Civic Intelligence

Houston Symphony Endowment

990 • Fiscal year 2022 • EIN 20-8350227

Jun 01, 2021 to May 31, 2022 • Filed on Apr 11, 2023

Organization ProfileN/A
615 Louisiana St 102Houston, TX 77002

(713) 224-4240

Siviq Scores

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

Liabilities / Assets

3rd percentile

0.00x

Higher debt load relative to assets than 3% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

4th percentile

0.00x

Higher debt load relative to revenue than 4% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Net Margin

7th percentile

-31%

Higher net margin than 7% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

45th percentile

$326,855

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 10.6% of source-year revenue.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Asset Growth

41st percentile

-3.3%

Faster asset growth than 41% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

20th percentile

-16%

Faster revenue growth than 20% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets3rd percentile

Assets

Down

$87,456,110

Down $2,962,942 (-3.3%) from 2021

Net Assets

Down

$87,450,933

Down $2,968,119 (-3.3%) from 2021

Liabilities

Up

$5,177

Up $5,177 from 2021

Revenue And Expenses
Liabilities / Revenue4th percentileNet Margin7th percentile

Revenue

Down

$3,071,634

Down $567,500 (-16%) from 2021

Expenses

Up

$4,034,226

Up $377,228 (+10%) from 2021

Net Income

Down

-$962,592

Down $944,728 (-5288%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth41st percentile

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

$100M$50M$0Assets 2011: $70,195,468Liabilities 2011: $0Net Assets 2011: $70,195,4682011Assets 2012: $66,511,868Liabilities 2012: $0Net Assets 2012: $66,511,8682012Assets 2013: $71,276,690Liabilities 2013: $0Net Assets 2013: $71,276,6902013Assets 2014: $73,729,642Liabilities 2014: $0Net Assets 2014: $73,729,6422014Assets 2015: $75,501,151Liabilities 2015: $0Net Assets 2015: $75,501,1512015Assets 2016: $72,640,980Liabilities 2016: $0Net Assets 2016: $72,640,9802016Assets 2017: $74,610,515Liabilities 2017: $0Net Assets 2017: $74,610,5152017Assets 2018: $77,875,481Liabilities 2018: $0Net Assets 2018: $77,875,4812018Assets 2019: $75,471,987Liabilities 2019: $0Net Assets 2019: $75,471,9872019Assets 2020: $73,523,933Liabilities 2020: $0Net Assets 2020: $73,523,9332020Assets 2021: $90,419,052Liabilities 2021: $0Net Assets 2021: $90,419,0522021Assets 2022: $87,456,110Liabilities 2022: $5,177Net Assets 2022: $87,450,9332022Assets 2023: $86,515,822Liabilities 2023: $0Net Assets 2023: $86,515,8222023

Highlighted filing

2022

Assets$87,456,110
Liabilities$5,177
Net Assets$87,450,933
Open 2022 Filing

Operations Trend

Revenue Growth20th percentile

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

$10M$5.0M$0-$5.0MRevenue 2011: $1,509,832Expenses 2011: $3,943,476Net Income 2011: -$2,433,6442011Expenses 2012: $4,128,8082012Expenses 2013: $4,589,9552013Revenue 2014: $6,120,692Expenses 2014: $4,156,952Net Income 2014: $1,963,7402014Revenue 2015: $8,289,366Expenses 2015: $4,305,282Net Income 2015: $3,984,0842015Revenue 2016: $2,215,472Expenses 2016: $4,563,949Net Income 2016: -$2,348,4772016Revenue 2017: $2,656,900Expenses 2017: $5,140,374Net Income 2017: -$2,483,4742017Revenue 2018: $4,484,463Expenses 2018: $4,103,735Net Income 2018: $380,7282018Revenue 2019: $2,200,422Expenses 2019: $3,791,934Net Income 2019: -$1,591,5122019Revenue 2020: $2,650,050Expenses 2020: $5,469,767Net Income 2020: -$2,819,7172020Revenue 2021: $3,639,134Expenses 2021: $3,656,998Net Income 2021: -$17,8642021Revenue 2022: $3,071,634Expenses 2022: $4,034,226Net Income 2022: -$962,5922022Revenue 2023: $5,113,564Expenses 2023: $4,500,976Net Income 2023: $612,5882023

Highlighted filing

2022

Revenue$3,071,634
Expenses$4,034,226
Net Income-$962,592
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jun 1, 2021 to May 31, 2022
Signed
Apr 11, 2023
Return Version
2021v4.2
Gross Receipts
$11,645,425
Mission and Program Overview

Mission

To support the operations of the Houston Symphony Society.

