Civic Intelligence

Grand Rapids Symphony Foundation

990 • Fiscal year 2023 • EIN 81-4564213

Sep 01, 2022 to Aug 31, 2023 • Filed on Feb 21, 2024

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.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

13th percentile

0.05x

Higher debt load relative to revenue than 13% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

1st percentile

-418%

Higher net margin than 1% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

36th percentile

$204,442

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 60.3% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

36th percentile

2.3%

Faster asset growth than 36% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

1st percentile

-86%

Faster revenue growth than 1% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets5th percentile

Assets

Up

$27,529,242

Up $631,721 (+2.3%) from 2022

Net Assets

Up

$27,513,366

Up $626,211 (+2.3%) from 2022

Liabilities

Up

$15,876

Up $5,510 (+53%) from 2022

Revenue And Expenses
Liabilities / Revenue13th percentileNet Margin1st percentile

Revenue

Down

$339,322

Down $2,019,026 (-86%) from 2022

Expenses

Up

$1,757,720

Up $360,555 (+26%) from 2022

Net Income

Down

-$1,418,398

Down $2,379,581 (-248%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth36th 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

2023

Assets$27,529,242
Liabilities$15,876
Net Assets$27,513,366
Open 2023 Filing

Operations Trend

Revenue Growth1st 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

2023

Revenue$339,322
Expenses$1,757,720
Net Income-$1,418,398
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2022 to Aug 31, 2023
Signed
Feb 21, 2024
Return Version
2022v5.0
Gross Receipts
$9,836,315
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$24,344,953$23,997,061▼ $347,892
Other Notes and Loans Receivable, Net$1,951,028$1,951,028→ $0
Investments Other Securities$112,132$117,008▲ $4,876
Accounts Receivable$30,802$34,457▲ $3,655
Total Assets$26,897,521$27,529,242▲ $631,721
Other Assets Total$458,606$1,429,688▲ $971,082
Liabilities
Other Liabilities$10,366$8,876▼ $1,490
Accounts Payable and Accrued Expenses-$7,000-
Total Liabilities$10,366$15,876▲ $5,510
Net Assets / Fund Balance
Net Assets With Donor Restrictions$29,371,877$29,386,252▲ $14,375
Net Assets Without Donor Restrictions$-2,484,722$-1,872,886▲ $611,836
Total Net Assets Fund Balance$26,887,155$27,513,366▲ $626,211
Total Liabilities and Net Assets / Fund Balance$26,897,521$27,529,242▲ $631,721

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$1,429,688--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$29,371,877$9,499▲ $1,687,811-$29,386,252
2021$32,386,632$661,550▼ $2,307,171-$29,371,877
2020$27,524,549$509,024▲ $5,730,443-$32,386,632
2019$26,577,448$27,534▲ $2,367,481-$27,524,549
2018$27,577,899$66,987▲ $155,473-$26,557,448
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleOtherTotal
Mary Tuuk KurasOutgoing Pre$204,442$204,442

Board Members and Trustees

NameTitle
Laina MillsChairperson
Mary Tuuk KurasOutgoing President
Keith ElderPresident
Robert CollierVice Chairpe
Mike VerhulstTrustee
Milt RohwerTrustee
Ping LiangTrustee
Susan Vogel-vandersonTrustee
Chuck FrayerInterim Pres
Jennifer RemondinoSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$9,499
Program Service Revenue
$0
Investment Income
$329,823
Other Revenue
$0
All Other Contributions
$9,499
Change in Net Assets
$-1,418,398

Audited Revenue Reconciliation

Revenue per Audited Statements
$264,540
Revenue Not Reported on Financial Statements
$74,782
Revenue Not Reported on Form 990
$2,044,609
Total Revenue per Audited Statements
$2,309,149
Total Revenue per Form 990
$339,322
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,545,000
Other Expenses$212,720
Total Fundraising Expense$52,437
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,545,000--$1,545,000
Fees for Services Management$7,007$63,807$51,091$121,905
Fees for Service Investment Mgmnt Fees-$74,782-$74,782
Fees for Services Accounting-$8,229-$8,229
Occupancy$4,040$1,731$1,154$6,925
Office Expenses-$687$192$879
Total Functional Expenses$1,556,047$149,236$52,437$1,757,720

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,757,720
Expenses per Audited Statements$1,682,938
Total Expenses per Audited Statements$1,682,938
Expenses Not Reported on Financial Statements$74,782
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grand Rapids Symphony SocietyGrand Rapids, MI501c3Support Operations$1,545,000

International Summary

Spending
$2,799,363

International Compliance

Foreign grant records maintained
No
Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments---$2,799,363
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$8,876
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 7B

“The symphony approves the decisions of the foundation's board.”

