RHODE ISLAND PHILHARMONIC ORCHESTR… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1944

Legal Domicile

Principal Officer

DAVID BEAUCHESNE

Phone

4012487070

Tax Period

2024-07-01 to 2025-06-30

RHODE ISLAND PHILHARMONIC ORCHESTRA & MUSIC SCHOOL, founded in 1944, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $10.2M in total revenue in fiscal year 2024. Revenue surged 51% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.2M, a strong 31% operating margin.

Mission

AS THE ONLY PROFESSIONAL ORCHESTRA AND CERTIFIED COMMUNITY MUSIC SCHOOL IN THE STATE, THE RI PHIL ENRICHES AND TRANSFORMS OUR REGION THROUGH SYMPHONIC PERFORMANCES AND MUSIC EDUCATION PROGRAMS ACCESSIBLE TO ALL.

Program Service Accomplishments

Program 1

Expenses: $2,655,744 Revenue: $1,171,646

PROGRAM HIGHLIGHTS FOR 2024-25: WE CONTINUE TO BE THE LARGEST COMBINED PROFESSIONAL ORCHESTRA AND COMMUNITY MUSIC SCHOOL IN THE NATION. THE ORCHESTRA'S TACO CLASSICAL AND AMICA RUSH HOUR SERIES...

PROGRAM HIGHLIGHTS FOR 2024-25: WE CONTINUE TO BE THE LARGEST COMBINED PROFESSIONAL ORCHESTRA AND COMMUNITY MUSIC SCHOOL IN THE NATION. THE ORCHESTRA'S TACO CLASSICAL AND AMICA RUSH HOUR SERIES FEATURED WORLD-CLASS GUEST ARTISTS, DIVERSE REPERTOIRE, AND HIGHLIGHTED A DIFFERENT CONDUCTOR FOR EACH CONCERT AS WE ANTICIPATE MUSIC DIRECTOR RUTH REINHARDT'S 1ST SEASON IN 2025-2026. A SERIES OF POPULAR ARTIST AND HIGHLY ATTENDED SUMMER POPS CONCERTS EXTENDED OUR REACH BEYOND THE CLASSICAL STAGE. IN PERSON LINK UP EDUCATION CONCERTS RETURNED, AND THE PROGRAM REACHED OVER 10,000 STUDENTS IN 90 PARTNER SCHOOL IN 35 DISTRICTS.

Program 2

Expenses: $2,695,054 Revenue: $1,577,847

THE RI PHILHARMONIC MUSIC SCHOOL CONTINUED TO REACH STUDENTS AND SERVE OUR REGION'S COMMUNITIES THROUGH TUITION-BASED AND COMMUNITY PARTNERSHIP PROGRAMS TAUGHT BY OUTSTANDING FACULTY, INCLUDING...

THE RI PHILHARMONIC MUSIC SCHOOL CONTINUED TO REACH STUDENTS AND SERVE OUR REGION'S COMMUNITIES THROUGH TUITION-BASED AND COMMUNITY PARTNERSHIP PROGRAMS TAUGHT BY OUTSTANDING FACULTY, INCLUDING ORCHESTRA MEMBERS. WITH ACCESSIBILITY AS A CORNER-STONE, PARTNERSHIP PROGRAMS LIKE LINK-UP, VICTORIA'S DREAM PROJECT, AND OUR TUTION-BASED FINANCIAL AID PROGRAM PROVIDED OVER $1 MILLION IN FREE AND HIGHLY SUBSIDIZED INSTRUCTION TO TENS-OF-THOUSANDS OF STUDENTS ACROSS THE REGION. OUR CARTER CENTER FOR MUSIC EDUCATION & PERFORMANCE CONTINUED TO SERVE AS A HUB FOR COMMUNITY-BASED MUSIC ACTIVITY, HOSTING PARTNER INSTITUTIONS LIKE THE PROVIDENCE SINGERS, AMERICAN BAND, RI MUSIC EDUCATORS ASSOCIATION, GIRLS ROCK RI, THE AUTISM PROJECT AND OTHERS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $7,333,813

