The Virginia Symphony Foundation
- Assets
- $7.9m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Norfolk, VA
- Founding
- 11/1988
- Data as of
- 06/2022
- EIN
- 52-1597415
Organization Overview
The Virginia Symphony Foundation is located in Norfolk, VA. The organization was established in 1988. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Symphony Foundation 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 06/2022, Virginia Symphony Foundation generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 47.5% each year . All expenses for the organization totaled $306.2k during the year ending 06/2022. While expenses have increased by 2.1% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO RECEIVE FUNDS AND PROPERTY BY GIFT, TRANSFER, DEVISE OR BEQUEST AND ADMINISTRATE AND APPLY SUCH FUNDS IN SUPPORT OF THE VIRGINIA SYMPHONY ORCHESTRA WHICH IS A LEADING CULTURAL ASSET CONNECTING EVERYONE IN HAMPTON ROADS THROUGH THE TRANSFORMATIVE POWER OF EXCEPTIONAL MUSICAL PERFORMANCES AND EDUCATIONAL ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL SUPPORT FOR VIRGINIA SYMPHONY ORCHESTRA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Winthrop Short Jr President | OfficerTrustee | 1 | $0 |
Bette Minette Cooper Secretary | OfficerTrustee | 1 | $0 |
Bob Petterson Treasurer | OfficerTrustee | 1 | $0 |
Teresa Kraus CFO | Officer | 1 | $0 |
Karen Philion Executive Director | Officer | 1 | $0 |
Jane Short Director | Trustee | 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 | $1,701,343 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,701,343 |
| Total Program Service Revenue | $0 |
| Investment income | $186,105 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $29,957 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,917,405 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $249,133 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,452 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $39,108 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $23 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $500 |
| All other expenses | $0 |
| Total functional expenses | $306,216 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $93,653 |
| Accounts receivable, net | $0 |
| 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 | $500 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $7,781,671 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,875,824 |
| Accounts payable and accrued expenses | $3,347 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $3,347 |
| Net assets without donor restrictions | $3,612,329 |
| Net assets with donor restrictions | $4,260,148 |
| 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 | $7,875,824 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that The Virginia Symphony Foundation has recieved totaling $1,447,243.
| Awarding Organization | Amount |
|---|---|
Virginia Symphony Orchestra Norfolk, VA PURPOSE: INVESTMENT FUNDS | $1,350,000 |
Virginia Symphony Orchestra Norfolk, VA PURPOSE: BEQUESTS | $97,243 |
Endowment Analysis
| Beg. Balance | $7,394,927 |
| Earnings | -$1,061,810 |
| Admin Expense | $39,359 |
| Net Contributions | $1,746,175 |
| Grants | $249,133 |
| Ending Balance | $7,790,800 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Virginia Museum Of Fine Arts Foundation Richmond, VA | $286,070,393 | $48,848,372 |
Npr Foundation Washington, DC | $410,006,391 | $31,919,786 |
Pbs Foundation Arlington, VA | $37,997,942 | $17,786,379 |
North Carolina Museum Of Art Foundation Inc Raleigh, NC | $80,876,506 | $13,828,837 |
Virginia Foundation For Public Media Richmond, VA | $185,376,659 | $5,025,363 |
Commonwealth Fund For Ket Inc Lexington, KY | $35,205,433 | $8,912,254 |
Memphis Brooks Museum Of Art Inc Memphis, TN | $44,232,792 | $7,821,496 |
Marbles Kids Museum Raleigh, NC | $8,790,326 | $3,967,863 |
Friends Of Nc State Museum Of Natural Sciences Raleigh, NC | $9,967,287 | $3,956,524 |
Centennial Park Conservancy Nashville, TN | $5,267,235 | $2,768,009 |
Mpt Foundation Inc Owings Mills, MD | $15,645,200 | $7,324,843 |
Jefferson Center Foundation Ltd Roanoke, VA | $24,079,593 | $2,456,793 |