Waterloo-cedar Falls Symphony Orchestra Association

Nonprofit profile at a glance

EIN
420766745
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Cedar Falls, IA, USA
Phone
3192733373
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$632,691
Expenses
$700,070
Assets
$770,833
Liabilities
$4,739

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

Leadership & pay

18 people listed

Executive titles in this filing

  • JORDAN BANCROFT (EXECUTIVE DIRECTOR)
  • CHRIS HOFFMAN (PRESIDENT)
  • MARTHA KROESE (PAST PRESIDENT)
  • STEPHANIE CLOHESY (PRESIDENT ELECT)

Highest reported compensation

  • JORDAN BANCROFT (EXECUTIVE DIRECTOR): $71,509 total reported compensation

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

Overview

Mission

Our mission is sharing live music, championing innovation, and celebrating our common humanity. We do this with inventive, contemporary approaches to ensemble performance which engage audiences meaningfully in live music.

What it reported doing in 2024

Provided classical concerts, pops concerts, and a series of music lab youth concerts. Facilitated a year-long artist residency in the waterloo schools. Went into local schools to educate young students about classical music.

Operating model

Revenue model
Donor-supported. 74% 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.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. 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: 47
  • Transparency & Controls: 92
  • Accountability: 69
  • Sustainability: 34
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 52.1%; rating input score 52
  • Program expense ratio: 44.3%; rating input score 44
  • Fundraising efficiency: $8.01 raised per $1 spent on fundraising; rating input score 31; 31st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: -10.6%; rating input score 16; 16th percentile among comparable filings
  • Total-asset coverage ratio: 1.1; rating input score 46; 46th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 72; 72nd percentile among comparable filings
  • Officer compensation ratio: 10.2%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: 11.9% per year; rating input score 100; 68th percentile among comparable filings
  • Revenue growth: 1.6% per year; rating input score 100; 22nd percentile among comparable filings
  • Asset growth: -5.1% per year; rating input score 0; 6th percentile among comparable filings

Details

  • Where the money goes: 52.1% of revenue deployed · 44.3% of spending went to programs
  • Governance: 17 of 17 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $310K in reported program spending
  • Leadership: top reported pay $72K · 18 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Financial Efficiency: Mission deployment rate scored 52/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 44/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 31/100.
  • High — Sustainability: Operating margin scored 16/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.