Civic Intelligence

Grand Rapids Symphony Foundation

990 • Fiscal year 2020 • EIN 81-4564213

Sep 01, 2019 to Aug 31, 2020 • Filed on Jul 14, 2021

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.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

9th percentile

0.03x

Higher debt load relative to revenue than 9% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Net Margin

2nd percentile

-252%

Higher net margin than 2% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

32nd percentile

$184,186

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 44.5% of source-year revenue.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Asset Growth

39th percentile

3.6%

Faster asset growth than 39% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Revenue Growth

4th percentile

-58%

Faster revenue growth than 4% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets5th percentile

Assets

Up

$27,536,022

Up $960,787 (+3.6%) from 2019

Net Assets

Up

$27,524,549

Up $967,101 (+3.6%) from 2019

Liabilities

Down

$11,473

Down $6,314 (-35%) from 2019

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin2nd percentile

Revenue

Down

$414,119

Down $566,482 (-58%) from 2019

Expenses

Up

$1,456,143

Up $185,132 (+15%) from 2019

Net Income

Down

-$1,042,024

Down $751,614 (-259%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth39th 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

2020

Assets$27,536,022
Liabilities$11,473
Net Assets$27,524,549
Open 2020 Filing

Operations Trend

Revenue Growth4th percentile

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

2020

Revenue$414,119
Expenses$1,456,143
Net Income-$1,042,024
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2019 to Aug 31, 2020
Signed
Jul 14, 2021
Return Version
2019v5.0
Gross Receipts
$3,859,439
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$22,580,677$24,329,676▲ $1,748,999
Other Notes and Loans Receivable, Net$1,951,028$1,951,028→ $0
Accounts Receivable$1,083,234$579,745▼ $503,489
Pledges and Grants Receivable$817,484$252,943▼ $564,541
Investments Other Securities-$118,043-
Savings and Temporary Cash Investments$129,356$36,875▼ $92,481
Prepaid Expenses and Deferred Charges$13,456$7,893▼ $5,563
Total Assets$26,575,235$27,536,022▲ $960,787
Other Assets Total-$259,819-
Liabilities
Other Liabilities$17,787$9,856▼ $7,931
Accounts Payable and Accrued Expenses-$1,617-
Total Liabilities$17,787$11,473▼ $6,314
Net Assets / Fund Balance
Net Assets With Donor Restrictions$28,413,052$28,208,629▼ $204,423
Net Assets Without Donor Restrictions$-1,855,604$-684,080▲ $1,171,524
Total Net Assets Fund Balance$26,557,448$27,524,549▲ $967,101
Total Liabilities and Net Assets / Fund Balance$26,575,235$27,536,022▲ $960,787

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$26,577,448$27,534▲ $2,367,481-$27,524,549
2019$27,577,899$66,987▲ $155,473-$26,557,448
2018$26,001,813$90,077▲ $1,704,854-$27,577,899
Compensation and Service Providers
Top Officer Pay32nd percentile

Board Members and Trustees

NameTitle
Joan GaretyChairperson
Mary Tuuk KurasPresident
Kathleen VogelsangTrustee
Milt RohwerTrustee
Robert CollierTrustee
Robert P FairmanTrustee
Mike Van HarenSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$27,534
Program Service Revenue
$0
Investment Income
$386,585
Other Revenue
$0
All Other Contributions
$27,534
Change in Net Assets
$-1,042,024

Audited Revenue Reconciliation

Revenue per Audited Statements
$385,890
Revenue Not Reported on Financial Statements
$28,229
Revenue Not Reported on Form 990
$2,009,125
Total Revenue per Audited Statements
$2,395,015
Total Revenue per Form 990
$414,119
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,015,067
Other Expenses$441,076
Total Fundraising Expense$317,769
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,015,067--$1,015,067
Fees for Services Management$5,598$71,318$57,476$134,392
Fees for Service Investment Mgmnt Fees-$28,229-$28,229
Occupancy$5,645$4,077$1,568$11,290
Fees for Services Accounting-$5,643-$5,643
Other Expenses-$1,180$1,953$3,133
Fees for Services Legal-$1,617-$1,617
Total Functional Expenses$1,026,310$112,064$317,769$1,456,143

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,456,143
Expenses per Audited Statements$1,427,914
Total Expenses per Audited Statements$1,427,914
Expenses Not Reported on Financial Statements$28,229
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grand Rapids Symphony SocietyGrand Rapids, MI501c3Support Operations$1,015,067
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
Grand Rapids Symphony Society$9,856
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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 trustees 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 of the society.”

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
Mary Tuuk Kuras
Title
President
Phone
6164549451
Signed
2021-07-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mary Tuuk Kuras
Formed
2016
Legal Domicile
Mi
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
6

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

Financial Statement Notes

Schedule D, Page 3, Part X

“The internal revenue service has determined the foundation are 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 2016 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.”

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0GRAND RAPIDS SYMPHONY SOCIETY
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE INTERNAL REVENUE SERVICE HAS DETERMINED THE FOUNDATION ARE 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 2016 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/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalRevenuePerForm990Amt0414119
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0GRAND RAPIDS SYMPHONY OFFICE MAINTAINS A 12-QUARTER AVERAGE OF THE FOUNDATION'S TOTAL ASSETS. THE DRAW IS CALCULATED BY THE GRAND RAPIDS SYMPHONY OFFICE AND DOCUMENTED.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE I, PAGE 1, PART I, LINE 2
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IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
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IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt010194
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MARY TUUK KURAS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0184186
IRS990ScheduleJ/SeverancePaymentInd0false
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS REVIEWED BY THE VICE PRESIDENT OF FINANCE OF SOCIETY AND THE BOARD OF TRUSTEES 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 OF THE SOCIETY.
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/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
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0true
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501C3
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IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01026310
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IRS990/TotalLiabilitiesGrp/BOYAmt017787
IRS990/TotalLiabilitiesGrp/EOYAmt011473
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt027524549
IRS990/TotalOtherCompensationAmt010194

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,536,022
Liabilities
$11,473
Net assets
$27,524,549
Revenue
$414,119
Expenses
$1,456,143
Net income
-$1,042,024
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
2020Detailed filing. Detailed filing data is available for this year.$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
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$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