North Carolina Symphony Society Inc
- Assets
- $32.5m
- Revenue
- $22.2m
- Investments
- $0.0
- Employees
- 181
- Location
- Raleigh, NC
- Founding
- 02/1945
- Data as of
- 06/2022
- EIN
- 56-0556755
Organization Overview
North Carolina Symphony Society Inc is located in Raleigh, NC. The organization was established in 1945. 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, North Carolina Symphony Society Inc employed 181 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Symphony Society Inc 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, North Carolina Symphony Society Inc generated $22.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $14.0m during the year ending 06/2022. 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
TO BE NORTH CAROLINA'S STATE ORCHESTRA, AN ORCHESTRA ACHIEVING THE HIGHEST LEVEL OF ARTISTIC QUALITY AND PERFORMANCE STANDARDS, AND EMBRACING ITS DUAL LEGACIES OF STATEWIDE SERVICE AND MUSIC EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUNDED IN 1932, THE NORTH CAROLINA SYMPHONY (NCS) WAS THE FIRST STATE-SUPPORTED ORCHESTRA IN THE COUNTRY. ITS DUAL MISSION OF STATEWIDE SERVICE & MUSIC EDUCATION CONTINUES TODAY. IT IS THE LARGEST PERFORMING ARTS ORGANIZATION IN NORTH CAROLINA & HAS THE MOST EXTENSIVE EDUCATION PROGRAM OF ANY U.S. ORCHESTRA. ANNUALLY, IT PERFORMS 175 FULL ORCHESTRA CONCERTS, TRAVELS MORE THAN 18,500 MILES, REACHES 98 COUNTIES & PERFORMS FOR 250,000 PEOPLE INCLUDING MORE THAN 55,000 STUDENTS. IN MARCH 2020 & DUE TO THE PANDEMIC, NCS PIVOTED ITS PROGRAMS ONLINE RESULTING IN EXPANDED DELIVERY OF ITS MISSION BEYOND NORTH CAROLINA AND TO NATIONAL AND INTERNATIONAL MARKETS. THE ORCHESTRA RETURNED TO IN-PERSON PROGRAMS IN MAY 2021.GOVERNMENT CAPACITY RESTRICTIONS PREVENTED NCS FROM ACHIEVING $5.2M IN REVENUE IN FY2020. EXPENSES WERE SIGNIFICANTLY CURTAILED INCLUDING VOLUNTARY SALARY REDUCTIONS. EDUCATION SERVICE TO THE STUDENTS OF NORTH CAROLINA CONTINUED VIRTUALLY WITH A SIGNIFICANT FOCUS ON ELEMENTARY SCHOOL STUDENTS. IN FISCAL 2021, THE SYMPHONY CREATED A RECOVERY RESERVE FUND TO OFFSET PROJECTED DECLINES IN FUNDING IN SUBSEQUENT YEARS AS COMPARED TO PRE-PANDEMIC LEVELS OF EARNED AND CONTRIBUTED INCOME. IT IS UNKNOWN HOW LONG THE ADVERSE CONDITIONS ASSOCIATED WITH THE CORONAVIRUS WILL LAST AND WHAT THE COMPLETE FINANCIAL EFFECT WILL BE TO THE SYMPHONY. OPERATING REVENUE INCREASED IN FY2022 BUT IS STILL BELOW PRE-PANDEMIC LEVELS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sandi MA Macdonald President & CEO | Officer | 55 | $282,682 |
Robert Schiller Sr. VP Finance And CFO | Officer | 55 | $170,936 |
Lisa Ransom VP Of Philanthropy | 50 | $143,380 | |
Brian Reagan Musician | 40 | $117,735 | |
Linda Charlton VP Marketing & Audience Development | 50 | $108,290 | |
Donald Tippett VP Orchestra Operations | 50 | $101,923 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dcm Telemarketing | 6/29/20 | $121,889 |
Disney Concert Guest Artists | 6/29/20 | $135,000 |
Disney Concert Guest Artists | 6/29/20 | $135,000 |
Target Resource Group Llc Marketing Consultant | 6/29/20 | $113,207 |
Dcm Telemarketing | 6/29/20 | $121,889 |
Target Resource Group Llc Marketing Consultant | 6/29/20 | $113,207 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $875,781 |
| Government grants | $12,889,554 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,167,863 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,933,198 |
| Total Program Service Revenue | $2,952,792 |
| Investment income | $283,040 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,072,059 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,246,893 |
| 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. | $1,215,020 |
| Compensation of current officers, directors, key employees. | $406,991 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,446,246 |
| Pension plan accruals and contributions | $408,751 |
| Other employee benefits | $1,055,689 |
| Payroll taxes | $569,666 |
| Fees for services: Management | $895,554 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $60,880 |
| Fees for services: Lobbying | $53,091 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $24,718 |
| Fees for services: Other | $249,556 |
| Advertising and promotion | $532,787 |
| Office expenses | $114,600 |
| Information technology | $6,465 |
| Royalties | $0 |
| Occupancy | $313,136 |
| Travel | $158,036 |
| 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 | $79,598 |
| Insurance | $42,287 |
| All other expenses | $140,652 |
| Total functional expenses | $14,004,331 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,477,982 |
| Savings and temporary cash investments | $1,550,464 |
| Pledges and grants receivable | $941,012 |
| Accounts receivable, net | $42,152 |
| 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 | $312,250 |
| Net Land, buildings, and equipment | $253,032 |
| Investments—publicly traded securities | $18,365,393 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,582,172 |
| Total assets | $32,524,457 |
| Accounts payable and accrued expenses | $716,352 |
| Grants payable | $0 |
| Deferred revenue | $1,187,465 |
| 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 | $1,625,192 |
| Total liabilities | $3,529,009 |
| Net assets without donor restrictions | $15,072,132 |
| Net assets with donor restrictions | $13,923,316 |
| 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 | $32,524,457 |
Grants Recieved
Over the last fiscal year, we have identified 31 grants that North Carolina Symphony Society Inc has recieved totaling $325,475.
| Awarding Organization | Amount |
|---|---|
North Carolina Community Foundation Inc Raleigh, NC PURPOSE: ARTS, CULTURE & HUMANITIES | $55,572 |
Bastian Family Charitable Foundation Chapel Hill, NC PURPOSE: CHARITABLE | $40,000 |
Ella Ann L & Frank B Holding Foundation Smithfield, NC PURPOSE: GENERAL SUPPORT | $30,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $27,400 |
Thomas R & Elizabeth E Mclean Foundation Inc Fayetteville, NC PURPOSE: CUMBERLAND CO MUSIC EDUCATION PROGRAMS | $25,000 |
Puffin Foundation West Ltd Columbus, OH PURPOSE: UNRESTRICTED GRANT TO SUPPORT THE ORGANIZATION'S EXEMPT PURPOSE. | $20,000 |
Endowment Analysis
| Beg. Balance | $17,755,062 |
| Earnings | -$2,476,756 |
| Admin Expense | $23,077 |
| Net Contributions | $1,000,000 |
| Other Expense | $721,166 |
| Ending Balance | $15,534,063 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
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 |
Winston Salem Symphony Assoc Winstonsalem, NC | $6,175,789 | $3,471,563 |
Charleston Symphony Orchestra Charleston, SC | $3,900,208 | $3,884,009 |
Augusta Symphony Inc Augusta, GA | $19,725,932 | $3,708,047 |
Greenville Symphony Association Greenville, SC | $3,125,608 | $3,582,952 |