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.”

Form 990, Part VII

“Mary tuuk kuras retired as of 12/31/2022, and chuck frayer was interim president until keith elder was appointed president on 7/1/2023.”

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
Keith Elder
Title
President
Phone
6164549451
Signed
2024-02-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Keith Elder
Formed
2016
Legal Domicile
Mi
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
7

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 society and 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 society or foundations tax-exempt purpose may be subject to taxation as unrelated business income (ubi). Since both organizations are exempt from federal income taxes, no provision for income taxes is included in the symphonys accompanying consolidated financial statements. Generally, tax years from 2019 through the current year remain open to examination. The symphony 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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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0GRAND RAPIDS SYMPHONY SOCIETY
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IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt029386252
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IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt01687811
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/AdministrativeExpensesAmt0169134
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/AdministrativeExpensesAmt0155349
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt027524549
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IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/AdministrativeExpensesAmt0217911
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IRS990ScheduleD/ExpensesSubtotalAmt01682938
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IRS990ScheduleD/InvestmentExpensesNotIncldAmt074782
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RESTRICTED CASH
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt08876
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0GRAND RAPIDS SYMPHONY SOCIETY
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IRS990ScheduleD/RevenueNotReportedAmt02044609
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt074782
IRS990ScheduleD/RevenueSubtotalAmt0264540
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE INTERNAL REVENUE SERVICE HAS DETERMINED THE SOCIETY AND 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 SOCIETY OR FOUNDATIONS TAX-EXEMPT PURPOSE MAY BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME (UBI). SINCE BOTH ORGANIZATIONS ARE EXEMPT FROM FEDERAL INCOME TAXES, NO PROVISION FOR INCOME TAXES IS INCLUDED IN THE SYMPHONYS ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. GENERALLY, TAX YEARS FROM 2019 THROUGH THE CURRENT YEAR REMAIN OPEN TO EXAMINATION. THE SYMPHONY 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/TotalExpensesPerForm990Amt01757720
IRS990ScheduleD/TotalLiabilityAmt08876
IRS990ScheduleD/TotalRevenuePerForm990Amt0339322
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02309149
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01682938
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IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt0CENTRAL AMERICA AND THE CARIBBEAN
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt0INVESTMENTS
IRS990ScheduleF/BoycottCountriesInd0false
IRS990ScheduleF/ForeignCorpOwnershipInd0true
IRS990ScheduleF/ForeignPartnershipInd0false
IRS990ScheduleF/GrantRecordsMaintainedInd0false
IRS990ScheduleF/InterestInForeignTrustInd0false
IRS990ScheduleF/PassiveForeignInvestmestCoInd0false
IRS990ScheduleF/SubtotalSpentAmt02799363
IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt0CENTRAL AMERICA AND THE CARIBBEAN 0 2,799,363
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE F, PAGE 1, PART I, LINE 3
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IRS990ScheduleI/RecipientTable/CashGrantAmt01545000
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0SUPPORT OPERATIONS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0GRAND RAPIDS SYMPHONY SOCIETY
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IRS990ScheduleI/RecipientTable/USAddress/CityNm0GRAND RAPIDS
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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/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt024333
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MARY TUUK KURAS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0OUTGOING PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0204442
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE SYMPHONY APPROVES THE DECISIONS OF THE FOUNDATION'S BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 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/ExplanationTxt2BOARD 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/ExplanationTxt3THE 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/ExplanationTxt4MARY TUUK KURAS RETIRED AS OF 12/31/2022, AND CHUCK FRAYER WAS INTERIM PRESIDENT UNTIL KEITH ELDER WAS APPOINTED PRESIDENT ON 7/1/2023.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VII
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0true
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0386005447
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0CONCERTS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt010
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0300 OTTAWA AVE NW STE 100

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,529,242
Liabilities
$15,876
Net assets
$27,513,366
Revenue
$339,322
Expenses
$1,757,720
Net income
-$1,418,398
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
2023Detailed filing. Detailed filing data is available for this year.$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
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