TRAVERSE SYMPHONY ORCHESTRA D/B/A … - 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

1952

Legal Domicile

Principal Officer

SEBASTIAN GARBSCH

Phone

2319477120

Tax Period

2024-09-01 to 2025-08-31

TRAVERSE SYMPHONY ORCHESTRA D/B/A TRAVERSE CITY PHILHARMONIC, founded in 1952, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.2M in total revenue in fiscal year 2024. Revenue decreased 17% compared to the prior year. Expenses of $1.9M exceeded revenue, resulting in a 58% operating deficit.

Mission

TO PROMOTE AND INCREASE MUSICAL KNOWLEDGE AND MUSIC APPRECIATION TO THE PUBLIC THROUGH EDUCATION ACTIVITIES AND MUSICAL PERFORMANCES.

Program Service Accomplishments

Program 1

Expenses: $1,327,701 Revenue: $391,791

PERFORMANCE OF SYMPHONY MUSIC TO AUDIENCES OF ALL AGES.

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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 $793,291

Program Service Revenue $410,191

Investment Income $30,527

Other Revenue $-4,141

TOTAL REVENUE $1,229,868

Expense Breakdown

Grants Paid $0

Salaries & Benefits $534,100

Fundraising Expenses $174,431

Program Expenses $1,327,701

Other Expenses $1,405,750

TOTAL EXPENSES $1,939,850

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,229,868	$1,490,468	-0.2%
Expenses	$1,939,850	$1,229,652	+0.6%
Net Income	$-709,982	$260,816	-3.7%

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

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

$132,280

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SEBASTIAN GARBSCH	PRESIDENT	1.00	Officer Director	$0	$0	$0
PAUL JARBOE	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
LINDSEY JONKHOFF ROGERS	SECRETARY	1.00	Officer Director	$0	$0	$0
SUSAN COGSWELL	IMMEDIATE PAST PRESIDENT	1.00	Officer Director	$0	$0	$0
SUZANNE ALBRECHT	DIRECTOR	1.00	Director	$0	$0	$0
ANDREW BUTHKER	DIRECTOR	1.00	Director	$0	$0	$0
JEFFREY CAVISTON	DIRECTOR	1.00	Director	$0	$0	$0
DOROTHY CLORE	DIRECTOR	1.00	Director	$0	$0	$0
SHERRI DECAMP	DIRECTOR	1.00	Director	$0	$0	$0
SANDRA GRAY	DIRECTOR	1.00	Director	$0	$0	$0
JANET HESSLER	DIRECTOR	1.00	Director	$0	$0	$0
DAVID C JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
GERARD MAHONEY	DIRECTOR	1.00	Director	$0	$0	$0
MARY BETH MILIKEN	DIRECTOR	1.00	Director	$0	$0	$0
JULIUS MOSS	DIRECTOR	1.00	Director	$0	$0	$0
LISA MUSGRAVE	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL MUSGRAVE	DIRECTOR	1.00	Director	$0	$0	$0
ALEXIS NINK	DIRECTOR	1.00	Director	$0	$0	$0
BOB STREIT	DIRECTOR	1.00	Director	$0	$0	$0
SUZY VOLTZ	DIRECTOR	1.00	Director	$0	$0	$0
M WOODY WRIGHT	DIRECTOR	1.00	Director	$0	$0	$0
KEDRIK MERWIN	EXECUTIVE DIRECTOR	50.00	Officer	$132,280	$0	$132,280

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	$1,229,868	$1,939,850	$5,658,770	$-709,982
2024	$1,490,468	$1,229,652	$5,547,153	$260,816
2023	$2,056,774	$1,127,238	$1,633,453	$929,536
2022	$976,983	$949,801	$858,158	$27,182
2021	$725,991	$533,524	$891,843	$192,467
2020	$660,195	$656,362	$641,420	$3,833
2019	$784,721	$749,784	$708,218	$34,937
2018	$711,064	$765,930	$626,117	$-54,866

TRAVERSE SYMPHONY ORCHESTRA D/B/A TRAVERSE CITY PHILHARMONIC