ANNAPOLIS SYMPHONY ORCHESTRA INC

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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

1967

Legal Domicile

Principal Officer

KATHERINE EDWARDS

Phone

4102691132

Tax Period

2024-07-01 to 2025-06-30

ANNAPOLIS SYMPHONY ORCHESTRA INC, founded in 1967, is a community nonprofit in the Arts, Culture & Humanities sector that reported $5.3M in total revenue in fiscal year 2024. Revenue surged 36% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.6M, a strong 49% operating margin.

Mission

THE MISSION OF THE ANNAPOLIS SYMPHONY ORCHESTRA IS TO INSPIRE, EDUCATE AND ENRICH LIVES NEAR AND FAR BY CREATING EXTRAORDINARY MUSICAL EXPERIENCES WITH UNCOMPROMISING ARTISTIC EXCELLENCE.

Program Service Accomplishments

Program 1

Expenses: $260,202 Revenue: $617,254

THE CORE PROGRAMMING OF THE ASO DURING ITS 61ST SEASON CENTERED AROUND THE MASTERWORKS SERIES SIX PROGRAMS FEATURING SYMPHONIC REPERTOIRE WITH 12 PERFORMANCES IN MARYLAND HALL, ANNAPOLIS, AND 3 RUN OUTS AT STRATHMORE IN BETHESDA. PROGRAMMING CHOICES CENTERED AROUND THE ASOS COMMITMENT TO PROMOTING AMERICAN MUSIC AND SYMPHONIC MUSIC FROM UNDERREPRESENTED COMPOSERS AND THOSE INCLUDED KOREAN, PACIFIC-ISLANDER, AFRICAN-AMERICAN, JEWISH-UKRAINIAN, AND CANADIAN COMPOSERS IN THIS SEASON. THIS IS ACCOMPLISHED DUE TO OUR COLLABORATION WITH THE GABRIELA LENA FRANK ACADEMY TO CO-COMMISSION SYMPHONIC WORKS WITH EMERGING COMPOSERS. SECOND, WE LAUNCHED THE FIRST OF A THREE ALBUM PROJECT WITH LONDON-BASED TOCCATA MUSIC GROUP WITH WORLDWIDE DISTRIBUTION THROUGH NAXOS MUSIC LIBRARY NML. CONTINUED ON SCHEDULE O.

Program 2

Expenses: $1,806,286

KEY COMPONENT OF THE ASO IS ITS EDUCATION AND COMMUNITY OUTREACH PROGRAMS. THE ASO HAS A LONGSTANDING PARTNERSHIP WITH THE ANNE ARUNDEL PUBLIC SCHOOLS. THE ASO PROVIDES THE REQUESTED PROFESSIONAL...

KEY COMPONENT OF THE ASO IS ITS EDUCATION AND COMMUNITY OUTREACH PROGRAMS. THE ASO HAS A LONGSTANDING PARTNERSHIP WITH THE ANNE ARUNDEL PUBLIC SCHOOLS. THE ASO PROVIDES THE REQUESTED PROFESSIONAL MUSICIANS FOR COACHING/LESSONS FOR THE TWO MIDDLE SCHOOLS/PERFORMING ARTS MAGNET SCHOOLS. EVERY YEAR THE ASO OFFERS SCHOOL CONCERTS AND A FAMILY CONCERT FOCUSED ON LEARNING ABOUT MUSIC AND THE ORCHESTRA. THE ASOS COMMITMENT TO THE COMMUNITY IS EVIDENT WITH THE ESTABLISHMENT OF THE ANNAPOLIS SYMPHONY ACADEMY IN 2018. THE ACADEMYS MISSION IS TO CHANGE LIVES BY PROVIDING ACCESSIBLE HIGH-LEVEL MUSICAL EDUCATION TO STUDENTS OF ALL CULTURAL AND ECONOMIC BACKGROUNDS, WHILE ADDRESSING THE UNDER-REPRESENTATION OF MUSICIANS OF COLOR IN THE CLASSICAL MUSIC FIELD. IN THIS SEASON 84 STUDENTS WERE ENROLLED. HALF OF THE ACADEMY STUDENTS ARE FROM UNDER-SERVED COMMUNITIES. CONTINUED ON SCHEDULE O

