Civic Intelligence

Goodspeed Opera House Foundation Inc.

990 • Fiscal year 2018 • EIN 13-1969314

Jan 01, 2018 to Dec 31, 2018 • Filed on Aug 01, 2019

PO Box AEast Haddam, CT 06423-0281

(860) 873-8664

Siviq Scores

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

Liabilities / Assets

39th percentile

0.15x

Higher debt load relative to assets than 39% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

61st percentile

0.45x

Higher debt load relative to revenue than 61% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Net Margin

15th percentile

-8.5%

Higher net margin than 15% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

67th percentile

$330,147

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Asset Growth

14th percentile

-6.4%

Faster asset growth than 14% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

42nd percentile

2.5%

Faster revenue growth than 42% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Assets

Down

$32,452,879

Down $2,205,636 (-6.4%) from 2017

Net Assets

Down

$27,464,297

Down $2,891,375 (-9.5%) from 2017

Liabilities

Up

$4,988,582

Up $685,739 (+16%) from 2017

Revenue

Up

$11,199,838

Up $275,469 (+2.5%) from 2017

Expenses

Down

$12,147,302

Down $334,732 (-2.7%) from 2017

Net Income

Up

-$947,464

Up $610,201 (+39%) from 2017

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2010: $33,057,969Liabilities 2010: $4,899,100Net Assets 2010: $28,158,8692010Assets 2011: $35,544,924Liabilities 2011: $7,263,005Net Assets 2011: $28,281,9192011Assets 2012: $36,445,687Liabilities 2012: $6,926,055Net Assets 2012: $29,519,6322012Assets 2013: $39,648,590Liabilities 2013: $6,886,908Net Assets 2013: $32,761,6822013Assets 2014: $41,082,074Liabilities 2014: $6,824,722Net Assets 2014: $34,257,3522014Assets 2015: $38,017,997Liabilities 2015: $6,073,014Net Assets 2015: $31,944,9832015Assets 2016: $35,566,554Liabilities 2016: $5,013,967Net Assets 2016: $30,552,5872016Assets 2017: $34,658,515Liabilities 2017: $4,302,843Net Assets 2017: $30,355,6722017Assets 2018: $32,452,879Liabilities 2018: $4,988,582Net Assets 2018: $27,464,2972018Assets 2019: $32,057,781Liabilities 2019: $4,371,955Net Assets 2019: $27,685,8262019Assets 2020: $32,360,581Liabilities 2020: $5,874,564Net Assets 2020: $26,486,0172020Assets 2021: $35,728,158Liabilities 2021: $5,579,647Net Assets 2021: $30,148,5112021Assets 2022: $32,145,323Liabilities 2022: $3,767,647Net Assets 2022: $28,377,6762022Assets 2023: $32,642,086Liabilities 2023: $3,674,370Net Assets 2023: $28,967,7162023Assets 2024: $31,917,617Liabilities 2024: $3,926,367Net Assets 2024: $27,991,2502024

Highlighted filing

2018

Assets$32,452,879
Liabilities$4,988,582
Net Assets$27,464,297

Operations Trend

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $10,086,9902010Revenue 2011: $11,429,069Expenses 2011: $10,625,156Net Income 2011: $803,9132011Expenses 2012: $11,179,4752012Revenue 2013: $12,016,790Expenses 2013: $11,223,629Net Income 2013: $793,1612013Revenue 2014: $13,159,845Expenses 2014: $11,708,637Net Income 2014: $1,451,2082014Revenue 2015: $13,897,179Expenses 2015: $11,940,375Net Income 2015: $1,956,8042015Revenue 2016: $11,005,733Expenses 2016: $12,482,568Net Income 2016: -$1,476,8352016Revenue 2017: $10,924,369Expenses 2017: $12,482,034Net Income 2017: -$1,557,6652017Revenue 2018: $11,199,838Expenses 2018: $12,147,302Net Income 2018: -$947,4642018Revenue 2019: $11,161,298Expenses 2019: $12,775,616Net Income 2019: -$1,614,3182019Revenue 2020: $5,734,785Expenses 2020: $6,113,004Net Income 2020: -$378,2192020Revenue 2021: $9,279,408Expenses 2021: $5,866,974Net Income 2021: $3,412,4342021Revenue 2022: $12,508,073Expenses 2022: $11,347,438Net Income 2022: $1,160,6352022Revenue 2023: $12,089,132Expenses 2023: $13,840,273Net Income 2023: -$1,751,1412023Revenue 2024: $14,131,878Expenses 2024: $15,424,331Net Income 2024: -$1,292,4532024

