Civic Intelligence

Metropolitan Opera Endowment Trustcentennial Fund Endowment Trust

990 • Fiscal year 2015 • EIN 13-6071129

Aug 01, 2014 to Jul 31, 2015 • Filed on Jun 13, 2016

Organization ProfileNONE
30 Lincoln Center 423New York, NY 10023

(212) 799-3100

Siviq Scores

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

Liabilities / Assets

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

2nd percentile

-108%

Higher net margin than 2% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

6th percentile

$0

Higher top officer pay than 6% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

20th percentile

-4.0%

Faster asset growth than 20% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

17th percentile

-11%

Faster revenue growth than 17% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets2nd percentile

Assets

Down

$41,118,516

Down $1,696,388 (-4.0%) from 2014

Net Assets

Down

$41,118,516

Down $1,636,388 (-3.8%) from 2014

Liabilities

Down

$0

Down $60,000 (-100%) from 2014

Revenue And Expenses
Liabilities / Revenue2nd percentileNet Margin2nd percentile

Revenue

Down

$1,367,474

Down $171,367 (-11%) from 2014

Expenses

Down

$2,845,789

Down $1,988,596 (-41%) from 2014

Net Income

Up

-$1,478,315

Up $1,817,229 (+55%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth20th percentile

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

$80M$60M$40M$20M$0Assets 2011: $62,470,923Liabilities 2011: $0Net Assets 2011: $62,470,9232011Assets 2012: $55,173,942Liabilities 2012: $0Net Assets 2012: $55,173,9422012Assets 2013: $44,291,347Liabilities 2013: $0Net Assets 2013: $44,291,3472013Assets 2014: $42,814,904Liabilities 2014: $60,000Net Assets 2014: $42,754,9042014Assets 2015: $41,118,516Liabilities 2015: $0Net Assets 2015: $41,118,5162015Assets 2016: $43,340,238Liabilities 2016: $0Net Assets 2016: $43,340,2382016Assets 2017: $43,009,770Liabilities 2017: $48,813Net Assets 2017: $42,960,9572017Assets 2018: $44,147,730Liabilities 2018: $23,685Net Assets 2018: $44,124,0452018Assets 2019: $44,839,837Liabilities 2019: $71,418Net Assets 2019: $44,768,4192019Assets 2020: $46,008,496Liabilities 2020: $63,086Net Assets 2020: $45,945,4102020Assets 2021: $49,288,625Liabilities 2021: $108,430Net Assets 2021: $49,180,1952021Assets 2022: $47,090,552Liabilities 2022: $36,051Net Assets 2022: $47,054,5012022Assets 2023: $45,937,417Liabilities 2023: $56,049Net Assets 2023: $45,881,3682023Assets 2024: $42,892,790Liabilities 2024: $34,765Net Assets 2024: $42,858,0252024

Highlighted filing

2015

Assets$41,118,516
Liabilities$0
Net Assets$41,118,516
Open 2015 Filing

Operations Trend

Revenue Growth17th percentile

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

$20M$10M$0-$10MRevenue 2011: $3,801,455Expenses 2011: $12,133,675Net Income 2011: -$8,332,2202011Revenue 2012: $9,670,127Expenses 2012: $13,032,667Net Income 2012: -$3,362,5402012Expenses 2013: $13,901,2072013Revenue 2014: $1,538,841Expenses 2014: $4,834,385Net Income 2014: -$3,295,5442014Revenue 2015: $1,367,474Expenses 2015: $2,845,789Net Income 2015: -$1,478,3152015Revenue 2016: $4,440,573Expenses 2016: $2,314,948Net Income 2016: $2,125,6252016Revenue 2017: $1,868,245Expenses 2017: $2,151,336Net Income 2017: -$283,0912017Revenue 2018: $1,785,760Expenses 2018: $1,092,182Net Income 2018: $693,5782018Revenue 2019: $1,192,711Expenses 2019: $910,113Net Income 2019: $282,5982019Revenue 2020: $2,120,361Expenses 2020: $1,030,554Net Income 2020: $1,089,8072020Revenue 2021: $1,162,315Expenses 2021: $1,809,082Net Income 2021: -$646,7672021Revenue 2022: $1,315,092Expenses 2022: $683,675Net Income 2022: $631,4172022Revenue 2023: $1,227,455Expenses 2023: $4,416,282Net Income 2023: -$3,188,8272023Revenue 2024: $1,674,473Expenses 2024: $5,645,839Net Income 2024: -$3,971,3662024

Highlighted filing

2015

Revenue$1,367,474
Expenses$2,845,789
Net Income-$1,478,315
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2014 to Jul 31, 2015
Signed
Jun 13, 2016
Return Version
2014v6.0
Gross Receipts
$24,835,738
Mission and Program Overview

Mission

To support the activities of metropolitan opera association, inc., a 501(c)(3) organization.