Program Service Revenue $2,712,397

Investment Income $263,071

Other Revenue $-76,501

TOTAL REVENUE $10,232,780

Expense Breakdown

Grants Paid $236,868

Salaries & Benefits $3,501,908

Fundraising Expenses $322,816

Program Expenses $5,350,798

Other Expenses $3,325,326

TOTAL EXPENSES $7,064,102

Year-over-Year Comparison

	2024	2023	Change
Revenue	$10,232,780	$6,763,441	+0.5%
Expenses	$7,064,102	$7,705,155	-0.1%
Net Income	$3,168,678	$-941,714	-4.4%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

366

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$435,237

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SUSAN CHUNG	PRESIDENT	2.00	Officer Director	$0	$0	$0
DR EDWARD WING	CHIEF MEDICAL ADVISOR & SECRETARY	2.00	Officer Director	$0	$0	$0
BRENDAN MCCORRY	TREASURER	2.00	Officer Director	$0	$0	$0
KAREN PELCZARSKI	GENERAL COUNSEL	2.00	Officer Director	$0	$0	$0
DAVID AMES	DIRECTOR	2.00	Director	$0	$0	$0
WILLIAM ASH	DIRECTOR	2.00	Director	$0	$0	$0
TING BARNARD	DIRECTOR	2.00	Director	$0	$0	$0
PETER COSTA	DIRECTOR	2.00	Director	$0	$0	$0
LINDA DIEBOLD	DIRECTOR	2.00	Director	$0	$0	$0
SHAUNA DUFFY	DIRECTOR	2.00	Director	$0	$0	$0
JOHN EUSTIS	DIRECTOR	2.00	Director	$0	$0	$0
AMY GOLDSTEIN	DIRECTOR	2.00	Director	$0	$0	$0
KAREN GRANDE	DIRECTOR	2.00	Director	$0	$0	$0
JOANNE HAWORTH	DIRECTOR	2.00	Director	$0	$0	$0
GLENNA HAGOPIAN	DIRECTOR	2.00	Director	$0	$0	$0
JAMES LOW	DIRECTOR (AS OF 09/24)	2.00	Director	$0	$0	$0
MARIE MYERS	DIRECTOR	2.00	Director	$0	$0	$0
MARY REINEMAN	DIRECTOR	2.00	Director	$0	$0	$0
DANIEL ROSSIGNOL	DIRECTOR (AS OF 09/24)	2.00	Director	$0	$0	$0
DEMING SHERMAN	DIRECTOR	2.00	Director	$0	$0	$0
DAVID VON HEMERT	DIRECTOR	2.00	Director	$0	$0	$0
DR SCOTT WALKER	DIRECTOR	2.00	Director	$0	$0	$0
DAVID WINOKER	DIRECTOR	2.00	Director	$0	$0	$0
ROBERT FETZER	DIRECTOR (TO 09/24)	2.00	Director	$0	$0	$0
CAROL GOLDEN	DIRECTOR (TO 09/24)	2.00	Director	$0	$0	$0
JESSICA GRANATIERO	DIRECTOR (TO 09/24)	2.00	Director	$0	$0	$0
HERBERT RAKATANSKY	DIRECTOR (TO 09/24)	2.00	Director	$0	$0	$0
ROSALYN SINCLAIR	DIRECTOR (TO 09/24)	2.00	Director	$0	$0	$0
DAVID BEAUCHESNE	EXECUTIVE DIRECTOR	40.00	Officer	$203,940	$15,583	$219,523
JILL FRECHETTE	DIRECTOR OF FINANCE	40.00	Officer	$88,508	$8,974	$97,482
LAURIE JOHNSON CARVALHO	DIRECTOR OF DEVELOPMENT	40.00	Officer	$100,577	$17,655	$118,232

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$10,232,780	$7,064,102	$14,800,453	$3,168,678
2024	No data	No data	No data	No data
2023	$7,226,418	$7,825,802	$14,898,353	$-599,384
2022	$8,995,792	$7,192,819	$14,866,163	$1,802,973
2021	$5,398,910	$5,196,699	$15,804,954	$202,211
2020	$4,725,714	$5,573,083	$14,305,365	$-847,369
2019	$5,500,254	$5,958,865	$14,912,745	$-458,611
2018	$5,029,145	$5,578,397	$15,299,127	$-549,252

RHODE ISLAND PHILHARMONIC ORCHESTRA & MUSIC SCHOOL