Civic Intelligence

Palm Beach Opera Inc.

990 • Fiscal year 2015 • EIN 59-1060864

Jun 01, 2014 to May 31, 2015 • Filed on Oct 14, 2015

415 South Olive AveWest Palm Beach, FL 33401

(561) 833-3709

Siviq Scores

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

Liabilities / Assets

62nd percentile

0.32x

Higher debt load relative to assets than 62% of similar nonprofits.

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

Liabilities / Revenue

53rd percentile

0.21x

Higher debt load relative to revenue than 53% of similar nonprofits.

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

Net Margin

50th percentile

2.6%

Higher net margin than 50% of similar nonprofits.

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

Top Officer Pay

81st percentile

$222,394

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 4.1% of source-year revenue.

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

Asset Growth

87th percentile

24%

Faster asset growth than 87% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

76th percentile

17%

Faster revenue growth than 76% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Assets

Up

$3,572,946

Up $701,781 (+24%) from 2014

Net Assets

Up

$2,430,354

Up $142,132 (+6.2%) from 2014

Liabilities

Up

$1,142,592

Up $559,649 (+96%) from 2014

Revenue

Up

$5,391,644

Up $796,472 (+17%) from 2014

Expenses

Up

$5,248,841

Up $1,148,041 (+28%) from 2014

Net Income

Down

$142,803

Down $351,569 (-71%) from 2014

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2012: $3,121,773Liabilities 2012: $1,427,458Net Assets 2012: $1,694,3152012Assets 2013: $3,206,197Liabilities 2013: $1,411,248Net Assets 2013: $1,794,9492013Assets 2014: $2,871,165Liabilities 2014: $582,943Net Assets 2014: $2,288,2222014Assets 2015: $3,572,946Liabilities 2015: $1,142,592Net Assets 2015: $2,430,3542015Assets 2016: $3,329,477Liabilities 2016: $1,211,994Net Assets 2016: $2,117,4832016Assets 2017: $3,618,710Liabilities 2017: $780,668Net Assets 2017: $2,838,0422017Assets 2018: $3,476,120Liabilities 2018: $803,253Net Assets 2018: $2,672,8672018Assets 2019: $6,759,636Liabilities 2019: $713,638Net Assets 2019: $6,045,9982019Assets 2020: $6,193,266Liabilities 2020: $1,040,511Net Assets 2020: $5,152,7552020Assets 2021: $5,610,221Liabilities 2021: $692,941Net Assets 2021: $4,917,2802021Assets 2022: $12,939,353Liabilities 2022: $2,814,252Net Assets 2022: $10,125,1012022Assets 2023: $10,212,309Liabilities 2023: $1,728,733Net Assets 2023: $8,483,5762023Assets 2024: $8,896,968Liabilities 2024: $1,910,073Net Assets 2024: $6,986,8952024

Highlighted filing

2015

Assets$3,572,946
Liabilities$1,142,592
Net Assets$2,430,354

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2012: $4,449,246Expenses 2012: $4,591,738Net Income 2012: -$142,4922012Revenue 2013: $4,015,628Expenses 2013: $3,917,101Net Income 2013: $98,5272013Revenue 2014: $4,595,172Expenses 2014: $4,100,800Net Income 2014: $494,3722014Revenue 2015: $5,391,644Expenses 2015: $5,248,841Net Income 2015: $142,8032015Revenue 2016: $4,143,434Expenses 2016: $4,434,730Net Income 2016: -$291,2962016Revenue 2017: $5,396,907Expenses 2017: $4,633,253Net Income 2017: $763,6542017Revenue 2018: $5,148,221Expenses 2018: $5,276,574Net Income 2018: -$128,3532018Revenue 2019: $8,921,189Expenses 2019: $5,515,584Net Income 2019: $3,405,6052019Revenue 2020: $4,317,649Expenses 2020: $5,197,552Net Income 2020: -$879,9032020Revenue 2021: $3,191,039Expenses 2021: $4,222,819Net Income 2021: -$1,031,7802021Revenue 2022: $9,924,286Expenses 2022: $5,070,921Net Income 2022: $4,853,3652022Revenue 2023: $4,224,318Expenses 2023: $5,741,904Net Income 2023: -$1,517,5862023Revenue 2024: $5,042,467Expenses 2024: $6,432,630Net Income 2024: -$1,390,1632024

Highlighted filing

2015

Revenue$5,391,644
Expenses$5,248,841
Net Income$142,803
Jump To
Filing Snapshot
Filing Period
Jun 1, 2014 to May 31, 2015
Signed
Oct 14, 2015
Return Version
2014v5.0
Gross Receipts
$5,531,601
Mission and Program Overview

Mission

Palm beach opera is dedicated to producing live opera at an international standard of excellence, enriching the lives of the communities it serves with a diverse offering of educational programs, and to training the next generation of opera stars.

