Seattle Symphony Foundation

Nonprofit profile at a glance

EIN
911351925
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Seattle, WA, USA
Phone
2062154700
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Symphony Orchestras

Official website

Reported finances

Revenue
$5,098,029
Expenses
$3,575,959
Assets
$50,295,071
Liabilities
$157,785

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

Leadership & pay

13 people listed

Executive titles in this filing

  • KRISHNA THIAGARAJAN (PRESIDENT & CEO)
  • MARIA YANG (CEO & VP OF DEVELOPMENT)

Highest reported compensation

  • KRISHNA THIAGARAJAN (PRESIDENT & CEO): $481,333 total reported compensation
  • CHERONNE WONG (CFO & BENAROYA HALL COO): $323,806 total reported compensation
  • MARIA YANG (CEO & VP OF DEVELOPMENT): $318,568 total reported compensation

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

Overview

Mission

The primary purpose of the seattle symphony foundation is to aid and support the seattle symphony orchestra and benaroya hall music center endowments.

What it reported doing in 2024

The foundation's articles of incorporation provide that up to 7.5% of the 36 month rolling average of the endowment value be distributed annually to the seattle symphony orchestra to support its operations. In 2024, the foundation board approved a distribution to the orchestra totaling 5% of the 36 month average of endowment values.in 2019 the foundation added a new endowment fund for the benefit of benaroya music hall. In 2024, the foundation board approved a distribution to benaroya hall totaling 5% of a rolling 36 month average of the endowment values.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 71
  • Accountability: 86
  • Sustainability: 85
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87.3%; rating input score 87
  • Fundraising efficiency: $6.79 raised per $1 spent on fundraising; rating input score 25; 25th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 29.9%; rating input score 84; 84th percentile among comparable filings
  • Total-asset coverage ratio: 14.06; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 90; 90th percentile among comparable filings
  • Officer compensation ratio: 3.9%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: 3.1% per year; rating input score 100; 28th percentile among comparable filings
  • Revenue growth: 7% per year; rating input score 100; 55th percentile among comparable filings
  • Asset growth: 4.6% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 87.3% of spending went to programs
  • Governance: 10 of 10 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $3.1M in reported program spending
  • Leadership: top reported pay $481K · 13 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $159K reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 4 filed related-organization links
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Financial Efficiency: Fundraising efficiency scored 25/100.
  • Review — Accountability: Governance controls: 3 of 9 not reported.