Civic Intelligence

Grand Rapids Symphony Orchestra Endowment Fund

990 • Fiscal year 2017 • EIN 38-2243585

Sep 01, 2016 to Aug 31, 2017 • Filed on Jul 12, 2018

Organization ProfileN/A
300 Ottawa Ave NW Ste 100Grand Rapids, MI 49503

(616) 454-9451

Siviq Scores

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

Liabilities / Assets

5th percentile

0.00x

Higher debt load relative to assets than 5% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

7th percentile

0.02x

Higher debt load relative to revenue than 7% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Net Margin

88th percentile

40%

Higher net margin than 88% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

25th percentile

$161,924

Higher top officer pay than 25% of similar nonprofits.

Top officer pay equals 7.2% of source-year revenue.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Asset Growth

68th percentile

9.6%

Faster asset growth than 68% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

93rd percentile

100%

Faster revenue growth than 93% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets5th percentile

Assets

Up

$27,132,703

Up $2,387,520 (+9.6%) from 2016

Net Assets

Up

$27,096,343

Up $2,355,563 (+9.5%) from 2016

Liabilities

Up

$36,360

Up $31,957 (+726%) from 2016

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin88th percentile

Revenue

Up

$2,243,204

Up $1,121,529 (+100%) from 2016

Expenses

Up

$1,353,966

Up $336,674 (+33%) from 2016

Net Income

Up

$889,238

Up $784,855 (+752%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth68th percentile

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

$30M$20M$10M$0Assets 2010: $12,592,528Liabilities 2010: $255,011Net Assets 2010: $12,337,5172010Assets 2011: $13,573,810Liabilities 2011: $285,980Net Assets 2011: $13,287,8302011Assets 2012: $17,265,979Liabilities 2012: $446,087Net Assets 2012: $16,819,8922012Assets 2013: $22,078,172Liabilities 2013: $749,459Net Assets 2013: $21,328,7132013Assets 2014: $22,836,123Liabilities 2014: $0Net Assets 2014: $22,836,1232014Assets 2015: $23,857,806Liabilities 2015: $71,507Net Assets 2015: $23,786,2992015Assets 2016: $24,745,183Liabilities 2016: $4,403Net Assets 2016: $24,740,7802016Assets 2017: $27,132,703Liabilities 2017: $36,360Net Assets 2017: $27,096,3432017Assets 2018: $0Liabilities 2018: $0Net Assets 2018: $02018

Highlighted filing

2017

Assets$27,132,703
Liabilities$36,360
Net Assets$27,096,343
Open 2017 Filing

Operations Trend

Revenue Growth93rd percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $652,8042010Revenue 2011: $533,413Expenses 2011: $692,335Net Income 2011: -$158,9222011Expenses 2012: $779,5462012Revenue 2013: $5,920,268Expenses 2013: $942,159Net Income 2013: $4,978,1092013Revenue 2014: $1,476,327Expenses 2014: $1,270,320Net Income 2014: $206,0072014Revenue 2015: $3,742,596Expenses 2015: $1,010,974Net Income 2015: $2,731,6222015Revenue 2016: $1,121,675Expenses 2016: $1,017,292Net Income 2016: $104,3832016Revenue 2017: $2,243,204Expenses 2017: $1,353,966Net Income 2017: $889,2382017Revenue 2018: $0Expenses 2018: $1,094,530Net Income 2018: -$1,094,5302018

Highlighted filing

2017

Revenue$2,243,204
Expenses$1,353,966
Net Income$889,238
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2016 to Aug 31, 2017
Signed
Jul 12, 2018
Return Version
2016v3.1
Gross Receipts
$6,678,324
Mission and Program Overview

Mission

Supports the operations and programs of the grand rapids symphony society by sustaining the orchestra's concert, music education and accessibility programming across west michigan.

