Overview
What is The Palm Beach Symphony Society Inc?
The Palm Beach Symphony Society Inc, located at 400 Hibiscus Street 100, West Palm Beach, Florida, is a vibrant nonprofit organization that has been thriving under the leadership of CEO David McClymont. With a symphony orchestra boasting over 90 musicians, it is recognized as a major orchestra, delivering captivating performances of masterworks concerts. In the 2021-2022 season, the symphony experienced impressive growth, with a 56% increase in ticket sales, engaging, educating, and entertaining more than a thousand individuals per performance. Recipient of the 2020 Muse Award for Outstanding Community Engagement by the Cultural Council for Palm Beach County, the Palm Beach Symphony is dedicated to educating and nurturing the local community in classical symphonic music. Expanding its reach through various programs, the symphony has provided instrumental donations, free public concerts, children's concerts, student coaching sessions, and masterclasses, impacting over 56,000 students in recent years. With a strong commitment to its mission, the Palm Beach Symphony Society Inc embodies the spirit of community engagement and artistic excellence, creating a rich cultural landscape in West Palm Beach.
Official website here: www.palmbeachsymphony.com
What are the reviews and ratings of this charity?
Charity Navigator rating: 87%, Three-Star out of Four Star rating.
The Palm Beach Symphony Society Inc has achieved a solid Three-Star rating with an overall score of 87%, reflecting a strong commitment to accountability and financial health. The organization boasts a fully independent board with 100% of its members being independent, ensuring that governance decisions are made without conflicts of interest. Additionally, there is no indication of asset diversion, demonstrating a responsible approach in managing resources.
Financially, the Symphony Society exhibits impressive metrics, including a program expense ratio of 69.02%, indicating that a significant portion of funds is directed towards its core mission activities. Their fundraising efficiency is notable, with just $0.18 spent to raise each dollar, suggesting effective fundraising practices. However, the working capital ratio of 0.85 years may suggest some limitations in liquidity, which could impact future operations if not managed carefully.
Overall, The Palm Beach Symphony Society Inc appears to be a well-managed organization prioritizing transparency and operational efficiency. The absence of any significant financial issues and the strong governance structure contribute to its positive standing in the nonprofit community.
This AI summary has been generated from information found on Charity Navigator.
Is The Palm Beach Symphony Society Inc legitimate?
The Palm Beach Symphony Society Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Palm Beach Symphony Society Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $308,777
Professional Fundraising Fees: $0
Other Salaries and Wages: $643,338
For more financial information, click here
Official website here: www.palmbeachsymphony.com
What is the mission statement of The Palm Beach Symphony Society Inc?
The mission of The Palm Beach Symphony Society Inc is centered around educating and nurturing the local community in classical symphonic music. They achieve this by utilizing their symphonic orchestra. The society's activities during their 48th season, under the leadership of CEO David McClymont and Music Director Gerard Schwarz, included spirited performances of masterworks concerts, engaging, educating, and entertaining over a thousand people at each performance. The Palm Beach Symphony, recognized for its outstanding community engagement, saw a significant growth of 56% in ticket sales during the 2021-2022 season. Additionally, the organization expands its education and community outreach programs, reaching over 56,000 students through initiatives such as children's concerts, student coaching sessions, masterclasses, instrument donations, and free public concerts.
Official website here: www.palmbeachsymphony.com
Who is the CEO of The Palm Beach Symphony Society Inc?
Mr David Mcclymont is the CEO of The Palm Beach Symphony Society Inc The CEO's salary of The Palm Beach Symphony Society Inc is $310,000 and their total compensation is $326,723.
Official website here: www.palmbeachsymphony.com
What is the revenue of The Palm Beach Symphony Society Inc?
The Palm Beach Symphony Society Inc's revenue in 2024 was $4,218,147.
Official website here: www.palmbeachsymphony.com
Who are the executives of The Palm Beach Symphony Society Inc and what are their salaries?
The average compensation at The Palm Beach Symphony Society Inc during 2024 was $68,008. There are 14 employees and 30 volunteers at The Palm Beach Symphony Society Inc.
Here are 16 key members and their salaries (The Palm Beach Symphony Society Inc's CEO's salary is $310,000 and their total compensation is $326,723):
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- Other: $6,743
Official website here: www.palmbeachsymphony.com
Where can I find the form 990 for The Palm Beach Symphony Society Inc?
The Palm Beach Symphony Society Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.palmbeachsymphony.com
Learn more at the official website: www.palmbeachsymphony.com
Mission Statement of The Palm Beach Symphony Society Inc
The Palm Beach Symphony Society Inc is dedicated to educating and nurturing the local community in the realm of classical symphonic music. This mission is accomplished through the utilization of its symphonic orchestra, which under the leadership of CEO David McClymont and Music Director Gerard Schwarz, has seen impressive growth and performances, engaging, educating, and entertaining over a thousand people at each performance. Recognized for its outstanding community engagement, the Palm Beach Symphony Society Inc has also expanded its education and community outreach programs, reaching over 56,000 students in recent years with initiatives such as children's concerts, student coaching sessions, masterclasses, instrument donations, and free public concerts. By doing so, the Palm Beach Symphony Society Inc not only fosters an appreciation for classical music but also plays a vital role in nurturing the musical talent of the local community.
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Impact
July, 2024
The Palm Beach Symphony Society Inc, through its 48th season, has significantly impacted the local community by educating and nurturing audiences in classical symphonic music. Under the leadership of CEO David McClymont, the symphony has experienced substantial growth, with Music Director Gerard Schwarz leading spirited performances of six masterworks concerts with an orchestra comprised of 90 players, marking the symphony as a major orchestra. The 2021-2022 season saw a notable 56% growth in ticket sales, engaging, educating, and entertaining over a thousand people at each performance. Moreover, the symphony has been recognized for its outstanding community engagement with a 2020 MUSE Award from the Cultural Council for Palm Beach County.
In addition to its performances, The Palm Beach Symphony has expanded its education and community outreach programs, reaching more than 56,000 students through initiatives such as children's concerts, student coaching sessions, masterclasses, instrument donations, and free public concerts. By fulfilling its mission to educate and nurture the local community in classical symphonic music, The Palm Beach Symphony Society Inc is making a lasting impact in West Palm Beach, Florida, and beyond.
This information is meant to be a general summary of The Palm Beach Symphony Society Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $57,827
- Program Service Revenue: $645,860
- Gross Receipts: $4,879,009
Assets and Liabilities:
- Total Assets: $3,120,506
- Total Liabilities: $418,248
- Net Assets: $2,702,258
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TICKET SALES
Revenue
$363,531
OUTREACH CONCERTS
Revenue
$282,329
Organization Details
Founding Year
1974
Principal Officer
Mr James Borynack
Website
www.palmbeachsymphony.comNTEE Category
Code: A690 - Arts
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