Civic Intelligence

Riverside Symphony Inc.

990 • Fiscal year 2018 • EIN 13-3168350

Jul 01, 2017 to Jun 30, 2018 • Filed on May 08, 2019

Organization Profilewww.riversidesymphony.org
225 West 99 StreetNew York, NY 10025

(212) 864-4197

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

87th percentile

0.51x

Higher debt load relative to assets than 87% of similar nonprofits.

2018 filings • NTEE A • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

62nd percentile

0.08x

Higher debt load relative to revenue than 62% of similar nonprofits.

2018 filings • NTEE A • $500k-$1M nonprofits • Source year 2018

Net Margin

55th percentile

6.1%

Higher net margin than 55% of similar nonprofits.

2018 filings • NTEE A • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

84th percentile

$76,050

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 14.6% of source-year revenue.

2018 filings • NTEE A • $500k-$1M nonprofits • Source year 2018

Asset Growth

64th percentile

8.8%

Faster asset growth than 64% of similar nonprofits.

2018 filings • NTEE A • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

47th percentile

3.6%

Faster revenue growth than 47% of similar nonprofits.

2018 filings • NTEE A • $500k-$1M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$86,242

Up $6,979 (+8.8%) from 2017

Net Assets

Up

$42,101

Up $31,818 (+309%) from 2017

Liabilities

Down

$44,141

Down $24,839 (-36%) from 2017

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin55th percentile

Revenue

Up

$519,346

Up $17,873 (+3.6%) from 2017

Expenses

Down

$487,528

Down $28,924 (-5.6%) from 2017

Net Income

Up

$31,818

Up $46,797 (+312%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth64th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$600K$400K$200K$0-$200KAssets 2010: $420,357Liabilities 2010: $23,646Net Assets 2010: $396,7112010Assets 2011: $260,260Liabilities 2011: $24,723Net Assets 2011: $235,5372011Assets 2012: $202,206Liabilities 2012: $34,706Net Assets 2012: $167,5002012Assets 2013: $259,410Liabilities 2013: $23,189Net Assets 2013: $236,2212013Assets 2014: $86,352Liabilities 2014: $12,333Net Assets 2014: $74,0192014Assets 2015: $78,973Liabilities 2015: $97,677Net Assets 2015: -$18,7042015Assets 2016: $100,218Liabilities 2016: $74,956Net Assets 2016: $25,2622016Assets 2017: $79,263Liabilities 2017: $68,980Net Assets 2017: $10,2832017Assets 2018: $86,242Liabilities 2018: $44,141Net Assets 2018: $42,1012018Assets 2019: $96,036Liabilities 2019: $12,709Net Assets 2019: $83,3272019Assets 2020: $181,460Liabilities 2020: $62,370Net Assets 2020: $119,0902020Assets 2021: $342,083Liabilities 2021: $49,157Net Assets 2021: $292,9262021Assets 2022: $257,074Liabilities 2022: $2,384Net Assets 2022: $254,6902022Assets 2023: $68,857Liabilities 2023: $34,677Net Assets 2023: $34,1802023Assets 2024: $102,470Liabilities 2024: $86,470Net Assets 2024: $16,0002024

Highlighted filing

2018

Assets$86,242
Liabilities$44,141
Net Assets$42,101
Open 2018 Filing

Operations Trend

Revenue Growth47th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KExpenses 2010: $480,1752010Expenses 2011: $524,5112011Expenses 2012: $493,0582012Revenue 2013: $607,781Expenses 2013: $539,060Net Income 2013: $68,7212013Revenue 2014: $407,249Expenses 2014: $569,451Net Income 2014: -$162,2022014Revenue 2015: $436,696Expenses 2015: $529,419Net Income 2015: -$92,7232015Revenue 2016: $503,584Expenses 2016: $459,618Net Income 2016: $43,9662016Revenue 2017: $501,473Expenses 2017: $516,452Net Income 2017: -$14,9792017Revenue 2018: $519,346Expenses 2018: $487,528Net Income 2018: $31,8182018Revenue 2019: $563,428Expenses 2019: $522,202Net Income 2019: $41,2262019Revenue 2020: $322,088Expenses 2020: $286,325Net Income 2020: $35,7632020Revenue 2021: $381,723Expenses 2021: $207,887Net Income 2021: $173,8362021Revenue 2022: $419,559Expenses 2022: $457,795Net Income 2022: -$38,2362022Revenue 2023: $346,730Expenses 2023: $567,238Net Income 2023: -$220,5082023Revenue 2024: $633,848Expenses 2024: $436,905Net Income 2024: $196,9432024

Highlighted filing

2018

Revenue$519,346
Expenses$487,528
Net Income$31,818
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 8, 2019
Return Version
2017v2.2
Gross Receipts
$535,563
Mission and Program Overview

