Civic Intelligence

Charleston Symphony Orchestra

990 • Fiscal year 2020 • EIN 57-6000192

Jul 01, 2019 to Jun 30, 2020 • Filed on May 14, 2021

PO Box 30818Charleston, SC 29417

(843) 723-7528

Siviq Scores

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

Liabilities / Assets

85th percentile

0.61x

Higher debt load relative to assets than 85% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

76th percentile

0.45x

Higher debt load relative to revenue than 76% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

30th percentile

-3.5%

Higher net margin than 30% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

78th percentile

$126,735

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 3.6% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

50th percentile

5.8%

Faster asset growth than 50% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

46th percentile

-0.7%

Faster revenue growth than 46% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$2,650,180

Up $144,158 (+5.8%) from 2019

Net Assets

Down

$1,038,028

Down $101,000 (-8.9%) from 2019

Liabilities

Up

$1,612,152

Up $245,158 (+18%) from 2019

Revenue

Down

$3,546,964

Down $24,881 (-0.7%) from 2019

Expenses

Up

$3,670,402

Up $75,156 (+2.1%) from 2019

Net Income

Down

-$123,438

Down $100,037 (-427%) from 2019

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2011: $1,013,186Liabilities 2011: $154,633Net Assets 2011: $858,5532011Assets 2012: $1,444,490Liabilities 2012: $368,704Net Assets 2012: $1,075,7862012Assets 2013: $1,752,360Liabilities 2013: $547,749Net Assets 2013: $1,204,6112013Assets 2014: $1,925,833Liabilities 2014: $1,031,893Net Assets 2014: $893,9402014Assets 2015: $2,096,025Liabilities 2015: $1,147,573Net Assets 2015: $948,4522015Assets 2016: $2,186,552Liabilities 2016: $1,214,406Net Assets 2016: $972,1462016Assets 2017: $2,212,960Liabilities 2017: $1,189,028Net Assets 2017: $1,023,9322017Assets 2018: $2,452,958Liabilities 2018: $1,341,665Net Assets 2018: $1,111,2932018Assets 2019: $2,506,022Liabilities 2019: $1,366,994Net Assets 2019: $1,139,0282019Assets 2020: $2,650,180Liabilities 2020: $1,612,152Net Assets 2020: $1,038,0282020Assets 2021: $3,900,208Liabilities 2021: $1,780,600Net Assets 2021: $2,119,6082021Assets 2022: $8,106,651Liabilities 2022: $1,164,271Net Assets 2022: $6,942,3802022Assets 2023: $9,676,718Liabilities 2023: $1,431,255Net Assets 2023: $8,245,4632023Assets 2024: $10,727,469Liabilities 2024: $1,943,899Net Assets 2024: $8,783,5702024

Highlighted filing

2020

Assets$2,650,180
Liabilities$1,612,152
Net Assets$1,038,028

Operations Trend

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

$10M$5.0M$0-$5.0MExpenses 2011: $1,300,3832011Expenses 2012: $2,046,7842012Expenses 2013: $2,487,5472013Revenue 2014: $2,831,651Expenses 2014: $3,185,112Net Income 2014: -$353,4612014Revenue 2015: $3,071,168Expenses 2015: $2,967,994Net Income 2015: $103,1742015Revenue 2016: $3,633,258Expenses 2016: $3,575,658Net Income 2016: $57,6002016Revenue 2017: $3,503,925Expenses 2017: $3,490,071Net Income 2017: $13,8542017Revenue 2018: $3,634,175Expenses 2018: $3,570,537Net Income 2018: $63,6382018Revenue 2019: $3,571,845Expenses 2019: $3,595,246Net Income 2019: -$23,4012019Revenue 2020: $3,546,964Expenses 2020: $3,670,402Net Income 2020: -$123,4382020Revenue 2021: $3,884,009Expenses 2021: $2,821,523Net Income 2021: $1,062,4862021Revenue 2022: $9,194,585Expenses 2022: $3,888,659Net Income 2022: $5,305,9262022Revenue 2023: $5,363,939Expenses 2023: $4,529,774Net Income 2023: $834,1652023Revenue 2024: $5,120,173Expenses 2024: $4,931,970Net Income 2024: $188,2032024

