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Philadelphia Orchestra Audited Financials FY 2019

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Philadelphia Orchestra Audited Financials FY 2019 Consolidated Financial Statements and Report of Independent Certified Public Accountants The Philadelphia Orchestra Association August 31, 2019 and 2018 Contents Page Report of Independent Certified Public Accountants 3 Consolidated financial statements Consolidated statements of financial position 5 Consolidated statements of activities 6 Consolidated statements of cash flows 8 Notes to the consolidated financial statements 9 Supplementary information Schedules of changes in net assets without donor restrictions from operating activities 36 The Academy of Music Philadelphia, Inc. statements of financial position 37 The Academy of Music, Inc. statements of activities 38 GRANT THORNTON LLP REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Two Commerce Square 2001 Market St., Suite 700 Philadelphia, PA 19103 T 215.561.4200 F 215.561.1066 GrantThornton.com Board of Directors linked.in/GrantThorntonUS The Philadelphia Orchestra Association twitter.com/GrantThorntonUS We have audited the accompanying consolidated financial statements of The Philadelphia Orchestra Association and its wholly-owned subsidiary (collectively, the “Association”), which comprise the consolidated statements of financial position as of August 31, 2019 and 2018, and the related consolidated statements of activities and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. GT.COM Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of The Philadelphia Orchestra Association and its wholly-owned subsidiary as of August 31, 2019 and 2018, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Supplementary information Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The supplementary information contained in the schedules of changes in net assets without donor restrictions from operating activities for the years ended August 31, 2019 and 2018 and The Academy of Music of Philadelphia, Inc.’s statements of financial position and statements of activities as of and for the years ended August 31, 2019 and 2018 are presented for purposes of additional analysis and are not a required part of the consolidated financial statements. Such supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the consolidated financial statements. The information has been subjected to the auditing procedures applied in the audits of the consolidated financial statements and certain additional procedures. These additional procedures included comparing and reconciling the information directly to the underlying accounting and other records used to prepare the consolidated financial statements or to the consolidated financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the consolidated financial statements as a whole. Philadelphia, Pennsylvania February 7, 2020 The Philadelphia Orchestra Association CONSOLIDATED STATEMENTS OF FINANCIAL POSITION August 31, (Dollars in thousands) 2019 2018 ASSETS Cash and cash equivalents $ 16,846 $ 12,997 Trade accounts receivable, net 1,007 1,051 Prepaid expenses and other assets 2,904 2,686 Pledges receivable, net 8,069 11,766 Notes receivable 254 259 Investments 158,129 113,590 Beneficial interests in trusts 5,854 5,917 Investment in joint venture 567 668 Property and equipment, net 34,518 35,327 Total assets $ 228,148 $ 184,261 LIABILITIES AND NET ASSETS LIABILITIES Accounts payable $ 669 $ 538 Accrued expenses and other liabilities 1,699 1,124 Deferred revenue 7,191 6,862 Annuities payable 1,572 1,577 Accrued postretirement benefit obligation 10,596 9,210 Total liabilities 21,727 19,311 NET ASSETS Without donor restrictions 35,987 39,067 With donor restrictions 170,434 125,883 Total net assets 206,421 164,950 Total liabilities and net assets $ 228,148 $ 184,261 The accompanying notes are an integral part of these consolidated financial statements. 5 The Philadelphia Orchestra Association CONSOLIDATED STATEMENT OF ACTIVITIES Year ended August 31, 2019 Without donor With donor restrictions restrictions Total (Dollars in thousands) Performance revenue Philadelphia concerts $ 9,075 $ - $ 9,075 Summer concerts 2,025 - 2,025 Other concerts 3,776 - 3,776 Tours 2,519 - 2,519 Recording, radio and television 220 - 220 17,615 - 17,615 Performance expense Orchestra and concert production 34,274 - 34,274 Concert promotion expenses 2,681 - 2,681 Recording, radio and television 397 - 397 37,352 - 37,352 Performance deficit (19,737) - (19,737) Other operating revenue Annual public support 16,198 5,135 21,333 Volunteer project revenue 496 573 1,069 Spending policy draw, designated for current operations 8,969 - 8,969 Income from beneficial interests in trusts 242 - 242 Other revenues 2,118 - 2,118 Gifts in kind 36 11 47 Equity earnings in joint venture 105 - 105 Academy Ball revenue, net 84 - 84 Net assets released from restrictions Satisfaction of program restrictions 3,663 (3,663) - Satisfaction of time restrictions 2,313 (2,313) - Total other operating revenue 34,224 (257) 33,967 Other operating expense Fundraising expenses Annual fundraising 2,488 - 2,488 Global initiatives and government relations 557 - 557 Volunteer project 290 - 290 3,335 - 3,335 Management and general Administrative expense 10,629 - 10,629 Bad debt 108 10 118 Depreciation 399 - 399 Total other operating expense 14,471 10 14,481 Changes in net assets from operating activities 16 (267) (251) Nonoperating revenue (expense) Endowment contributions - 51,632 51,632 Investment return, net of spending policy (119) (6,561) (6,680) Spending policy draw, designated for Academy of Music 773 - 773 Academy of Music revenue 2,215 130 2,345 Academy of Music expense, including depreciation of $2,476 (5,233) - (5,233) Net assets released from restrictions - Academy of Music 383 (383) - Other changes in postretirement benefit obligation (1,115) - (1,115) Total nonoperating revenue (expense) (3,096) 44,818 41,722 CHANGE IN NET ASSETS (3,080) 44,551 41,471 Net assets, beginning 39,067 125,883 164,950 Net assets, ending $ 35,987 $ 170,434 $ 206,421 The accompanying notes are an integral part of these consolidated financial statements. 6 The Philadelphia Orchestra Association CONSOLIDATED STATEMENT OF ACTIVITIES Year ended August 31, 2018 Without donor With donor restrictions restrictions Total (Dollars in thousands) Performance revenue Philadelphia concerts $ 8,971 $ - $ 8,971 Summer concerts 1,818 - 1,818 Other concerts 3,680 - 3,680 Tours 1,304 - 1,304 Recording, radio and television 210 - 210 15,983 - 15,983 Performance expense Orchestra and concert production 35,410 - 35,410 Concert promotion expenses 2,455 - 2,455 Recording, radio and television 345 - 345 38,210 - 38,210 Performance deficit (22,227) - (22,227) Other operating revenue Annual public support 17,318 3,763 21,081 Volunteer project revenue
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