Highlighted filing

2018

Revenue$11,199,838
Expenses$12,147,302
Net Income-$947,464
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Aug 1, 2019
Return Version
2018v3.1
Gross Receipts
$15,367,777
Mission and Program Overview

Mission

Goodspeed opera house foundation,inc. Was formed in 1959 to restore the 19th century goodspeed opera house and reactivate it as a professional theatre in 1963. Under the direction of michael p. Price since 1968, goodspeed has achieved international acclaim as the home of musical theatre. Dedicated to the preservation and advancement of musical theatre and the development of new works to add to the repertoire, goodspeed pioneered the practice of rethinking, restoring, and revitalizing america's musical theatre heritage.

The mission of Goodspeed Musicals is to be the leader in preserving and producing musical theatre of the highest quality by rethinking, restoring, and producing valued works.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$20,218,588$17,506,512▼ $2,712,076
Land, Buildings, and Equipment, Net$11,964,885$11,667,046▼ $297,839
Cash and Non-Interest-Bearing Accounts$708,496$1,339,932▲ $631,436
Investments Other Securities$533,674$574,760▲ $41,086
Savings and Temporary Cash Investments$429,741$440,321▲ $10,580
Prepaid Expenses and Deferred Charges$331,547$363,106▲ $31,559
Pledges and Grants Receivable$263,146$353,547▲ $90,401
Accounts Receivable$165,913$156,125▼ $9,788
Inventories for Sale or Use$42,525$51,530▲ $9,005
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$34,658,515$32,452,879▼ $2,205,636
Other Assets Total$0$0→ $0
Liabilities
Deferred Revenue$1,439,572$1,758,296▲ $318,724
Other Liabilities$1,249,998$1,408,642▲ $158,644
Mortgage Notes Payable Secured by Investment Property$1,043,675$1,031,341▼ $12,334
Accounts Payable and Accrued Expenses$569,598$790,303▲ $220,705
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$4,302,843$4,988,582▲ $685,739
Net Assets / Fund Balance
Unrestricted Net Assets$23,602,749$20,657,616▼ $2,945,133
Permanently Rstr Net Assets$4,353,654$4,425,578▲ $71,924
Temporarily Rstr Net Assets$2,399,269$2,381,103▼ $18,166
Total Net Assets Fund Balance$30,355,672$27,464,297▼ $2,891,375
Total Liabilities and Net Assets / Fund Balance$34,658,515$32,452,879▼ $2,205,636

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,562,208$8,093,433$18,655,641
Equipment$237,448$2,636,987$2,874,435
Land$664,144-$664,144
Other Land Buildings$203,246-$203,246

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$4,353,654$148,715▼ $76,791-$4,425,578
2017$4,323,713$52,565▲ $132,577$155,201$4,353,654
2016$4,284,673$35,361▲ $58,546$54,867$4,323,713
2015$4,184,648$159,937▼ $2,200$57,712$4,284,673
2014$2,941,132$1,232,903▲ $67,523$56,910$4,184,648
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Peter M GennaroExecutive DirectorFT$304,650$25,497$330,147
Rachel TischlerGeneral ManagerFT$147,690$25,554$173,244
William NivisonFinance DirectorFT$151,030$18,868$169,898
donna cooper HILTONline producerFT$136,657$26,270$162,927
Daniel McmahonDirector of Marketing and PrFT$124,072$15,172$139,244
W Michael OFlahertyResident Music DirectorFT$104,489$12,749$117,238
Nancy AltschulerDirector of DevelopmentFT$113,548$63$113,611

