Civic Intelligence

Chicago Opera Theater

990 • Fiscal year 2023 • EIN 23-7354963

Sep 01, 2022 to Aug 31, 2023 • Filed on Oct 07, 2024

Organization ProfileWWW.CHICAGOOPERATHEATER.ORG
410 S Michigan Ave 404Chicago, IL 60605

(312) 704-8414

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$2,142,383

Down $1,089,122 (-34%) from 2022

Net Assets

Down

$1,882,062

Down $742,017 (-28%) from 2022

Liabilities

Down

$260,321

Down $347,105 (-57%) from 2022

Revenue And Expenses

Revenue

Down

$2,599,908

Down $1,545,373 (-37%) from 2022

Expenses

Up

$3,465,399

Up $392,037 (+13%) from 2022

Net Income

Down

-$865,491

Down $1,937,410 (-181%) from 2022

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2015: $2,342,990Liabilities 2015: $174,237Net Assets 2015: $2,168,7532015Assets 2019: $665,026Liabilities 2019: $243,472Net Assets 2019: $421,5542019Assets 2020: $1,662,734Liabilities 2020: $438,159Net Assets 2020: $1,224,5752020Assets 2021: $1,804,521Liabilities 2021: $225,271Net Assets 2021: $1,579,2502021Assets 2022: $3,231,505Liabilities 2022: $607,426Net Assets 2022: $2,624,0792022Assets 2023: $2,142,383Liabilities 2023: $260,321Net Assets 2023: $1,882,0622023Assets 2023: $2,184,233Liabilities 2023: $195,929Net Assets 2023: $1,988,3042023Assets 2024: $1,516,738Liabilities 2024: $242,607Net Assets 2024: $1,274,1312024

Highlighted filing

2023

Assets$2,142,383
Liabilities$260,321
Net Assets$1,882,062
Open 2023 Filing

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2015: $4,017,623Expenses 2015: $2,386,693Net Income 2015: $1,630,9302015Revenue 2019: $2,598,863Expenses 2019: $2,898,716Net Income 2019: -$299,8532019Revenue 2020: $3,322,408Expenses 2020: $2,519,387Net Income 2020: $803,0212020Revenue 2021: $2,733,025Expenses 2021: $2,378,350Net Income 2021: $354,6752021Revenue 2022: $4,145,281Expenses 2022: $3,073,362Net Income 2022: $1,071,9192022Revenue 2023: $2,599,908Expenses 2023: $3,465,399Net Income 2023: -$865,4912023Revenue 2023: $2,689,527Expenses 2023: $3,448,776Net Income 2023: -$759,2492023Revenue 2024: $2,126,304Expenses 2024: $2,742,059Net Income 2024: -$615,7552024

Highlighted filing

2023

Revenue$2,599,908
Expenses$3,465,399
Net Income-$865,491
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2022 to Aug 31, 2023
Signed
Oct 7, 2024
Return Version
2022v5.0
Gross Receipts
$2,621,778
Mission and Program Overview

Mission

Chicago opera theater expands the tradition of opera as a living art form by engaging lovers of music and storytelling through innovative experiences, predominantly of new and rarely performed works.

Chicago opera theater engages lovers of music and storytelling through innovative experiences.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$1,857,881$1,254,924▼ $602,957
Savings and Temporary Cash Investments$200,027$333,372▲ $133,345
Investments Other Securities$533,890$205,360▼ $328,530
Prepaid Expenses and Deferred Charges$306,868$147,752▼ $159,116
Cash and Non-Interest-Bearing Accounts$317,222$131,646▼ $185,576
Accounts Receivable$3,435$0▼ $3,435
Land, Buildings, and Equipment, Net$3,914$2,286▼ $1,628
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$3,231,505$2,142,383▼ $1,089,122
Other Assets Total$8,268$67,043▲ $58,775
Liabilities
Mortgage Notes Payable Secured by Investment Property$400,000--
Deferred Revenue$125,280$104,204▼ $21,076
Accounts Payable and Accrued Expenses$82,146$89,646▲ $7,500
Other Liabilities-$66,471-
Total Liabilities$607,426$260,321▼ $347,105
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,485,492$2,178,903▲ $693,411
Net Assets Without Donor Restrictions$1,138,587$-296,841▼ $1,435,428
Total Net Assets Fund Balance$2,624,079$1,882,062▼ $742,017
Total Liabilities and Net Assets / Fund Balance$3,231,505$2,142,383▼ $1,089,122

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,286$8,269$10,555

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$784,231$40,424▲ $7,070-$831,725
2021$2,500$808,822▼ $27,091-$784,231
2020-$2,500--$2,500
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Ashley MagnusGen. DirectorFT$107,055$107,055

Board Members and Trustees

NameTitle
Susan IrionPresident
Alissa AndraskiDirector
David McneelDirector
Dorothy F OsbornDirector
James MccormickDirector
Maria LagiosDirector
Mary Lunz HoustonDirector
Merrill BlauDirector
Michael HansenDirector
Paul FreehlingDirector
Pavitra RamachandranDirector
Peter AscoliDirector
Robert E ShapiroDirector
Ron BauerDirector
Stephanie HartDirector
Susan NoelDirector
Virginia TobiasonDirector
Henry FogelImmed.past Pres
Allen HeinemannSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$2,139,072
Program Service Revenue
$380,666
Investment Income
$8,418
Other Revenue
$71,752
All Other Contributions
$2,043,138
Change in Net Assets
$-865,491

