Bangor Symphony Orchestra

Analysis

Bangor Symphony Orchestra is a registered charity in United States, based in Bangor, ME. It received its IRS tax-exemption ruling in June 1968, 58 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Bangor Symphony Orchestra reported income of $867k and spending of $1.0m, spending 116% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.0m to $867k (-17%), an average of -4.7% a year. The sharpest change came in the year to June 2023, when income dropped by 19%. Over the whole period it spent 80% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Bangor Symphony Orchestra sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 74th percentile within ME. Charities of a similar size with the same main cause include Penrod Society ($866k), Fundarte Inc ($867k) and Krewe of Seaman Inc ($866k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 50% and program service revenue 43% of the total. Compensation of current officers, directors and key employees was $75k (7.5% of expenses). Other salaries and wages came to $131k. At year end it held assets of $3.5m against liabilities of $62k, net assets of $3.5m. It reported 6 employees.