Board Members and Trustees

NameTitle
Francis G Adams JRChairman
John F WolterPresident
Hila Rosen1st VICE PRESIDENT
Jeffrey S HoffmanVice President
Mark MasselliVice President
Alvin DeutschTrustee Member
Anthony CacaceTrustee Member
Chandler HowardTrustee Member
Christopher DoddTrustee Member
Eric D OrtTrustee Member
JEFFREY RichardsTrustee Member
Jay BenetTrustee Member
Jeff B RileyTrustee MEMBER
John H HambyTrustee Member
John VoegeTrustee Member
Joseph SmithTrustee MEMBER
Julie Godbout LeBlancTrustee Member
Kay Knight ClarkeTrustee Member
Kristen RobertsTrustee Member
Lawrence McHughTrustee Member
Leonardo H SuzioTrustee MEMBER
Linda MorasuttiTrustee Member
Lynde SELDEN KarinTrustee Member
Mary Ellen KlinckTrustee Member
Michael PoloTrustee Member
Muriel FleischmannTrustee Member
PETER Striniste JrTrustee Member
Stephanie Stiefel WilliamsTrustee MEMBER
Susan FrostTrustee Member
Susan SchererTrustee Member
Theodore S ChapinTrustee Member
tIMOTHY ArborioTrustee Member
Jennifer BrownSecretary
Susan LinkTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,926,810
Program Service Revenue
$6,631,112
Investment Income
$1,230,791
Other Revenue
$411,125
All Other Contributions
$1,250,383
Change in Net Assets
$-947,464

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded13$58,154Fair Market Value
Other Non Cash Contri Table1$14,000Fair Market Value
Other Non Cash Contri Table43$10,032Fair Market Value
Total Noncash Contributions57$82,186-

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,156,808
Revenue Not Reported on Financial Statements
$43,030
Revenue Not Reported on Form 990
$-1,803,845
Total Revenue per Audited Statements
$9,352,963
Total Revenue per Form 990
$11,199,838
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$7,641,024
Other Expenses$4,506,278
Total Fundraising Expense$761,845
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,079,888$215,705$440,853$5,736,446
Occupancy$799,223$18,627$12,626$830,476
Payroll Taxes$600,581$13,494$28,450$642,525
Advertising$507,774$22-$507,796
Current Officers, Directors, Trustees, and Key Employees$258,764$191,424$49,857$500,045
Depreciation Depletion$420,942$30,501$36,759$488,202
Insurance$441,455$11,339$13,665$466,459
All Other Expenses$383,867$12,659$29,550$426,076
Other Employee Benefits$395,752$8,592$18,458$422,802
Pension Plan Contributions$317,063$7,124$15,019$339,206
Other Expenses$162,972$2,842$14,119$162,972
Travel$128,827$7,891$2,357$139,075
Information Technology$80,596$10,129$13,700$104,425
Royalties$102,557--$102,557
Conferences and Meetings$5,111$4,241$78,801$88,153
Fees for Service Investment Mgmnt Fees-$43,030-$43,030
Interest-$42,296-$42,296
Fees for Services Accounting-$42,143-$42,143
Fees for Services Other$24,963$5,879$6,431$37,273
Office Expenses$17,857$3,478$1,200$22,535
Fees for Services Legal-$5,295-$5,295
Total Functional Expenses$10,708,746$676,711$761,845$12,147,302

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$12,221,413
Total Expenses per Form 990$12,147,302
Expenses per Audited Statements$12,104,272
Expenses Not Reported on Form 990$117,141
Expenses Not Reported on Financial Statements$43,030
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$379,480
Fundraising Gross Income$379,480
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
London Trip$327,870$204,838$204,838$0
Gala$223,581$90,870$45,705$45,165
Total Events$678,812$379,480$379,480-
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Anika ChapinDaughter of Trustee Theodore ChapinEmployee ServicesNo$61,123

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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Unredeemed Gift Certificates$679,283
Deferred Compensation Plan Payable$573,760
Due to Goodspeed Restaurant Inc.$99,721
Gift Annuity Obligations$55,878
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
Yes
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

PART 990, PART VI, SECTION B, LINE 11:

Draft of form 990 is sent to the full board of trustees and key employess (for review and approval).

