Civic Intelligence

South Bend Symphony Orchestra Association Inc.

990 • Fiscal year 2022 • EIN 35-6042189

Jul 01, 2021 to Jun 30, 2022 • Filed on Dec 15, 2022

127 N Michigan StSouth Bend, IN 46601-1603

(574) 232-6343

Siviq Scores

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

Liabilities / Assets

26th percentile

0.04x

Higher debt load relative to assets than 26% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

47th percentile

0.19x

Higher debt load relative to revenue than 47% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

68th percentile

17%

Higher net margin than 68% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

28th percentile

$119,261

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 5.4% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

16th percentile

-12%

Faster asset growth than 16% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

80th percentile

33%

Faster revenue growth than 80% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Assets

Down

$11,276,810

Down $1,481,580 (-12%) from 2021

Net Assets

Down

$10,865,070

Down $1,469,165 (-12%) from 2021

Liabilities

Down

$411,740

Down $12,415 (-2.9%) from 2021

Revenue

Up

$2,188,431

Up $543,569 (+33%) from 2021

Expenses

Up

$1,813,959

Up $416,235 (+30%) from 2021

Net Income

Up

$374,472

Up $127,334 (+52%) from 2021

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2012: $5,292,209Liabilities 2012: $241,820Net Assets 2012: $5,050,3892012Assets 2013: $5,494,993Liabilities 2013: $198,951Net Assets 2013: $5,296,0422013Assets 2014: $6,267,454Liabilities 2014: $320,813Net Assets 2014: $5,946,6412014Assets 2015: $6,111,507Liabilities 2015: $335,286Net Assets 2015: $5,776,2212015Assets 2016: $7,818,861Liabilities 2016: $261,258Net Assets 2016: $7,557,6032016Assets 2017: $8,546,139Liabilities 2017: $244,208Net Assets 2017: $8,301,9312017Assets 2018: $9,484,437Liabilities 2018: $199,818Net Assets 2018: $9,284,6192018Assets 2019: $9,664,243Liabilities 2019: $200,407Net Assets 2019: $9,463,8362019Assets 2020: $10,036,668Liabilities 2020: $409,665Net Assets 2020: $9,627,0032020Assets 2021: $12,758,390Liabilities 2021: $424,155Net Assets 2021: $12,334,2352021Assets 2022: $11,276,810Liabilities 2022: $411,740Net Assets 2022: $10,865,0702022Assets 2023: $11,518,713Liabilities 2023: $400,807Net Assets 2023: $11,117,9062023Assets 2024: $12,550,940Liabilities 2024: $395,297Net Assets 2024: $12,155,6432024Assets 2025: $13,020,438Liabilities 2025: $299,407Net Assets 2025: $12,721,0312025

Highlighted filing

2022

Assets$11,276,810
Liabilities$411,740
Net Assets$10,865,070

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2012: $1,428,6512012Expenses 2013: $1,528,2822013Revenue 2014: $1,602,629Expenses 2014: $1,433,574Net Income 2014: $169,0552014Revenue 2015: $1,545,767Expenses 2015: $1,453,891Net Income 2015: $91,8762015Revenue 2016: $1,607,971Expenses 2016: $1,489,007Net Income 2016: $118,9642016Revenue 2017: $1,717,742Expenses 2017: $1,503,822Net Income 2017: $213,9202017Revenue 2018: $2,313,137Expenses 2018: $1,593,852Net Income 2018: $719,2852018Revenue 2019: $1,848,596Expenses 2019: $1,645,186Net Income 2019: $203,4102019Revenue 2020: $1,764,045Expenses 2020: $1,670,961Net Income 2020: $93,0842020Revenue 2021: $1,644,862Expenses 2021: $1,397,724Net Income 2021: $247,1382021Revenue 2022: $2,188,431Expenses 2022: $1,813,959Net Income 2022: $374,4722022Revenue 2023: $2,133,538Expenses 2023: $2,345,623Net Income 2023: -$212,0852023Revenue 2024: $2,850,284Expenses 2024: $2,526,286Net Income 2024: $323,9982024Revenue 2025: $2,555,198Expenses 2025: $2,612,398Net Income 2025: -$57,2002025

Highlighted filing

2022

Revenue$2,188,431
Expenses$1,813,959
Net Income$374,472
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Dec 15, 2022
Return Version
2021v4.0
Gross Receipts
$2,499,188
Mission and Program Overview

Mission

We inspire, entertain, and connect people with the transformative power of orchestral music. As michiana's premiere professional orchestra, the south bend symphony engages the community in the exploration of orchestral music in all its forms.

