Seattle Symphony Foundation
- Assets
- $45.7m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Seattle, WA
- Founding
- 04/1987
- Data as of
- 08/2021
- EIN
- 91-1351925
Organization Overview
Seattle Symphony Foundation is located in Seattle, WA. The organization was established in 1987. According to its NTEE Classification (A69) the organization is classified as: Symphony Orchestras, 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. Seattle 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 08/2021, Seattle Symphony Foundation generated $2.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (8.5%) each year. All expenses for the organization totaled $1.8m during the year ending 08/2021. As we would expect to see with falling revenues, expenses have declined by (2.9%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO AID AND SUPPORT THE SEATTLE SYMPHONY ORCHESTRA AND BENAROYA HALL MUSIC CENTER ENDOWMENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION'S ARTICLES OF INCORPORATION PROVIDE THAT UP TO 7.5% OF THE 36 MONTH ROLLING AVERAGE OF THE ENDOWMENT VALUE BE DISTRIBUTED ANNUALLY TO THE SEATTLE SYMPHONY ORCHESTRA TO SUPPORT ITS OPERATIONS.IN 2019 THE FOUNDATION ADDED A NEW ENDOWMENT FUND FOR THE BENEFIT OF BENAROYA MUSIC HALL. IN 2021 THE FOUNDATION BOARD APPROVED THE FIRST DISTRIBUTION TO BENAROYA HALL TOTALING 5% OF A ROLLING 36 MONTH AVERAGE OF THE ENDOWMENT VALUE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jean-Francois Heitz Chair | OfficerTrustee | 2 | $0 |
Muriel Van Housen Secretary | OfficerTrustee | 2 | $0 |
Kathleen Wright Vice Chair | OfficerTrustee | 2 | $0 |
Ben Martz Treasurer | OfficerTrustee | 2 | $0 |
Cheronne Wong Vice President & CFO | Officer | 5 | $0 |
Krishna Thiagarajan President & CEO | 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 | $1,144,526 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,144,526 |
| Total Program Service Revenue | $0 |
| Investment income | $556,890 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $478,936 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,180,352 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,332,155 |
| 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 | $150,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $100,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $32,617 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $141,069 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,832 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,759,673 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $773,437 |
| Savings and temporary cash investments | $2,117,874 |
| Pledges and grants receivable | $9,247,879 |
| Accounts receivable, net | $2,086 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,081,382 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $30,647,660 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $870,655 |
| Total assets | $45,740,973 |
| Accounts payable and accrued expenses | $107,149 |
| 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 | $75,034 |
| Total liabilities | $182,183 |
| Net assets without donor restrictions | $9,000,000 |
| Net assets with donor restrictions | $36,558,790 |
| 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 | $45,740,973 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Seattle Symphony Foundation has recieved totaling $7,669.
| Awarding Organization | Amount |
|---|---|
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $7,149 |
Gorder Family Foundation Seattle, WA PURPOSE: FURTHER THE ORGANIZATION'S CHARITABLE GOALS | $500 |
Jp Morgan Chase Foundation New York, NY PURPOSE: GENERAL OPERATING SUPPORT | $20 |
Endowment Analysis
| Beg. Balance | $30,303,430 |
| Earnings | $5,305,215 |
| Admin Expense | $186,450 |
| Net Contributions | $1,339,527 |
| Grants | $1,332,155 |
| Ending Balance | $35,429,567 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Oregon Symphony Association Portland, OR | $27,740,551 | $13,773,397 |
Spokane Symphony Society Spokane, WA | $21,554,106 | $5,421,713 |
Eugene Symphony Association Inc Eugene, OR | $630,258 | $3,023,786 |
Boise Philharmonic Association Inc Boise, ID | $1,686,396 | $2,920,206 |
Seattle Symphony Foundation Seattle, WA | $45,740,973 | $2,180,352 |
Portland Youth Philharmonic Association Portland, OR | $5,269,398 | $1,550,813 |
Symphony Tacoma Tacoma, WA | $1,937,065 | $1,665,927 |
Portland Baroque Orchestra Portland, OR | $709,672 | $1,187,093 |
Metropolitan Youth Symphony Portland, OR | $1,134,069 | $1,228,572 |
Seattle Youth Symphony Orchestra Seattle, WA | $2,216,519 | $1,310,501 |
Bellevue Youth Symphony Orchestra Bellevue, WA | $708,416 | $694,146 |
The Vancouver Symphony Orchestra Vancouver, WA | $456,487 | $913,941 |