FORM 990, PART VI, SECTION B, LINE 12C:

Board members and key employees are requested to complete annual certifications to represent adherence to the conflict of interest policy.

FORM 990, PART VI, SECTION B, LINE 15:

Compensation of key employees and/or officers is approved by the board based on industry standard.

FORM 990, PART VI, SECTION C, LINE 19:

Form 990 is available on guidestar.org and the new york state charities bureau website, all others upon request.

Filing and Contact Details

Filer

Filer Name
Goodspeed Opera House Foundation Inc
EIN
13-1969314
In Care Of
% PETER M GENNARO
Phone
8608738664
Address
PO BOX A, EAST HADDAM, CT 06423-0281

Signing Officer

Name
Peter M Gennaro
Title
Executive Director
Phone
8608738664
Signed
2019-08-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Peter M Gennaro
Formed
1959
Legal Domicile
Ct
Voting Board Members
34
Independent Board Members
33
Employees
419
Volunteers
75

Preparer

Firm
Withumsmithbrown Pc
Address
1411 BROADWAY 9TH FLOOR, NEW YORK, NY 10018
Preparer
Karen a Kowgios CPA
Phone
2127519100
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

The mission of Goodspeed Opera House Foundation, Inc. is to preserve and present musical theatre of the highest quality. By producing from the repertoire and developing new works, Goodspeed acts as a major resource for the musical, an art form indigenous to this country. To fulfill this mission Goodspeed: 1)Produces significant and valued works in the history of the musical theatre 2)Introduces new musical theatre works 3)Encouranges and develops the talents of new composers, lyricists and librettists 4)Enlists and nurtures the talents of artists, technicians, and administrators of high quality 5)Preserves the Goodspeed Opera House as a national historical landmark.

FROM 990, PART XII, LINE 2C:

The audit committee assumes responsibility for the oversight of the audit.

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Eliminate consolidation of goodspeed restaurant, inc. Income of $100,000(ein: 06-1390375)form 1120 filed separately

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Eliminate consolidation of goodspeed restaurant, inc. Expense of $77,075(ein: 06-1390375)form 1120 filed separately

PART V, LINE 4:

As of december 31, 2018 investment returns on the organization's permanent endowment funds were restricted by the donors for the following purposes: 1) $1,400,000 unrestricted 2) $1,253,875 musical theater education and related programs 3) $216,515 library 4) $71,000 opera house 5) $50,000 internships 6) $22,734 new works fund 7) $1,411,454 michael price endowment fund

PART X, LINE 2:

