Portland Maine Symphony Orchestra

Analysis

Portland Maine Symphony Orchestra is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in November 1933, 93 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 July 2024, Portland Maine Symphony Orchestra reported income of $4.3m and spending of $4.5m, spending 103% of its income. Across the 5 years on record, from July 2020 to July 2024, income fell from $4.5m to $4.3m (-4.8%), an average of -1.2% a year. The sharpest change came in the year to July 2023, when income rose by 17%. Over the whole period it spent 91% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Portland Maine Symphony Orchestra sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 90th percentile within ME. Charities of a similar size with the same main cause include Illinois Valley Public Telecommunications Corporation ($4.3m), Saint Louis Symphony Endowment Trust ($4.3m) and Genesee Country Museum ($4.3m).

On its Form 990 for the period ending July 2024, revenue came from contributions and grants 43% and program service revenue 44% of the total. Compensation of current officers, directors and key employees was $144k (3.2% of expenses). Other salaries and wages came to $2.3m. At year end it held assets of $16.5m against liabilities of $691k, net assets of $15.8m. It reported 287 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.