Mission

To develop, promote and increase interest in classical and contemporary music and composers.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$18,850$61,475▲ $42,625
Loans From Officers Directors$7,180$12,000▲ $4,820
Savings and Temporary Cash Investments$43,428$6,206▼ $37,222
Accounts Receivable$2,991$4,855▲ $1,864
Prepaid Expenses and Deferred Charges$480$241▼ $239
Cash and Non-Interest-Bearing Accounts-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$79,263$86,242▲ $6,979
Other Assets Total$13,514$13,465▼ $49
Liabilities
Accounts Payable and Accrued Expenses$61,800$32,141▼ $29,659
Total Liabilities$68,980$44,141▼ $24,839
Net Assets / Fund Balance
Temporarily Rstr Net Assets$256,400$73,350▼ $183,050
Unrestricted Net Assets$-246,117$-31,249▲ $214,868
Total Net Assets Fund Balance$10,283$42,101▲ $31,818
Total Liabilities and Net Assets / Fund Balance$79,263$86,242▲ $6,979

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$2,362--
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Anthony KorfPresidentFT$76,050$76,050
George RothmanDirector-$12,100$12,100

Board Members and Trustees

NameTitle
Michael C NardoChairman
Edward L SchiffVice-Chairman
Fadi FindaklyDirector
Ian ChoeDirector
Joseph D'AmbrosioDirector
Judith ThornDirector
Rex L NiswanderDirector
Sandra RippeDirector
Lynn SpurgatSecretary
Phillip ZhangTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$420,567
Program Service Revenue
$70,418
Investment Income
$0
Other Revenue
$28,361
All Other Contributions
$372,192
Change in Net Assets
$31,818
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$311,273
Other Expenses$176,255
Total Fundraising Expense$52,215
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$160,065$15,496$12,025$187,586
Current Officers, Directors, Trustees, and Key Employees$44,109$3,802$28,138$76,049
Insurance$8,735$11,591$431$20,757
Payroll Taxes$14,852$1,334$2,969$19,155
All Other Expenses$10,021$6,209$2,226$18,456
Occupancy$12,192$2,575$2,033$16,800
Pension Plan Contributions$16,327--$16,327
Other Employee Benefits$12,156--$12,156
Fees for Services Accounting-$8,000-$8,000
Other Expenses$5,342$5$823$6,170
Travel$4,130$185$169$4,484
Information Technology$3,052$645$509$4,206
Fees for Services Other-$2,542-$2,542
Office Expenses$786$1,418$131$2,335
Interest-$105-$105
Advertising$30--$30
Total Functional Expenses$380,666$54,647$52,215$487,528
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$44,578
Fundraising Direct Expenses$16,217
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Auction and Spring Benefit$57,453$44,578$1,747$42,831
Total Events$57,453$44,578$16,217$28,361
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$7,180$12,000▲ $4,820
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The Symphony's board members and chairman each reviews Form 990 prior to filing.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Director & Staff compensation is reviewed by the Finance Committee and approved by the board during the budget process.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Director & Staff compensation is reviewed by the Finance Committee and approved by the board during the budget process.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Documents made available upon request”

Filing and Contact Details

Filer

Filer Name
Riverside Symphony Inc
EIN
13-3168350
Phone
2128644197
Address
225 WEST 99 STREET, NEW YORK, NY 10025

Signing Officer

Name
Anthony Korf
Title
President
Signed
2019-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael C Nardo
Formed
1983
Legal Domicile
Ny
Voting Board Members
12
Independent Board Members
12
Employees
90

Preparer

Firm
Carmine a Principato CPA Pc
Address
652 STOCKTON STREET, NEW MILFORD, NJ 07646-2918
Preparer
Carmine A Principato
Phone
2014839600
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Symphony has determined that there are no uncertain tax positions as of June 30, 2018 and did not record any income tax related penalties or interest for the period presented in the financial statements. As of June 30, 2018, the Symphonys tax years ended June 30, 2015, 2016 and 2017 are subject to examination by the tax authorities. With few exceptions, as of June 30, 2018, the Symphony is no longer subject to examinations by tax authorities for years before June 30, 2015.”

