Virginia Symphony Orchestra
- Assets
- $5.3m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 237
- Location
- Norfolk, VA
- Founding
- 01/1957
- Data as of
- 06/2022
- EIN
- 54-6000598
Organization Overview
Virginia Symphony Orchestra is located in Norfolk, VA. The organization was established in 1957. 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 06/2022, Virginia Symphony Orchestra employed 237 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia 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 06/2022, Virginia Symphony Orchestra generated $8.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $8.0m during the year ending 06/2022. While expenses have increased by 2.6% per year over the past 7 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE VIRGINIA SYMPHONY ORCHESTRA IS A LEADING CULTURAL ASSET CONNECTING EVERYONE IN HAMPTON ROADS THROUGH THE TRANSFORMATIVE POWER OF EXCEPTIONAL MUSICAL PERFORMANCES AND EDUCATIONAL ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF ORCHESTRAS, ENSEMBLES, MUSICAL GROUPS AND GUEST ARTISTS FOR CULTURAL AND EDUCATIONAL OPPORTUNITIES AND EXPERIENCES PRIMARILY WITHIN GREATER HAMPTON ROADS. THE OVER 100 YEAR-OLD ORCHESTRA IS VIRGINIA'S PRE-EMINENT PROFESSIONAL SYMPHONY ORCHESTRA AND PERFORMS CLASSICS, POPS AND FAMILY CONCERT SERIES IN VIRGINIA AND NORTH CAROLINA REACHING MORE THAN 100,000 CONCERT GOERS EVERY YEAR. DEDICATED TO ENGAGING CHILDREN, STUDENTS AND ADULTS WITH THE POWER OF CLASSICAL MUSIC, EDUCATION AND COMMUNITY PROGRAMS REACH OVER 45,000 CHILDREN, STUDENTS AND LIFE LONG LEARNING ADULTS EACH YEAR THROUGH YOUNG PEOPLE'S CONCERTS, SCHOOL ARTISTIC RESIDENCIES, MASTER CLASSES AND SMALL ENSEMBLE SPECIAL PROGRAMS. IN ADDITION, VSO PRESENTS THE GENERATIONS IN UNISON PROGRAM WHOSE INITIATIVE AIMS TO ADDRESS PHYSICAL, EMOTIONAL, COGNITIVE AND SOCIAL NEEDS OF MEMORY CARE AND ASSISTED LIVING INDIVIDUALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Philion Karen President And CEO (thru 6.30.22) | Officer | 40 | $175,910 |
Kraus Teresa CFO | Officer | 40 | $105,247 |
Goode Susan Secretary | OfficerTrustee | 1 | $0 |
Mcclellan Michael R Board Chair | OfficerTrustee | 1 | $0 |
Pittman Carolyn Treasurer | OfficerTrustee | 1 | $0 |
Van Buren William Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Maestro Productions Inc Music Director | 6/29/19 | $163,000 |
The Curtis Group Fundraising Planning & Soliciation | 6/29/19 | $134,733 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $249,133 |
| Government grants | $2,395,194 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,576,754 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,221,081 |
| Total Program Service Revenue | $1,982,554 |
| Investment income | $19,813 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$27,728 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$9,593 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,191,490 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,547,243 |
| 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. | $290,964 |
| Compensation of current officers, directors, key employees. | $180,606 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,045,553 |
| Pension plan accruals and contributions | $173,287 |
| Other employee benefits | $486,078 |
| Payroll taxes | $329,891 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $59,092 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,928 |
| Fees for services: Other | $457,059 |
| Advertising and promotion | $228,691 |
| Office expenses | $137,946 |
| Information technology | $52,429 |
| Royalties | $0 |
| Occupancy | $316,949 |
| Travel | $156,540 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,305 |
| Interest | $3,841 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,897 |
| Insurance | $75,411 |
| All other expenses | $26,967 |
| Total functional expenses | $7,991,820 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $460,400 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,097,684 |
| Accounts receivable, net | $1,293,049 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $11,499 |
| Prepaid expenses and deferred charges | $147,509 |
| Net Land, buildings, and equipment | $147,232 |
| Investments—publicly traded securities | $980,499 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $130,031 |
| Total assets | $5,267,903 |
| Accounts payable and accrued expenses | $429,426 |
| Grants payable | $0 |
| Deferred revenue | $491,808 |
| 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 | $33,226 |
| Total liabilities | $954,460 |
| Net assets without donor restrictions | $2,252,961 |
| Net assets with donor restrictions | $2,060,482 |
| 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 | $5,267,903 |
Grants Awarded
Over the last fiscal year, Virginia Symphony Orchestra has awarded $1,447,243 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Norfolk, VA PURPOSE: INVESTMENT FUNDS | $1,350,000 |
Norfolk, VA PURPOSE: BEQUESTS | $97,243 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Virginia Symphony Orchestra has recieved totaling $2,500.
| Awarding Organization | Amount |
|---|---|
Curtis Family Foundation Virginia Beach, VA PURPOSE: UNRESTRICTED GIFT | $2,500 |
Endowment Analysis
| Beg. Balance | $7,394,927 |
| Earnings | -$1,061,810 |
| Admin Expense | $39,359 |
| Net Contributions | $1,746,175 |
| Grants | $249,133 |
| Ending Balance | $7,790,800 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Baltimore Symphony Orchestra Inc Baltimore, MD | $16,033,795 | $20,177,740 |
North Carolina Symphony Society Inc Raleigh, NC | $32,524,457 | $22,246,893 |
Charlotte Symphony Orchestra Society Inc Charlotte, NC | $18,656,267 | $14,331,249 |
Nashville Symphony Association Nashville, TN | $100,031,908 | $12,366,678 |
The Louisville Orchestra Inc Louisville, KY | $7,756,568 | $11,516,592 |
Virginia Symphony Orchestra Norfolk, VA | $5,267,903 | $8,191,490 |
Richmond Symphony Richmond, VA | $2,392,826 | $8,372,945 |
Knoxville Symphony Society Inc Knoxville, TN | $1,484,079 | $3,960,669 |
Memphis Symphony Orchestra Inc Memphis, TN | $6,274,797 | $4,582,397 |
Greensboro Symphony Orchestra Incorporated Greensboro, NC | $1,104,196 | $3,569,093 |
National Philharmonic Orchestra & Chorale Of Mongomery County Inc North Bethesda, MD | $1,849,727 | $2,888,620 |
Winston Salem Symphony Assoc Winstonsalem, NC | $6,175,789 | $3,471,563 |