Memphis Symphony Orchestra Inc.

“Related party information among officers joe willer george falls trustee trustee brothers-in-law”

“The finance council reviews the 990 in detail. The board receives a copy before it is filed.”

“Enforcement of conflicts policy at least annually, all board members are required to review the organization's conflict of intrest policy and notify management of any conflicts or sign a statement that no such conflicts exist.”

“Compensation process for top official compensation is determined by review and approval by a governing board composed of persons who do not have a conflict of interest with determing the compensation arrangement. The board has relied on appropriate comparable data and documented its actions at the time they were taken.”

“Governing documents disclosure explanation governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

“Change in value of beneficial interest in assets held by others 666,644.”

“The process has not changed from the prior year.”

“In 2019, the symphony entered into an agreement with the university of memphis foundation ("umf") for donors to establish an endowment fund for the benefit and use of the symphony. These funds will be administered by umf; therefore, the symphony will have neither possession nor control over the assets of the funds. Upon notification of the symphony's beneficial interest in these funds, a contribution with donor restrictions was recorded in the statement of activities. The agreement provides for annual distributions to the symphony of approximately 5% of the aggregate fund balances and unlimited spending of fund earnings and/or fund principal at any time, but only after approval of both the president/ceo of the symphony and the president of the university of memphis is given. Additional contributions can be made by donors to the funds any time thereafter. The beneficial interest in these assets is reported at the fair value of the funds' assets in the statement of financial position. Fund distributions and changes in fair value are recognized in the statement of activities. Umf fund distributions to the symphony totaled $35,000 and $0, for the years ended june 30, 2020 and 2019, respectively. At june 30, 2020 and 2019, the balance of the umf fund was $1,357,567 and $725,923, respectively. In 2019, the symphony entered into an agreement with community foundation of greater memphis ("cfgm") for donors to establish an endowment fund for which the symphony will receive annual distributions of approximately 5% of the aggregate fund balance in perpetuity. The agreement allows for donors to make additional contributions to the fund. At june 30, 2020 and 2019, the balance of this endowment fund was $6,065,206 and $690,766, respectively. In 2020, another endowment fund was established at cfgm with an initial gift of $10,000,000, for which the symphony will receive annual distributions of approximately 5% of the aggregate fund balance in perpetuity. Since cfgm maintains variance power over both funds, which allows cfgm to redirect the benefits to another charitable organization if, in the sole judgment of cfgm, the funds' purpose becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community, the symphony has not recorded an asset for its beneficial interest in either of these funds as they are revocable. Annual distributions from the funds are reported in the statement of activities and totaled $739,368 and $0 for the years ended june 30, 2020 and 2019, respectively.”

“Due to the covid-19 pandemic, the mso cancelled about 1/3 of the performance season, in accordance with local, state, and federal restrictions around public gatherings. This unprecedented closure generated a reduction in expected earned revenue of about $350,000. The mso became eligible for and received a forgivable loan commonly known as the paycheck protection program in april of 2020 of $546,377. The mso earned eligibility for full-forgiveness of the loan by maintaining staff and artistic payroll through the end of the fiscal year. As of june 30, 2020, official forgiveness of the loan had not been received.”