FORT WORTH SYMPHONY ORCHESTRA ASSO… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year

1929

Legal Domicile

Principal Officer

KEITH CERNY

Phone

8176656500

Tax Period

2024-08-01 to 2025-07-31

FORT WORTH SYMPHONY ORCHESTRA ASSOCIATION, founded in 1929, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $12.4M in total revenue in fiscal year 2024. Revenue decreased 12% compared to the prior year. Expenses of $16.1M exceeded revenue, resulting in a 30% operating deficit.

Mission

-TO PERFORM GREAT SYMPHONIC MUSIC AT THE HIGHEST LEVEL OF ARTISTIC EXCELLENCE TO EDUCATE, ENTERTAIN, AND ENHANCE CULTURAL LIFE.-TO PRESENT ENGAGING MUSIC EDUCATION PROGRAMS FOR YOUNG PEOPLE TO FOSTER EARLY INTEREST IN AND INSPIRE LIFELONG ENJOYMENT OF MUSIC. -TO ACHIEVE EVER-GREATER LEVELS OF ARTISTIC ACCOMPLISHMENT AND LEADERSHIP IN FORT WORTH AND ACROSS THE NATION.

Program Service Accomplishments

Program 1

Expenses: $9,027,995 Revenue: $3,402,797

ORCHESTRAL PRODUCTIONS- WE PERFORMED A 46-WEEK CONCERT SEASON FEATURING 79 UNIQUE ORCHESTRAL PRODUCTIONS, REACHING AN AUDIENCE OF 66,000 LOCALS AND TOURISTS. PERFORMANCES INCLUDED A SYMPHONIC SERIES, A POPS SERIES, SPECIAL EVENTS, AND FAMILY-FRIENDLY CONCERTS FEATURING AN ARRAY OF BOTH NATIONAL AND INTERNATIONAL GUEST ARTISTS AND CONDUCTORS. COMMUNITY MEMBERS OF ALL WALKS OF LIFE WERE BROUGHT TOGETHER BY OUR DIVERSE ARRAY OF PROGRAMMING, SERVING AS A REMINDER OF THE UNIFYING POWER OF MUSIC.

Program 2

Expenses: $3,339,121 Revenue: $340,337

EDUCATION CONCERTS - WE PERFORMED 21 EDUCATION CONCERTS ACROSS NORTH TEXAS, REACHING AN AUDIENCE OF 14,500 STUDENTS AND FAMILIES. SCHOOL DISTRICTS ENGAGED INCLUDE FORT WORTH ISD, WEATHERFORD ISD...

EDUCATION CONCERTS - WE PERFORMED 21 EDUCATION CONCERTS ACROSS NORTH TEXAS, REACHING AN AUDIENCE OF 14,500 STUDENTS AND FAMILIES. SCHOOL DISTRICTS ENGAGED INCLUDE FORT WORTH ISD, WEATHERFORD ISD, BIRDVILLE ISD, H-E-B ISD, NORTHWEST ISD, ARLINGTON ISD, FRISCO ISD, AND KELLER ISD. PERFORMANCES PROVIDED STUDENTS WITH INTERACTIVE MUSICAL EXPERIENCES THAT FOSTER COMMUNITY CONNECTION AND ARTISTIC APPRECIATION. COMMUNITY CONCERTS AND EVENTS - WE PRODUCED 8 COMMUNITY PERFORMANCES AND EVENTS ACROSS TARRANT COUNTY THAT ENGAGED APPROXIMATELY 4,300 ADULTS AND CHILDREN, INCLUDING COMMUNITY MEMBERS FROM HISTORICALLY UNDER-REPRESENTED GROUPS. PROVIDING THE COMMUNITY WITH MEANINGFUL OUTREACH EVENTS HELPED TO UPLIFT, EDUCATE, AND (CONT. ON SCH. O) INSPIRE PEOPLE OF VARIOUS BACKGROUNDS WHILE ENRICHING THE COUNTY'S BROADER ARTS AND CULTURE SECTOR.