As michiana's premiere professional orchestra, the south bend symphony engages the community in the exploration of orchestral music in all its forms.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,402,213$1,182,881▼ $219,332
Cash and Non-Interest-Bearing Accounts$623,715$910,056▲ $286,341
Savings and Temporary Cash Investments$756,246$757,761▲ $1,515
Pledges and Grants Receivable$321,251$189,231▼ $132,020
Land, Buildings, and Equipment, Net$28,742$42,345▲ $13,603
Prepaid Expenses and Deferred Charges$16,273$33,452▲ $17,179
Accounts Receivable$39,246$29,981▼ $9,265
Total Assets$12,758,390$11,276,810▼ $1,481,580
Other Assets Total$9,570,704$8,131,103▼ $1,439,601
Liabilities
Deferred Revenue$73,065$216,673▲ $143,608
Unsecured Notes Loans Payable$197,500--
Accounts Payable and Accrued Expenses$153,590$195,067▲ $41,477
Total Liabilities$424,155$411,740▼ $12,415
Net Assets / Fund Balance
Net Assets With Donor Restrictions$10,095,275$9,205,021▼ $890,254
Net Assets Without Donor Restrictions$2,238,960$1,660,049▼ $578,911
Total Net Assets Fund Balance$12,334,235$10,865,070▼ $1,469,165
Total Liabilities and Net Assets / Fund Balance$12,758,390$11,276,810▼ $1,481,580

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$40,252$149,361$189,613
Other Land Buildings$2,093$21,845$23,938
Other Assets Org$2,168,809--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$10,973,904$32,850▼ $1,391,928$299,855$9,314,971
2020$8,705,741$31,500▲ $2,511,877$275,214$10,973,904
2019$8,513,215$114,946▲ $390,010$312,430$8,705,741
2018$8,508,235$8,414▲ $395,769$399,203$8,513,215
2017$7,578,147$659,544▲ $644,221$373,677$8,508,235
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alastair WillisMusic DirectFT$113,086$6,175$119,261
Justus ZimmermanExecutive DiFT$90,205$4,710$94,915
Nic OrbovichDirector-$9,802-$9,802
Rachel GoffDirector-$8,052-$8,052
Revenue and Support

Revenue Composition

Contributions and Grants
$1,214,329
Program Service Revenue
$401,532
Investment Income
$573,053
Other Revenue
$-483
All Other Contributions
$782,240
Change in Net Assets
$374,472

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,179,319
Revenue Not Reported on Financial Statements
$9,112
Revenue Not Reported on Form 990
$-371,186
Total Revenue per Audited Statements
$1,808,133
Total Revenue per Form 990
$2,188,431
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,058,688
Other Expenses$755,271
Total Fundraising Expense$221,447
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$622,282$110,638$133,732$866,652
Travel$107,735$5,797$4,322$117,854
Current Officers, Directors, Trustees, and Key Employees$32,655$43,540$32,675$108,870
All Other Expenses$9,450$87,044$8,255$104,749
Occupancy$73,598$9,359$10,133$93,090
Payroll Taxes$48,269$9,764$10,573$68,606
Office Expenses$18,654$17,271$14,203$50,128
Other Expenses$40,934--$40,934
Advertising-$40,177-$40,177
Fees for Services Accounting-$38,385-$38,385
Insurance$11,241$3,006$3,255$17,502
Other Employee Benefits$6,791$3,470$4,299$14,560
Fees for Service Investment Mgmnt Fees-$9,112-$9,112
Depreciation Depletion$4,966--$4,966
Fees for Services Other-$1,354-$1,354
Total Functional Expenses$1,213,595$378,917$221,447$1,813,959

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,277,298
Total Expenses per Form 990$1,813,959
Expenses per Audited Statements$1,804,847
Expenses Not Reported on Form 990$1,472,451
Expenses Not Reported on Financial Statements$9,112
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$24,608
Fundraising Gross Income$24,125
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$237,429$24,125$735$23,390
Total Events$237,429$24,125$24,608$-483
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
Annual disclosure for covered persons
Yes
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
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, Page 6, Part VI, Line 2

Kyle everett kitty rose director director family relationship

Form 990, Page 6, Part VI, Line 11B

The entire return except for schedule b was provided to the entire board prior to the december 2022 board meeting. The return was discussed at that meeting and was approved for filing. The policy of redacting schedule b from board review was adopted because many board members are donors and because all donors have an expectation of confidentiality regarding their donations.