Palm beach opera is dedicated to producing live opera at an international standard of excellence and enriching the life of the communities it serves with a diverse offering of educational programs, concerts and lectures.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$423,549$1,606,727▲ $1,183,178
Savings and Temporary Cash Investments$1,875,649$1,431,428▼ $444,221
Land, Buildings, and Equipment, Net$225,432$206,858▼ $18,574
Prepaid Expenses and Deferred Charges$63,843$37,631▼ $26,212
Total Assets$2,871,165$3,572,946▲ $701,781
Other Assets Total$282,692$290,302▲ $7,610
Liabilities
Deferred Revenue$470,844$556,623▲ $85,779
Mortgage Notes Payable Secured by Investment Property$10,000$510,000▲ $500,000
Accounts Payable and Accrued Expenses$102,099$75,969▼ $26,130
Total Liabilities$582,943$1,142,592▲ $559,649
Net Assets / Fund Balance
Temporarily Rstr Net Assets$795,549$1,562,562▲ $767,013
Permanently Rstr Net Assets$1,482,205$1,481,534▼ $671
Unrestricted Net Assets$10,468$-613,742▼ $624,210
Total Net Assets Fund Balance$2,288,222$2,430,354▲ $142,132
Total Liabilities and Net Assets / Fund Balance$2,871,165$3,572,946▲ $701,781

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$4,535$287,346$291,881
Leasehold Improvements$169,584$22,768$192,352
Other Land Buildings$32,739$126,321$159,060
Other Assets Org$8,768--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$2,277,754$1,653,562▼ $671$886,549$3,044,096
2013$2,509,577$597,479▼ $1,099$828,203$2,277,754
2012$2,082,513$859,871▲ $2,107$434,914$2,509,577
2011$2,323,174$587,686▼ $57$828,290$2,082,513
2010$1,724,178$675,000▲ $6,998$83,002$2,323,174
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Mr Daniel BiaggiGeneral Dire$215,000$7,394$222,394
Mr Daniel BiaggiGeneral Director$210,000$12,394$222,394

Highest Paid Contractors

ContractorServicesLocationCompensation
Raymond F Kravis CenterVenue Rental701 OKEECHOBEE BLVD, West Palm Beach, FL 33401$188,268
Revenue and Support

Revenue Composition

Contributions and Grants
$4,148,950
Program Service Revenue
$1,107,500
Investment Income
$6,349
Other Revenue
$128,845
All Other Contributions
$3,337,962
Change in Net Assets
$142,803

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$24,000Fair Market Value
Other Non Cash Contri Table1$20,000Fair Market Value
Total Noncash Contributions2$44,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,391,644
Revenue Not Reported on Form 990
$139,286
Total Revenue per Audited Statements
$5,530,930
Total Revenue per Form 990
$5,391,644
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,654,817
Other Expenses$2,594,024
Total Fundraising Expense$455,784
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,059,417$75,417$192,961$2,327,795
Advertising$422,432-$16,533$438,965
All Other Expenses$147,042$76,204$4,429$227,675
Current Officers, Directors, Trustees, and Key Employees$215,000--$215,000
Other Expenses$6,118$12,243$193,711$212,072
Travel$111,672$1,561$3,259$116,492
Information Technology$44,480$34,448$840$79,768
Insurance-$74,631-$74,631
Office Expenses$28,672$23,062$22,074$73,808
Payroll Taxes$37,118$11,296$15,965$64,379
Occupancy-$58,322-$58,322
Pension Plan Contributions$11,035$9,213$4,994$25,242
Depreciation Depletion$23,574--$23,574
Other Employee Benefits$14,607$6,776$1,018$22,401
Fees for Services Accounting-$21,366-$21,366
Conferences and Meetings-$6,535-$6,535
Interest-$3,977-$3,977
Fees for Services Legal-$2,411-$2,411
Total Functional Expenses$4,375,595$417,462$455,784$5,248,841

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,388,798
Expenses per Audited Statements$5,248,841
Total Expenses per Form 990$5,248,841
Expenses Not Reported on Form 990$139,957
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$267,150
Fundraising Direct Expenses$139,957
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraising$687,516$267,150$139,957$127,193
Total Events$687,516$267,150$139,957$127,193
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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
No
Other officer compensation reviewed
No
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, Page 6, Part VI, Line 11B

Form 990 is reviewed by the director of finance and the general director, and submitted to the board of directors for review prior to filing.

Form 990, Page 6, Part VI, Line 12C

All employees and consultants are required to review and sign policy prior to hiring or conducting business.

