Civic Intelligence

Overture Center Foundation Inc.

990 • Fiscal year 2019 • EIN 01-0645482

Jul 01, 2018 to Jun 30, 2019 • Filed on Jul 10, 2020

201 State StreetMadison, WI 53703

(608) 258-4177

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

77th percentile

0.57x

Higher debt load relative to assets than 77% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

72nd percentile

0.60x

Higher debt load relative to revenue than 72% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

35th percentile

-0.3%

Higher net margin than 35% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

41st percentile

$151,488

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

77th percentile

15%

Faster asset growth than 77% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

39th percentile

0.4%

Faster revenue growth than 39% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Up

$19,278,557

Up $2,520,448 (+15%) from 2018

Net Assets

Up

$8,219,005

Up $108,259 (+1.3%) from 2018

Liabilities

Up

$11,059,552

Up $2,412,189 (+28%) from 2018

Revenue

Up

$18,406,761

Up $81,514 (+0.4%) from 2018

Expenses

Up

$18,455,591

Up $1,020,585 (+5.9%) from 2018

Net Income

Down

-$48,830

Down $939,071 (-105%) from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200M$150M$100M$50M$0Assets 2011: $1,506,555Liabilities 2011: $1,311,662Net Assets 2011: $194,8932011Assets 2012: $166,316,666Liabilities 2012: $5,198,066Net Assets 2012: $161,118,6002012Assets 2013: $6,641,904Liabilities 2013: $4,083,169Net Assets 2013: $2,558,7352013Assets 2014: $7,528,390Liabilities 2014: $4,911,303Net Assets 2014: $2,617,0872014Assets 2015: $8,865,314Liabilities 2015: $6,032,165Net Assets 2015: $2,833,1492015Assets 2016: $11,990,456Liabilities 2016: $7,287,519Net Assets 2016: $4,702,9372016Assets 2017: $14,162,898Liabilities 2017: $7,062,537Net Assets 2017: $7,100,3612017Assets 2018: $16,758,109Liabilities 2018: $8,647,363Net Assets 2018: $8,110,7462018Assets 2019: $19,278,557Liabilities 2019: $11,059,552Net Assets 2019: $8,219,0052019Assets 2020: $18,811,955Liabilities 2020: $10,992,674Net Assets 2020: $7,819,2812020Assets 2021: $20,998,721Liabilities 2021: $9,231,946Net Assets 2021: $11,766,7752021Assets 2022: $36,201,318Liabilities 2022: $14,369,950Net Assets 2022: $21,831,3682022Assets 2023: $33,568,808Liabilities 2023: $10,233,499Net Assets 2023: $23,335,3092023Assets 2024: $45,502,905Liabilities 2024: $10,996,824Net Assets 2024: $34,506,0812024

Highlighted filing

2019

Assets$19,278,557
Liabilities$11,059,552
Net Assets$8,219,005

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$30M$20M$10M$0-$10MExpenses 2011: $1,667,2172011Expenses 2012: $8,998,6972012Revenue 2013: $18,286,946Expenses 2013: $17,612,799Net Income 2013: $674,1472013Revenue 2014: $12,728,419Expenses 2014: $12,845,986Net Income 2014: -$117,5672014Revenue 2015: $15,109,075Expenses 2015: $14,900,998Net Income 2015: $208,0772015Revenue 2016: $22,322,063Expenses 2016: $20,404,181Net Income 2016: $1,917,8822016Revenue 2017: $22,634,434Expenses 2017: $20,404,735Net Income 2017: $2,229,6992017Revenue 2018: $18,325,247Expenses 2018: $17,435,006Net Income 2018: $890,2412018Revenue 2019: $18,406,761Expenses 2019: $18,455,591Net Income 2019: -$48,8302019Revenue 2020: $22,693,680Expenses 2020: $23,083,682Net Income 2020: -$390,0022020Revenue 2021: $8,215,874Expenses 2021: $4,845,543Net Income 2021: $3,370,3312021Revenue 2022: $26,325,539Expenses 2022: $15,789,446Net Income 2022: $10,536,0932022Revenue 2023: $28,873,661Expenses 2023: $27,444,636Net Income 2023: $1,429,0252023Revenue 2024: $34,370,310Expenses 2024: $23,580,421Net Income 2024: $10,789,8892024

Highlighted filing

2019

Revenue$18,406,761
Expenses$18,455,591
Net Income-$48,830
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jul 10, 2020
Return Version
2018v3.3
Gross Receipts
$18,509,908
Mission and Program Overview

Mission

Overture center for the arts enriches the lives of individuals and the community by creating, encouraging, and catalyzing extraordinary experiences. The center presents a broad spectrum of high quality programming, develops audiences for the arts through high-quality outreach and programming, advances the mission of resident organizations, advocates for the development of the arts in the community, and provides a world-class forum for diverse artistic expression.