To support the activities of the Metropolitan Opera Association, Inc., a 501(c)(3) organization.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$32,478,167$34,799,211▲ $2,321,044
Investments Other Securities$9,376,922$5,623,178▼ $3,753,744
Pledges and Grants Receivable$959,815$696,127▼ $263,688
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
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
Land, Buildings, and Equipment, Net$0--
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$42,814,904$41,118,516▼ $1,696,388
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$60,000$0▼ $60,000
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$60,000$0▼ $60,000
Net Assets / Fund Balance
Permanently Rstr Net Assets$17,174,160$17,106,258▼ $67,902
Unrestricted Net Assets$15,227,699$14,108,722▼ $1,118,977
Temporarily Rstr Net Assets$10,353,045$9,903,536▼ $449,509
Total Net Assets Fund Balance$42,754,904$41,118,516▼ $1,636,388
Total Liabilities and Net Assets / Fund Balance$42,814,904$41,118,516▼ $1,696,388

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$180,092--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$41,855,089$502,476▲ $970,612$2,732,000$40,422,392
2013$41,297,346$2,621,174▲ $2,740,954$4,724,000$41,855,089
2012$51,179,942$2,156,250▲ $1,832,361$13,737,960$41,297,346
2011$62,470,923$119,224▲ $1,622,462$12,930,891$51,179,942
2010$68,809,378$416,154▲ $5,379,066$11,962,120$62,470,923
Compensation and Service Providers
Top Officer Pay6th percentile

Board Members and Trustees

NameTitle
William C MorrisChairman
Kevin W KennedyVice Chair to 6/16
NY Private Bank TrustTrustee
Judith-Ann CorrenteComm Mbr from 6/16
Ray J GrovesComm Mbr to 1/30
Ann ZiffCommittee Member
Christine F HunterCommittee Member
Frayda B LindemannCommittee Member
James W KinnearCommittee Member
Kevin J BattertonSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$238,789
Program Service Revenue
$0
Investment Income
$1,128,685
Other Revenue
$0
All Other Contributions
$238,789
Change in Net Assets
$-1,478,315
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,732,000
Other Expenses$113,789
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,732,000--$2,732,000
Fees for Service Investment Mgmnt Fees-$113,789$0$113,789
Total Functional Expenses$2,732,000$113,789$0$2,845,789
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Metropolitan Opera AssociationNew York, NY501(c)(3)Support activities - Met Opera Met Opera Met Opera$2,732,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
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
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
No
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

“How members or shareholders elect governing body the metropolitan opera association, inc. Board of directors may fill vacancies of the trust board.”

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

“Form 990 review process the form 990 was prepared by management. It was reviewed by management and external tax advisors. Prior to filing, the form 990 was reviewed by both the trust committee of metropolitan opera endowment trust/centennial fund endowment trust and the audit committee of the board of metropolitan opera association, inc.”

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

“Explanation of monitoring and enforcement of conflicts conflict of interest disclosure forms are completed annually by committee members and officers and provided to and reviewed by the office of the general counsel. Any interested person may not participate in the final deliberation, decision, or vote regarding the contract or other transactions.”

Form 990, Part VI, Section B, Line 14

“The management of the met has adopted a written document retention and destruction policy which is applied to the organization as a whole. The met is required to answer no to question 14 as the policy was not adopted by the board as of the fiscal year ended 7/31/15.”

Form 990, Part VI, Section C, Line 19

“Other organization documents publicly available the form 990 and the audited financial statements are the documents that are made available to the general public, upon request.”

Filing and Contact Details

Filer

Filer Name
Metropolitan Opera Endowment Trust
EIN
13-6071129
In Care Of
% DIANA FORTUNA THE METROPOLIT
Phone
2127993100
Address
30 Lincoln Center 423, New York, NY 10023

Signing Officer

Name
Kevin J Batterton
Title
Secretary
Phone
2127993100
Signed
2016-06-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William C Morris
Formed
1959
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
0

Preparer

Firm
Kpmg Llp
Address
345 Park Avenue, New York, NY 10154-0102
Preparer
Kpmg Llp
Phone
2127589700
Supplemental Narrative

Financial Statement Notes

Part V, Line 4 - Intended Uses Of Endowment Fund

“To support the activities of the Metropolitan Opera Association, Inc., a 501(c)(3) organization.”

Part X - FIN 48 Footnote

“The Trust is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Management believes that the Trust will continue to be exempt from taxes and that the Trust has taken no significant uncertain tax positions.”

