Philharmonic Association Inc
- Assets
- $375.4k
- Revenue
- $398.3k
- Investments
- $0.0
- Employees
- 14
- Location
- Cary, NC
- Founding
- 03/1989
- Data as of
- 06/2022
- EIN
- 58-1818884
Organization Overview
Philharmonic Association Inc is located in Cary, NC. The organization was established in 1989. 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, Philharmonic Association Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Philharmonic Association 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, Philharmonic Association Inc generated $398.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $382.0k during the year ending 06/2022. While expenses have increased by 8.1% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SPONSOR AND PROMOTE YOUTH ORCHESTRAS IN WAKE COUNTY, NORTH CAROLINA
Describe the Organization's Program Activity:
THE ASSOCIATION SEEKS TO FOSTER THE LOVE OF GREAT MUSIC IN YOUNG MUSICIANS BY SPONSORING EIGHT MUSICAL ENSEMBLES. THESE ENSEMBLES INCLUDE THREE FULL SYMPHONY ORCHESTRAS AND THREE STRING ORCHESTRAS THAT STUDY AND PERFORM GREAT CLASSICAL MUSIC. THE DIFFERENT ORCHESTRAS SEEKS TO PROVIDE OPPORTUNITIES TO 4TH THROUGH 12TH GRADE MUSICIANS OF VARIOUS LEVELS OF PROFICIENCY. THE TRIANGLE YOUTH PHILMARMONIC IS THE MOST ADVANCED GROUP; THE TRIANGLE YOUTH SYMPHONY IS FOR MODERATELY ADVANCED MUSICIANS; THE TRIANGLE YOUTH ORCHESTRA IS FOR INTERMEDIATE STUDENTS; THE TRIANGLE YOUTH STRING SINFONIA AND THE TRIANGLE YOUTH STRING ORCHESTRA ARE FOR YOUNG STRING PLAYERS TO DEVELOP THEIR SKILLS; AND THE TRIANGLE YOUTH JAZZ ENSEMBLE IS FOR HIGH SCHOOL STUDENTS INTERESTED IN PERMORMING THE BEST OF THE BIG BAND JAZZ LITERATURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Whitney Executive Di | Officer | 40 | $66,004 |
Stephanie Petzold President | OfficerTrustee | 3 | $0 |
Seth Weinreb Past Preside | OfficerTrustee | 3 | $0 |
Christin Danchi Vice-Preside | OfficerTrustee | 3 | $0 |
Krista Wiese Telford Secretary | OfficerTrustee | 3 | $0 |
Bob Weise Treasurer | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $182,460 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $27,701 |
| All other contributions, gifts, grants, and similar amounts not included above | $66,304 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $276,465 |
| Total Program Service Revenue | $86,832 |
| Investment income | $2,146 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $398,304 |
| 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. | $66,004 |
| Compensation of current officers, directors, key employees. | $13,001 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $107,475 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,273 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $687 |
| Fees for services: Accounting | $6,337 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,649 |
| Advertising and promotion | $7,397 |
| Office expenses | $11,603 |
| Information technology | $1,493 |
| Royalties | $0 |
| Occupancy | $26,306 |
| Travel | $33,763 |
| 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 | $3,802 |
| Insurance | $3,699 |
| All other expenses | $2,138 |
| Total functional expenses | $381,959 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $101,754 |
| Savings and temporary cash investments | $114,178 |
| Pledges and grants receivable | $30,876 |
| Accounts receivable, net | $4,349 |
| 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 | $1,875 |
| Net Land, buildings, and equipment | $8,815 |
| Investments—publicly traded securities | $109,102 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,500 |
| Total assets | $375,449 |
| Accounts payable and accrued expenses | $4,111 |
| Grants payable | $0 |
| Deferred revenue | $13,095 |
| 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 | $0 |
| Total liabilities | $17,206 |
| Net assets without donor restrictions | $196,463 |
| Net assets with donor restrictions | $161,780 |
| 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 | $375,449 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Philharmonic Association Inc has recieved totaling $8,002.
| Awarding Organization | Amount |
|---|---|
Bright Funds Foundation San Jose, CA PURPOSE: GENERAL PURPOSE | $6,938 |
Ella Ann L & Frank B Holding Foundation Smithfield, NC PURPOSE: GENERAL SUPPORT | $1,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $64 |
Endowment Analysis
| Beg. Balance | $120,810 |
| Net Contributions | $800 |
| Ending Balance | $121,610 |
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 |