The organization operates the Overture Center for the Arts, a performing and visual arts center. Its mission is to enrich the lives of individuals and (Continued on Schedule O)

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$7,983,854$9,694,147▲ $1,710,293
Land, Buildings, and Equipment, Net$3,932,610$3,759,484▼ $173,126
Savings and Temporary Cash Investments$1,490,573$1,174,573▼ $316,000
Pledges and Grants Receivable$1,375,714$1,015,620▼ $360,094
Accounts Receivable$246,732$704,516▲ $457,784
Prepaid Expenses and Deferred Charges$311,170$397,672▲ $86,502
Other Notes and Loans Receivable, Net$22,475$0▼ $22,475
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$16,758,109$19,278,557▲ $2,520,448
Other Assets Total$1,394,981$2,532,545▲ $1,137,564
Liabilities
Deferred Revenue$6,208,468$8,711,157▲ $2,502,689
Accounts Payable and Accrued Expenses$1,096,123$1,242,544▲ $146,421
Mortgage Notes Payable Secured by Investment Property$1,342,772$1,105,851▼ $236,921
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$8,647,363$11,059,552▲ $2,412,189
Net Assets / Fund Balance
Temporarily Rstr Net Assets$2,181,626$4,129,851▲ $1,948,225
Unrestricted Net Assets$3,912,370$4,089,154▲ $176,784
Permanently Rstr Net Assets$2,016,750$0▼ $2,016,750
Total Net Assets Fund Balance$8,110,746$8,219,005▲ $108,259
Total Liabilities and Net Assets / Fund Balance$16,758,109$19,278,557▲ $2,520,448

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,530,855$2,413,867$5,944,722
Other Land Buildings$228,629$0$228,629
Other Assets Org$1,080,598--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$2,494,981$16,000▲ $180,030$55,525$2,612,545
2017$1,818,321$614,000▲ $135,908$57,484$2,494,981
2016$1,194,997$514,500▲ $182,012$58,901$1,818,321
2015$1,288,431$15,000▼ $34,448$60,340$1,195,007
2014$1,311,244$28,250▲ $23,066$59,048$1,288,431
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kevin SweeneyCFO (ending 11/2018)FT$140,050$11,438$151,488
Edward DeDeePresident/CEO (ending 5/2018)FT$106,526$17,776$124,302
Alexander PoppensVice President of MarketingFT$100,175$8,668$108,843
Chris VogelCFO (beginning 11/2018)FT$89,184$8,331$97,515
Aleksandra GajicPresident/CEO (beginning 9/18)FT$56,131$2,233$58,364

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
FPC Live LLCPromoter29 S Livingston Street, Madison, WI 53703$819,040
LMS Touring LLCProducer7135 MINSTREL WAY SUITE 105, Columbia, MD 21045$704,467
Keybrand Entertainment IncProducer1619 BROADWAY FLOOR 9, New York, NY 10019$690,135
Rent At 20 LLCProducer42 Maple Street 2nd Floor, Summit, NJ 07901$566,556
Forward Theater CompanyPerformance201 State Street, Madison, WI 53703$549,268
Revenue and Support

Revenue Composition

Contributions and Grants
$4,482,940
Program Service Revenue
$13,786,068
Investment Income
$66,687
Other Revenue
$71,066
All Other Contributions
$2,320,240
Change in Net Assets
$-48,830

