Civic Intelligence

Grand Rapids Symphony Foundation

990 • Fiscal year 2018 • EIN 81-4564213

Sep 01, 2017 to Aug 31, 2018 • Filed on Jul 30, 2019

Organization ProfileN/A
300 Ottawa Street 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.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

5th percentile

0.01x

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

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Net Margin

98th percentile

92%

Higher net margin than 98% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

12th percentile

$100,256

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 3.8% of source-year revenue.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Asset Growth

100th percentile

2759931900%

Faster asset growth than 100% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets5th percentile

Assets

Up

$27,599,320

Up $27,599,320 from 2017

Net Assets

Up

$27,577,899

Up $27,577,899 from 2017

Liabilities

$21,421

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue5th percentileNet Margin98th percentile

Revenue

$2,611,413

No earlier filing loaded for comparison.

Expenses

$218,845

No earlier filing loaded for comparison.

Net Income

$2,392,568

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$40M$30M$20M$10M$0Assets 2017: $0Net Assets 2017: $02017Assets 2018: $27,599,320Liabilities 2018: $21,421Net Assets 2018: $27,577,8992018Assets 2019: $26,575,235Liabilities 2019: $17,787Net Assets 2019: $26,557,4482019Assets 2020: $27,536,022Liabilities 2020: $11,473Net Assets 2020: $27,524,5492020Assets 2021: $32,466,268Liabilities 2021: $14,695Net Assets 2021: $32,451,5732021Assets 2022: $26,897,521Liabilities 2022: $10,366Net Assets 2022: $26,887,1552022Assets 2023: $27,529,242Liabilities 2023: $15,876Net Assets 2023: $27,513,3662023Assets 2024: $28,593,471Liabilities 2024: $11,915Net Assets 2024: $28,581,5562024

Highlighted filing

2018

Assets$27,599,320
Liabilities$21,421
Net Assets$27,577,899
Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2018: $2,611,413Expenses 2018: $218,845Net Income 2018: $2,392,5682018Revenue 2019: $980,601Expenses 2019: $1,271,011Net Income 2019: -$290,4102019Revenue 2020: $414,119Expenses 2020: $1,456,143Net Income 2020: -$1,042,0242020Revenue 2021: $2,274,103Expenses 2021: $1,402,424Net Income 2021: $871,6792021Revenue 2022: $2,358,348Expenses 2022: $1,397,165Net Income 2022: $961,1832022Revenue 2023: $339,322Expenses 2023: $1,757,720Net Income 2023: -$1,418,3982023Revenue 2024: $977,865Expenses 2024: $3,402,679Net Income 2024: -$2,424,8142024

Highlighted filing

2018

Revenue$2,611,413
Expenses$218,845
Net Income$2,392,568
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2017 to Aug 31, 2018
Signed
Jul 30, 2019
Return Version
2017v2.3
Gross Receipts
$13,470,039
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.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities-$22,955,943-
Other Notes and Loans Receivable, Net-$1,951,028-
Pledges and Grants Receivable-$1,488,417-
Accounts Receivable-$1,065,446-
Savings and Temporary Cash Investments-$108,742-
Prepaid Expenses and Deferred Charges-$29,744-
Total Assets$0$27,599,320▲ $27,599,320
Liabilities
Accounts Payable and Accrued Expenses-$21,421-
Total Liabilities$0$21,421▲ $21,421
Net Assets / Fund Balance
Permanently Rstr Net Assets-$28,346,065-
Unrestricted Net Assets-$-768,166-
Total Net Assets Fund Balance$0$27,577,899▲ $27,577,899
Total Liabilities and Net Assets / Fund Balance$0$27,599,320▲ $27,599,320

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$26,001,813$90,077▲ $1,704,854-$27,577,899
Compensation and Service Providers
Top Officer Pay12th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Peter PerezSociety PresPT$100,256$100,256
Diane LobbestaelPresident-$96,632$96,632

Board Members and Trustees

NameTitle
Joan GaretyChairperson
Bonnie MillerVice Chairpe
Kathleen VogelsangTrustee
Milt RohwerTrustee
Paul PotterTrustee
Robert CollierTrustee
Robert FairmanTrustee
William WalkerTrustee
Mike Van HarenSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$90,077
Program Service Revenue
$0
Investment Income
$2,521,336
Other Revenue
$0
All Other Contributions
$90,077
Change in Net Assets
$2,392,568
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$195,425
Total Fundraising Expense$162,748
Professional Fundraising Fees$23,420
Grants and Similar Amounts Paid$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management-$5,234$130,776$136,010
Fees for Service Investment Mgmnt Fees-$28,000-$28,000
Fees for Services Professional Fundraising--$23,420$23,420
Occupancy-$10,987-$10,987
Fees for Services Accounting-$8,364-$8,364
Other Expenses-$2,875$719$3,594
Fees for Services Lobbying-$637-$637
Total Functional Expenses$0$56,097$162,748$218,845
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$23,420
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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 of society 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 policy 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 conflicts of interest policy are available upon request from the corporate office.”