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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 $7,900,138

Program Service Revenue $3,743,134

Investment Income $737,445

Other Revenue $0

TOTAL REVENUE $12,380,717

Expense Breakdown

Grants Paid $0

Salaries & Benefits $9,991,309

Fundraising Expenses $1,267,586

Program Expenses $12,367,116

Other Expenses $6,117,682

TOTAL EXPENSES $16,108,991

Year-over-Year Comparison

	2024	2023	Change
Revenue	$12,380,717	$14,085,368	-0.1%
Expenses	$16,108,991	$14,840,993	+0.1%
Net Income	$-3,728,274	$-755,625	+3.9%

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

308

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

$448,272

Total Directors

$488,753

Key Employees

$326,741

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEITH CERNY	PRESIDENT & CEO	40.00	Officer Director	$318,095	$6,277	$324,372
MERCEDES T BASS	CHAIRMAN OF THE BOARD	1.00	Officer Director	$0	$0	$0
MARIANNE AULD	CHAIRMAN OF THE EXECUTIVE COMMITTEE	1.00	Officer Director	$0	$0	$0
JOHN WELLS	VICE CHAIR	1.00	Officer Director	$0	$0	$0
BOB KARL	TREASURER	1.00	Officer Director	$0	$0	$0
CONNIE BECK	SECRETARY	1.00	Officer Director	$0	$0	$0
GRANT ALLEN	DIRECTOR	1.00	Director	$0	$0	$0
DR EDWIN AUGUSTAT	DIRECTOR	1.00	Director	$0	$0	$0
SEMI ALI	DIRECTOR	1.00	Director	$0	$0	$0
AMY ROACH BAILEY	DIRECTOR	1.00	Director	$0	$0	$0
JOHN BELK MUSICIAN	DIRECTOR	1.00	Director	$62,288	$8,734	$71,022
MICHAEL BENNETT	DIRECTOR	1.00	Director	$0	$0	$0
ASHLI BLUMENFELD	DIRECTOR (THRU 05/25)	1.00	Director	$0	$0	$0
ANNE MARIE BRATTON	DIRECTOR	1.00	Director	$0	$0	$0
JOHN BROUDE	DIRECTOR	1.00	Director	$0	$0	$0
J BROOKS	DIRECTOR	1.00	Director	$0	$0	$0
KAREN BURCHFIELD	DIRECTOR	1.00	Director	$0	$0	$0
ANNE CARVALHO	DIRECTOR (THRU 02/25)	1.00	Director	$0	$0	$0
ERVIN CASH	DIRECTOR	1.00	Director	$0	$0	$0
DR JOSEPH CECERE	DIRECTOR	1.00	Director	$0	$0	$0
BRENDA CLINE	DIRECTOR	1.00	Director	$0	$0	$0
CRAIG COLLINS	DIRECTOR	1.00	Director	$0	$0	$0
DR MARY COSTAS	DIRECTOR	1.00	Director	$0	$0	$0
BARBARA A COX	DIRECTOR	1.00	Director	$0	$0	$0
DR BENGE DANIEL	DIRECTOR	1.00	Director	$0	$0	$0
SALAM DAVID	DIRECTOR	1.00	Director	$0	$0	$0
MITZI DAVIS	DIRECTOR	1.00	Director	$0	$0	$0
DR TOM DEAS	DIRECTOR	1.00	Director	$0	$0	$0
DR ASAD DEAN	DIRECTOR (THRU 04/25)	1.00	Director	$0	$0	$0
DR JEFFREY G DETWEILER	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN DRAKE	DIRECTOR	1.00	Director	$0	$0	$0
ALTHEA DUERSTEN	DIRECTOR	1.00	Director	$0	$0	$0
WILLA DUNLEAVY	DIRECTOR	1.00	Director	$0	$0	$0
BRANDON ELMS	DIRECTOR	1.00	Director	$0	$0	$0
DR JENNIFER FREEMAN	DIRECTOR	1.00	Director	$0	$0	$0
CHARLOTTE FRENCH	DIRECTOR (THRU 06/25)	1.00	Director	$0	$0	$0
AUBREY GIDEON	DIRECTOR	1.00	Director	$0	$0	$0
PAMELA GILCHRIST	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTOPHER GOFF	DIRECTOR	1.00	Director	$0	$0	$0
GAIL ARONOFF GRANEK	DIRECTOR	1.00	Director	$0	$0	$0
ERIC HAITZ	DIRECTOR	1.00	Director	$0	$0	$0
