Charleston Symphony Orchestra

“The board president, board treasurer, executive director, and finance director of the charleston symphony orchestra are given an alloted time to review the form 990 before it is filed. Any changes noted during the review period are made prior to filing the return.”

“Each year officers and board members are required to disclose any conflicts of interest and sign an assurance to that effect. Any conflicts so disclosed are investigated and resolved. During the year, if any other conflicts are made aware to management, it would pursue and resolve those issues with the officer or board member in question.”

“The charleston symphony orchestra does not compensate any officers or directors, except for the executive director . Employee compensation is reviewed annually in conjunction with the operating budget process, which is approved by the executive committe of the board of directors.”

“The charleston symphony orchestra provides access to its form 1023 and form 990 upon request at its corporate offices.”

“The charleston symphony orchestra association honors the requirements of the laws governing requests for such documents from the public and federal and state agencies.”

“On july 26, 2013, and again on june 27, 2014, the board of trustees of the american federation of musicians and employers' pension fund ("afm-epf") notified all participants and beneficiaries of the plan, that the funding status of the plan was considered in critical status for the plan years beginning april 1, 2013 and 2014. In october 2013, the musicians of the symphony voted to decertify the union, local 502. This caused the unfunded portion of the plan allocated to the symphony to become due. Management and the board of directors worked with symphony counsel, actuaries and representatives of the afm-epf to reach a settlement. On november 13, 2014 a settlement was reached. This agreement calls for a $720,000 settlement to be paid to the afm-epf in quarterly installments of principal and interest of $9,000 over a 20 year period, less $46,939 in payments already made to this amount at june 30, 2014. This settlement was discounted at the plan's stated discount rate of 7.5%. This discounted deferred pension obligation expense incurred by the symphony associated with this settlement totaled $379,696. This is a one time, full, and final settlement of this deferred pension plan obligation. This settlement is fully reflected in the current year financial statements. Future principal payment obligations under this agreement at june 30, 2014 are as follows: 2015 $ 0 2016 $ 9,362 2017 $ 10,164 2018 $ 10,956 2019 $ 11,809 thereafter $295,063 total $337,354”