Civic Intelligence

Sarasota Opera Association Inc.

990 • Fiscal year 2016 • EIN 23-7089047

Jun 01, 2015 to May 31, 2016 • Filed on Jan 24, 2016

61 N Pinapple AvenueSarasota, FL 34236

(941) 366-8450

Siviq Scores

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

Liabilities / Assets

25th percentile

0.05x

Higher debt load relative to assets than 25% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

34th percentile

0.13x

Higher debt load relative to revenue than 34% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

46th percentile

1.4%

Higher net margin than 46% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

62nd percentile

$212,689

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 2.2% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

32nd percentile

-1.7%

Faster asset growth than 32% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

14th percentile

-22%

Faster revenue growth than 14% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Assets

Up

$24,536,509

Up $3,023,212 (+14%) from 2013

Net Assets

Up

$23,300,242

Up $3,476,356 (+18%) from 2013

Liabilities

Down

$1,236,267

Down $453,144 (-27%) from 2013

Revenue

$9,604,730

No earlier filing loaded for comparison.

Expenses

Up

$9,467,020

Up $817,608 (+9.5%) from 2013

Net Income

$137,710

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2010: $26,236,654Liabilities 2010: $3,850,901Net Assets 2010: $22,385,7532010Assets 2011: $25,790,463Liabilities 2011: $3,536,248Net Assets 2011: $22,254,2152011Assets 2012: $22,579,534Liabilities 2012: $2,215,104Net Assets 2012: $20,364,4302012Assets 2013: $21,513,297Liabilities 2013: $1,689,411Net Assets 2013: $19,823,8862013Assets 2016: $24,536,509Liabilities 2016: $1,236,267Net Assets 2016: $23,300,2422016Assets 2017: $28,909,234Liabilities 2017: $2,712,487Net Assets 2017: $26,196,7472017Assets 2018: $27,524,752Liabilities 2018: $2,752,349Net Assets 2018: $24,772,4032018Assets 2019: $26,510,657Liabilities 2019: $3,105,224Net Assets 2019: $23,405,4332019Assets 2021: $28,037,945Liabilities 2021: $3,954,480Net Assets 2021: $24,083,4652021Assets 2022: $28,856,599Liabilities 2022: $4,076,383Net Assets 2022: $24,780,2162022Assets 2025: $36,969,853Liabilities 2025: $8,069,205Net Assets 2025: $28,900,6482025

Highlighted filing

2016

Assets$24,536,509
Liabilities$1,236,267
Net Assets$23,300,242

Operations Trend

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $7,693,7602010Expenses 2011: $7,985,7132011Expenses 2012: $9,108,3332012Expenses 2013: $8,649,4122013Revenue 2016: $9,604,730Expenses 2016: $9,467,020Net Income 2016: $137,7102016Revenue 2017: $11,289,515Expenses 2017: $8,600,781Net Income 2017: $2,688,7342017Revenue 2018: $7,441,604Expenses 2018: $9,370,889Net Income 2018: -$1,929,2852018Revenue 2019: $8,208,524Expenses 2019: $9,473,840Net Income 2019: -$1,265,3162019Revenue 2021: $6,481,529Expenses 2021: $6,067,843Net Income 2021: $413,6862021Revenue 2022: $10,657,672Expenses 2022: $9,110,586Net Income 2022: $1,547,0862022Revenue 2025: $16,304,896Expenses 2025: $10,554,868Net Income 2025: $5,750,0282025

Highlighted filing

2016

Revenue$9,604,730
Expenses$9,467,020
Net Income$137,710
Jump To
Filing Snapshot
Filing Period
Jun 1, 2015 to May 31, 2016
Signed
Jan 24, 2016
Return Version
2015v3.0
Gross Receipts
$13,512,416
Mission and Program Overview

Mission

To produce outstanding opera true to the vision of the composer, to entertain, enrich, and educate the communities in southwest florida as well as patrons from across the state and around the world. To produce such operas; and to foster, promote, and increase public knowledge and appreciation of opera and similar presentations; to instruct, train and educate both students and the public, generally, in opera, music and related performing arts; and to rent, acquire for use, or own, maintain, and operate a place or places to accomplish these objectives.

