The Palm Beach Symphony Society Inc
- Assets
- $2.7m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 13
- Location
- West Palm Beach, FL
- Founding
- 09/1974
- Data as of
- 05/2023
- EIN
- 59-1542539
Organization Overview
The Palm Beach Symphony Society Inc is located in West Palm Beach, FL. The organization was established in 1974. 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 05/2023, Palm Beach Symphony Society Inc employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palm Beach 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 05/2023, Palm Beach Symphony Society Inc generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.6% each year . All expenses for the organization totaled $3.8m during the year ending 05/2023. While expenses have increased by 18.9% per year over the past 6 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO EDUCATE AND NURTURE THE LOCAL COMMUNITY IN CLASSICAL SYMPHONIC MUSIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PALM BEACH SYMPHONY CONTINUES ITS STRONG MOMENTUM OF GROWTH UNDER THE LEADERSHIP OF CEO DAVID MCCLYMONT. MUSIC DIRECTOR GERARD SCHWARZ LED SPIRITED PERFORMANCES OF 6 MASTERWORKS CONCERTS WITH AN ORCHESTRA THAT REACHES 90 PLAYERS, THE MARK OF A MAJOR SYMPHONY ORCHESTRA. DURING THE 2022-2023 SEASON, THE SYMPHONY SAW A 21% INCREASE IN MEMBERSHIPS AND SUBSCRIPTIONS, 48% INCREASE IN INSTRUMENT DONATIONS AND THE HIGHEST ATTENDANCE IN ALL FUNDRAISING EVENTS. PALM BEACH SYMPHONY ALSO CONTINUES TO EXPAND ITS EDUCATION AND COMMUNITY OUTREACH PROGRAMS. CHILDREN'S CONCERTS, STUDENT COACHING SESSIONS AND MASTERCLASSES, INSTRUMENT DONATIONS, AND FREE PUBLIC CONCERTS HAVE REACHED MORE THAN 60,000 STUDENTS IN RECENT YEARS. THE INSTRUMENT DONATION PROGRAM HAS NEARLY IMPACTED 8,600 STUDENTS, PROVIDED MORE THAN 280 INSTRUCTIONAL HOURS AND 95 COACHING SESSIONS AND ENGAGED WITH 137 CLASSES OF STUDENTS.
PALM BEACH SYMPHONY CONTINUES ITS STRONG MOMENTUM OF GROWTH UNDER THE LEADERSHIP OF CEO DAVID MCCLYMONT. MUSIC DIRECTOR GERARD SCHWARZ LED SPIRITED PERFORMANCES OF 6 MASTERWORKS CONCERTS WITH AN ORCHESTRA THAT REACHES 90 PLAYERS, THE MARK OF A MAJOR SYMPHONY ORCHESTRA. DURING THE 2022-2023 SEASON, THE SYMPHONY SAW A 21% INCREASE IN MEMBERSHIPS AND SUBSCRIPTIONS, 48% INCREASE IN INSTRUMENT DONATIONS AND THE HIGHEST ATTENDANCE IN ALL FUNDRAISING EVENTS. PALM BEACH SYMPHONY ALSO CONTINUES TO EXPAND ITS EDUCATION AND COMMUNITY OUTREACH PROGRAMS. CHILDREN'S CONCERTS, STUDENT COACHING SESSIONS AND MASTERCLASSES, INSTRUMENT DONATIONS, AND FREE PUBLIC CONCERTS HAVE REACHED MORE THAN 60,000 STUDENTS IN RECENT YEARS. THE INSTRUMENT DONATION PROGRAM HAS NEARLY IMPACTED 8,600 STUDENTS, PROVIDED MORE THAN 280 INSTRUCTIONAL HOURS AND 95 COACHING SESSIONS AND ENGAGED WITH 137 CLASSES OF STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr James Borynack Chair | OfficerTrustee | 30 | $0 |
Mr Richard Brekus Vice Chair | OfficerTrustee | 10 | $0 |
Mr Manley Thaler Secretary | OfficerTrustee | 10 | $0 |
Mr John D Herrick Treasurer | OfficerTrustee | 10 | $0 |
Mr David Mcclymont Executive Director | Officer | 40 | $344,039 |
Mr Don Thompson Director | Trustee | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mr Gerard Schwarz Maestro | 5/30/23 | $222,846 |
Miami Symphonic Entertainment Inc Contracted Musicians | 5/30/23 | $802,736 |
Lessings Hospitality Group Hospitality/catering | 5/30/23 | $118,655 |
Con Brio Ensembles Llc Contracted Musicians | 5/30/23 | $116,872 |
Miami Symphonic Entertainment Inc Contracted Musicians | 5/30/23 | $802,736 |
Lessings Hospitality Group Hospitality/catering | 5/30/23 | $118,655 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $62,950 |
| Fundraising events | $587,514 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,126,642 |
| Noncash contributions included in lines 1a–1f | $16,370 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,777,106 |
| Total Program Service Revenue | $617,936 |
| Investment income | $47,892 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $78,244 |
| Net Income from Fundraising Events | -$100,304 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,454,374 |
| 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. | $464,876 |
| Compensation of current officers, directors, key employees. | $258,029 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $409,900 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $77,444 |
| Payroll taxes | $50,665 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,563 |
| Fees for services: Accounting | $41,163 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $112,733 |
| Office expenses | $99,850 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $232,686 |
| Travel | $62,756 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $154,249 |
| Total functional expenses | $3,754,029 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $240,632 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,000 |
| Accounts receivable, net | $163,512 |
| 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 | $7,245 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,254,992 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $60,905 |
| Total assets | $2,728,286 |
| Accounts payable and accrued expenses | $221,458 |
| Grants payable | $0 |
| Deferred revenue | $240,604 |
| 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 | $462,062 |
| Net assets without donor restrictions | $2,146,491 |
| Net assets with donor restrictions | $119,733 |
| 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 | $2,728,286 |