Form 990, Page 6, Part VI, Line 19

All governing documents, policies and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Palm Beach Opera Inc
EIN
59-1060864
Phone
5618333709
Address
415 SOUTH OLIVE AVE, WEST PALM BEACH, FL 33401

Signing Officer

Name
Daniel Biaggi
Title
General Director
Phone
5618333709
Signed
2015-10-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Daniel Biaggi
Formed
1962
Legal Domicile
Fl
Voting Board Members
25
Independent Board Members
25
Employees
182
Volunteers
42

Preparer

Firm
Hafer & Company
Address
249 ROYAL PALM WAY STE 300, PALM BEACH, FL 33480-4336
Preparer
Scott M Pudney CPA
Phone
5616558700
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Special event expenses & rounding 139,957 special event expenses & rounding -139,957

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

The opera uses the investment earnings on endowment funds to fund costs associated with its exempt purpose.

Schedule D, Page 3, Part X

The opera has adopted fasb asc 740 which clarifies the accounting for uncertainty in income taxes by defining the attributes a tax position must meet for any part of the benefit of the tax position to be recognized in financial statements prepared in conformity with generally accepted accounting principles. In accordance with the disclosure requirements, the opera's policy on statement of activities classification of interest and penalties related to income tax obligations is to include such items as part of general and administrative expense. At may 31, 2015, the opera does not have any uncertain tax positions. The opera's federal income tax returns for 2012-2014 remain subject to possible examination by the internal revenue service.

Schedule D, Page 4, Part XI, Line 2D

Special event expenses & rounding 139,957

Schedule D, Page 4, Part XII, Line 2D

Special event expenses & rounding 139,957

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IRS990/Form990PartVIISectionAGrp/PersonNm25MR DANIEL BIAGGI
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIRMA
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt4VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt5VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt6SECRETARY/TR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25GENERAL DIRE
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IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InformationTechnologyGrp/TotalAmt079768
IRS990/InsuranceGrp/ManagementAndGeneralAmt074631
IRS990/InsuranceGrp/TotalAmt074631
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IRS990/MissionDesc0PALM BEACH OPERA IS DEDICATED TO PRODUCING LIVE OPERA AT AN INTERNATIONAL STANDARD OF EXCELLENCE AND ENRICHING THE LIFE OF THE COMMUNITIES IT SERVES WITH A DIVERSE OFFERING OF EDUCATIONAL PROGRAMS, CONCERTS AND LECTURES.
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IRS990/OfficeExpensesGrp/TotalAmt073808
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IRS990/OperateHospitalInd0false
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IRS990/PrincipalOfficerNm0DANIEL BIAGGI
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE YOUNG ARTIST PROGRAM FUNCTIONS AS A STEPPING STONE TO A SUCCESSFUL OPERA CAREER FOR POST-GRADUATE AND EMERGING SINGERS, PROVIDING ASPIRING OPERA SINGERS THE OPPORTUNITY TO HONE THEIR TALENT IN A SUPPORTIVE LEARNING ENVIRONMENT. THERE ARE TWO ESSENTIAL COMPONENTS OF THE PROGRAM: THE TRAINING OF YOUNG ARTISTS, WHICH IMPACTS THEIR ARTISTIC DEVELOPMENT, AND THE PERFORMANCES THEY GIVE, WHICH IMPACT THE CULTURAL LIFE OF THE COMMUNITY. THE OPERA HAD 8 YOUNG ARTISTS THIS SEASON AND THEY COVERED COMPRIMARIO ROLES, PERFORMED PRINCIPAL ROLES FOR THE CHILDREN'S PERFORMANCE, AND PARTICIPATED IN ENSEMBLES AND CHORUS THROUGHOUT THE SEASON IN ORDER TO LEARN AND GROW AS ARTISTS.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt08400
IRS990/ProgSrvcAccomActy3Grp/Desc0PALM BEACH OPERA'S EDUCATION AND OUTREACH PROGRAMS ARE DELIVERED TO A BROAD SEGMENT OF THE COMMUNITY THROUGH FREE OR LOW-COST PRESENTATIONS AND ACTIVITIES DESIGNED TO BROADEN AWARENESS AND ENTHUSIASM FOR THE ART TO PEOPLE OF ALL AGES. PROGRAMS INCLUDE: CONCERTS IN THE CLASSROOM, PBO STUDIO, ONE OPERA IN ONE HOUR, AND COMMUNITY CONCERTS THAT INTRODUCE A DEEPER APPRECIATION OF THE OPERA ART FORM TO OVER 8,000 INDIVIDUALS ANNUALLY. IN ITS SECOND YEAR, OPERA @ THE WATERFRONT - A FREE OUTDOOR CONCERT - ATTRACTED OVER 4,000 PEOPLE PALM BEACH OPERA SERVES OVER 2,000 LOCAL YOUNG PEOPLE THROUGH OUR EDUCATION PROGRAMS, PROVIDING SUPPLEMENTARY EDUCATIONAL MATERIALS FOR EDUCATORS THAT FIT STATE ACADEMIC STANDARDS.
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