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 Publicly Traded1,310$304,273Fair Value
Total Noncash Contributions1,310$304,273-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,599,908
Revenue Not Reported on Form 990
$7,526
Total Revenue per Audited Statements
$2,607,434
Total Revenue per Form 990
$2,599,908
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,062,322
Salaries, Compensation, and Employee Benefits$1,403,077
Total Fundraising Expense$321,634
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$794,304$109,075$159,115$1,062,494
Fees for Services Other$169,669$46,073$72,470$288,212
Occupancy$248,934$19,560$8,500$276,994
Travel$144,334$5,082$33,939$183,355
Other Employee Benefits$109,211$17,440$16,394$143,045
Current Officers, Directors, Trustees, and Key Employees$81,362$13,917$11,722$107,001
Payroll Taxes$67,496$10,836$12,205$90,537
Office Expenses$43,365$27,754$2,194$73,313
Advertising$38,863$445-$39,308
Insurance$12,531$9,018$4,699$26,248
Interest-$26,119-$26,119
Fees for Services Accounting-$22,916-$22,916
Royalties$16,811--$16,811
Other Expenses$6,816$6$96$6,918
All Other Expenses-$6,585-$6,585
Depreciation Depletion$1,628--$1,628
Total Functional Expenses$2,819,512$324,253$321,634$3,465,399

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,469,049
Expenses per Audited Statements$3,465,399
Total Expenses per Form 990$3,465,399
Expenses Not Reported on Form 990$3,650
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$27,050
Fundraising Direct Expenses$21,870
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Spring Gala$70,834$27,050$2,040$25,010
Total Events$70,834$27,050$21,870$5,180
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability, Current$44,908
Lease Liability, Noncurrent$19,484
Accrued Interest on Loc$2,079
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 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
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 4

“On september 14, 2022, the cot board of directors approved a revision to article 3, section 3 of the bylaws: "number of directors shall not be less than 16 nor more than 21".”

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

“The form 990 is made available to the board members for review prior to filing.”

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

“Regularly, and at least annually, the general director reviews with each person in the designated groups the compliance requirements of the conflict of interest policy. Each person must then certify with their signature that they understand the requirements and are not in any violation of the requirements.”

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

“The contractual salary of the general director is determined by a committee of the board of directors, all of whom are independent. The committee considers comparable data which is obtained through resouces of opera america, the national association of opera companies. Opera america tracks and reports the salaries of the top executive directors of all opera companies in the united states of comparable size.”

Form 990, Part VI, Section C, Line 19

“Any interested person may obtain a copy of the organization's form 990 upon request, or they may make an appointment and inspect a copy of the governing documents, conflict of interest policy, and finanical statements at the company's office.”

Filing and Contact Details

Filer

Filer Name
Chicago Opera Theater
EIN
23-7354963
Phone
3127048414
Address
410 S MICHIGAN AVE 404, CHICAGO, IL 60605

Signing Officer

Name
Susan Irion
Title
President
Signed
2024-10-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Susan Irion
Formed
1973
Legal Domicile
Il
Voting Board Members
19
Independent Board Members
19
Employees
230
Volunteers
20

Preparer

Firm
Ringold Financial Management Services
Address
850 S WABASH AVE STE 320, CHICAGO, IL 60605
Preparer
Michelle Ringold
Phone
3125669705
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“Cot is recognized as a tax-exempt organization under section 501(c)3 of the internal revenue code and is exempt from federal and state income taxes on related income. The organization had no unrelated business income during fiscal year 2023 and 2022, therefore, no provision for federal or state income taxes has been made in the accompanying financial statements.the accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the organization's tax returns to determine whether the tax positions are "more likely than not" of being sustained when challenged or when examined by the applicable tax authority. For the years ended august 31, 2023 and 2022, management has determined that there were no material uncertain tax positions.”

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IRS990/Desc0PRODUCTION: Since its founding in 1973, in a city where storefront theaters and global icons thrive side by side, Chicago Opera Theater (COT) has grown from a grassroots organization to a national leader in an increasingly vibrant , diverse, and forward-looking art form. Each season, COT produces a combination of contemporary operas alongside rarely produced works, many of which are Chicago premieres. COT also proactively seeks to amplify the work of artists from historically underrepresented groups, including women and artist of color. During the 2022-23 season, COT produced the Chicago premiere of King Roger (Szymanowski/Iwaszkiewicz); the world premiere of The Life and Death(s) of Alan Turing (Chen/Simpatico); For a Look and a Touch & Another Sunrise (Heggie/Scheer); and Albert Herring (Britten/Crozier). Since the companys founding, COT has staged over 160 operas, including 90 Chicago Premieres, 9 world premieres; and 49 operas by American composers.
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IRS990/Form990PartVIISectionAGrp/TitleTxt1President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,142,383
Liabilities
$260,321
Net assets
$1,882,062
Revenue
$2,599,908
Expenses
$3,465,399
Net income
-$865,491
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.52$0.24$1.27$2.13$2.74$0.62
2023Detailed filing. Detailed filing data is available for this year.$2.18$0.20$1.99$2.69$3.45$0.76
2023Detailed filing. Detailed filing data is available for this year.$2.14$0.26$1.88$2.60$3.47$0.87
2022Detailed filing. Detailed filing data is available for this year.$3.23$0.61$2.62$4.15$3.07$1.07
2021Detailed filing. Detailed filing data is available for this year.$1.80$0.23$1.58$2.73$2.38$0.35
2020Detailed filing. Detailed filing data is available for this year.$1.66$0.44$1.22$3.32$2.52$0.80
2019Detailed filing. Detailed filing data is available for this year.$0.67$0.24$0.42$2.60$2.90$0.30
2015Detailed filing. Detailed filing data is available for this year.$2.34$0.17$2.17$4.02$2.39$1.63