Highlighted filing

2020

Revenue$3,546,964
Expenses$3,670,402
Net Income-$123,438
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 14, 2021
Return Version
2019v5.2
Gross Receipts
$3,546,964
Mission and Program Overview

Mission

Our vision is to be a world class orchestra for a world class city. Our mission is to inspire and engage our community through exceptional musical performances and educational programs. We will educate, challenge, and inspire students through musical experiences.excellence sets us apart. We set and maintain the highest standards for our people, our performances and our educational programs. We encourage the development of our people. We continually strive for excellence in all we do.engagement is our number one commitment. We want our music to make an emotional connection with our audiences. Our aim is to evoke a positive response at some level whenever we perform.transparency describes how we communicate. We strive to have open, transparent, two-way communications between our musicians, staff and board of directors, as well as with our donors and patrons. We strive to listen and understand each other's perspectives and respond openly on all issues.

Our vision is to be a world-class orchestra for a world-class city. The mission of the charleston symphony orchestra is to inspire and engage our community through exceptional musical perfomances and educational programs. We will educate, challenge, and inspire students through musical experiences.in fiscal year 2020, the charleston symphony continued to build on its recent successes both on and off the concert stage. It fulfilled its mission by engaging audiences with the highest quality artistic programming and performances as well as offering substantial education and community engagement programs throughout the tri-county area. All of this was achieved with an underpinning of strong financial management having completed nine consecutive seasons with operating surpluses prior to the pandemic. The charleston symphony continued to be a strong steward of investment in the organization by allocating 84% of overall expenditures into mission related activities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,274,548$1,426,197▲ $151,649
Savings and Temporary Cash Investments$607,086$658,797▲ $51,711
Land, Buildings, and Equipment, Net$407,032$392,498▼ $14,534
Pledges and Grants Receivable$147,204$101,750▼ $45,454
Prepaid Expenses and Deferred Charges$70,152$70,938▲ $786
Total Assets$2,506,022$2,650,180▲ $144,158
Liabilities
Deferred Revenue$904,791$717,025▼ $187,766
Other Liabilities$0$448,000▲ $448,000
Unsecured Notes Loans Payable$312,110$305,653▼ $6,457
Accounts Payable and Accrued Expenses$82,401$85,178▲ $2,777
Mortgage Notes Payable Secured by Investment Property$67,692$56,296▼ $11,396
Total Liabilities$1,366,994$1,612,152▲ $245,158
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$750,670$695,437▼ $55,233
Net Assets With Donor Restrictions$388,358$342,591▼ $45,767
Total Net Assets Fund Balance$1,139,028$1,038,028▼ $101,000
Total Liabilities and Net Assets / Fund Balance$2,506,022$2,650,180▲ $144,158

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$392,498$156,608$549,106

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$607,086$25,000▲ $51,526$20,000$658,797
2018$558,048$25,000▲ $44,496$16,216$607,086
2017$464,945$95,068▲ $17,682$41,508$533,048
2016$400,992$25,000▲ $57,265-$464,945
2015$411,336$25,000▼ $16,006-$400,992
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kenneth King Kei LamMusic DirectorFT$126,735-$126,735
Michael a SmithExecutive DirectorFT$119,786$3,858$123,644
Yuriy BekkerConcertmasterFT$101,479-$101,479

Board Members and Trustees

NameTitle
Robert SiedellPresident
Carol H FishmanVice President
Jerry Hudson EvansVice President
Lee HigdonVice President
Ann Hurd FralixDirector
Clyde HiersDirector
Cynthia MabryDirector
David SavardDirector
Dr Bobby BakerDirector
Dr Eddie IrionsDirector
Elizabeth Rivers LewineDirector
Jodi RushDirector
Jon W Olson SrDirector
Lenna MacdonaldDirector
Lyn MageeDirector
Natalie HamDirector
Roy OwenDirector
Susan SullivanDirector
Tracy GroomsDirector
Wendi HuffDirector
Michael MoodyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,078,237
Program Service Revenue
$1,408,163
Investment Income
$29,281
Other Revenue
$31,283
All Other Contributions
$1,768,762
Change in Net Assets
$-123,438