To produce outstanding opera true to the vision of the composer, to entertain, enrich, and educate the communities in southwest florida as well as patrons from across the state and around the world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,026,728$12,580,990▼ $445,738
Investments in Publicly Traded Securities$6,661,402$6,142,545▼ $518,857
Pledges and Grants Receivable$1,792,347$2,178,617▲ $386,270
Cash and Non-Interest-Bearing Accounts$3,256,744$864,690▼ $2,392,054
Accounts Receivable$51,824$318,380▲ $266,556
Savings and Temporary Cash Investments$75,871$89,361▲ $13,490
Prepaid Expenses and Deferred Charges$66,101$74,510▲ $8,409
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$24,952,595$24,536,509▼ $416,086
Other Assets Total$21,578$2,287,416▲ $2,265,838
Liabilities
Deferred Revenue$1,173,881$1,089,418▼ $84,463
Accounts Payable and Accrued Expenses$104,537$146,849▲ $42,312
Total Liabilities$1,278,418$1,236,267▼ $42,151
Net Assets / Fund Balance
Unrestricted Net Assets$16,131,147$15,304,809▼ $826,338
Permanently Rstr Net Assets$5,821,955$6,103,535▲ $281,580
Temporarily Rstr Net Assets$1,721,075$1,891,898▲ $170,823
Total Net Assets Fund Balance$23,674,177$23,300,242▼ $373,935
Total Liabilities and Net Assets / Fund Balance$24,952,595$24,536,509▼ $416,086

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,815,856$5,713,719$17,529,575
Equipment$100,768$2,490,498$2,591,266
Land$464,466-$464,466
Other Land Buildings$199,900$228,908$428,808
Other Assets Org$2,287,416--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$6,661,402$156,210▼ $131,567$543,500$6,142,545
2014$5,697,513$880,000▲ $301,890$218,001$6,661,402
2013$4,757,225$592,950▲ $622,983$275,645$5,697,513
2012$5,016,599$35,000▲ $738,037$1,032,411$4,757,225
2011$4,828,354$405,874▲ $145,628$363,257$5,016,599
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Richard RussellExecutive DirectorFT$204,975$7,714$212,689
Stacy RidenourDevelopment DirectorFT$106,000$7,714$113,714
Kenneth TarasiDirector of FinanceFT$97,733-$97,733

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Derenzi & Sundine INCArtistic Direction210 WEST 101 ST 9E, New York, NY 10025$406,534
American ExpressCredit Card ChargesPO Box 650448, Dallas, TX 75265-0448$271,745
Utah Symphony and OperaSet Building - Aida336 North 400 West, Salt Lake City, UT 84103$168,370
Datum CorporationIT / Service Maint6009 Business Blvd, Sarasota, FL 34240$154,924
Sarasota OrchestraOrchestra La Boheme709 N Tamiami Trail, Sarasota, FL 34236$147,767
Revenue and Support

Revenue Composition

Contributions and Grants
$5,037,037
Program Service Revenue
$3,745,135
Investment Income
$496,242
Other Revenue
$326,316
All Other Contributions
$4,831,119
Change in Net Assets
$137,710

