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.