Greater Bridgeport Symphony Society Inc

Nonprofit profile at a glance

EIN
066012460
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Bridgeport, CT, USA
Phone
2035760263
Rating
67
Verdict
SUPPORTED
Rating confidence
Standard

Official website

Reported finances

Revenue
$398,352
Expenses
$360,615
Assets
$232,676
Liabilities
$86,130

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

27 people listed

Executive titles in this filing

  • PHYLLIS CORTESE (EXECUTIVE DIRECTOR)
  • MARK HALSTEAD (PRESIDENT)
  • KEN STAFFEY (IMMEDIATE PAST PRESIDENT)
  • FRANK GALLINELLI (VICE PRESIDENT)

Highest reported compensation

  • PHYLLIS CORTESE (EXECUTIVE DIRECTOR): $60,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To present orchestra concerts through the greater bridgeport symphony orchestra and educational programs. The societys objective is to bring enriching musical performances to people throughout the greater brideport area.

What it reported doing in 2024

Concerts-concert series for cultural entertainment in greater bridgeport area and educational programs

Operating model

Revenue model
Donor-supported. 65% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 65
  • Accountability: 79
  • Sustainability: 41
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.8%; rating input score 72
  • Program expense ratio: 78.6%; rating input score 79
  • Fundraising efficiency: $28.83 raised per $1 spent on fundraising; rating input score 66; 66th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 22nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 9.5%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 0.65; rating input score 30; 30th percentile among comparable filings
  • Liabilities to assets ratio: 0.37; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 16.6%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: -0.5% per year; rating input score 0; 28th percentile among comparable filings
  • Revenue growth: -0.8% per year; rating input score 0; 21st percentile among comparable filings
  • Asset growth: -3.5% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 71.8% of revenue deployed · 78.6% of spending went to programs
  • Governance: 27 of 27 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $283K in reported program spending
  • Leadership: top reported pay $60K · 27 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 30/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Operating margin scored 59/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.