The Endowment's sole purpose is to support the operations of the Houston Symphony Society.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$50,942,175$50,196,574▼ $745,601
Investments Other Securities$26,214,203$31,461,207▲ $5,247,004
Pledges and Grants Receivable$3,758,159$3,565,641▼ $192,518
Savings and Temporary Cash Investments$8,979,266$1,752,688▼ $7,226,578
Land, Buildings, and Equipment, Net$480,000$480,000→ $0
Total Assets$90,419,052$87,456,110▼ $2,962,942
Other Assets Total$45,249$0▼ $45,249
Liabilities
Other Liabilities$0$5,177▲ $5,177
Total Liabilities$0$5,177▲ $5,177
Net Assets / Fund Balance
Net Assets With Donor Restrictions$90,266,250$87,292,245▼ $2,974,005
Net Assets Without Donor Restrictions$152,802$158,688▲ $5,886
Total Net Assets Fund Balance$90,419,052$87,450,933▼ $2,968,119
Total Liabilities and Net Assets / Fund Balance$90,419,052$87,456,110▼ $2,962,942

Asset Categories

AssetBook ValueDepreciationBasis
Land$480,000--
Other Securities$31,461,207--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$90,419,052$459,209▲ $376,634-$87,450,933
2020$73,523,933$396,060▲ $20,016,760-$90,419,052
2019$75,471,987$2,249,272▲ $1,104,697-$73,523,933
2018$76,888,296$332,720▲ $2,010,118-$75,471,987
2017$74,610,515$352,019▲ $5,996,874-$76,888,296
Compensation and Service Providers
Top Officer Pay45th percentile

Board Members and Trustees

NameTitle
William Toomey IIPresident
David KriegerTrustee
Gene DewhurstTrustee
Jerry SimonTrustee
Lynne MathreTrustee
Scott WiseTrustee
Elizabeth CondicCFO
John MangumSymphony CEO

Highest Paid Contractors

ContractorServicesLocationCompensation
JP Morgan ChaseInvestment management707 Travis St 11th Floor, Houston, TX 77002$136,362
Revenue and Support

Revenue Composition

Contributions and Grants
$459,209
Program Service Revenue
$0
Investment Income
$2,540,974
Other Revenue
$71,451
All Other Contributions
$459,209
Change in Net Assets
$-962,592

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,841,370
Revenue Not Reported on Financial Statements
$230,264
Revenue Not Reported on Form 990
$-2,005,527
Total Revenue per Audited Statements
$835,843
Total Revenue per Form 990
$3,071,634
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,803,962
Other Expenses$230,264
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$3,803,962--$3,803,962
Fees for Service Investment Mgmnt Fees-$230,264-$230,264
Total Functional Expenses$3,803,962$230,264$0$4,034,226

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,034,226
Expenses per Audited Statements$3,803,962
Total Expenses per Audited Statements$3,803,962
Expenses Not Reported on Financial Statements$230,264
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Houston Symphony SocietyHouston, TX501(c)(3)Support ongoing operations$3,403,962
Houston Symphony SocietyHouston, TX501(c)(3)Admin & fundraising expenses$400,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to affiliate$5,177
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 7A

“The officers of the Houston Symphony Society (the Society) designate for three-year terms qualified persons to succeed the directors whose terms next expire. At least one of such persons designated annually to serve as director must be a person who is serving as a member of the Board of Trustees of the Society at the time of such person's designation as a director. The President of the Society may not be designated to serve as a voting member of the Board of Directors of the Endowment.”

Form 990, Part VI, Section A, line 7B

“The Certificate of Formation may only be amended with the joint approval of the governing body of the Houston Symphony Society and the Houston Symphony Endowment.”

Form 990, Part VI, Section B, line 11B

“The Houston Symphony Endowment's Form 990 is reviewed by the Houston Symphony Society's Controller and CFO. After internal review, the Form 990 is sent to the Board of Directors electronically for their review, questions, and suggested edits. Once their review is complete, the Form 990 is filed electronically with the IRS.”

Form 990, Part VI, Section B, line 12C

“Each year the Board discusses any potential conflicts of interest that are brought to their attention based on the conflict of interest policy statements signed by Board members.”