To provide a supplemental source of funds to support operations of the grand rapids symphony society.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$19,548,657$21,077,830▲ $1,529,173
Pledges and Grants Receivable$3,101,515$2,824,632▼ $276,883
Savings and Temporary Cash Investments$594,726$1,939,094▲ $1,344,368
Other Notes and Loans Receivable, Net$500,000$750,000▲ $250,000
Accounts Receivable$955,288$503,528▼ $451,760
Prepaid Expenses and Deferred Charges$44,997$37,619▼ $7,378
Total Assets$24,745,183$27,132,703▲ $2,387,520
Liabilities
Other Liabilities$4,403$27,699▲ $23,296
Accounts Payable and Accrued Expenses-$8,661-
Total Liabilities$4,403$36,360▲ $31,957
Net Assets / Fund Balance
Permanently Rstr Net Assets$26,697,295$28,255,988▲ $1,558,693
Unrestricted Net Assets$-1,956,515$-1,159,645▲ $796,870
Total Net Assets Fund Balance$24,740,780$27,096,343▲ $2,355,563
Total Liabilities and Net Assets / Fund Balance$24,745,183$27,132,703▲ $2,387,520

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$24,740,780$1,558,693▲ $2,150,836$1,053,016$27,096,343
2016$23,786,299$581,157▲ $1,383,518$807,511$24,740,780
2015$22,836,123$3,283,268▼ $1,350,486$713,600$23,786,299
2014$21,328,713$777,000▲ $1,968,040$656,000$22,836,123
2013$16,819,892$4,740,204▲ $685,990$714,000$21,328,713
Compensation and Service Providers
Top Officer Pay25th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Peter KjomePres/CEO (paPT$161,924$161,924

Board Members and Trustees

NameTitle
Joan GaretyChairperson
Bonnie MillerVice Chairpe
Chuck FrayerTrustee
Kathleen VogelsangTrustee
Paul PotterTrustee
Robert CollierTrustee
Peter PerezPres/CEO (pa
Peter KjomePres/CEO (part-year)
Mike Van HarenSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$1,558,693
Program Service Revenue
$0
Investment Income
$684,511
Other Revenue
$0
All Other Contributions
$1,544,423
Change in Net Assets
$889,238

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,243,204
Revenue Not Reported on Form 990
$1,467,354
Total Revenue per Audited Statements
$3,710,558
Total Revenue per Form 990
$2,243,204
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,053,516
Other Expenses$284,200
Total Fundraising Expense$155,874
Professional Fundraising Fees$16,250
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,053,516--$1,053,516
Fees for Services Management-$4,584$118,558$123,142
Fees for Service Investment Mgmnt Fees-$28,000-$28,000
Fees for Services Accounting-$24,427-$24,427
Fees for Services Professional Fundraising--$16,250$16,250
Fees for Services Legal-$16,226-$16,226
Occupancy-$10,655-$10,655
Other Expenses-$4,584$1,146$5,730
Total Functional Expenses$1,053,516$144,576$155,874$1,353,966

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,354,995
Expenses per Audited Statements$1,353,966
Total Expenses per Form 990$1,353,966
Expenses Not Reported on Form 990$1,029
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grand Rapids Symphony SocietyGrand Rapids, MI501c3Support Operations$1,053,516
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$16,250
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Grand Rapids Symphony Society$27,699
Governance and Compliance

Governance Checklist

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

Governance Explanations

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

“The 990 is reviewed by the vice president of finance and the board of directors and signed by the president prior to filing.”

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

“Board members and staff must sign the written conflict of interest poicy annually and report any conflicts of interest on the form. Policy is monitored by the executive committee.”

Form 990, Page 6, Part VI, Line 19

“The annual report with financial data is available on the website. Governing documents and conflict of interest policy are available upon request from the corporate office.”

