The Palm Beach Symphony Society Inc

What it reported doing in 2024

Under the visionary leadership of ceo david mcclymont and the artistic excellence of music director gerard schwarz, palm beach symphony experienced unprecedented growth and impact in the 2024-2025 season. The symphony presented seven sold-out masterworks concerts featuring an orchestra of more than 90 world-class musicians, cementing its stature as one of america's premier regional orchestras.this season, the symphony achieved: 10% increase in memberships and subscriptions. 12% increase in individual contributions and corporate sponsorships. Record-breaking attendance at all fundraising and concert events.(continued in schedule o) expanded donor base by over 500 new patrons. 30% increase in instrument donations to support music education.palm beach symphony's 2024-2025 education and outreach efforts, led through the paul and sandra goldner conservatory of music, reached thousands across palm beach county with a blend of performances, residencies, and community programs. The todd barron instrument donation program provided 218 instruments and 1,231 accessories this season, bringing the total to 898 instruments and 2,629 accessories since 2016. Seven title i schools hosted artists-in-residence for 363 contact hours, 183 coachings, and 64 classes, reaching 541 students on a continuous basis. The symphony delivered five in-school concerts, three steam sessions, and numerous pre-concert lobby performances in partnership with schools and arts organizations. The dale a. Mcnulty children's concert series premiered cinderella and the orchestra, engaging 3,369 attendees and distributing curriculum guides to 500 schools, impacting over 200,000 students. Complimentary and discounted tickets provided access for 2,289 students, educators, and families, while masterclasses, special clinics, and open rehearsals offered direct learning opportunities with renowned artists. Outreach programs also included 88 community events, 217 specialized coaching sessions, 477 instructional hours, and initiatives like nurturing notes, which brought live music into hospitals.palm beach symphony's education and community engagement programs reached more people than ever before. Initiatives included yearlong residencies in title i schools, over 100 in-school performances and workshops, student coaching sessions with professional musicians, instrument distribution to underserved students, and public masterclasses with nationally recognized artists.the symphony's commitment to accessibility was underscored by free public concerts in parks, cultural centers, and community spaces impacting over 20,000 residents who might not otherwise experience live symphonic music.through this blend of artistic excellence, measurable growth, and deep community engagement, palm beach symphony continues to serve as a cultural anchor for the region while inspiring the next generation of musicians and music lovers.

Financial Efficiency

• Mission deployment rate: 74.9%; rating input score 75
• Program expense ratio: 73.4%; rating input score 73
• Fundraising efficiency: $4.06 raised per $1 spent on fundraising; rating input score 13; 13th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd 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: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• 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: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • 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: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -0.2%; rating input score 32; 32nd percentile among comparable filings
• Total-asset coverage ratio: 0.92; rating input score 34; 34th percentile among comparable filings
• Liabilities to assets ratio: 0.23; rating input score 40; 40th percentile among comparable filings
• Officer compensation ratio: 11.8%; rating input score 25; 25th percentile among comparable filings

Growth

• Program expense growth: 16.9% per year; rating input score 100; 81st percentile among comparable filings
• Revenue growth: 13.9% per year; rating input score 100; 79th percentile among comparable filings
• Asset growth: 14.3% per year; rating input score 100; 73rd percentile among comparable filings