Civic Intelligence

Arizona Opera Company

990 • Fiscal year 2015 • EIN 23-7169261

Jul 01, 2014 to Jun 30, 2015 • Filed on May 13, 2016

1636 N Central AvePhoenix, AZ 85005

(602) 266-7464

Siviq Scores

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

Liabilities / Assets

81st percentile

0.64x

Higher debt load relative to assets than 81% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

66th percentile

0.38x

Higher debt load relative to revenue than 66% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Net Margin

85th percentile

31%

Higher net margin than 85% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

58th percentile

$135,677

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Assets

$5,005,118

No earlier filing loaded for comparison.

Net Assets

$1,791,683

No earlier filing loaded for comparison.

Liabilities

$3,213,435

No earlier filing loaded for comparison.

Revenue

$8,398,565

No earlier filing loaded for comparison.

Expenses

$5,788,494

No earlier filing loaded for comparison.

Net Income

$2,610,071

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.

$20M$15M$10M$5.0M$0Assets 2015: $5,005,118Liabilities 2015: $3,213,435Net Assets 2015: $1,791,6832015Assets 2016: $3,787,366Liabilities 2016: $2,590,004Net Assets 2016: $1,197,3622016Assets 2017: $4,660,045Liabilities 2017: $1,969,954Net Assets 2017: $2,690,0912017Assets 2018: $6,325,861Liabilities 2018: $1,324,651Net Assets 2018: $5,001,2102018Assets 2019: $8,142,535Liabilities 2019: $1,050,967Net Assets 2019: $7,091,5682019Assets 2020: $8,418,890Liabilities 2020: $1,692,646Net Assets 2020: $6,726,2442020Assets 2021: $9,811,779Liabilities 2021: $1,802,385Net Assets 2021: $8,009,3942021Assets 2022: $13,623,494Liabilities 2022: $2,868,478Net Assets 2022: $10,755,0162022Assets 2023: $17,923,049Liabilities 2023: $3,242,453Net Assets 2023: $14,680,5962023Assets 2024: $16,278,411Liabilities 2024: $1,067,051Net Assets 2024: $15,211,3602024

Highlighted filing

2015

Assets$5,005,118
Liabilities$3,213,435
Net Assets$1,791,683

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2015: $8,398,565Expenses 2015: $5,788,494Net Income 2015: $2,610,0712015Revenue 2016: $5,475,542Expenses 2016: $6,069,863Net Income 2016: -$594,3212016Revenue 2017: $7,704,444Expenses 2017: $6,211,715Net Income 2017: $1,492,7292017Revenue 2018: $9,626,845Expenses 2018: $7,315,726Net Income 2018: $2,311,1192018Revenue 2019: $9,313,582Expenses 2019: $7,231,197Net Income 2019: $2,082,3852019Revenue 2020: $6,725,476Expenses 2020: $7,058,810Net Income 2020: -$333,3342020Revenue 2021: $5,203,116Expenses 2021: $4,295,525Net Income 2021: $907,5912021Revenue 2022: $12,029,280Expenses 2022: $7,997,957Net Income 2022: $4,031,3232022Revenue 2023: $5,527,418Expenses 2023: $8,875,073Net Income 2023: -$3,347,6552023Revenue 2024: $6,650,102Expenses 2024: $8,223,670Net Income 2024: -$1,573,5682024

Highlighted filing

2015

Revenue$8,398,565
Expenses$5,788,494
Net Income$2,610,071
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 13, 2016
Return Version
2014v6.0
Gross Receipts
$8,697,592
Mission and Program Overview

Mission

Arizona opera elevates the transformative power of storytelling through music - cultivating community and strengthening a state and people as adventurous and diverse as the place they call home.

