The Palm Beach Symphony Society Inc

Analysis

The Palm Beach Symphony Society Inc is a registered charity in United States, based in West Palm BCH, FL. It received its IRS tax-exemption ruling in September 1974, 52 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 May 2023, The Palm Beach Symphony Society Inc reported income of $3.6m and spending of $3.8m, spending 106% of what it took in. Across the 5 years on record, from May 2019 to May 2023, income grew from $2.2m to $3.6m (+61%), an average of +13% a year. The sharpest change came in the year to May 2022, when income rose by 75%. Over the whole period it spent 92% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Palm Beach Symphony Society Inc 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 90th percentile, and in the 91st percentile within FL. Charities of a similar size with the same main cause include Portland Community Media ($3.6m), The Foresight Institute ($3.6m) and Jamaica Center for Arts and Learning Inc ($3.6m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 80% and program service revenue 18% of the total. Compensation of current officers, directors and key employees was $465k (12% of expenses). Other salaries and wages came to $410k. At year end it held assets of $2.7m against liabilities of $376k, net assets of $2.4m. It reported 13 employees.