Civic Intelligence

Indianapolis Opera Company

990 • Fiscal year 2018 • EIN 35-1405179

Jul 01, 2017 to Jun 30, 2018 • Filed on Mar 21, 2019

4011 N Pennsylvania StIndianapolis, IN 46205-2608

(317) 283-3531

Siviq Scores

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

Liabilities / Assets

87th percentile

0.57x

Higher debt load relative to assets than 87% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

74th percentile

0.19x

Higher debt load relative to revenue than 74% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Net Margin

45th percentile

1.6%

Higher net margin than 45% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

50th percentile

$0

Higher top officer pay than 50% of similar nonprofits.

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

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Asset Growth

39th percentile

-1.6%

Faster asset growth than 39% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

15th percentile

-20%

Faster revenue growth than 15% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Assets

Down

$289,077

Down $4,743 (-1.6%) from 2017

Net Assets

Up

$123,480

Up $71,774 (+139%) from 2017

Liabilities

Down

$165,597

Down $76,517 (-32%) from 2017

Revenue

Down

$892,196

Down $220,739 (-20%) from 2017

Expenses

Down

$877,922

Down $231,348 (-21%) from 2017

Net Income

Up

$14,274

Up $10,609 (+289%) from 2017

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 2016: $281,335Liabilities 2016: $233,294Net Assets 2016: $48,0412016Assets 2017: $293,820Liabilities 2017: $242,114Net Assets 2017: $51,7062017Assets 2018: $289,077Liabilities 2018: $165,597Net Assets 2018: $123,4802018Assets 2019: $344,382Liabilities 2019: $151,165Net Assets 2019: $193,2172019Assets 2020: $388,474Liabilities 2020: $190,727Net Assets 2020: $197,7472020Assets 2021: $2,746,619Liabilities 2021: $359,084Net Assets 2021: $2,387,5352021Assets 2022: $3,256,088Liabilities 2022: $407,896Net Assets 2022: $2,848,1922022Assets 2023: $3,178,437Liabilities 2023: $258,474Net Assets 2023: $2,919,9632023Assets 2024: $3,423,939Liabilities 2024: $104,440Net Assets 2024: $3,319,4992024

Highlighted filing

2018

Assets$289,077
Liabilities$165,597
Net Assets$123,480

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2016: $769,817Expenses 2016: $1,150,252Net Income 2016: -$380,4352016Revenue 2017: $1,112,935Expenses 2017: $1,109,270Net Income 2017: $3,6652017Revenue 2018: $892,196Expenses 2018: $877,922Net Income 2018: $14,2742018Revenue 2019: $1,019,510Expenses 2019: $949,773Net Income 2019: $69,7372019Revenue 2020: $872,398Expenses 2020: $867,868Net Income 2020: $4,5302020Revenue 2021: $3,024,653Expenses 2021: $834,865Net Income 2021: $2,189,7882021Revenue 2022: $1,429,356Expenses 2022: $998,769Net Income 2022: $430,5872022Revenue 2023: $1,113,610Expenses 2023: $1,041,839Net Income 2023: $71,7712023Revenue 2024: $1,619,715Expenses 2024: $1,220,179Net Income 2024: $399,5362024

Highlighted filing

2018

Revenue$892,196
Expenses$877,922
Net Income$14,274
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Mar 21, 2019
Return Version
2017v2.2
Gross Receipts
$994,193
Mission and Program Overview

