-1f All other contributions, gifts and grants$27,534
VIII-1h Total contributions, gifts and grants$27,534
VIII-3 Investment incomeExcluded from tax $643,049$643,049
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$256,464−$256,464
VIII-12 Total revenueExcluded from tax $386,585$414,119
Part IX · Statement of functional expenses $1,456,143 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $1,015,067$1,015,067
IX-11a Management feesPrograms $5,598 · Management $71,318 · Fundraising $57,476$134,392
IX-11b Legal feesManagement $1,617$1,617
IX-11c Accounting feesManagement $5,643$5,643
IX-11f Investment management feesManagement $28,229$28,229
IX-16 OccupancyPrograms $5,645 · Management $4,077 · Fundraising $1,568$11,290
IX-24 Other expenses (24a–d)Management $1,180 · Fundraising $258,725$259,905
IX-25 Total functional expensesPrograms $1,026,310 · Management $112,064 · Fundraising $317,769$1,456,143
Part X · Balance sheet $27,536,022 assets, 15 lines filed
Asset lines not itemized here account for $1,951,028; see the IRS return.
X-2 Savings and temporary cash investmentsStart of year $129,356$36,875
X-3 Pledges and grants receivableStart of year $817,484$252,943
X-4 Accounts receivableStart of year $1,083,234$579,745
X-9 Prepaid expenses and deferred chargesStart of year $13,456$7,893
X-11 Publicly traded securitiesStart of year $22,580,677$24,329,676
X-12 Other securities$118,043
X-15 Other assets$259,819
X-16 Total assetsStart of year $26,575,235$27,536,022
X-17 Accounts payable and accrued expenses$1,617
X-25 Other liabilitiesStart of year $17,787$9,856
X-26 Total liabilitiesStart of year $17,787$11,473
X-27 Net assets without donor restrictionsStart of year −$1,855,604−$684,080
X-28 Net assets with donor restrictionsStart of year $28,413,052$28,208,629
X-32 Total net assets or fund balancesStart of year $26,557,448$27,524,549
X-33 Total liabilities and net assetsStart of year $26,575,235$27,536,022
Part XI · Reconciliation of net assets $27,524,549 net assets at year end
XI-1 Total revenue$414,119
XI-2 Total expenses$1,456,143
XI-3 Revenue less expenses−$1,042,024
XI-4 Net assets at start of year$26,557,448
XI-5 Net unrealized gains (losses) on investments$2,009,125
XI-10 Net assets at end of year$27,524,549

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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