Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $799,030

• 1d · Related organizations

  $1,076,103

• 1f · All other contributions, gifts and grants

  $264,435

• 1g · Noncash contributions included above

  $10,825

• 8a · Fundraising events: gross income

  $408,313

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

  $799,030

• 8b · Fundraising events: direct expenses

  $1,148,741

• 8c · Net income from fundraising events

  total -$740,428 · excluded -$740,428

• 11a · Other revenue: MISCELLANEOUS REVENUE

  total $6,667 · unrelated business -$104 · excluded $6,771

• 11e · Other revenue, total

  $6,667

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $20,000 · program services $20,000

• 7 · Other salaries and wages

  total $559,787 · management and general $330,000 · fundraising $229,787

• 9 · Other employee benefits

  total $276 · management and general $276

• 11b · Fees: legal

  total $452 · fundraising $452

• 11c · Fees: accounting

  total $42,859 · management and general $42,859

• 11g · Fees: other

  total $24,100 · management and general $16,600 · fundraising $7,500

• 13 · Office expenses

  total $9,977 · fundraising $9,977

• 21 · Payments to affiliates

  total $264,657 · program services $225,593 · management and general $39,064

• 22 · Depreciation, depletion and amortization

  total $2,441,079 · management and general $2,441,079

• 24a · Other expenses: FUNDRAISING CAMPAIGN

  total $22,143 · fundraising $22,143

• 24b · Other expenses: MISCELLANEOUS EXPENSE

  total $80 · management and general $80

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $3,262,994 · end of year $1,658,593

• 3 · Pledges and grants receivable

  beginning of year $181,972 · end of year $93,447

• 4 · Accounts receivable

  beginning of year $5,100 · end of year $0

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

  $90,399,598

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

  $66,715,541

• 10c · Land, buildings and equipment, net

  beginning of year $24,063,015 · end of year $23,684,057

• 17 · Accounts payable and accrued expenses

  beginning of year $88,018 · end of year $10,685

• 25 · Other liabilities

  beginning of year $186,263 · end of year $181,069

• 27 · Net assets without donor restrictions

  beginning of year $27,096,800 · end of year $25,147,343

• 28 · Net assets with donor restrictions

  beginning of year $142,000 · end of year $97,000

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 ASSOCIATION (ASSOCIATION). ASSOCIATION 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. THE ASSOCIATION 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, THE 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 ASSOCIATION'S TOP EXECUTIVES. THE COMPENSATION COMMITTEE WILL THEN SET THE COMPENSATION FOR THE RELEVANT EXECUTIVE AND DOCUMENT THE DECISION IN BOARD MINUTES.

PART I, LINE 4B

ACADEMY OF MUSIC OF PHILADELPHIA BOARD MEMBER, MATIAS TARNOPOLSKY, IS THE PRESIDENT/CEO OF THE PHILADELPHIA ORCHESTRA ASSOCIATION (POA). AS PART OF HIS EMPLOYMENT AGREEMENT, MR. TARNOPOLSKY PARTICIPATES IN A 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. AMOUNTS ACCRUED UNDER THE PLAN IN THE CURRENT YEAR OF $93,450 ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (C).