LEE HALLMAN	DIRECTOR	1.00	Director	$0	$0	$0
AARON HOWARD	DIRECTOR	1.00	Director	$0	$0	$0
BONNIE JANZEN	DIRECTOR	1.00	Director	$0	$0	$0
SHAUNA JENKINS	DIRECTOR	1.00	Director	$0	$0	$0
KIM JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
DEE J KELLY JR	DIRECTOR	1.00	Director	$0	$0	$0
KELLY LANCARTE	DIRECTOR	1.00	Director	$0	$0	$0
DR DEBRA KOPPELBERGER	DIRECTOR	1.00	Director	$0	$0	$0
MOLLIE L LASATER	DIRECTOR	1.00	Director	$0	$0	$0
NICO LEONE	DIRECTOR	1.00	Director	$0	$0	$0
MARY HART LIPSCOMB	DIRECTOR	1.00	Director	$0	$0	$0
MISTY LOCKE	DIRECTOR (THRU 05/25)	1.00	Director	$0	$0	$0
QUYNH LU	DIRECTOR	1.00	Director	$0	$0	$0
KATE LUMMIS NORRIS	DIRECTOR	1.00	Director	$0	$0	$0
LOUELLA MARTIN	DIRECTOR	1.00	Director	$0	$0	$0
PRISCILLA W MARTIN	DIRECTOR	1.00	Director	$0	$0	$0
DR STUART D MCDONALD	DIRECTOR	1.00	Director	$0	$0	$0
ELLEN MESSMAN	DIRECTOR	1.00	Director	$0	$0	$0
SAMUEL E NAVARRO	DIRECTOR	1.00	Director	$0	$0	$0
JUSTIN NEWTON	DIRECTOR	1.00	Director	$0	$0	$0
FRASHER H PERGANDE	DIRECTOR	1.00	Director	$0	$0	$0
DON C PLATTSMIER	DIRECTOR	1.00	Director	$0	$0	$0
DANA PORTER	DIRECTOR	1.00	Director	$0	$0	$0
DON REID	DIRECTOR	1.00	Director	$0	$0	$0
JEAN ROACH	DIRECTOR	1.00	Director	$0	$0	$0
ANITA ROBIDOU	DIRECTOR	1.00	Director	$0	$0	$0
HENRY H ROBINSON	DIRECTOR	1.00	Director	$0	$0	$0
LEONARD RYAN	DIRECTOR	1.00	Director	$0	$0	$0
JUDE RYAN	DIRECTOR (THRU 08/24)	1.00	Director	$0	$0	$0
ALANN BEDFORD SAMPSON	DIRECTOR	1.00	Director	$0	$0	$0
JEFF SCHMELTEKOPF	DIRECTOR	1.00	Director	$0	$0	$0
DR RUSS SCHULTZ	DIRECTOR	1.00	Director	$0	$0	$0
DR DOLORES DARCY SETY	DIRECTOR	1.00	Director	$0	$0	$0
ALLAN STEELE MUSICIAN	DIRECTOR	1.00	Director	$84,625	$8,734	$93,359
CLARE STONESIFER	DIRECTOR	1.00	Director	$0	$0	$0
REBECCA STUPFEL	DIRECTOR	1.00	Director	$0	$0	$0
JONATHAN T SUDER	DIRECTOR	1.00	Director	$0	$0	$0
CARLA KEMP THOMPSON	DIRECTOR	1.00	Director	$0	$0	$0
DR AMY TULLY	DIRECTOR	1.00	Director	$0	$0	$0
PAUL WEHBA	DIRECTOR	1.00	Director	$0	$0	$0
DR JAMES WILLIAMS	DIRECTOR	1.00	Director	$0	$0	$0
KRISTINE WILLIAMS	DIRECTOR	1.00	Director	$0	$0	$0
JW WILSON	DIRECTOR	1.00	Director	$0	$0	$0
JACQUE CARPENTER	VP OF FINANCE AND HR	40.00	Officer	$123,385	$515	$123,900
ROBERT SPANO	MUSIC DIRECTOR	40.00	Key Emp	$317,493	$9,248	$326,741
CARRIE ELLEN ADAMIAN	CHIEF MARKETING OFFICER	40.00	Highest	$161,760	$6,277	$168,037
MEAGAN HEMENWAY	VP OF DEVELOPMENT	40.00	Highest	$130,065	$0	$130,065
MICHAEL SHIH	CONCERTMASTER	40.00	Highest	$117,666	$8,241	$125,907

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	$12,380,717	$16,108,991	$37,913,229	$-3,728,274
2024	$14,085,368	$14,840,993	$39,511,874	$-755,625
2023	$13,596,752	$15,369,127	$35,110,015	$-1,772,375
2022	$12,560,425	$14,043,876	$34,443,355	$-1,483,451
2021	$15,284,563	$11,797,608	$39,389,813	$3,486,955
2020	$9,288,160	$12,191,582	$29,120,810	$-2,903,422
2019	$12,207,345	$12,870,844	$30,233,145	$-663,499
2018	$13,118,171	$12,844,949	$33,215,738	$273,222

FORT WORTH SYMPHONY ORCHESTRA ASSOCIATION