Grand Rapids Symphony Society

Analysis

Grand Rapids Symphony Society is a registered charity in United States, based in Grand Rapids, MI. It received its IRS tax-exemption ruling in October 1942, 84 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Grand Rapids Symphony Society reported income of $9.6m and spending of $10.9m, spending 113% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income fell from $10.3m to $9.6m (-6.8%), an average of -1.7% a year. The sharpest change came in the year to August 2022, when income rose by 19%. Over the whole period it spent 104% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Grand Rapids Symphony Society sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within MI. Charities of a similar size with the same main cause include Fox Cities Performing Arts Center Inc ($9.6m), Center for Black Educator Development ($9.6m) and Santa Barbara Center for the Performing Arts Inc ($9.6m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 74% and program service revenue 27% of the total. Compensation of current officers, directors and key employees was $208k (1.9% of expenses). Other salaries and wages came to $5.4m. It paid $24k in professional fundraising fees. At year end it held assets of $5.4m against liabilities of $3.9m, net assets of $1.5m. It reported 246 employees.