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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 $4,154,210

Program Service Revenue $617,254

Investment Income $338,965

Other Revenue $211,003

TOTAL REVENUE $5,321,432

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,645,206

Fundraising Expenses $179,307

Program Expenses $2,066,488

Other Expenses $1,094,940

TOTAL EXPENSES $2,740,146

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,321,432	$3,919,972	+0.4%
Expenses	$2,740,146	$2,698,610	+0.0%
Net Income	$2,581,286	$1,221,362	+1.1%

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

210

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

$15,408

Total Directors

$191,041

Key Employees

$175,633

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOSE LUIS-NOVO	ARTISITIC DIRECTOR AND CONDUCTOR	040.00	Director Key Emp	$150,135	$25,498	$175,633
RALPH KUNCL	FORMER EXECUTIVE DIRECTOR	040.00	Officer Director	$15,408	$0	$15,408
KATHERINE EDWARDS	CHAIR	001.00	Officer Director	$0	$0	$0
MICHELLE HELLSTERN	VICE CHAIR	001.00	Officer Director	$0	$0	$0
STEPHEN SOTACK	TREASURER	001.00	Officer Director	$0	$0	$0
ANN WHITCOMB	VICE PRESIDENT-FINANCE	001.00	Officer Director	$0	$0	$0
MONIQUE LANGSTON	SECRETARY	001.00	Officer Director	$0	$0	$0
ROBERT ARIAS	DIRECTOR	001.00	Director	$0	$0	$0
GEORGIANNA CROSBY	DIRECTOR	001.00	Director	$0	$0	$0
WILLIAM DAVIS	DIRECTOR	001.00	Director	$0	$0	$0
GINGER FROM	DIRECTOR	001.00	Director	$0	$0	$0
SONJA GLADWIN	DIRECTOR	001.00	Director	$0	$0	$0
CHARLES GRUDZINSKAS	DIRECTOR	001.00	Director	$0	$0	$0
COLLOT GUERARD	DIRECTOR	001.00	Director	$0	$0	$0
ELIZABETH MAXWELL-SCHMIDT	DIRECTOR	001.00	Director	$0	$0	$0
DEB HOWE	DIRECTOR	001.00	Director	$0	$0	$0
MIMI JONES	DIRECTOR	001.00	Director	$0	$0	$0
JILL KIDWELL	DIRECTOR	001.00	Director	$0	$0	$0
JEANNE KELLY	DIRECTOR	001.00	Director	$0	$0	$0
MARIE TREANOR	DIRECTOR	001.00	Director	$0	$0	$0
FLORENCE CALVERT	DIRECTOR	001.00	Director	$0	$0	$0
MARY MCKIEL PHD	DIRECTOR	001.00	Director	$0	$0	$0
WILLIAM HOFF	DIRECTOR	001.00	Director	$0	$0	$0
SHELLEY ROW	DIRECTOR	001.00	Director	$0	$0	$0
ERICA BONDAREV RAPACH	EXECUTIVE DIRECTOR 4/25 - 6/25	040.00	Officer Director	$0	$0	$0

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	$5,321,432	$2,740,146	$8,699,982	$2,581,286
2024	$3,919,972	$2,698,610	$5,847,910	$1,221,362
2023	$2,660,149	$3,849,447	$4,510,356	$-1,189,298
2022	$1,747,848	$2,854,468	$5,234,678	$-1,106,620
2021	$5,168,158	$1,536,599	$7,107,921	$3,631,559
2020	$2,340,502	$1,554,575	$2,980,940	$785,927
2019	$1,804,242	$1,696,956	$2,682,268	$107,286
2018	$2,000,789	$1,407,405	$2,537,125	$593,384