Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $816,535

• 1d · Related organizations

  $1,489,193

• 1f · All other contributions, gifts and grants

  $991,751

• 1g · Noncash contributions included above

  $65,948

• 3 · Investment income

  total $31,500 · excluded $31,500

• 8a · Fundraising events: gross income

  $219,580

• 8a · Fundraising events: contributions included on line 1c

  $816,535

• 8b · Fundraising events: direct expenses

  $629,158

• 8c · Net income from fundraising events

  total -$409,578 · excluded -$409,578

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $197,353 · management and general $190,719 · fundraising $6,634

• 7 · Other salaries and wages

  total $346,765 · management and general $212,854 · fundraising $133,911

• 8 · Pension plan contributions

  total $26,379 · management and general $17,355 · fundraising $9,024

• 9 · Other employee benefits

  total $57,570 · management and general $37,278 · fundraising $20,292

• 10 · Payroll taxes

  total $34,420 · management and general $23,769 · fundraising $10,651

• 11b · Fees: legal

  total $19,198 · management and general $18,724 · fundraising $474

• 11g · Fees: other

  total $40,589 · management and general $9,809 · fundraising $30,780

• 12 · Advertising and promotion

  total $347 · management and general $347

• 13 · Office expenses

  total $9,529 · management and general $579 · fundraising $8,950

• 16 · Occupancy

  total $757 · management and general $350 · fundraising $407

• 17 · Travel

  total $1,550 · management and general $1,550

• 19 · Conferences, conventions and meetings

  total $1,230 · management and general $1,230

• 21 · Payments to affiliates

  total $234,393 · program services $234,393

• 22 · Depreciation, depletion and amortization

  total $2,512,926 · management and general $2,512,926

• 24a · Other expenses: CULTIVATION EXPENSES

  total $12,987 · management and general $332 · fundraising $12,655

• 24b · Other expenses: EQUIPMT MAINT/REPAIR

  total $10,124 · management and general $10,124

• 24c · Other expenses: MISCELLANEOUS EXPENSES

  total $3,382 · management and general $2,382 · fundraising $1,000

• 24d · Other expenses: MARKETING AND PROMOTION

  total $155 · management and general $155

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $1,658,593 · end of year $1,938,638

• 3 · Pledges and grants receivable

  beginning of year $93,447 · end of year $558,500

• 9 · Prepaid expenses and deferred charges

  beginning of year $0 · end of year $14,361

• 10a · Land, buildings and equipment: cost or other basis

  $91,736,203

• 10b · Land, buildings and equipment: accumulated depreciation

  $69,228,467

• 10c · Land, buildings and equipment, net

  beginning of year $23,684,057 · end of year $22,507,736

• 12 · Investments: other securities

  beginning of year $0 · end of year $0

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $0 · end of year $2,985

• 17 · Accounts payable and accrued expenses

  beginning of year $10,685 · end of year $292,056

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $181,069 · end of year $48,200

• 27 · Net assets without donor restrictions

  beginning of year $25,147,343 · end of year $24,211,964

• 28 · Net assets with donor restrictions

  beginning of year $97,000 · end of year $470,000

The filer's explanations (Part III)

PART I, LINE 3

THE ACADEMY DOES NOT HAVE ANY PAID EMPLOYEES; ALL COMPENSATION TO THE OFFICERS REPORTED ON PART VII OF THE FORM 990 WAS PAID BY A RELATED ORGANIZATION, THE PHILADELPHIA ORCHESTRA AND KIMMEL CENTER INC (POKC). POKC UNDERTAKES A THOROUGH PROCESS TO ENSURE THAT THE EXECUTIVE COMPENSATION IT PAYS TO ITS TOP MANAGEMENT OFFICIALS AND ALL OF ITS OFFICERS AND KEY EMPLOYEES OF THE ASSOCIATION IS REASONABLE GIVEN THE MARKET IN WHICH THE ASSOCIATION OPERATES. POKC CHECKS THE FOLLOWING BOXES FOR QUESTION 3 ON ITS FORM 990: COMPENSATION COMMITTEE FORM 990 OF OTHER ORGANIZATIONS WRITTEN EMPLOYMENT CONTRACT COMPENSATION SURVEY OR STUDY APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE IN RELEVANT PART, POKC'S BOARD OF TRUSTEES HAS ESTABLISHED A COMPENSATION COMMITTEE OF INDEPENDENT PERSONS THAT HAVE NO PERSONAL INTEREST IN THE PROPOSED COMPENSATION AGREEMENT. THE COMPENSATION COMMITTEE OBTAINS A MARKET ASSESSMENT AND COMPETITIVE POSITION ANALYSIS FOR THE ORGANIZATION'S TOP EXECUTIVES. THE COMPENSATION COMMITTEE WILL THEN SET THE COMPENSATION FOR THE RELEVANT EXECUTIVE AND DOCUMENT THE DECISION IN BOARD MINUTES. APPLICABLE DOCUMENTS, EMAILS AND OTHER WRITINGS CREATED CONTEMPORANEOUSLY WERE USED AS THE BASIS FOR THE SELECTION AND COMPENSATION DECISIONS.

PART I, LINE 4B

THE ACADEMY OF MUSIC OF PHILADELPHIA, INC. BOARD MEMBER AND OFFICER, MATIAS TARNOPOLSKY, WAS THE PRESIDENT/CEO OF THE PHILADELPHIA ORCHESTRA AND KIMMEL CENTER, INC. (POKC) UNTIL DECEMBER 2024. AS PART OF HIS EMPLOYMENT AGREEMENT, MR. TARNOPOLSKY PARTICIPATED IN POKC'S NONQUALIFIED DEFERRED COMPENSATION PLAN. AMOUNTS ARE CREDITED TO THE PLAN EACH YEAR AND PLAN BALANCES ARE SUBJECT TO FORFEITURE AND/OR PAYMENT IF CERTAIN CONDITIONS ARE MET. NO PAYMENTS WERE MADE TO MR. TARNOPOLSKY UNDER THE PLAN IN CALENDAR YEAR 2024. MR. TARNOPOLSKY TERMINATED IN DECEMBER 2024. $486,000 WAS FORFEITED FROM THIS PLAN IN JANUARY 2025.