Mission

The mission of Indianapolis Opera is to educate, inspire and entertain through the creation and presentation of musical storytelling for the Hoosier community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$115,208$114,593▼ $615
Pledges and Grants Receivable$63,680$111,566▲ $47,886
Prepaid Expenses and Deferred Charges$31,248$33,172▲ $1,924
Cash and Non-Interest-Bearing Accounts$83,684$29,746▼ $53,938
Loans From Officers Directors$75,000$29,600▼ $45,400
Total Assets$293,820$289,077▼ $4,743
Liabilities
Accounts Payable and Accrued Expenses$103,669$92,081▼ $11,588
Deferred Revenue$63,445$43,916▼ $19,529
Total Liabilities$242,114$165,597▼ $76,517
Net Assets / Fund Balance
Temporarily Rstr Net Assets$40,653$114,062▲ $73,409
Unrestricted Net Assets$11,053$9,418▼ $1,635
Total Net Assets Fund Balance$51,706$123,480▲ $71,774
Total Liabilities and Net Assets / Fund Balance$293,820$289,077▼ $4,743

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$5,134$164,809$169,943
Leasehold Improvements$109,459$54,415$163,874
Compensation and Service Providers

Board Members and Trustees

NameTitle
Arnold HanishFinance Chair
Matthew MindrumPresident
Robert PazAsst Vice-President
Anthony NajemVice-President
Barbara HayfordDirector
Claudette EinhornDirector
Gregory S MaiersDirector
Jamie GibbsDirector
Kevin DefordDirector
Kimann SchultzDirector
Leslie RubinDirector
Louise HartiganDirector
Michael SchultzDirector
Muffi JamesDirector
Nancy ThompsonDirector
Ponce TidwellDirector
Silvana Martini SchusterDirector
Susan J McgintyDirector
William GarveyDirector
Benjamin BlairAsst Secretary
Bob ThomasAsst Treasurer
Alan GoldsteinSecretary
Clinton MeeksTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$497,990
Program Service Revenue
$206,780
Investment Income
$149
Other Revenue
$187,277
All Other Contributions
$497,990
Change in Net Assets
$14,274
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$548,363
Salaries, Compensation, and Employee Benefits$329,559
Total Fundraising Expense$96,121
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$224,809$20,120$60,354$305,283
All Other Expenses$115,829$60,835$1,781$178,445
Occupancy$69,292$28,873$17,323$115,488
Other Expenses$33,043$0$0$33,043
Payroll Taxes$18,588$1,421$4,267$24,276
Insurance$6,370$10,616$4,246$21,232
Depreciation Depletion$0$13,316$0$13,316
Travel$8,790$14$0$8,804
Office Expenses$1,898$3,162$1,264$6,324
Total Functional Expenses$638,854$142,947$96,121$877,922
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$285,300
Fundraising Direct Expenses$101,997
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Opera Ball$146,857$146,857$14,427$132,430
Lobster Palooza$97,786$97,786$14,563$83,223
Total Events$285,300$285,300$101,997$183,303
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$75,000$29,600▼ $45,400
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Indianapolis Opera Company
EIN
35-1405179
Phone
3172833531
Address
4011 N Pennsylvania St, Indianapolis, IN 46205-2608
Doing Business As
Indianapolis Opera

Signing Officer

Name
Matthew Mindrum
Title
President
Phone
3172833531
Signed
2019-03-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Starkey
Formed
1975
Legal Domicile
In
Voting Board Members
23
Independent Board Members
23
Employees
44
Volunteers
120

Preparer

Firm
Lara C Schmutte CPA LLC
Address
PO Box 90050, Indianapolis, IN 46290-0050
Preparer
Lara C Schmutte CPA
Phone
3177061040
Supplemental Narrative

Additional Explanations

Pt VI, Line 2

Kimman and Michael Schultz have a family relationship.

Pt VI, Line 11B

Each member of the Finance and Executive Committee will receive a PDF copy of the Form 990 10 business days prior to the submission of the form to appropriate government entities. All formal requests for clarification or change are to be resolved at least 3 business days prior to the submission of the form. The Finance Committee chair will approve and authorize, on behalf of the Board of Directors, the completed Form 990 and submit the document to the Board Chairman for signature.

Pt VI, Line 12C

On an annual basis, all board members shall be provided with a copy of the conflict of interest policy and are required to complete and sign the acknowledgement on the disclosure form.

