Civic Intelligence

Pittsburgh Symphony Endowment

990 • Fiscal year 2022 • EIN 25-6056559

Sep 01, 2021 to Aug 31, 2022 • Filed on Jul 13, 2023

Organization ProfileWWW.PITTSBURGHSYMPHONY.ORG
600 Penn AvenuePittsburgh, PA 15222

(412) 392-4813

Siviq Scores

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

Liabilities / Assets

8th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

8th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

98th percentile

93%

Higher net margin than 98% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

75th percentile

$194,929

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 22.4% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

14th percentile

-13%

Faster asset growth than 14% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets8th percentile

Assets

Down

$9,843,283

Down $1,420,072 (-13%) from 2021

Net Assets

Down

$9,843,283

Down $1,420,072 (-13%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin98th percentile

Revenue

Up

$871,904

Up $871,904 from 2021

Expenses

Down

$57,641

Down $930,586 (-94%) from 2021

Net Income

Up

$814,263

Up $1,802,490 (+182%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth14th percentile

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

$15M$10M$5.0M$0Assets 2021: $11,263,355Liabilities 2021: $0Net Assets 2021: $11,263,3552021Assets 2022: $9,843,283Liabilities 2022: $0Net Assets 2022: $9,843,2832022Assets 2023: $9,549,772Liabilities 2023: $0Net Assets 2023: $9,549,7722023Assets 2024: $10,056,932Liabilities 2024: $0Net Assets 2024: $10,056,9322024

Highlighted filing

2022

Assets$9,843,283
Liabilities$0
Net Assets$9,843,283
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$1.0M$500K$0-$500K-$1.0MRevenue 2021: $0Expenses 2021: $988,227Net Income 2021: -$988,2272021Revenue 2022: $871,904Expenses 2022: $57,641Net Income 2022: $814,2632022Revenue 2023: $3,607Expenses 2023: $617,740Net Income 2023: -$614,1332023Revenue 2024: $812,582Expenses 2024: $678,736Net Income 2024: $133,8462024

Highlighted filing

2022

Revenue$871,904
Expenses$57,641
Net Income$814,263
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2021 to Aug 31, 2022
Signed
Jul 13, 2023
Return Version
2021v4.2
Gross Receipts
$6,000,208
Mission and Program Overview

Mission

To provide financial assistance toward the maintenance in pittsburgh of a major symphony orchestra, pittsburgh symphony, inc.

To provide financial assistance toward the maintenance in pittsburgh of a major symphony orchestra, pittsburgh symphony., inc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$55,826$5,413,814▲ $5,357,988
Investments Other Securities$11,207,529$4,429,469▼ $6,778,060
Total Assets$11,263,355$9,843,283▼ $1,420,072
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets With Donor Restrictions$11,263,355$9,843,283▼ $1,420,072
Total Net Assets Fund Balance$11,263,355$9,843,283▼ $1,420,072
Total Liabilities and Net Assets / Fund Balance$11,263,355$9,843,283▼ $1,420,072

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$4,429,469--
Compensation and Service Providers
Top Officer Pay75th percentile

Board Members and Trustees

NameTitle
-Corporate Trustee
Dan S SandmanTrustee
Don BornemanTrustee
Scott MichaelTrustee
William S HartTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$871,904
Other Revenue
$0
Change in Net Assets
$814,263
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$57,641
Other Expenses$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$57,641--$57,641
Total Functional Expenses$57,641$0$0$57,641
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Pittsburgh Symphony IncPittsburgh, PA501(c)(3)General Support$57,641
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
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
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The draft form 990 and required schedules are reviewed by the finance department and audit committee of the pittsburgh symphony. Upon completion of this review the form is finalized and a complete copy is provided to the board in advance of filing with the internal revenue service.”