Arizona opera elevates the transformative power of story telling through music cultivating community and strengthening a state and people as adventurious and diverse as the place they call home.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,393,246$2,532,940▲ $139,694
Pledges and Grants Receivable$317,807$1,792,909▲ $1,475,102
Loans From Officers Directors$175,000$1,100,000▲ $925,000
Cash and Non-Interest-Bearing Accounts$279,006$285,596▲ $6,590
Savings and Temporary Cash Investments$183,475$200,000▲ $16,525
Prepaid Expenses and Deferred Charges$183,249$191,479▲ $8,230
Accounts Receivable-$2,194-
Total Assets$3,356,783$5,005,118▲ $1,648,335
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,988,804--
Deferred Revenue$1,330,959$1,175,218▼ $155,741
Accounts Payable and Accrued Expenses$680,408$938,217▲ $257,809
Total Liabilities$4,175,171$3,213,435▼ $961,736
Net Assets / Fund Balance
Temporarily Rstr Net Assets$421,609$1,878,166▲ $1,456,557
Permanently Rstr Net Assets$183,393$200,000▲ $16,607
Unrestricted Net Assets$-1,423,390$-286,483▲ $1,136,907
Total Net Assets Fund Balance$-818,388$1,791,683▲ $2,610,071
Total Liabilities and Net Assets / Fund Balance$3,356,783$5,005,118▲ $1,648,335

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$636,376$407,970-
Equipment$401,023$550,506-
Leasehold Improvements$1,495,541$160,090-

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$200,082-▲ $63-$200,145
2013$200,000-▲ $82-$200,082
2012$1,095,775-▲ $618$913,000$183,393
2011$1,242,309-▲ $1,840$148,374$1,095,775
2010$1,242,309---$1,242,309
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ryan TaylorGeneral DirectorFT$129,583$6,094$135,677
Joann SerraFinance DirectorFT$80,000$5,400$85,400

Board Members and Trustees

NameTitle
Robert TancerBoard Chairman
Judy WolfImmidiate Past Chair
John JohnsonVice Chairman
Amelia AndersonBoard Director
Anton J EichornBoard Director
Arlyn BrewsterBoard Director
Colonel Ret Kimberley SmithBoard Director
David BolgerBoard Director
David HeapBoard Director
George a DunningBoard Director
Gerardo HigginsonBoard Director
Gregory MooreBoard Director
Jean S CooperBoard Director
Jeannette Jung SegelBoard Director
Jesse B SimpsonBoard Director
John HughesBoard Director
Julia PatrickBoard Director
Karinn Hamil RotheBoard Director
Kimberly J KauffmanBoard Director
Nancy FosterBoard Director
Sharon LandisBoard Director
Vickie HaritonBoard Director
Linda StaubitzSecretary
Scott StallardTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,747,547
Program Service Revenue
$2,286,600
Investment Income
$-32,406
Other Revenue
$396,824
All Other Contributions
$5,596,664
Change in Net Assets
$2,610,071

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Closely Held Stock8$124,899Sales Price
Other Non Cash Contri Table1$5,000-
Total Noncash Contributions9$129,899-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,529,094
Revenue Not Reported on Financial Statements
$5,869,471
Revenue Not Reported on Form 990
$121,774
Other Revenue Adjustments
$5,869,471
Total Revenue per Audited Statements
$2,650,868
Total Revenue per Form 990
$8,398,565
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,344,948
Salaries, Compensation, and Employee Benefits$2,382,899
Total Fundraising Expense$422,958
Professional Fundraising Fees$60,647
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,428,390$87,306$208,105$1,723,801
Fees for Services Other$739,226$10,000-$749,226
Advertising$507,027--$507,027
Travel$380,687$26,751$3,586$411,024
Royalties$300,048--$300,048
Payroll Taxes$161,783$91,091$17,189$270,063
Current Officers, Directors, Trustees, and Key Employees-$221,077-$221,077
Depreciation Depletion$170,707$19,094$14,127$203,928
Other Employee Benefits$128,221$20,774$18,963$167,958
Occupancy$50,465$99,873-$150,338
Information Technology$105,917$31,380-$137,297
Interest-$70,739-$70,739
Fees for Services Professional Fundraising--$60,647$60,647
Office Expenses-$37,859$2,955$40,814
Insurance-$31,362-$31,362
Fees for Services Accounting-$27,000-$27,000
Other Expenses$66,564$12,287$1,730$12,287
All Other Expenses$11,385--$11,385
Fees for Services Legal-$1,016-$1,016
Fees for Services Management-$305-$305
Total Functional Expenses$4,585,107$780,429$422,958$5,788,494