Form 990, Part VI, Section C, line 19

“The Houston Symphony Endowment makes its financial statements available on a consolidated basis with the Houston Symphony Society on the Houston Symphony Society website. The 990 is available on the website for the Endowment. Financial statements, the conflict of interest policy and all governing documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Houston Symphony Endowment
EIN
20-8350227
Phone
7132244240
Address
615 Louisiana St 102, Houston, TX 77002

Signing Officer

Name
James Lee
Title
President
Phone
7132244240
Signed
2023-04-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Lee
Formed
2006
Legal Domicile
TX
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
6

Preparer

Firm
Blazek & Vetterling
Address
2900 Weslayan Suite 200, Houston, TX 77027
Preparer
Barbara Murphy
Phone
7134395739
Supplemental Narrative

Additional Explanations

Form 990, Part V & VI - Employees and policies

“The Endowment has no employees. All management functions are performed by employees of the Houston Symphony Society. The Society has all appropriate policies in place, including whistleblower and document retention policies.”

Form 990, Part XII, Line 2 - Change of Oversight or Selection Process

“The Board of Directors reviews the financial statements and Form 990.”

Financial Statement Notes

Part V, Line 4:

“Houston Symphony Endowment (the Endowment) was established to support the operations of the Houston Symphony Society (the Society). The Endowment holds contributed funds in perpetuity, invests those funds, and makes contributions from time to time to the Society. Such contributions must meet the stated restrictions of donors as well as the current policies of the Endowment. The Endowment is governed by a Board of Directors who are elected by the officers of the Board of Directors of the Society.”

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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Houston Symphony Society
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IRS990ScheduleD/BoardDesignatedBalanceEOYPct00.00181
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IRS990ScheduleD/EndowmentsHeldRelatedOrgInd00
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IRS990ScheduleD/InvestmentExpensesNotIncldAmt0230264
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IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0480000
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt05177
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to affiliate
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt031461207
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Private equity funds
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Houston Symphony Endowment (the Endowment) was established to support the operations of the Houston Symphony Society (the Society). The Endowment holds contributed funds in perpetuity, invests those funds, and makes contributions from time to time to the Society. Such contributions must meet the stated restrictions of donors as well as the current policies of the Endowment. The Endowment is governed by a Board of Directors who are elected by the officers of the Board of Directors of the Society.
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IRS990ScheduleI/GrantRecordsMaintainedInd01
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IRS990ScheduleI/RecipientTable/CashGrantAmt1400000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc1501(c)(3)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt10
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Support ongoing operations
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1Admin & fundraising expenses
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Houston Symphony Society
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1Houston Symphony Society
IRS990ScheduleI/RecipientTable/RecipientEIN0741157373
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1615 Louisiana
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Houston
IRS990ScheduleI/RecipientTable/USAddress/CityNm1Houston
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IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1TX
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IRS990ScheduleI/RecipientTable/USAddress/ZIPCd177002
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0The Endowment Trustees require regular updates from the Houston Symphony Society's management team. The grant for ongoing operations is partially based on the Endowment's investment performance. The Endowment Trustees have chosen to provide support for administrative and fundraising efforts by the Society on behalf of the Endowment.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Part I, Line 2:
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IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt14132
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt10
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0John Mangum
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Elizabeth Condic
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Symphony CEO

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$87,456,110
Liabilities
$5,177
Net assets
$87,450,933
Revenue
$3,071,634
Expenses
$4,034,226
Net income
-$962,592
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$86.5$0.00$86.5$5.11$4.50$0.61
2022Detailed filing. Detailed filing data is available for this year.$87.5$0.01$87.5$3.07$4.03$0.96
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$90.4$0.00$90.4$3.64$3.66$0.02
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$73.5$0.00$73.5$2.65$5.47$2.82
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$75.5$0.00$75.5$2.20$3.79$1.59
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$77.9$0.00$77.9$4.48$4.10$0.38
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$74.6$0.00$74.6$2.66$5.14$2.48
2016Detailed filing. Detailed filing data is available for this year.$72.6$0.00$72.6$2.22$4.56$2.35
2015Detailed filing. Detailed filing data is available for this year.$75.5$0.00$75.5$8.29$4.31$3.98
2014Detailed filing. Detailed filing data is available for this year.$73.7$0.00$73.7$6.12$4.16$1.96
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$71.3$0.00$71.3$4.59
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$66.5$0.00$66.5$4.13
2011Summary only. Only limited summary data is available for this year.$70.2$0.00$70.2$1.51$3.94$2.43