Traverse Symphony Orchestra
- Assets
- $858.2k
- Revenue
- $977.0k
- Investments
- $0.0
- Employees
- 8
- Location
- Traverse City, MI
- Founding
- 03/1990
- Data as of
- 08/2022
- EIN
- 38-2680276
Organization Overview
Traverse Symphony Orchestra is located in Traverse City, MI. The organization was established in 1990. 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 08/2022, Traverse Symphony Orchestra employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Traverse 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 08/2022, Traverse Symphony Orchestra generated $977.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $949.8k during the year ending 08/2022. While expenses have increased by 4.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
TO PROMOTE AND INCREASE MUSICAL KNOWLEDGE AND MUSIC APPRECIATION TO THE PUBLIC.
Describe the Organization's Program Activity:
PERFORMANCE OF SYMPHONY MUSIC TO AUDIENCES OF ALL AGES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kedrik Merwin Executive Director | Officer | 50 | $114,885 |
Robert Giles Vice President | Officer | 1 | $0 |
Ward Lamphere Immediate Past President | Officer | 1 | $0 |
Susan Cogswell President | Officer | 1 | $0 |
Kadra Kierczynski Treasurer | Officer | 1 | $0 |
Tom Skinner Secretary | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $563,847 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $563,847 |
| Total Program Service Revenue | $245,036 |
| Investment income | $22,830 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $145,270 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $976,983 |
| 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. | $114,885 |
| Compensation of current officers, directors, key employees. | $59,033 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $190,503 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $12,454 |
| Payroll taxes | $24,052 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20 |
| Fees for services: Accounting | $33,783 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,291 |
| Fees for services: Other | $871 |
| Advertising and promotion | $69,409 |
| Office expenses | $4,278 |
| Information technology | $1,777 |
| Royalties | $0 |
| Occupancy | $12,000 |
| Travel | $1,786 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,649 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,414 |
| Insurance | $5,652 |
| All other expenses | $17,703 |
| Total functional expenses | $949,801 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $74,359 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $158,341 |
| Accounts receivable, net | $96,530 |
| 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 | $11,932 |
| Net Land, buildings, and equipment | $5,584 |
| Investments—publicly traded securities | $511,412 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $858,158 |
| Accounts payable and accrued expenses | $18,728 |
| Grants payable | $0 |
| Deferred revenue | $120,435 |
| 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 | $185,868 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $325,031 |
| Net assets without donor restrictions | $84,412 |
| Net assets with donor restrictions | $448,715 |
| 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 | $858,158 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Traverse Symphony Orchestra has recieved totaling $35,000.
| Awarding Organization | Amount |
|---|---|
Herbert H And Barbara C Dow Foundation Frankfort, MI PURPOSE: MUSIC MATTERS PROGRAM. | $25,000 |
Barton J Ingraham & Gail G Ingraham Foundation Williamsburg, MI PURPOSE: ARTS EDUCATION | $10,000 |
Endowment Analysis
| Beg. Balance | $601,269 |
| Earnings | -$77,622 |
| Admin Expense | $6,291 |
| Ending Balance | $517,356 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Musical Arts Association Cleveland, OH | $284,635,926 | $54,210,898 |
Cincinnati Symphony Orchestra Cincinnati, OH | $298,354,425 | $55,153,223 |
Detroit Symphony Orchestra Hall Inc Detroit, MI | $97,503,520 | $29,874,628 |
Milwaukee Symphony Orchestra Inc Milwaukee, WI | $122,941,209 | $33,243,126 |
Grand Rapids Symphony Society Grand Rapids, MI | $6,657,585 | $10,068,479 |
Indiana Symphony Society Inc Indianapolis, IN | $13,063,766 | $26,550,940 |
Columbus Symphony Orchestra Inc Columbus, OH | $23,849,025 | $7,378,126 |
Fort Wayne Philharmonic Orchestra Inc Fort Wayne, IN | $27,926,694 | $5,947,084 |
Dayton Performing Arts Alliance Dayton, OH | $10,536,333 | $6,130,805 |
Kalamazoo Symphony Orchestra Kalamazoo, MI | $22,806,442 | $2,938,902 |
Madison Symphony Orchestra Inc Madison, WI | $6,807,074 | $3,792,114 |
Milwaukee Youth Symphony Orchestra Inc Milwaukee, WI | $9,958,210 | $2,491,222 |