Form 990, Page 6, Part VI, Line 12C

Annually all directors and officers must sign a conflict of interest statement. Directors and officers have a duty to disclose any actual or potential conflict of interest to the board, and the board determines if conflicts exist without the presence of the individual involved. The board makes the determination about whether the proposed transaction is the most advantageous to the organization based on discussion and vote without the interested party being present. Any director or officer found to have violated the policy is subject to appropriate disciplinary and corrective action.

Form 990, Page 6, Part VI, Line 15A

The compensation of the top management official is recommended by the independent finance committee and approved by the independent executive committee, taking into account comparability data. This was last done in october 2022.

Form 990, Page 6, Part VI, Line 15B

The compensation of other officers is recommended by the independent finance committee and approved by the independent executive committee, taking into account comparability data. This was last done in october 2022.

Form 990, Page 6, Part VI, Line 19

The organization provides its governing documents, its conflict of interest policy, and its financial statements to members of the public upon request.

Filing and Contact Details

Filer

Filer Name
South Bend Symphony Orchestra
EIN
35-6042189
Phone
5742326343
Address
127 N MICHIGAN ST, SOUTH BEND, IN 46601-1603
Doing Business As
South Bend Symphony Orchestra

Signing Officer

Name
Justus Zimmerman
Title
Executive Director
Phone
5742326343
Signed
2022-12-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Justus Zimmerman
Formed
1950
Legal Domicile
In
Voting Board Members
31
Independent Board Members
29
Employees
167
Volunteers
30

Preparer

Firm
Dwc Cpas LLC
Address
3454 DOUGLAS RD, SOUTH BEND, IN 46635
Preparer
Richard Cullar CPA
Phone
5742339366
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Change in value of beneficial interest in assets h -1,472,451

Financial Statement Notes

Schedule D, Page 3, Part X

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Examples of tax positions include our tax-exempt status and positions related to the potential sources of unrelated business taxable income. We have not identified any uncertain tax positions taken or expected to be taken in a tax return, and there are no unrecognized tax benefits recorded as liabilities in the accompanying financial statements. We classify interest and penalties, if any, associated with uncertain tax positions as a component of income tax expense, and there was no accrued interest or any penalties related to unrecognized tax benefits at either june 30, 2022 or 2021, or any interest or penalties expense related to unrecognized tax benefits for the years then ended. We are no longer subject to examination by the internal revenue service or the state of indiana for years prior to june 30, 2019.

Schedule D, Page 4, Part XII, Line 2D

Change in beneficial interests in assets held by others 1,472,451

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IRS990/Form990PartVIISectionAGrp/TitleTxt1EXECUTIVE DI
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IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt29SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt30TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt31VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt32PRESIDENT
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$13.0$0.30$12.7$2.56$2.61$0.06
2024Detailed filing. Detailed filing data is available for this year.$12.6$0.40$12.2$2.85$2.53$0.32
2023Detailed filing. Detailed filing data is available for this year.$11.5$0.40$11.1$2.13$2.35$0.21
2022Detailed filing. Detailed filing data is available for this year.$11.3$0.41$10.9$2.19$1.81$0.37
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.8$0.42$12.3$1.64$1.40$0.25
2020Detailed filing. Detailed filing data is available for this year.$10.0$0.41$9.63$1.76$1.67$0.09
2019Detailed filing. Detailed filing data is available for this year.$9.66$0.20$9.46$1.85$1.65$0.20
2018Detailed filing. Detailed filing data is available for this year.$9.48$0.20$9.28$2.31$1.59$0.72
2017Detailed filing. Detailed filing data is available for this year.$8.55$0.24$8.30$1.72$1.50$0.21
2016Detailed filing. Detailed filing data is available for this year.$7.82$0.26$7.56$1.61$1.49$0.12
2015Detailed filing. Detailed filing data is available for this year.$6.11$0.34$5.78$1.55$1.45$0.09
2014Detailed filing. Detailed filing data is available for this year.$6.27$0.32$5.95$1.60$1.43$0.17
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.49$0.20$5.30$1.53
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.29$0.24$5.05$1.43