Filing and Contact Details

Filer

Filer Name
Grand Rapids Symphony Foundation
EIN
81-4564213
Phone
6164549451
Address
300 OTTAWA STREET NW STE 100, GRAND RAPIDS, MI 49503

Signing Officer

Name
Diane Lobbestael
Title
President
Phone
6164549451
Signed
2019-07-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Diane Lobbestael
Formed
2016
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
9

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, Part XI, Line 9

“Transfer from grand rapids symphony endowment 26,001,813 on 9/27/17 the grand rapids symphony endowment, ein 38-2243585, ended operations and transfered their net assets to the grand rapids symphony foundation, ein 81-4564213.”

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 3, Part X

“The internal revenue service has determined the foundation 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 foundation's 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 foundation's accompanying consolidated financial statements. Generally, tax years from 2014 through the current year remain open to examination. The foundation does not believe that the results from the examination of any open years would have a material adverse effect on the consolidated financial statements.”

Schedule D, Page 4, Part XIII

“Part v, line 1a the beginning balance of 26,001,813 represents the balance at the time the endowment fund was transferred by the grand rapids symphony endowment (ein 38-2243585) on september 27, 2017.”

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0PART I, LINE 12 ALL SUPPORT PAID TO THE GRAND RAPIDS SYMPHONY SOCIETY DURING THE FISCAL YEAR WAS PAID FROM THE GRAND RAPIDS SYMPHONY ENDOWMENT (EIN 38-2243585) PRIOR TO TRANSFERING ALL NET ASSETS TO THE GRAND RAPIDS SYMPHONY FOUNDATION ON SEPTEMBER 27, 2017.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SUPPLEMENTAL INFORMATION
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE INTERNAL REVENUE SERVICE HAS DETERMINED THE FOUNDATION 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 FOUNDATION'S 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 FOUNDATION'S ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. GENERALLY, TAX YEARS FROM 2014 THROUGH THE CURRENT YEAR REMAIN OPEN TO EXAMINATION. THE FOUNDATION 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/ExplanationTxt1PART V, LINE 1A THE BEGINNING BALANCE OF 26,001,813 REPRESENTS THE BALANCE AT THE TIME THE ENDOWMENT FUND WAS TRANSFERRED BY THE GRAND RAPIDS SYMPHONY ENDOWMENT (EIN 38-2243585) ON SEPTEMBER 27, 2017.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XIII
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS REVIEWED BY THE VICE PRESIDENT OF FINANCE OF SOCIETY 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 POLICY 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 CONFLICTS OF INTEREST POLICY ARE AVAILABLE UPON REQUEST FROM THE CORPORATE OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TRANSFER FROM GRAND RAPIDS SYMPHONY ENDOWMENT 26,001,813 ON 9/27/17 THE GRAND RAPIDS SYMPHONY ENDOWMENT, EIN 38-2243585, ENDED OPERATIONS AND TRANSFERED THEIR NET ASSETS TO THE GRAND RAPIDS SYMPHONY FOUNDATION, EIN 81-4564213.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE 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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 12, PART XII, LINE 2C
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IRS990/TotalRevenueGrp/ExclusionAmt02521336
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02611413
IRS990/TotalVolunteersCnt09
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IRS990/UponRequestInd0X
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IRS990/WhistleblowerPolicyInd0true
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,599,320
Liabilities
$21,421
Net assets
$27,577,899
Revenue
$2,611,413
Expenses
$218,845
Net income
$2,392,568
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.6$0.01$28.6$0.98$3.40$2.42
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.5$0.02$27.5$0.34$1.76$1.42
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$26.9$0.01$26.9$2.36$1.40$0.96
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$32.5$0.01$32.5$2.27$1.40$0.87
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.5$0.01$27.5$0.41$1.46$1.04
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$26.6$0.02$26.6$0.98$1.27$0.29
2018Detailed filing. Detailed filing data is available for this year.$27.6$0.02$27.6$2.61$0.22$2.39
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2018 filings • 501(c)3 • $25M-$50M nonprofits