DALLAS SYMPHONY ASSOCIATION

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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

1945

Legal Domicile

Principal Officer

Michelle Miller Burns

Phone

2148714014

Tax Period

2024-06-01 to 2025-05-31

DALLAS SYMPHONY ASSOCIATION, founded in 1945, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $49.3M in total revenue in fiscal year 2024. Revenue grew 18% year-over-year, indicating healthy expansion.

Mission

TO INSPIRE AND CHANGE LIVES THROUGH MUSICAL EXCELLENCE.

Program Service Accomplishments

Program 1

Expenses: $40,218,038 Revenue: $14,648,027

The Dallas Symphony Orchestra's mission statement is to inspire and change lives through musical excellence. It strives to be a key catalyst in making Dallas a world-class city and major cultural...

The Dallas Symphony Orchestra's mission statement is to inspire and change lives through musical excellence. It strives to be a key catalyst in making Dallas a world-class city and major cultural center with the DSO as a landmark. The DSO is ranked among the top American orchestras. The classical series, pops series and numerous events highlighting diversity in the city, along with youth concerts, number over 165 performances each year. As a community partner, the Dallas Symphony Orchestra sponsors the following programs: Community Connections (Free tickets distributed by social service agencies), Youth Strings (provides free instruments and music lessons to students), Young Musicians (provides free instruments and lessons for students at Dallas ISD sites across southern Dallas), Symphony Yes (provides musician ensembles to perform in area schools), DSO Kids (educational website for children and teachers), and MY DSO Concert (free concert for adults and children with autism and developmental disabilities). The Dallas Symphony Orchestra is a community of passionate music lovers making more music lovers.

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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 $10,731,726

Program Service Revenue $14,648,027

Investment Income $461

Other Revenue $23,914,694

TOTAL REVENUE $49,294,908

Expense Breakdown

Grants Paid $0

Salaries & Benefits $30,359,071

Fundraising Expenses $4,482,211

Program Expenses $40,218,038

Other Expenses $21,714,601

TOTAL EXPENSES $52,258,160

Year-over-Year Comparison

	2024	2023	Change
Revenue	$49,294,908	$41,616,612	+0.2%
Expenses	$52,258,160	$48,972,080	+0.1%
Net Income	$-2,963,252	$-7,355,468	-0.6%

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

115

Independent Members

115

Employees

514

Volunteers

1000

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

$1,556,060

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALEX KERR	MUSICIAN	30.0	Highest	$453,814	$8,845	$462,659
SCOTT WALZEL	MUSICIAN/CONS. FOR COMM.DEV.	40.0	Highest	$321,937	$42,615	$364,552
KIM NOLTEMY	fORMER PRESIDENT & CEO (6/24)	40.0		$294,755	$23,401	$318,156
TERRY LOFTIS Thru 1-31-2025	Chief Advancement & Rev Office	40.0	Officer	$255,484	$22,616	$278,100
CHRIS OLIVER	MUSICIAN	40.0	Highest	$232,503	$39,385	$271,888
MELISSA RUTLEDGE	CFO	40.0	Officer	$252,746	$7,387	$260,133
NATHAN OLSON	MUSICIAN	30.0	Highest	$237,670	$20,946	$258,616
DEBRA PENA	CHIEF ADMINISTRATIVE OFFICER	40.0	Officer	$212,352	$40,878	$253,230
CHRISTOPHER ADKINS	MUSICIAN	30.0	Highest	$212,404	$33,346	$245,750
KATIE MCGUINNESS	VP OF ARTISTIC OPERATIONS	40.0	Officer	$197,900	$7,996	$205,896
GLYNE GRIFFITH	VP of EQ, DIV, INCLUS	40.0	Officer	$184,900	$7,396	$192,296
MICHELLE MILLER BURNS	PRESIDENT & CEO	40.0	Officer	$185,743	$3,703	$189,446
DENISE MCGOVERN	VP OF COMMUNICATIONS AND MEDIA	40.0	Officer	$140,401	$36,558	$176,959
DIRECTORS-SEE ATTACHED LIST	DIRECTORS	1.0	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	$49,294,908	$52,258,160	$27,129,203	$-2,963,252
2024	$41,616,612	$48,972,080	$32,564,587	$-7,355,468
2023	$42,846,822	$46,099,929	$32,083,320	$-3,253,107
2022	$50,872,025	$42,188,930	$30,741,706	$8,683,095
2021	$29,712,170	$32,773,180	$26,513,367	$-3,061,010
2020	$38,703,176	$38,647,531	$30,480,044	$55,645
2019	$36,941,165	$33,947,391	$18,822,580	$2,993,774
2018	$34,770,276	$34,675,594	$18,052,234	$94,682