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,001,141
Revenue Not Reported on Financial Statements
$-396,411
Revenue Not Reported on Form 990
$-519,145
Other Revenue Adjustments
$-396,411
Total Revenue per Audited Statements
$9,481,996
Total Revenue per Form 990
$9,604,730
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,893,882
Salaries, Compensation, and Employee Benefits$4,554,638
Total Fundraising Expense$586,738
Grants and Similar Amounts Paid$18,500
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Comp Disqual Persons$2,806,907$825,331$144,325$3,776,563
Payments to Affiliates$493,341$9,125-$502,466
All Other Expenses$110,764$32,603$323,000$466,367
Current Officers, Directors, Trustees, and Key Employees$317,739$94,234$15,921$427,894
Occupancy$264,424$34,289-$298,713
Advertising$24,621$236,314-$260,935
Insurance$241,259--$241,259
Other Expenses$131,338$84,332$7,399$223,069
Pension Plan Contributions$35,447$108,276$41,887$185,610
Other Employee Benefits$79,151$64,927$16,983$161,061
Office Expenses$130,939$13,732$15,393$160,064
Travel$145,142$2,200$671$148,013
Information Technology$84,150$114$89$84,353
Fees for Service Investment Mgmnt Fees$45,597--$45,597
Fees for Services Accounting-$27,060-$27,060
Grants to Domestic Individuals$18,500--$18,500
Interest-$9,415-$9,415
Conferences and Meetings-$1,111$3,497$4,608
Other Salaries and Wages-$3,510-$3,510
Fees for Services Legal-$150-$150
Total Functional Expenses$7,165,462$1,714,820$586,738$9,467,020

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$9,855,931
Total Expenses per Form 990$9,467,020
Expenses per Audited Statements$9,459,520
Expenses Not Reported on Form 990$396,411
Expenses Not Reported on Financial Statements$7,500
Other Expense Adjustments$7,500
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$431,747
Fundraising Direct Expenses$396,411
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Guilds$150,045$138,138$130,211$7,927
Opening Night Gala$131,000$131,000$87,374$43,626
Total Events$443,654$431,747$342,411$89,336
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
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

The board through its finance committee, reviews and approves the form 990 prior to its filing with the IRS. The finance committee reports its review and upon final approval by the board, the 990 is filed with the IRS.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

THE ORGANIZATION REQUIRES ALL POTENTIAL CONFLICTS OF INTEREST TO BE REPORTED TO A SUPERVISOR AND/OR TO THE EXECUTIVE DIRECTOR. THE ORGANIZATION REQUIRES CONFLICTS OF INTEREST TO BE AVOIDED OTHER THAN TO THE EXTENT THE EXECUTIVE DIRECTOR HAS PROVIDED THE EMPLOYEE WITH A WRITTEN EXEMPTION. the board of trustees are asked to disclose any conflicts of interest at their annual meeting.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The organization engages a human resource committee which functions as a compensation committee which reviews industry compensation surveys, analyzes opera's budget, seeks board/committee approvals.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

all required disclosures are made available upon request or at www.guidestar.org.

form 990, part VII, sections A & B

victor derenzi, the artistic director is paid through his corporation, derenzi & sundine, inc. Derenzi and Sundine Inc. is an independent contractor of Sarasota Opera Association, Inc.

Filing and Contact Details

Filer

Filer Name
Sarasota Opera Association Inc
EIN
23-7089047
Phone
9413668450
Address
61 N Pinapple Avenue, Sarasota, FL 34236

Signing Officer

Name
Richard A Russell
Title
Executive Director
Signed
2016-01-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Russell
Formed
1961
Legal Domicile
Fl
Voting Board Members
23
Independent Board Members
23
Employees
150
Volunteers
300

Preparer

Firm
Christopher Smith Leonard Etal
Address
1515 Ringling Blvd Suite 900, Sarasota, FL 34236
Preparer
Lisa R Johnson
Phone
9419544040
Supplemental Narrative

Financial Statement Notes

Part V, Line 4: Intended uses of the endowment fund.

To provide a stable flow of resources for current operations.

Part X : FIN48 Footnote

The Association is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. Income from certain activities not directly related to the Associations tax-exempt purposes is subject to taxation as unrelated business income. In addition, contributions to the Association qualify for the charitable contribution deduction under Section 170(b)(1)(A). Management believes the Association has no material unrecognized income tax benefits, including any potential loss of their tax exempt status. The Association has no ongoing federal, state or local tax audits; however, the Associations tax returns for the previous three fiscal years remain open to examination.

Part XII, Line 2D: Other expenses and losses per audited F/S

special events expense $396411

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

Grants to individuals $7500

Raw XML AppendixShowing 400 of 825 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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