Pt VI, Line 15A

The Finance Committee and Executive Officers annually review compensation of all key employees at the time the next fiscal year budget is developed. Comparability data from other area arts organization and opera companies of similar size and structure provide benchmarks. Documentation of deliberation and final decision is recorded and retained in the written committee report.

Pt VI, Line 15B

The Finance Committee and Executive Officers annually review compensation of all key employees at the time the next fiscal year budget is developed. Comparability data from other area arts organization and opera companies of similar size and structure provide benchmarks. Documentation of deliberation and final decision is recorded and retained in the written committee report.

Pt VI, Line 19

Copies of the current and most recent three years Form 990 will be provided within three business days in the case of in-person requests. Requests received in writing, by phone, fax or e-mail will be honored by providing the current Form 990, conflict of interest policy and any annual report in PDF format via e-mail within three business days.

Pt VI, Line 2

Michael and Kimman Schultz have a family relationship

Form 990, Part IX, Line 24E

Equipment & facilty rentals 48878. 40569. 6843. 1466.

Form 990, Part IX, Line 24E

Dues & subscriptions 0. 0. 0. 0.

Form 990, Part IX, Line 24E

Production expense 50771. 50771. 0. 0.

Form 990, Part IX, Line 24E

Development 0. 0. 0. 0.

Form 990, Part IX, Line 24E

Professional fees 44827. 0. 44827. 0.

Form 990, Part IX, Line 24E

Equipment maintenance 0. 0. 0. 0.

Form 990, Part IX, Line 24E

Miscellaneous 32649. 24489. 7845. 315.

Form 990, Part IX, Line 24E

Interest and penalties 1320. 0. 1320. 0.

Financial Statement Notes

Pt X, Line 2

Management of the Organization evaluates all significant tax positions to ensure compliance with the exempt purposes of the Organization as require by U.S. GAAP, including consideration of any unrelated business income tax. As of June 30, 2018, Management does not believe the Organization has taken any tax positions that are not in compliance with its exempt purpose. The Organization's Federal and state tax returns remain open and subject to examination beginning with the tax year ended June 30, 2015.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice-President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Asst Vice-President
IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Asst Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt5Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt6Asst Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt7Finance Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Director
IRS990/Form990PartVIISectionAGrp/TitleTxt20Director
IRS990/Form990PartVIISectionAGrp/TitleTxt21Director
IRS990/Form990PartVIISectionAGrp/TitleTxt22Director
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IRS990/OtherExpensesGrp/Desc1Education & outreach
IRS990/OtherExpensesGrp/Desc2Marketing & public relations
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IRS990/PrincipalOfficerNm0DAVID STARKEY
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IRS990/ProgSrvcAccomActy2Grp/Desc0INDIANAPOLIS OPERA'S RESIDENT ARTISTS PERFORMED 68 SHOWS IN 21 COUNTIES WITH 34,000 VIEWERS DURING 2017-18. COMPRISED OF TEN EMERGING ARTISTS (FOUR SINGERS AND PIANIST FOR FALL AND SPRING) THE RESIDENT ARTIST COMPANY TOURS STATEWIDE WITH A CHILDREN'S OPERA FOR ELEMENTARY STUDENTS AND AN INTRODUCTION TO OPERA CALLED OPERA ON THE MOVE FOR OLDER STUDENTS AND ADULTS IN SCHOOLS, COMMUNITY CENTERS, AND SENIOR HOMES.
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0109310
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Other Income Part II, Line 10 Description: Miscellaneous receipts 2013: 18950. 2014: 4876. 2015: 2041. 2016: 2018. 2017: 3974. Description: Special events 2013: 43007. 2014: 139022. 2015: 97850. 2016: 102967. 2017: 183303. Description: Sale of securities 2013: 0. 2014: 0. 2016: 0. 2017: 0. Description: Sale of merchandise 2013: 0. 2014: 0. 2016: 0. 2017: 0.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Pt II Ln 10
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0804421
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0187277
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt0104985

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