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table16$30,174Fair Market Value (FMV)
Other Non Cash Contri Table1$17,689Fair Market Value (FMV)
Other Non Cash Contri Table13$16,795Fair Market Value (FMV)
Other Non Cash Contri Table1$10,017Fair Market Value (FMV)
Other Non Cash Contri Table3$4,403Fair Market Value (FMV)
Other Non Cash Contri Table8$2,007Fair Market Value (FMV)
Total Noncash Contributions42$81,085-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$10,580,848
Salaries, Compensation, and Employee Benefits$7,874,743
Total Fundraising Expense$703,855
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,656,006$1,101,931$403,935$6,161,872
Fees for Services Other$5,495,850$289,842$6,660$5,792,352
Advertising$975,467-$58,219$1,033,686
Other Employee Benefits$688,673$207,109$38,311$934,093
Office Expenses$834,465$26,548$48,092$909,105
Occupancy$864,497$28,149$3,838$896,484
Depreciation Depletion$531,940$1,134$378$533,452
Payroll Taxes$390,982$77,122$32,589$500,693
All Other Expenses$123,400$96,723$59$220,182
Current Officers, Directors, Trustees, and Key Employees$117,577$28,448$9,855$155,880
Information Technology$111,616$19,780$9,890$141,286
Insurance$122,149$13,725$1,372$137,246
Conferences and Meetings$92,861$20,308$11,960$125,129
Pension Plan Contributions$86,537$22,523$13,145$122,205
Travel$81,023$1,412$1,384$83,819
Other Expenses$22,836$10,296$7,879$41,011
Interest-$32,551-$32,551
Fees for Services Legal-$23,116-$23,116
Fees for Services Accounting-$20,887-$20,887
Total Functional Expenses$15,710,972$2,040,764$703,855$18,455,591
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$174,213
Fundraising Direct Expenses$103,147
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Frostiball$386,913$174,213$20,291$153,922
Total Events$386,913$174,213$103,147$71,066
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 7A:

The mayor of the City of Madison may appoint at least three directors to the governing body.

Form 990, Part VI, Section B, Line 11B:

The prepared Form 990 is reviewed by the president/CEO and the finance committee at a regularly scheduled meeting before the return is filed with the IRS.

Form 990, Part VI, Section B, Line 12C:

Members of the governing body are required to sign an annual disclosure update that is given to the governance committee. Members are required to disclose during the year any potential conflicts of interest that they may have or believe may exist with another member to the governance committee. The governance committee is responsible for investigating and providing a recommendation. The organization's legal counsel may be contacted to provide guidance and advice as needed.

Form 990, Part VI, Section B, Line 15A:

The President/CEO signed a three year employment agreement, effective August 13, 2018, and approved by the board of directors. The board of directors determined the compensation package by using comparability data and reviewing compensation paid by similar organizations in the year.

Form 990, Part VI, Section C, Line 19:

Audited financial statements are available to the public on the organization's website. The organization's governing documents and conflict of interest policy are available to the public upon request at the organization's business office.

Filing and Contact Details

Filer

Filer Name
Overture Center Foundation Inc
EIN
01-0645482
In Care Of
% CHRISTOPHER VOGEL
Phone
6082584177
Address
201 State Street, Madison, WI 53703

Signing Officer

Name
Christopher Vogel
Title
CFO/COO
Phone
6082584177
Signed
2020-07-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Betty Harris Custer
Formed
2002
Legal Domicile
Wi
Voting Board Members
24
Independent Board Members
24
Employees
387
Volunteers
500

Preparer

Firm
Bdo USA Llp
Address
ONE ERDMAN PLACE SUITE 404, MADISON, WI 53717
Preparer
Jacob Cook
Phone
6088367500
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1 (Continued):

the community by creating, encouraging, and catalyzing extraordinary experiences. The Overture Center presents a broad spectrum of high quality performing arts programming and educational outreach programs. The Center raises funds to support free and low cost community programs as well as other programs and initiatives to advance the mission. Ten local performing arts companies are resident organizations of the Center.

Form 990, Part III, Line 1 (Continued):

arts through high-quality outreach and programming, advances the mission of resident organizations, advocates for the development of the arts in the community, and provides a world-class forum for diverse artistic expression.

Form 990, Part III, Line 4A (Continued):

106,000 tickets to their performances. Overture Center fulfills the core of its mission through fourteen community engagement and educational programs. As a result of these programs last year, over 240,000 people saw a free performance or visual exhibit. The programs included 'Overture OnStage that attracted more than 26,000 elementary and high school students to daytime performances during the school year and 'Kids in the Rotunda that attracted approximately 33,000 children and parents to free performances. Various unique spaces within Overture Center are available for rent to the public to hold special events and meetings. Overture Centers nature as a community arts center provides for the kind of experience unavailable at other event venues.