Filing and Contact Details

Filer

Filer Name
Grand Rapids Symphony
EIN
38-2243585
Phone
6164549451
Address
300 OTTAWA AVE NW STE 100, GRAND RAPIDS, MI 49503

Signing Officer

Name
Diane Lobbestael
Title
President
Phone
6164549451
Signed
2018-07-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Diane Lobbestael
Formed
1979
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

Preparer

Firm
Andrews Hooper Pavlik Plc
Address
2311 EAST BELTLINE AVE SE STE 200, GRAND RAPIDS, MI 49546
Preparer
Eric a Ryan
Phone
6169426440
Supplemental Narrative

Additional Explanations

Form 990, Page 12, Part XII, Line 2C

“The finance committee has the responsibility of the oversight of the annual audit and selection of independent auditors. There has been no change in this process from the prior year.”

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“To provide a supplemental source of funds to support the operations of the grand rapids symphony society.”

Schedule D, Page 3, Part X

“The internal revenue service has determined the endowment to be exempt from federal income taxes under 501(c)(3) of the internal revenue code. However, income from certain activities not directly related to the endowments tax-exempt purpose may be subject to taxation as unrelated business income (ubi). Since the organization is exempt from federal income taxes, no provision for income taxes is included in the symphonys accompanying consolidated financial statements. Generally, tax years from 2013 through the current year remain open to examination. The symphony does not believe that the results from the examination of any open years would have a material adverse effect on the consolidated financial statements.”

Raw XML AppendixShowing 400 of 512 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0TO PROVIDE A SUPPLEMENTAL SOURCE OF FUNDS TO SUPPORT THE OPERATIONS OF THE GRAND RAPIDS SYMPHONY SOCIETY.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE INTERNAL REVENUE SERVICE HAS DETERMINED THE ENDOWMENT TO BE EXEMPT FROM FEDERAL INCOME TAXES UNDER 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE ENDOWMENTS TAX-EXEMPT PURPOSE MAY BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME (UBI). SINCE THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES, NO PROVISION FOR INCOME TAXES IS INCLUDED IN THE SYMPHONYS ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. GENERALLY, TAX YEARS FROM 2013 THROUGH THE CURRENT YEAR REMAIN OPEN TO EXAMINATION. THE SYMPHONY DOES NOT BELIEVE THAT THE RESULTS FROM THE EXAMINATION OF ANY OPEN YEARS WOULD HAVE A MATERIAL ADVERSE EFFECT ON THE CONSOLIDATED FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART V, LINE 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRES/CEO (PART-YEAR)
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS REVIEWED BY THE VICE PRESIDENT OF FINANCE AND THE BOARD OF DIRECTORS AND SIGNED BY THE PRESIDENT PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS AND STAFF MUST SIGN THE WRITTEN CONFLICT OF INTEREST POICY ANNUALLY AND REPORT ANY CONFLICTS OF INTEREST ON THE FORM. POLICY IS MONITORED BY THE EXECUTIVE COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ANNUAL REPORT WITH FINANCIAL DATA IS AVAILABLE ON THE WEBSITE. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST FROM THE CORPORATE OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FINANCE COMMITTEE HAS THE RESPONSIBILITY OF THE OVERSIGHT OF THE ANNUAL AUDIT AND SELECTION OF INDEPENDENT AUDITORS. THERE HAS BEEN NO CHANGE IN THIS PROCESS FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,132,703
Liabilities
$36,360
Net assets
$27,096,343
Revenue
$2,243,204
Expenses
$1,353,966
Net income
$889,238
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$1.09$1.09
2017Detailed filing. Detailed filing data is available for this year.$27.1$0.04$27.1$2.24$1.35$0.89
2016Detailed filing. Detailed filing data is available for this year.$24.7$0.00$24.7$1.12$1.02$0.10
2015Detailed filing. Detailed filing data is available for this year.$23.9$0.07$23.8$3.74$1.01$2.73
2014Detailed filing. Detailed filing data is available for this year.$22.8$0.00$22.8$1.48$1.27$0.21
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.1$0.75$21.3$5.92$0.94$4.98
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.3$0.45$16.8$0.78
2011Summary only. Only limited summary data is available for this year.$13.6$0.29$13.3$0.53$0.69$0.16
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.6$0.26$12.3$0.65