Form 990, Part VI, Section C, Line 19

“Governing documents and financial statements are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Pittsburgh Symphony Endowment
EIN
25-6056559
Phone
4123924813
Address
600 PENN AVENUE, PITTSBURGH, PA 15222

Signing Officer

Name
Scott Michael
Title
Trustee
Phone
4123924813
Signed
2023-07-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Scott Michael
Formed
1963
Legal Domicile
Pa
Voting Board Members
5
Independent Board Members
4
Employees
0
Volunteers
3

Preparer

Firm
Schneider Downs & Co Inc
Address
ONE PPG PLACE SUITE 1700, PITTSBURGH, PA 15222
Preparer
Sarah R Piot
Phone
4122613644
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“No provision for federal taxes on income has been included in the financial statements, since psi qualifies as a tax-exempt organization, meeting the requirements of section 501(c)(3) of the internal revenue code. Psi has not identified any material uncertain tax positions requiring an accrual or disclosure in the financial statements. Psi's policy is to accrue interest and penalties related to unrecognized tax benefits in general and administrative expenses. The statutory tax years of 2019, 2020 and 2021 remain open to examination.”

Raw XML Appendix394 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0CONSISTENT WITH THE DEED OF TRUST, ALL INCOME OF THE PITTSBURGH SYMPHONY ENDOWMENT ("ENDOWMENT") IS PAID TO ITS SUPPORTED ORGANIZATION, PITTSBURGH SYMPHONY SOCIETY ("SOCIETY"). THE INVESTMENTS OF THE ENDOWMENT ARE HELD WITHIN THE SOCIETY'S ENDOWMENT IN A DESIGNATED FUND AND MANAGED BY THE SOCIETY.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE PITTSBURGH SYMPHONY ENDOWMENT ("ENDOWMENT") WAS CREATED BY DEED OF TRUST DATED NOVEMBER 18, 1963. THE ENDOWMENT WAS CREATED TO PROVIDE FINANCIAL ASSISTANCE TOWARD THE MAINTENANCE IN PITTSBURGH OF A MAJOR SYMPHONY ORCHESTRA, SPECIFICALLY, PITTSBURGH SYMPHONY, INC., ALSO KNOWN AS PITTSBURGH SYMPHONY SOCIETY ("SOCIETY"). THE DEED OF TRUST PROVIDES THAT ALL ENDOWMENT INCOME IS TO BE PAID TO THE SOCIETY IN SUPPORT OF THE PITTSBURGH SYMPHONY ORCHESTRA AND THE CHARITABLE AND EDUCATIONAL PURPOSES OF THE SOCIETY.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2THE PITTSBURGH SYMPHONY ENDOWMENT ("ENDOWMENT") WAS CREATED BY DEED OF TRUST DATED NOVEMBER 18, 1963. THE ENDOWMENT WAS CREATED TO PROVIDE FINANCIAL ASSISTANCE TOWARD THE MAINTENANCE IN PITTSBURGH OF A MAJOR SYMPHONY ORCHESTRA, SPECIFICALLY, PITTSBURGH SYMPHONY, INC., ALSO KNOWN AS PITTSBURGH SYMPHONY SOCIETY ("SOCIETY"). THE DEED OF TRUST PROVIDES THAT ALL ENDOWMENT INCOME IS TO BE PAID TO THE SOCIETY IN SUPPORT OF THE PITTSBURGH SYMPHONY ORCHESTRA AND THE CHARITABLE AND EDUCATIONAL PURPOSES OF THE SOCIETY.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, SECTION D, QUESTION 3:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1PART IV, SECTION E, QUESTION 2A:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2PART IV, SECTION E, QUESTION 2B:
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0NO PROVISION FOR FEDERAL TAXES ON INCOME HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS, SINCE PSI QUALIFIES AS A TAX-EXEMPT ORGANIZATION, MEETING THE REQUIREMENTS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. PSI HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS REQUIRING AN ACCRUAL OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PSI'S POLICY IS TO ACCRUE INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN GENERAL AND ADMINISTRATIVE EXPENSES. THE STATUTORY TAX YEARS OF 2019, 2020 AND 2021 REMAIN OPEN TO EXAMINATION.
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE PITTSBURGH SYMPHONY ENDOWMENT ("ENDOWMENT") WAS CREATED BY DEED OF TRUST DATED NOVEMBER 18, 1963. THE ENDOWMENT WAS CREATED TO PROVIDE FINANCIAL ASSISTANCE TOWARD THE MAINTENANCE IN PITTSBURGH OF A MAJOR SYMPHONY ORCHESTRA, SPECIFICALLY, PITTSBURGH SYMPHONY, INC., ALSO KNOWN AS PITTSBURGH SYMPHONY SOCIETY ("SOCIETY"). THE DEED OF TRUST PROVIDES THAT ALL ENDOWMENT INCOME IS TO BE PAID TO THE SOCIETY IN SUPPORT OF THE PITTSBURGH SYMPHONY ORCHESTRA AND THE CHARITABLE AND EDUCATIONAL PURPOSES OF THE SOCIETY.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE DRAFT FORM 990 AND REQUIRED SCHEDULES ARE REVIEWED BY THE FINANCE DEPARTMENT AND AUDIT COMMITTEE OF THE PITTSBURGH SYMPHONY. UPON COMPLETION OF THIS REVIEW THE FORM IS FINALIZED AND A COMPLETE COPY IS PROVIDED TO THE BOARD IN ADVANCE OF FILING WITH THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
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ReasonableCauseExplanation/ExplanationTxt0IN JULY 2017, THE PITTSBURGH SYMPHONY ENDOWMENT (THE "ENDOWMENT") FILED FORM 8940 REQUESTING TERMINATION OF ITS PRIVATE FOUNDATION STATUS UNDER IRC SECTIONS 507(B)(1)(B) AND RETROACTIVE RECLASSIFICATIONS AS A TYPE III FUNCTIONALLY INTEGRATED SUPPORTING ORGANIZATIONS UNDER SECTION 509(A)(3). THE ENDOWMENT CONTINUED TO FILE FORM 990-PF TO FULFILL ITS ANNUAL FILING REQUIREMENTS. THE ENDOWMENT RECEIVED THE NOTIFICATION FROM THE IRS THAT THE ENDOWMENT'S TAX EXEMPT STATUS HAS BEEN DETERMINED AS TYPE III FUNCTIONALLY INTEGRATED SUPPORTING ORGANIZATION UNDER IRC SECTION 509(A)(3) ON MAY 16, 2023. AS A RESULT, THE ENDOWMENT IS NOW REQUIRED TO FILE FORM 990. THE ENDOWMENT FILED FORM 8868, APPLICATION FOR AUTOMATIC EXTENSION OF TIME TO FILE THE FORM 990-PF FOR THE YEAR ENDED AUGUST 31, 2022 ON DECEMBER 20, 2022.SINCE THE EXTENSION OF TIME TO FILE WAS SUBMITTED FOR THE FORM 990-PF RATHER THAN THE FORM 990, WE ANTICIPATE THAT THERE WILL BE A NOTICE FROM THE IRS. HOWEVER, THE ANNUAL FILING WAS EXTENDED AND IS BEING FILED TIMELY, ALTHOUGH THE FORMS DIFFER. IN THE EVENT THAT THERE ARE PENALTIES AND INTEREST ASSESSED IN RELATION TO THE FILING OF THE FORM 990 USING THE FORM 990-PF EXTENSION, WE RESPECTFULLY REQUEST THAT THEY ARE ABATED DUE TO THE CIRCUMSTANCES LISTED ABOVE.
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ReturnHeader/TaxYr02021

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$9,843,283
Liabilities
$0
Net assets
$9,843,283
Revenue
$871,904
Expenses
$57,641
Net income
$814,263
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$10.1$0.00$10.1$0.81$0.68$0.13
2023Detailed filing. Detailed filing data is available for this year.$9.55$0.00$9.55$0.00$0.62$0.61
2022Detailed filing. Detailed filing data is available for this year.$9.84$0.00$9.84$0.87$0.06$0.81
2021Detailed filing. Detailed filing data is available for this year.$11.3$0.00$11.3$0.00$0.99$0.99