Form 990, Part XI, Line 9:

Change in beneficial interest in assets held by Madison Community Foundation $ 98,991.

Form 990 Part IX Line 11G

Description:artist fees total fees:5291365

Form 990 Part IX Line 11G

Description:consulting fees total fees:301993

Form 990 Part IX Line 11G

Description:ticketing fees total fees:38700

Form 990 Part IX Line 11G

Description:payroll fees total fees:34416

Form 990 Part IX Line 11G

Description:interpreter fees total fees:11700

Form 990 Part IX Line 11G

Description:general fees total fees:114178

Financial Statement Notes

Schedule D, Part III, Line 1A:

The Overture Center's Audubon Engravings Collection features 24 original John James Audubon engravings donated by Dr. Richard B. Anderson. The collection was acquired through donations since the organization's inception and is not recognized as an asset on the statement of financial position. Contributed collection items are not reflected on the financial statements. Proceeds from deaccessions or insurance recoveries, if applicable, would be reflected as increases in the appropriate net asset classes. No collection items were deaccessions during the year.

Schedule D, Part III, Line 4:

As Dr. Richard Anderson said, "The Audubon engravings call to the viewer to understand the environmental ethic that so thoroughly motivated Audubon. He affected society with his artwork so we must each influence society with our service the compelling message embodied with each original engraving. No matter how hard we work or study, we must find time to exercise our social responsibility. This is a message that art carries--of conservation and public trust." The collection furthers the Overture Center's exempt purpose by providing another means of engaging the community in the arts through a broad spectrum of artistic alternatives.

Schedule D, Part V, Line 4:

The intended use of the organization's endowment fund is to provide long-term support in carrying out the mission of Overture Center for the Arts of enriching the lives of individuals and the community by creating, encouraging, and catalyzing extraordinary experiences.

Schedule D, Part X, Line 2:

OCF must recognize the tax benefit associated with the tax positions taken for tax return purposes when it is more likely than not the position will be sustained. OCF does not believe there are any material uncertain tax positions, and, accordingly, it did not recognize any liability for unrecognized tax benefits. For the years ended June 30, 2019 and 2018, there were no interest or penalties recorded or included in the financial statements.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0Overture Center hosted hundreds of ticketed events with our box office selling approximately 340,000 tickets. Overture Center presented a wide variety of artistic offerings that patrons would not otherwise have the opportunity to experience in Madison, ranging from up-and-coming dance companies to childrens theater performances to nationally touring Broadway hits. In fulfilling its mission of access to the arts, Overture Center strives to keep ticket prices affordable. The average top ticket price for non-Broadway performances was under $40. Additionally, Overture Center subsidizes and supports the work of ten local, nonprofit resident arts companies who sold over (Continued on Schedule O)
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$45.5$11.0$34.5$34.4$23.6$10.8
2023Detailed filing. Detailed filing data is available for this year.$33.6$10.2$23.3$28.9$27.4$1.43
2022Detailed filing. Detailed filing data is available for this year.$36.2$14.4$21.8$26.3$15.8$10.5
2021Detailed filing. Detailed filing data is available for this year.$21.0$9.23$11.8$8.22$4.85$3.37
2020Detailed filing. Detailed filing data is available for this year.$18.8$11.0$7.82$22.7$23.1$0.39
2019Detailed filing. Detailed filing data is available for this year.$19.3$11.1$8.22$18.4$18.5$0.05
2018Detailed filing. Detailed filing data is available for this year.$16.8$8.65$8.11$18.3$17.4$0.89
2017Detailed filing. Detailed filing data is available for this year.$14.2$7.06$7.10$22.6$20.4$2.23
2016Detailed filing. Detailed filing data is available for this year.$12.0$7.29$4.70$22.3$20.4$1.92
2015Detailed filing. Detailed filing data is available for this year.$8.87$6.03$2.83$15.1$14.9$0.21
2014Detailed filing. Detailed filing data is available for this year.$7.53$4.91$2.62$12.7$12.8$0.12
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.64$4.08$2.56$18.3$17.6$0.67
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$166$5.20$161$9.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.51$1.31$0.19$1.67