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,546,964
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$22,438
Total Revenue per Audited Statements
$3,569,402
Total Revenue per Form 990
$3,546,964
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,597,297
Other Expenses$1,073,105
Total Fundraising Expense$300,703
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,188,361$85,912$199,381$2,473,654
All Other Expenses$140,090-$54,219$194,309
Advertising$147,296--$147,296
Current Officers, Directors, Trustees, and Key Employees$49,457$37,093$37,093$123,643
Occupancy$95,080$10,010$10,010$115,100
Other Expenses$101,251$139,946-$101,251
Fees for Services Other$58,628--$58,628
Interest-$26,788-$26,788
Depreciation Depletion-$14,533-$14,533
Total Functional Expenses$3,055,417$314,282$300,703$3,670,402

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,670,402
Total Expenses per Audited Statements$3,670,402
Total Expenses per Form 990$3,670,402
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Ppp Loan$448,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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, Part VI, Section B, Line 11B

The full board of directors, executive director and separately the audit and finance committee 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 to prior to filing the return.

Form 990, Part VI, Section B, Line 12C

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 the board and management, they would pursue and resolve those issues with the officer or board member in question.

Form 990, Part VI, Section B, Line 15

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 board of directors.

Form 990, Part VI, Section C, Line 18

The charleston symphony orchestra provides access to its form 1023 upon request and form 990 is posted on its website.

Form 990, Part VI, Section C, Line 19

The charleston symphony orchestra makes its governing documents, conflict of interest policy, and financial statements availiabe to the public either on our its website or upon request.

Filing and Contact Details

Filer

Filer Name
Charleston Symphony Orchestra
EIN
57-6000192
Phone
8437237528
Address
PO BOX 30818, CHARLESTON, SC 29417

Signing Officer

Name
Michael a Smith
Title
Executive Director
Phone
8437237528
Signed
2021-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael a Smith
Formed
1936
Legal Domicile
Sc
Voting Board Members
21
Independent Board Members
21
Employees
256
Volunteers
281

Preparer

Firm
Mccay Kiddy LLC
Address
1156 BOWMAN ROAD SUITE 100-A, MOUNT PLEASANT, SC 29464
Preparer
Brooke Skinner Ea Msa
Phone
8438814477
Supplemental Narrative

Additional Explanations

Part XII, Line 2C

The process has not changed for the prior year.

Financial Statement Notes

PART X, LINE 2:

The fasb provides guidance on the symphony's evaluation of accounting for uncertainty in income taxes. Management evaluated the symphony's tax position and concluded that the symphony had taken no uncertain tax positions that require adjustments to the financial statements to comply with the provisions of this guidance.