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IRS990/Desc0SUBSCRIPTION CONCERTSRiverside Symphonys 37th Anniversary season, Winter/Spring 2018, comprised three subscription concerts, two at Alice Tully Hall, Lincoln Center and one at Merkin Concert Hall, Kaufman Center. The season opened on January 20, 2018 with the US Premiere of American composer Matthew Greenbaums The Jig is Up, featuring Riverside Symphony principal oboist Roni Gal-Ed. The program also featured such rarities as Telemanns Concerto alla Francese in C Major and C.P.E Bachs Berlin Symphony in Eb Major and concluded with Mozarts Symphony No. 29 in A Major. On February 25 at Merkin Hall, Riverside Symphony collaborated with puppeteer Robert Rogers to present a unique, family-friendly pairing of Saint-Saens Carnival of the Animals and Stravinskys lHistoire du soldat to a nearly sold-out house. The June 6 season finale back at Alice Tully Hall featured violinist Jesse Mills in the World Premiere of Concerto for Violin and Orchestra by Riverside Symphony Artistic Director Anthony Korf. The program also featured Schuberts Symphony No. 8 in B minor Unfinished and Sibelius seldom played Symphony No. 3 in C Major. Concert attendance (in season order) was approximately 800, 430, and 750.AUDIENCE ENGAGEMENT: Hear Hear! Riverside Symphonys efforts to engage audiences with classical music, as well to sharpen listening skills, continued with the orchestras pre-concert Hear Hear! program. This activity, in which the evenings contemporary selection is performed in advance of the concert with commentary from Riverside Symphonys Directors and, when possible, the composer, was included at the January concert to feature selections from Matthew Greenbaums The Jig is Up. Hear Hear! was attended by approximately 100 audience members.SALON SERIES: Music Up CloseThe Symphonys Salon series continues to connect the directors, soloists, and composers with the orchestras audience by providing rare access to an expert, yet down-to-earth introduction to the programmed works, a week or so prior to every concert. This past season, Riverside Symphony's Artistic Director Anthony Korf was joined by oboist Roni Gal-Ed and composer Matthew Greenbaum for the first Salon at National Opera Center on 1/10/18, attended by 34. Korf and conductor George Rothman hosted the second salon with featured violinist Jesse Mills at 101 W 78th St on 5/30/18, with 40 attending.
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IRS990/Form990PartVIISectionAGrp/PersonNm2Michael C Nardo
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Vice-Chairman
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
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IRS990/MissionDesc0To develop, promote and increase interest in classical and contemporary music and composers.
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IRS990/OtherExpensesGrp/Desc2Instrument and music rental
IRS990/OtherExpensesGrp/Desc3Printing and Publications
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IRS990/PayrollTaxesGrp/FundraisingAmt02969
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01334
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0241
IRS990/PrincipalOfficerNm0Michael C Nardo
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IRS990/ProgramServiceRevenueGrp/Desc1CONTRACT SERVICE
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt138720
IRS990/ProgSrvcAccomActy2Grp/Desc0MUSIC MEMORYThis past school year, Music Memory, the music education program Riverside Symphony introduced to New York City schools in 1999, served over 3,800 third through sixth graders and their teachers from 29 schools citywide. The program combines an innovative classroom-learning program (including NYC-DOE-accredited professional development workshops for participating teachers) with an annual Citywide Music Memory Finals, an event at which students, cheered on by classmates, are called upon to identify the composer and title of the works they have learned throughout the school year. This seasons Citywide Finals, which took place at NYU's Skirball Center for the Performing Arts on May 16, 2018, featured Riverside Symphony and singers, and 29 competing teams from 14 participating schools. There is no cost to the schools for participation in this program. The finals were attended by an audience of about 300 family members, teachers, and friends.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Other Programs - TICKET SUBSIDY PROGRAMThe ticket subsidy program continued to provide free and deeply discounted concert tickets at community and senior centers, health facilities and education institutions representing more than 50 organizations throughout New York City, with the following 15 organizations actively participating (i.e., requesting tickets): Actors Fund, Carter Burden Center for the Aging, Central Harlem Senior Citizen Coalition, Clemente Course Harlem, Council Senior Center at Council House, Educational Alliance, Good Companion Senior Center, Judith C. White Senior Center, Hudson Guild Fulton Senior Center, Institute of International Education, JASA Club 76, Penn South Senior Center, Stein Senior Center, the Center at the Red Oak, and YM-YWHA of Washington Heights and Inwood. Riverside Symphony emailed appropriate contacts customized concert flyers for posting. Those organizational contacts in turn distributed concert vouchers to interested members, who redeemed their vouchers for tickets at the Alice Tully Hall box office on concert evenings. In all, 1,100 tickets total were redeemed at the orchestra's three subscription concerts (1/20/18, 2/25/18, and 6/6/18).
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Security Deposit

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$86,242
Liabilities
$44,141
Net assets
$42,101
Revenue
$519,346
Expenses
$487,528
Net income
$31,818
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.02$0.86$0.16$6.34$4.37$1.97
2023Detailed filing. Detailed filing data is available for this year.$0.69$0.35$0.34$3.47$5.67$2.21
2022Detailed filing. Detailed filing data is available for this year.$2.57$0.02$2.55$4.20$4.58$0.38
2021Detailed filing. Detailed filing data is available for this year.$3.42$0.49$2.93$3.82$2.08$1.74
2020Detailed filing. Detailed filing data is available for this year.$1.81$0.62$1.19$3.22$2.86$0.36
2019Detailed filing. Detailed filing data is available for this year.$0.96$0.13$0.83$5.63$5.22$0.41
2018Detailed filing. Detailed filing data is available for this year.$0.86$0.44$0.42$5.19$4.88$0.32
2017Detailed filing. Detailed filing data is available for this year.$0.79$0.69$0.10$5.01$5.16$0.15
2016Detailed filing. Detailed filing data is available for this year.$1.00$0.75$0.25$5.04$4.60$0.44
2015Detailed filing. Detailed filing data is available for this year.$0.79$0.98$0.19$4.37$5.29$0.93
2014Detailed filing. Detailed filing data is available for this year.$0.86$0.12$0.74$4.07$5.69$1.62
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.59$0.23$2.36$6.08$5.39$0.69
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.02$0.35$1.68$4.93
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.60$0.25$2.36$5.25
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.20$0.24$3.97$4.80