Civic Intelligence

South Bend Symphony Orchestra Association Inc.

990 • Fiscal year 2023 • EIN 35-6042189

Jul 01, 2022 to Jun 30, 2023 • Filed on Jan 18, 2024

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

25th percentile

0.03x

Higher debt load relative to assets than 25% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

43rd percentile

0.19x

Higher debt load relative to revenue than 43% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

20th percentile

-9.9%

Higher net margin than 20% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

28th percentile

$122,213

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 5.7% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

37th percentile

2.1%

Faster asset growth than 37% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

34th percentile

-2.5%

Faster revenue growth than 34% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Up

$11,518,713

Up $241,903 (+2.1%) from 2022

Net Assets

Up

$11,117,906

Up $252,836 (+2.3%) from 2022

Liabilities

Down

$400,807

Down $10,933 (-2.7%) from 2022

Revenue

Down

$2,133,538

Down $54,893 (-2.5%) from 2022

Expenses

Up

$2,345,623

Up $531,664 (+29%) from 2022

Net Income

Down

-$212,085

Down $586,557 (-157%) from 2022

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

2023

Assets$11,518,713
Liabilities$400,807
Net Assets$11,117,906

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

2023

Revenue$2,133,538
Expenses$2,345,623
Net Income-$212,085
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Jan 18, 2024
Return Version
2022v5.0
Gross Receipts
$5,029,562
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,182,881$1,801,817▲ $618,936
Savings and Temporary Cash Investments$757,761$694,377▼ $63,384
Cash and Non-Interest-Bearing Accounts$910,056$371,791▼ $538,265
Pledges and Grants Receivable$189,231$84,550▼ $104,681
Land, Buildings, and Equipment, Net$42,345$42,541▲ $196
Prepaid Expenses and Deferred Charges$33,452$13,118▼ $20,334
Accounts Receivable$29,981$10,014▼ $19,967
Total Assets$11,276,810$11,518,713▲ $241,903
Other Assets Total$8,131,103$8,500,505▲ $369,402
Liabilities
Deferred Revenue$216,673$170,954▼ $45,719
Accounts Payable and Accrued Expenses$195,067$139,101▼ $55,966
Other Liabilities-$90,752-
Total Liabilities$411,740$400,807▼ $10,933
Net Assets / Fund Balance
Net Assets With Donor Restrictions$9,205,021$9,212,463▲ $7,442
Net Assets Without Donor Restrictions$1,660,049$1,905,443▲ $245,394
Total Net Assets Fund Balance$10,865,070$11,117,906▲ $252,836
Total Liabilities and Net Assets / Fund Balance$11,276,810$11,518,713▲ $241,903

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$41,146$155,855$197,001
Other Land Buildings$1,395$22,543$23,938
Other Assets Org$90,752--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$9,314,971-▲ $657,222$309,085$9,663,108
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alastair WillisMusic DirectFT$114,379$7,834$122,213
Justus ZimmermanExecutive DiFT$102,865$3,417$106,282
Nic OrbovichDirector-$10,686-$10,686
Rachel GoffDirector-$10,537-$10,537

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,129,676
Program Service Revenue
$608,022
Investment Income
$404,496
Other Revenue
$-8,656
All Other Contributions
$801,202
Change in Net Assets
$-212,085

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,126,665
Revenue Not Reported on Financial Statements
$6,873
Revenue Not Reported on Form 990
$464,921
Total Revenue per Audited Statements
$2,591,586
Total Revenue per Form 990
$2,133,538
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,290,571
Other Expenses$1,055,052
Total Fundraising Expense$248,405
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$722,495$220,909$93,875$1,037,279
Travel$138,624$735$9,643$149,002
Current Officers, Directors, Trustees, and Key Employees$58,028$46,202$34,651$138,881
All Other Expenses$70,080$35,820$6,854$112,754
Payroll Taxes$60,481$19,476$9,330$89,287
Advertising-$85,754-$85,754
Occupancy$47,908$17,476$8,371$73,755
Other Expenses$67,511-$69,521$67,511
Office Expenses$15,483$22,054$9,703$47,240
Fees for Services Accounting-$40,511-$40,511
Other Employee Benefits$9,477$10,959$4,688$25,124
Insurance$12,066$3,679$1,769$17,514
Depreciation Depletion$7,192--$7,192
Fees for Service Investment Mgmnt Fees-$6,873-$6,873
Fees for Services Legal-$2,184-$2,184
Fees for Services Other-$950-$950
Total Functional Expenses$1,583,636$513,582$248,405$2,345,623

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$2,345,623
Expenses per Audited Statements$2,338,750
Total Expenses per Audited Statements$2,338,750
Expenses Not Reported on Financial Statements$6,873
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$39,906
Fundraising Gross Income$31,250
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gift of Music$275,916$31,250-$31,250
Total Events$275,916$31,250$39,906$-8,656
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$90,752
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 11B

The entire return except for schedule b was provided to the entire board prior to the january 2024 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
2024-01-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Justus Zimmerman
Formed
1950
Legal Domicile
In
Voting Board Members
24
Independent Board Members
22
Employees
255
Volunteers
22

Preparer

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

Additional Explanations

FORM 990 - ORGANIZATION'S 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.

Form 990, Part XI, Line 9

Change in value of beneficial interest in assets h 278,650

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, 2023 or 2022, 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, 2020.

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

Change in beneficial interests 278,650

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IRS990/Form990PartVIISectionAGrp/TitleTxt0MUSIC DIRECT
IRS990/Form990PartVIISectionAGrp/TitleTxt1EXECUTIVE DI
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt23VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt24SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt25TREASURER
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IRS990/MissionDesc0WE 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.
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt158750
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt24228
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Document Assets

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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