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IRS990/ActivityOrMissionDesc0OUR VISION IS TO BE A WORLD-CLASS ORCHESTRA FOR A WORLD-CLASS CITY. THE MISSION OF THE CHARLESTON SYMPHONY ORCHESTRA IS TO INSPIRE AND ENGAGE OUR COMMUNITY THROUGH EXCEPTIONAL MUSICAL PERFOMANCES AND EDUCATIONAL PROGRAMS. WE WILL EDUCATE, CHALLENGE, AND INSPIRE STUDENTS THROUGH MUSICAL EXPERIENCES.IN FISCAL YEAR 2020, THE CHARLESTON SYMPHONY CONTINUED TO BUILD ON ITS RECENT SUCCESSES BOTH ON AND OFF THE CONCERT STAGE. IT FULFILLED ITS MISSION BY ENGAGING AUDIENCES WITH THE HIGHEST QUALITY ARTISTIC PROGRAMMING AND PERFORMANCES AS WELL AS OFFERING SUBSTANTIAL EDUCATION AND COMMUNITY ENGAGEMENT PROGRAMS THROUGHOUT THE TRI-COUNTY AREA. ALL OF THIS WAS ACHIEVED WITH AN UNDERPINNING OF STRONG FINANCIAL MANAGEMENT HAVING COMPLETED NINE CONSECUTIVE SEASONS WITH OPERATING SURPLUSES PRIOR TO THE PANDEMIC. THE CHARLESTON SYMPHONY CONTINUED TO BE A STRONG STEWARD OF INVESTMENT IN THE ORGANIZATION BY ALLOCATING 84% OF OVERALL EXPENDITURES INTO MISSION RELATED ACTIVITIES.
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IRS990/Form990PartVIISectionAGrp/PersonNm8TRACY GROOMS
IRS990/Form990PartVIISectionAGrp/PersonNm9CLYDE HIERS
IRS990/Form990PartVIISectionAGrp/PersonNm10WENDI HUFF
IRS990/Form990PartVIISectionAGrp/PersonNm11ANN HURD FRALIX
IRS990/Form990PartVIISectionAGrp/PersonNm12NATALIE HAM
IRS990/Form990PartVIISectionAGrp/PersonNm13DR EDDIE IRIONS
IRS990/Form990PartVIISectionAGrp/PersonNm14ELIZABETH RIVERS LEWINE
IRS990/Form990PartVIISectionAGrp/PersonNm15CYNTHIA MABRY
IRS990/Form990PartVIISectionAGrp/PersonNm16JON W OLSON SR
IRS990/Form990PartVIISectionAGrp/PersonNm17ROY OWEN
IRS990/Form990PartVIISectionAGrp/PersonNm18JODI RUSH
IRS990/Form990PartVIISectionAGrp/PersonNm19DAVID SAVARD
IRS990/Form990PartVIISectionAGrp/PersonNm20SUSAN SULLIVAN
IRS990/Form990PartVIISectionAGrp/PersonNm21MICHAEL A SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm22KENNETH KING KEI LAM
IRS990/Form990PartVIISectionAGrp/PersonNm23YURIY BEKKER
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IRS990/Form990PartVIISectionAGrp/TitleTxt22MUSIC DIRECTOR
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IRS990/MissionDesc0OUR MISSION IS TO INSPIRE AND ENGAGE OUR COMMUNITY THROUGH EXCEPTIONAL MUSICAL PERFORMANCES AND EDUCATIONAL PROGRAMS. WE WILL EDUCATE, CHALLENGE, AND INSPIRE STUDENTS THROUGH MUSICAL EXPERIENCES. OUR VISION IS TO BE A WORLD-CLASS ORCHESTRA FOR A WORLD-CLASS CITY.OUR VALUES:EXCELLENCE SETS US APART - WE SET AND MAINTAIN THE HIGHEST STANDARDS FOR OUR PEOPLE, OUR PERFORMANCES AND OUR EDUCATIONAL PROGRAMS. WE ENCOURAGE THE DEVELOPMENT OF OUR PEOPLE. WE CONTINUALLY STRIVE FOR EXCELLENCE IN ALL WE DO.ENGAGEMENT IS OUR NUMBER ONE COMMITMENT - WE WANT OUR MUSIC TO MAKE AN EMOTIONAL CONNECTION WITH OUR AUDIENCES. OUR AIM IS TO EVOKE APOSITIVE RESPONSE AT SOME LEVEL WHENEVER WE PERFORM.TRANSPARENCY DESCRIBES HOW WE COMMUNICATE - WE STRIVE TO HAVE OPEN,TRANSPARENT TWO-WAY COMMUNICATIONS BETWEEN OUR MUSICIANS, STAFF, ANDBOARD OF DIRECTORS AS WELL AS WITH OUR DONORS AND PATRONS. WE STRIVETO LISTEN AND UNDERSTAND EACH OTHER'S PERSPECTIVES AND RESPOND OPENLYON ALL ISSUES.
