Portland Maine Symphony Orchestra
- Assets
- $14.7m
- Revenue
- $3.7m
- Investments
- $70.1k
- Employees
- 190
- Location
- Portland, ME
- Founding
- 11/1933
- Data as of
- 07/2022
- EIN
- 01-6006058
Organization Overview
Portland Maine Symphony Orchestra is located in Portland, ME. The organization was established in 1933. According to its NTEE Classification (A69) the organization is classified as: Symphony Orchestras, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 07/2022, Portland Maine Symphony Orchestra employed 190 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Portland Maine Symphony Orchestra is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 07/2022, Portland Maine Symphony Orchestra generated $3.7m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $4.1m during the year ending 07/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PORTLAND SYMPHONY ORCHESTRA (PSO) SERVES OUR COMMUNITY BY ENRICHING LIVES THROUGH MUSIC. THE PSO STRIVES FOR THE HIGHEST POSSIBLE LEVEL OF ARTISTIC QUALITY; INSPIRES CHILDREN AND ADULTS THROUGH MUSIC EDUCATION AND ENCOURAGES LIFELONG MUSICAL LEARNING; DEVELOPS AND NURTURES COMMUNITY RELATIONSHIPS THAT ARE MUTUALLY BENEFICIAL; AND PROMOTES A CULTURE OF MUTUAL RESPECT THAT BUILDS SHARED COMMITMENT AND COLLABORATION.
Describe the Organization's Program Activity:
THE PORTLAND SYMPHONY ORCHESTRA, CHARTERED IN 1932, IS MAINE'S LARGEST PROFESSIONAL ORCHESTRA WITH AN ANNUAL BUDGET OF 4.3 MILLION . DURING THE 2021-2022 SEASON, THE SYMPHONY REMAINED CONNECTED TO AUDIENCES THROUGH COVID-19 BY BOTH OFFERING LIVE PERFORMANCES AS WELL AS DIGITALLY OFFERING CONCERTS RECORDED AT MERRILL AUDITORIUM. PERFORMANCES INCLUDING 6 TUESDAY CLASSICAL, 5 SUNDAY CLASSICAL, 5 POPS, 3 DISCOVERY FAMILY CONCERTS, THE MAGIC OF CHRISTMAS, MULTIPLE SCHOOL LESSONS, KINDERKONZERTS, AND A 3- CONCERT SUMMER SERIES IN OLD ORCHARD PAVILION REACHING THOUSANDS OF PEOPLE IN THEIR HOMES ACROSS THE UNITED STATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eckart Preu Music Direct | 40 | $162,595 | |
Carolyn Nishon Executive Di | Officer | 40 | $124,040 |
Lucas Desmond Treasurer & | OfficerTrustee | 2.5 | $0 |
Wendy Suehrstedt Board Presid | OfficerTrustee | 4.5 | $0 |
Rick Abbondanza VP Annual Fu | Trustee | 2.5 | $0 |
Carole Case Director | Trustee | 2.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $26,980 |
| Related organizations | $0 |
| Government grants | $485,654 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,393,783 |
| Noncash contributions included in lines 1a–1f | $249,125 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,906,417 |
| Total Program Service Revenue | $1,261,310 |
| Investment income | $307,356 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $110,616 |
| Net Income from Fundraising Events | $1,593 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,659,418 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $146,838 |
| Compensation of current officers, directors, key employees. | $31,483 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,833,868 |
| Pension plan accruals and contributions | $9,324 |
| Other employee benefits | $175,743 |
| Payroll taxes | $157,018 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $41,715 |
| Fees for services: Accounting | $20,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $40,216 |
| Fees for services: Other | $88,255 |
| Advertising and promotion | $286,799 |
| Office expenses | $84,642 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $262,832 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,360 |
| Insurance | $43,301 |
| All other expenses | $112,972 |
| Total functional expenses | $4,144,859 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $273,923 |
| Savings and temporary cash investments | $2,102,489 |
| Pledges and grants receivable | $80,723 |
| Accounts receivable, net | $82,067 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $130,116 |
| Net Land, buildings, and equipment | $39,097 |
| Investments—publicly traded securities | $11,958,247 |
| Investments—other securities | $70,086 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $14,736,748 |
| Accounts payable and accrued expenses | $158,646 |
| Grants payable | $0 |
| Deferred revenue | $13,512 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $349 |
| Total liabilities | $172,507 |
| Net assets without donor restrictions | $5,468,771 |
| Net assets with donor restrictions | $9,095,470 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $14,736,748 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Portland Maine Symphony Orchestra has recieved totaling $600.
| Awarding Organization | Amount |
|---|---|
Bruckner Society Of America Inc Windsor, CT PURPOSE: GRANT FOR PERFORMANCE | $500 |
The Murray Charitable Trust Portland, ME PURPOSE: GENERAL SUPPORT | $100 |
Endowment Analysis
| Beg. Balance | $13,775,627 |
| Earnings | -$1,227,682 |
| Other Expense | -$331,535 |
| Ending Balance | $12,216,410 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Portland Maine Symphony Orchestra Portland, ME | $14,736,748 | $3,659,418 |
Bangor Symphony Orchestra Bangor, ME | $3,668,004 | $928,953 |
Symphony New Hampshire Nashua, NH | $876,632 | $615,324 |
Midcoast Symphony Orchestra Brunswick, ME | $0 | $58,732 |
Seacoast Community Chamber Orchestra Portsmouth, NH | $210,385 | $0 |
Portland Chamber Music Festival Portland, ME | $177,531 | $0 |
New Hampshire Philharmonic Orchestra Incorporated Concord, NH | $89,497 | $0 |
Camerata New England Inc Hanover, NH | $47,814 | $0 |
Lakes Region Symphony Orchestra Meredith, NH | $93,292 | $0 |
The Nashua Community Chamber Orchestra Nashua, NH | $57,946 | $0 |