Better Business Bureau Report for
Richmond Symphony

Better Business Bureau Report issued September 2013
Better Business Bureau Report expires September 2015


This BBB Accredited charity meets all 20 Standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Richmond Symphony
Address: 612 East Grace Street
Suite 401
  Richmond, VA 23219
Phone: 804-788-4717
Web Address: http://www.richmondsymphony.com/
Also known as:Richmond Symphony Foundation
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Better Business Bureau Comments

Year, State Incorporated: 1957, Virginia
Affiliates: None
Stated Purpose: The Richmond Symphony performs, teaches and champions music, to enrich and entertain communities throughout Virginia.

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Evaluation Conclusions

              

Richmond Symphony meets the 20 Standards for Charity Accountability.
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Programs

              

The Richmond Symphony is dedicated to achieving excellence in both contemporary and traditional symphonic repertoire. The RSO also offers educational programs that seek to foster and develop diverse, informed audiences who value live symphonic performances and music education in our community; to help nurture and develop young musicians; and to advocate for music education and orchestral music. We serve more than 40,000 area school-aged children each year through in-school ensemble performances and master classes, academically-themed Discovery concerts, and our four Youth Orchestra Program (YOP) ensembles.

For the fiscal year ended June 30, 2012, Richmond Symphony's program expenses were:

  
Artistic Personnel 2,639,880
Other Direct Concert Costs 1,700,122
Total Program Expenses: $4,340,002
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Governance

              

Chief Executive : David J. L. Fisk, Executive Director
Compensation*: 

Chair of the Board: Mr. Philip H. Bennett
Chair's Profession / Business Affiliation: KPMG, LLP

Board Size: 39

Paid Staff Size: 92

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Fund Raising

              

Method(s) Used:

Direct mail, invitations to fund raising events, print advertisements, television, radio, grant proposals, internet, planned giving arrangements
Fund raising costs were 8% of related contributions. (Related contributions, which totaled $2,913,690, are donations received as a result of fund raising activities.)
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Financial

              

The following information is based on Richmond Symphony and Richmond Symphony Foundation's consolidated audited financial statements for the fiscal year ended June 30, 2012.

Source of Funds  
Annual Fund Contributions 1,519,032
Performance Revenue 1,358,479
Other Contributions 905,723
Other 657,834
Grants for Service and Underwriting 488,935
Total Income $4,930,003


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Uses of Funds as a % of Total Expenses

Programs: 86%  Fund Raising: 5%  Administrative: 9% 

Total income $4,930,003
Program expenses $4,340,002
Fund raising expenses 237,756
Administrative expenses 443,279
Total expenses $5,021,037
Expenses in Excess of Income (91,034)
Beginning net assets (1,289,095)
Ending net assets (1,380,129)
Total liabilities 2,272,924
Total assets $892,795


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Additional Financial Notes

              

The financial information above reflects the revenue, expenses, and assets of the Richmond Symphony as reported in consolidating schedules of their Consolidated Audited Financial Statements for the fiscal year ended June 30, 2012. The Richmond Symphony’s financial statements are audited on a consolidated basis with those of the Richmond Symphony Foundation, a distinct self-governing 501 (c)(3) non-profit entity established in 1989 for the purpose of soliciting and administering contributions for the benefit of the Symphony. The Foundation is governed by an independent board of trustees that maintains an arms-length relationship between the Foundation and the Symphony.

During the fiscal year ended June 30, 2012, the consolidated audit reported that the Richmond Symphony Foundation had $2,232,046 total revenue, $714,790 total expenses, and $10,986,073 net assets. The Foundation’s net assets are permanently restricted funds, subject to donor-imposed stipulations that they be maintained in perpetuity. Generally, donor restrictions permit that the income [only] of such funds be used for general or specific purposes to support the organization.

The full consolidated financial statements for the Richmond Symphony and Richmond Symphony Orchestra, as well as IRS Forms 990 for each organization, are available to the public on the Symphony’s website. While this report was based on financial information specific to the Richmond Symphony, BBB can confirm that using [gross] consolidated information from the audited financials would not have affected the results of this evaluation in any way.

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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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