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE SYMPHONY OFFERS FOUR CORE EDUCATIONAL PROGRAMS FOCUSED ON INSPIRING, CHALLENGING AND EDUCATING STUDENTS THROUGH MUSICAL EXPERIENCES; CHARLESTON SYMPHONY YOUTH ORCHESTRA (CSYO), YOUNG PEOPLES CONCERT (YPC), MUSIC IN SCHOOL PERFORMANCES, AND OUR RESIDENCY PROGRAM AT THE ALLEGRO CHARTER SCHOOL OF MUSIC. OVER 128 MUSICIANS RANGING FROM IN AGES 3-12 FROM 36 SCHOOLS THROUGHOUT THE LOWCOUNTRY RECEIVED IN-DEPTH, HIGH-QUALITY MUSICAL INSTRUCTION THROUGH OUR CSYO ENSEMBLES WITH OPPORTUNITIES FOR MENTORSHIP BY SYMPHONY MUSICIANS.IN ADDITION, 2,067 STUDENTS FROM 22 SCHOOLS PARTICIPATED IN OUR YOUNG PEOPLE'S CONCERT IN PARTNERSHIP WITH CARNEGIE HALL'S LINK UP PROGRAM. THE SYMPHONY PERFORMED AT 63 SCHOOLS THROUGHOUT THE TRI-COUNTY REACHING OVER 13,400 STUDENTS, 33% OF SCHOOLS VISITED WERE TITLE I. THE SYMPHONY MUSICIANS REGULARLY VISIT THE ALLEGRO CHARTER SCHOOL OF MUSIC TO WORK ON INSTRUMENTAL TECHNIQUE AND ENSEMBLE PLAYING WITH A GROUP OF PERCUSSION STUDENTS. THE SYMPHONY ALSO HELD A 5-DAY INTENSIVE CONDUCTING WORKSHOP FOR YOUNG CONDUCTORS FROM ACROSS THE WORLD TO WORK WITH THE SYMPHONY AND LEARN FROM RENOWNED FACULTY AND SYMPHONY MUSIC DIRECTOR, KEN LAM. WHEN THE SYMPHONY MUSICIANS ARE NOT ON THE STAGE, THEY ARE PERFORMING THROUGHOUT THE COMMUNITY, INCLUDING STORYTIME CONCERTS AT THE PUBLIC LIBRARY, SALTWATER SOUNDS AT THE SC AQUARIUM, AND MORE. THE SYMPHONY HAS OPERATED UNDER A BUSINESS MODEL THAT HAS PRODUCED MODEST OPERATING SURPLUSES FOR NINE YEARS PRIOR TO THE PANDEMIC, AND IS PROUD TO FOSTER A COLLABORATIVE WORKING ENVIRONMENT AMONGST BOARD, STAFF, AND MUSICIANS. THE SYMPHONY BENEFITS FROM A BROAD BASE OF ENTHUSIASTIC SUPPORT FROM CHARLESTON AND SURROUNDING COMMUNITIES. THE SYMPHONY DEPENDS ON PHILANTHROPIC SUPPORT FOR FIFTY-NINE PERCENT OF ITS OPERATING BUDGET AND IS PARTICULARLY GRATEFUL FOR THIS SUPPORT.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$10.7$1.94$8.78$5.12$4.93$0.19
2023Detailed filing. Detailed filing data is available for this year.$9.68$1.43$8.25$5.36$4.53$0.83
2022Detailed filing. Detailed filing data is available for this year.$8.11$1.16$6.94$9.19$3.89$5.31
2021Detailed filing. Detailed filing data is available for this year.$3.90$1.78$2.12$3.88$2.82$1.06
2020Detailed filing. Detailed filing data is available for this year.$2.65$1.61$1.04$3.55$3.67$0.12
2019Detailed filing. Detailed filing data is available for this year.$2.51$1.37$1.14$3.57$3.60$0.02
2018Detailed filing. Detailed filing data is available for this year.$2.45$1.34$1.11$3.63$3.57$0.06
2017Detailed filing. Detailed filing data is available for this year.$2.21$1.19$1.02$3.50$3.49$0.01
2016Detailed filing. Detailed filing data is available for this year.$2.19$1.21$0.97$3.63$3.58$0.06
2015Summary only. Only limited summary data is available for this year.$2.10$1.15$0.95$3.07$2.97$0.10
2014Detailed filing. Detailed filing data is available for this year.$1.93$1.03$0.89$2.83$3.19$0.35
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.75$0.55$1.20$2.49
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.44$0.37$1.08$2.05
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.01$0.15$0.86$1.30
Peer Organizations

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