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,874,414
Total Expenses per Form 990$5,788,494
Expenses per Audited Statements$5,752,640
Expenses Not Reported on Form 990$121,774
Expenses Not Reported on Financial Statements$35,854
Other Expense Adjustments$35,854
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$155,581
Fundraising Direct Expenses$122,962
Professional Fundraising Fees$60,647

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Opera Ball$128,017$115,917$17,336$98,581
Curtain Dinner$59,664$39,664$44,198$-4,534
Total Events$187,681$155,581$122,962$32,619
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Substantial ContributorInsuranceNo$101,502

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$175,000$1,100,000▲ $925,000
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
Yes
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, Section A, Line 7A

The arizona opera hosts three opera leagues - the tucson league, valley friends and prescott friends of arizona opera. As component parts of the opera organziation, each league participates in a wide variety of fund-raising and friend-raising activities under the influence of local advisory boards. The presidents from these leagues serve as members of the opera's board of trustees. These groups can also appoint someone to the az opera board.

Form 990, Part VI, Section B, Line 11

Board members review the 990 before it is filed and released to the public.

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

Conflict of interest policy is updated annually by board members and employees. All board members and staff are required to sign the conflict of interest policy on an annual basis.

Form 990, Part VI, Section B, Line 15

The board reviews compensation on a regular basis. The salary of the general director and other officers of the organization are compared to similar organizations in size as well as other independent data. The general director and administration do not participate in the reviews.

Form 990, Part VI, Section C, Line 19

Governing documents as well as conflict of interest policies and financial statements are not made available to the public.

Part VI, Line 1A

The executive committee has the power to act on behalf of the board as outlined in section 11 of the by-laws.

Filing and Contact Details

Filer

Filer Name
Arizona Opera Company
EIN
23-7169261
Phone
6022667464
Address
1636 N CENTRAL AVE, PHOENIX, AZ 85005

Signing Officer

Name
Robert Tancer
Title
Board Chairman
Phone
6022667464
Signed
2016-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert Tancer
Formed
1971
Legal Domicile
Az
Voting Board Members
25
Independent Board Members
24
Employees
515
Volunteers
0

Preparer

Firm
Eide Bailly Llp
Address
1850 N CENTRAL AVE SUITE 400, PHOENIX, AZ 85004-4527
Preparer
Brenda Blunt
Phone
6022645844
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Other opera fees: program service expenses 84,427. Management and general expenses 10,000. Fundraising expenses 0. Total expenses 94,427. Conductor: program service expenses 73,750. Management and general expenses 0. Fundraising expenses 0. Total expenses 73,750. Orchestra personnel: program service expenses 15,764. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,764. Designer: program service expenses 18,404. Management and general expenses 0. Fundraising expenses 0. Total expenses 18,404. Technical support: program service expenses 5,657. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,657. Instrument tuning and repair: program service expenses 4,148. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,148. Musicians: program service expenses 143,140. Management and general expenses 0. Fundraising expenses 0. Total expenses 143,140. Music coaches: program service expenses 17,960. Management and general expenses 0. Fundraising expenses 0. Total expenses 17,960. Directors: program service expenses 57,325. Management and general expenses 0. Fundraising expenses 0. Total expenses 57,325. Opera personnel: program service expenses 318,651. Management and general expenses 0. Fundraising expenses 0. Total expenses 318,651.

Financial Statement Notes

PART V, LINE 4:

The endowment funds have been established for a variety of purposes. Also, please note that the difference between the ending balance two years back and the beginning balance in the prior year was caused by a prior period adjustment posted at the end of the june 30, 2013, fiscal year.

PART X, LINE 2:

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

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Loss on disposal of equipment 32,469.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Contributed revenue 5,833,617. Expenses of opera leagues 35,854.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Loss on disposal of equipment 32,469.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Expenses of opera leagues 35,854.

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Filings

Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2015 filings • 501(c)3 • $5M-$10M nonprofits