Friends of Summit Symphony Inc

Nonprofit profile at a glance

EIN
223395854
IRS 990-EZ coverage
2011–2023
Forms available
Form 990-EZ 2023
Location
Summit, NJ, USA
Phone
9732850359
Rating
44
Verdict
MIXED
Rating confidence
Moderate
Sector
Federated Giving Programs

Reported finances

Revenue
$30,297
Expenses
$32,867
Assets
$0
Liabilities
$0

Source: IRS Form 990-EZ. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • Alane Gruber (President)
  • Claire Caponigro (Vice President)

People named in this filing

  • Alane Gruber (President)
  • Claire Caponigro (Vice President)
  • James Dykema (Treasurer)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990-EZ. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Friends of Summit Symphony Inc was established to provide outside support for the Summit Symphony Orchestra (EIN 26-4102781), a community orchestra which was a project of the City of Summit, NJ. The city has not provided any funding to the Symphony since the financial crisis of 2008, so rather than maintain duplicate organizations Friends of Summit Symphony took over the operation of the orchestra in 2022. The Friends' classification as a "supporting organization" by the IRS has interfered with our ability to raising funds, so an entirely new organization has been created: Summit Symphony Inc, EIN 93-4284197, effective August 2024. This is our final return.

What it reported doing in 2023

The Summit Symphony performed three free concerts in the 2022-2023 season, including a student soloists' competition.

Operating model

Revenue model
Donor-supported. 98% of the money available for current operations came from contributions and gifts.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - The filed numbers largely add up and revenue has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 100
  • Sustainability: 23
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 51st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100

Sustainability

  • Operating margin: -8.5%; rating input score 34; 34th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 0% per year; rating input score 100; 54th percentile among comparable filings
  • Asset growth: 5.2% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 9 of 9 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 12 filing years from 2011 to 2023
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Moderate — Sustainability: Operating margin scored 34/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.