The organization believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Francis G Adams JR
IRS990/Form990PartVIISectionAGrp/PersonNm1John F Wolter
IRS990/Form990PartVIISectionAGrp/PersonNm2Jeffrey S Hoffman
IRS990/Form990PartVIISectionAGrp/PersonNm3Mark Masselli
IRS990/Form990PartVIISectionAGrp/PersonNm4Eric D Ort
IRS990/Form990PartVIISectionAGrp/PersonNm5Jay Benet
IRS990/Form990PartVIISectionAGrp/PersonNm6Anthony Cacace
IRS990/Form990PartVIISectionAGrp/PersonNm7Theodore S Chapin
IRS990/Form990PartVIISectionAGrp/PersonNm8Kay Knight Clarke
IRS990/Form990PartVIISectionAGrp/PersonNm9Alvin Deutsch
IRS990/Form990PartVIISectionAGrp/PersonNm10Christopher Dodd
IRS990/Form990PartVIISectionAGrp/PersonNm11Muriel Fleischmann
IRS990/Form990PartVIISectionAGrp/PersonNm12John H Hamby
IRS990/Form990PartVIISectionAGrp/PersonNm13Chandler Howard
IRS990/Form990PartVIISectionAGrp/PersonNm14Lynde SELDEN Karin
IRS990/Form990PartVIISectionAGrp/PersonNm15Mary Ellen Klinck
IRS990/Form990PartVIISectionAGrp/PersonNm16Julie Godbout LeBlanc
IRS990/Form990PartVIISectionAGrp/PersonNm17Lawrence McHugh
IRS990/Form990PartVIISectionAGrp/PersonNm18Jeff B Riley
IRS990/Form990PartVIISectionAGrp/PersonNm19Hila Rosen
IRS990/Form990PartVIISectionAGrp/PersonNm20Susan Scherer
IRS990/Form990PartVIISectionAGrp/PersonNm21Joseph Smith
IRS990/Form990PartVIISectionAGrp/PersonNm22Leonardo H Suzio
IRS990/Form990PartVIISectionAGrp/PersonNm23Stephanie Stiefel Williams
IRS990/Form990PartVIISectionAGrp/PersonNm24tIMOTHY Arborio
IRS990/Form990PartVIISectionAGrp/PersonNm25JENNIFER BROWN
IRS990/Form990PartVIISectionAGrp/PersonNm26SUSAN LINK
IRS990/Form990PartVIISectionAGrp/PersonNm27JEFFREY Richards
IRS990/Form990PartVIISectionAGrp/PersonNm28KRISTEN ROBERTS
IRS990/Form990PartVIISectionAGrp/PersonNm29PETER Striniste Jr
IRS990/Form990PartVIISectionAGrp/PersonNm30PETER M GENNARO
IRS990/Form990PartVIISectionAGrp/PersonNm31LINDA MORASUTTI
IRS990/Form990PartVIISectionAGrp/PersonNm32JOHN VOEGE
IRS990/Form990PartVIISectionAGrp/PersonNm33Susan Frost
IRS990/Form990PartVIISectionAGrp/PersonNm34Michael Polo
IRS990/Form990PartVIISectionAGrp/PersonNm35William Nivison
IRS990/Form990PartVIISectionAGrp/PersonNm36donna cooper HILTON
IRS990/Form990PartVIISectionAGrp/PersonNm37DANIEL MCMAHON
IRS990/Form990PartVIISectionAGrp/PersonNm38RACHEL TISCHLER
IRS990/Form990PartVIISectionAGrp/PersonNm39W Michael OFlaherty
IRS990/Form990PartVIISectionAGrp/PersonNm40Nancy Altschuler
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.9$3.93$28.0$14.1$15.4$1.29
2023Detailed filing. Detailed filing data is available for this year.$32.6$3.67$29.0$12.1$13.8$1.75
2022Detailed filing. Detailed filing data is available for this year.$32.1$3.77$28.4$12.5$11.3$1.16
2021Detailed filing. Detailed filing data is available for this year.$35.7$5.58$30.1$9.28$5.87$3.41
2020Detailed filing. Detailed filing data is available for this year.$32.4$5.87$26.5$5.73$6.11$0.38
2019Detailed filing. Detailed filing data is available for this year.$32.1$4.37$27.7$11.2$12.8$1.61
2018Detailed filing. Detailed filing data is available for this year.$32.5$4.99$27.5$11.2$12.1$0.95
2017Detailed filing. Detailed filing data is available for this year.$34.7$4.30$30.4$10.9$12.5$1.56
2016Detailed filing. Detailed filing data is available for this year.$35.6$5.01$30.6$11.0$12.5$1.48
2015Detailed filing. Detailed filing data is available for this year.$38.0$6.07$31.9$13.9$11.9$1.96
2014Detailed filing. Detailed filing data is available for this year.$41.1$6.82$34.3$13.2$11.7$1.45
2013Detailed filing. Detailed filing data is available for this year.$39.6$6.89$32.8$12.0$11.2$0.79
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.4$6.93$29.5$11.2
2011Summary only. Only limited summary data is available for this year.$35.5$7.26$28.3$11.4$10.6$0.80
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$33.1$4.90$28.2$10.1
Peer Organizations

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