Raw XML AppendixShowing 400 of 527 raw XML fields

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/PrincipalOfficerNm0William C Morris
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IRS990/ReconcilationRevenueExpnssAmt0-1478315
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IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd0false
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IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd0true
IRS990ScheduleA/IRSWrittenDeterminationInd0X
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0131624087
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd0true
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd07
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt02732000
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0METROPOLITAN OPERA ASSOCIATION INC
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt02732000
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BoardDesignatedBalanceEOYPct00.58000
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IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt041855089
IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt0502476
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IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt0970612
IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt02732000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/AdministrativeExpensesAmt080385
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt041297346
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt02621174
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt041855089
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/OtherExpendituresAmt04724000
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/AdministrativeExpensesAmt0133247
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt051179942
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt02156250
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt041297346
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt01832361
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/OtherExpendituresAmt013737960
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/AdministrativeExpensesAmt0101776
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt062470923
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/ContributionsAmt0119224
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt051179942
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt01622462
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/OtherExpendituresAmt012930891
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/AdministrativeExpensesAmt0171555
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/BeginningYearBalanceAmt068809378
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/ContributionsAmt0416154
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt062470923
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IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt05443086
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1180092
IRS990ScheduleD/OtherSecuritiesGrp/Desc0MULTI-STRATEGY HEDGE FUND
IRS990ScheduleD/OtherSecuritiesGrp/Desc1PRIVATE EQUITY
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct00.42000
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0To support the activities of the Metropolitan Opera Association, Inc., a 501(c)(3) organization.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1The Trust is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Management believes that the Trust will continue to be exempt from taxes and that the Trust has taken no significant uncertain tax positions.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part V, Line 4 - Intended Uses Of Endowment Fund
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part X - FIN 48 Footnote
IRS990ScheduleD/TotalBookValueSecuritiesAmt05623178
IRS990ScheduleD/TotalLiabilityAmt00
IRS990ScheduleI/GrantRecordsMaintainedInd0false
IRS990ScheduleI/RecipientTable/CashGrantAmt02732000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)(3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Support activities - Met Opera Met Opera Met Opera
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Metropolitan Opera Association
IRS990ScheduleI/RecipientTable/RecipientEIN0131624087
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt030 Lincoln Center
IRS990ScheduleI/RecipientTable/USAddress/CityNm0New York
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0NY
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd010023
IRS990ScheduleI/Total501c3OrgCnt01
IRS990ScheduleI/TotalOtherOrgCnt00
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0HOW MEMBERS OR SHAREHOLDERS ELECT GOVERNING BODY THE METROPOLITAN OPERA ASSOCIATION, INC. BOARD OF DIRECTORS MAY FILL VACANCIES OF THE TRUST BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 REVIEW PROCESS THE FORM 990 WAS PREPARED BY MANAGEMENT. IT WAS REVIEWED BY MANAGEMENT AND EXTERNAL TAX ADVISORS. PRIOR TO FILING, THE FORM 990 WAS REVIEWED BY BOTH THE TRUST COMMITTEE OF METROPOLITAN OPERA ENDOWMENT TRUST/CENTENNIAL FUND ENDOWMENT TRUST AND THE AUDIT COMMITTEE OF THE BOARD OF METROPOLITAN OPERA ASSOCIATION, INC.

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$41,118,516
Liabilities
$0
Net assets
$41,118,516
Revenue
$1,367,474
Expenses
$2,845,789
Net income
-$1,478,315
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$42.9$0.03$42.9$1.67$5.65$3.97
2023Detailed filing. Detailed filing data is available for this year.$45.9$0.06$45.9$1.23$4.42$3.19
2022Detailed filing. Detailed filing data is available for this year.$47.1$0.04$47.1$1.32$0.68$0.63
2021Detailed filing. Detailed filing data is available for this year.$49.3$0.11$49.2$1.16$1.81$0.65
2020Detailed filing. Detailed filing data is available for this year.$46.0$0.06$45.9$2.12$1.03$1.09
2019Summary only. Only limited summary data is available for this year.$44.8$0.07$44.8$1.19$0.91$0.28
2018Summary only. Only limited summary data is available for this year.$44.1$0.02$44.1$1.79$1.09$0.69
2017Summary only. Only limited summary data is available for this year.$43.0$0.05$43.0$1.87$2.15$0.28
2016Summary only. Only limited summary data is available for this year.$43.3$0.00$43.3$4.44$2.31$2.13
2015Detailed filing. Detailed filing data is available for this year.$41.1$0.00$41.1$1.37$2.85$1.48
2014Detailed filing. Detailed filing data is available for this year.$42.8$0.06$42.8$1.54$4.83$3.30
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$44.3$0.00$44.3$13.9
2012Summary only. Only limited summary data is available for this year.$55.2$0.00$55.2$9.67$13.0$3.36
2011Summary only. Only limited summary data is available for this year.$62.5$0.00$62.5$3.80$12.1$8.33