Greater Akron Musical Association Inc Sponsor For Akron Symphony Orc
- Assets
- $720.6k
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 155
- Location
- Akron, OH
- Founding
- 10/1964
- Data as of
- 06/2021
- EIN
- 34-6003828
Organization Overview
Greater Akron Musical Association Inc Sponsor For Akron Symphony Orc is located in Akron, OH. The organization was established in 1964. 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 06/2021, Greater Akron Musical Association Inc Sponsor For Akron Symphony Orc employed 155 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Akron Musical Association Inc Sponsor For Akron Symphony Orc 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 06/2021, Greater Akron Musical Association Inc Sponsor For Akron Symphony Orc generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.2%) each year. All expenses for the organization totaled $1.1m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (9.6%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ENHANCE THE QUALITY OF LIFE OF OUR COMMUNITY THROUGH EDUCATION AND MUSICAL EXCELLENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SPONSORSHIP OF AKRON SYMPHONY ORCHESTRA, AKRON YOUTH SYMPHONY AND AKRON SYMPHONY CHORUS. DURING THE 2020-2021 SEASON, ALL FULL CONCERTS WERE CANCELED. INSTEAD, WE FOUND ALTERNATE WAYS TO PROVIDE COMPENSATION TO OUR MUSICIANS TO CREATE DIGITAL CONTENT FOR THE COMMUNITY. IN ADDITION, SOME MUSICIANS PERFORMED IN VERY SMALL GROUPS (1-3 PLAYERS) IN VARIOUS LOCATIONS THROUGHOUT THE COMMUNITY. WHILE THERE WAS NO EARNED INCOME DURING FY21, CONTRIBUTED REVENUE REMAINED STRONG. SHORTFALLS IN EARNED REVENUE WERE OFFSET BY PUBLIC COVID-RELATED RELIEF FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Jarrett Executive Director | Officer | 40 | $73,000 |
Kathryn Booth President | OfficerTrustee | 8 | $0 |
Tom Crookes Executive VP | OfficerTrustee | 3 | $0 |
Jeana Singleton Secretary | OfficerTrustee | 3 | $0 |
William Nolan Treasurer | OfficerTrustee | 3 | $0 |
Tracy Dowe Governance Chair | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $89,224 |
| Related organizations | $240,000 |
| Government grants | $194,012 |
| All other contributions, gifts, grants, and similar amounts not included above | $624,515 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,147,751 |
| Total Program Service Revenue | $65,435 |
| Investment income | $32 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$13,528 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,199,690 |
| 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. | $73,000 |
| Compensation of current officers, directors, key employees. | $3,650 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $629,847 |
| Pension plan accruals and contributions | $14,770 |
| Other employee benefits | $45,099 |
| Payroll taxes | $43,405 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,444 |
| Advertising and promotion | $22,332 |
| Office expenses | $9,447 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,745 |
| Travel | $1,567 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,272 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,056 |
| Insurance | $13,416 |
| All other expenses | $3,850 |
| Total functional expenses | $1,081,624 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,045 |
| Savings and temporary cash investments | $623,624 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,728 |
| 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 | $12,261 |
| Net Land, buildings, and equipment | $48,949 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $720,607 |
| Accounts payable and accrued expenses | $61,299 |
| Grants payable | $0 |
| Deferred revenue | $65,699 |
| 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 | $85,689 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $736,240 |
| Total liabilities | $948,927 |
| Net assets without donor restrictions | -$228,320 |
| Net assets with donor restrictions | $0 |
| 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 | $720,607 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Greater Akron Musical Association Inc Sponsor For Akron Symphony Orc has recieved totaling $44,826.
| Awarding Organization | Amount |
|---|---|
Akron Community Foundation Akron, OH PURPOSE: TO SUPPORT MUSIC EDUCATION PROGRAMS AND COLLABORATIVE MUSIC OUTREACH INITIATIVES | $25,250 |
The Miami Foundation Inc Miami, FL PURPOSE: PROGRAM SUPPORT | $19,540 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $36 |
Endowment Analysis
| Beg. Balance | $6,683,764 |
| Earnings | $1,762,423 |
| Admin Expense | $53,442 |
| Net Contributions | $205,000 |
| Grants | $240,000 |
| Ending Balance | $8,357,745 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Grand Rapids Symphony Society Grand Rapids, MI | $6,657,585 | $10,068,479 |
Indiana Symphony Society Inc Indianapolis, IN | $13,063,766 | $26,550,940 |
The Louisville Orchestra Inc Louisville, KY | $7,756,568 | $11,516,592 |
Columbus Symphony Orchestra Inc Columbus, OH | $23,849,025 | $7,378,126 |
Fort Wayne Philharmonic Orchestra Inc Fort Wayne, IN | $27,926,694 | $5,947,084 |
Dayton Performing Arts Alliance Dayton, OH | $10,536,333 | $6,130,805 |
Kalamazoo Symphony Orchestra Kalamazoo, MI | $22,806,442 | $2,938,902 |
West Virginia Symphony Orchestra Inc Charleston, WV | $1,691,632 | $2,378,375 |
Harrisburg Symphony Association Harrisburg, PA | $13,261,535 | $3,046,479 |
Allentown Symphony Association Inc Allentown, PA | $15,521,853 | $2,408,487 |
Youngstown Symphony Society Inc Youngstown, OH | $9,809,717 | $1,234,201 |
South Bend Symphony Orchestra Association Inc South Bend, IN | $11,276,810 | $2,188,431 |