Portland Maine Symphony Orchestra
- Assets
- $16.5m
- Revenue
- $4.3m
- Investments
- $167.2k
- Employees
- 287
- Location
- Portland, ME
- Founding
- 11/1933
- Data as of
- 07/2024
- EIN
- 01-6006058
Organization Overview
Portland Maine Symphony Orchestra is located in Portland, ME. The organization was established in 1933. According to its NTEE Classification (A69) the organization is classified as: Symphony Orchestras, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 07/2024, Portland Maine Symphony Orchestra employed 287 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Portland Maine Symphony Orchestra is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 07/2024, Portland Maine Symphony Orchestra generated $4.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $4.5m during the year ending 07/2024. While expenses have increased by 3.0% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE PORTLAND SYMPHONY ORCHESTRA (PSO) SERVES OUR COMMUNITY BY ENRICHING LIVES THROUGH MUSIC. THE PSO STRIVES FOR THE HIGHEST POSSIBLE LEVEL OF ARTISTIC QUALITY; INSPIRES CHILDREN AND ADULTS THROUGH MUSIC EDUCATION AND ENCOURAGES LIFELONG MUSICAL LEARNING; DEVELOPS AND NURTURES COMMUNITY RELATIONSHIPS THAT ARE MUTUALLY BENEFICIAL; AND PROMOTES A CULTURE OF MUTUAL RESPECT THAT BUILDS SHARED COMMITMENT AND COLLABORATION.
Describe the Organization's Program Activity:
THE PORTLAND SYMPHONY ORCHESTRA, CHARTERED IN 1932, IS MAINE'S LARGEST PROFESSIONAL ORCHESTRA WITH AN ANNUAL BUDGET OF 4.5 MILLION. DURING THE 2023-2024 SEASON, THE SYMPHONY REMAINED CONNECTED TO AUDIENCES BY BOTH OFFERING LIVE PERFORMANCES AS WELL AS DIGITALLY OFFERING TWO CONCERTS RECORDED AT MERRILL AUDITORIUM. PERFORMANCES INCLUDE 8 CLASSICAL, 4 POPS, 3 DISCOVERY FAMILY CONCERTS, 1 YOUTH CONCERT, THE MAGIC OF CHRISTMAS CONCERT, HARRY POTTER AND THE SORCERER'S STONE CONCERT, MULTIPLE SCHOOL LESSONS, KINDERKONZERTS, AND A 3-CONCERT SUMMER SERIES IN OLD ORCHARD PAVILION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carolyn Nishon Executive Di | Officer | 40 | $134,351 |
Eckart Preu Music Direct | 40 | $154,673 | |
Colleen Khoury Board Presid | OfficerTrustee | 8 | $0 |
Lucas Desmond Treasurer & | OfficerTrustee | 2.5 | $0 |
Sally Bancroft Pres. Coun. | Trustee | 2.5 | $0 |
Rick Abbondanza VP Trustee & | Trustee | 2.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $35,750 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,840,916 |
| Noncash contributions included in lines 1a–1f | $330,487 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,876,666 |
| Total Program Service Revenue | $1,885,158 |
| Investment income | $382,538 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$467 |
| Net Income from Fundraising Events | $13,916 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,332,163 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $143,950 |
| Compensation of current officers, directors, key employees. | $29,090 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,252,018 |
| Pension plan accruals and contributions | $12,099 |
| Other employee benefits | $133,332 |
| Payroll taxes | $185,003 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,631 |
| Fees for services: Accounting | $22,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $37,612 |
| Fees for services: Other | $110,864 |
| Advertising and promotion | $291,625 |
| Office expenses | $74,656 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $316,576 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,992 |
| Insurance | $56,493 |
| All other expenses | $148,322 |
| Total functional expenses | $4,464,312 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,111,092 |
| Savings and temporary cash investments | $1,240,516 |
| Pledges and grants receivable | $553,165 |
| Accounts receivable, net | $9,317 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $185,110 |
| Net Land, buildings, and equipment | $57,309 |
| Investments—publicly traded securities | $12,580,657 |
| Investments—other securities | $167,180 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $558,648 |
| Total assets | $16,462,994 |
| Accounts payable and accrued expenses | $121,708 |
| Grants payable | $0 |
| Deferred revenue | $8,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $561,448 |
| Total liabilities | $691,156 |
| Net assets without donor restrictions | $5,509,677 |
| Net assets with donor restrictions | $10,262,161 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $16,462,994 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Portland Maine Symphony Orchestra Portland, ME | $16,462,994 | $4,332,163 |
Bangor Symphony Orchestra Bangor, ME | $3,375,248 | $1,063,559 |
Symphony New Hampshire Nashua, NH | $872,145 | $560,729 |
Seacoast Community Chamber Orchestra Portsmouth, NH | $211,073 | $295,031 |
Portland Chamber Music Festival Portland, ME | $151,545 | $228,015 |
New Hampshire Philharmonic Orchestra Incorporated Concord, NH | $175,360 | $278,577 |
Midcoast Symphony Orchestra Brunswick, ME | $0 | $58,732 |
Camerata New England Inc Hanover, NH | $17,034 | $0 |
Lakes Region Symphony Orchestra Meredith, NH | $165,424 | $0 |
The Nashua Community Chamber Orchestra Nashua, NH | $58,844 | $0 |