Civic Intelligence

Palm Beach Opera Inc.

990 • Fiscal year 2016 • EIN 59-1060864

Jun 01, 2015 to May 31, 2016 • Filed on Oct 31, 2016

1800 South Australian Avenue 301West Palm Beach, FL 33409

(561) 833-3709

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.36x

Higher debt load relative to assets than 73% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

69th percentile

0.29x

Higher debt load relative to revenue than 69% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Net Margin

26th percentile

-7.0%

Higher net margin than 26% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

91st percentile

$221,007

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 5.3% of source-year revenue.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Asset Growth

17th percentile

-6.8%

Faster asset growth than 17% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

14th percentile

-23%

Faster revenue growth than 14% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Assets

Down

$3,329,477

Down $243,469 (-6.8%) from 2015

Net Assets

Down

$2,117,483

Down $312,871 (-13%) from 2015

Liabilities

Up

$1,211,994

Up $69,402 (+6.1%) from 2015

Revenue

Down

$4,143,434

Down $1,248,210 (-23%) from 2015

Expenses

Down

$4,434,730

Down $814,111 (-16%) from 2015

Net Income

Down

-$291,296

Down $434,099 (-304%) from 2015

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

2016

Assets$3,329,477
Liabilities$1,211,994
Net Assets$2,117,483

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

2016

Revenue$4,143,434
Expenses$4,434,730
Net Income-$291,296
Jump To
Filing Snapshot
Filing Period
Jun 1, 2015 to May 31, 2016
Signed
Oct 31, 2016
Return Version
2015v2.1
Gross Receipts
$4,307,467
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
Savings and Temporary Cash Investments$1,431,428$1,454,628▲ $23,200
Pledges and Grants Receivable$1,606,727$1,179,377▼ $427,350
Land, Buildings, and Equipment, Net$206,858$184,790▼ $22,068
Prepaid Expenses and Deferred Charges$37,631$54,971▲ $17,340
Total Assets$3,572,946$3,329,477▼ $243,469
Other Assets Total$290,302$455,711▲ $165,409
Liabilities
Deferred Revenue$556,623$590,926▲ $34,303
Mortgage Notes Payable Secured by Investment Property$510,000$510,000→ $0
Accounts Payable and Accrued Expenses$75,969$111,068▲ $35,099
Total Liabilities$1,142,592$1,211,994▲ $69,402
Net Assets / Fund Balance
Permanently Rstr Net Assets$1,481,534$1,482,028▲ $494
Temporarily Rstr Net Assets$1,562,562$1,420,475▼ $142,087
Unrestricted Net Assets$-613,742$-785,020▼ $171,278
Total Net Assets Fund Balance$2,430,354$2,117,483▼ $312,871
Total Liabilities and Net Assets / Fund Balance$3,572,946$3,329,477▼ $243,469

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,137$288,744$291,881
Leasehold Improvements$156,760$35,592$192,352
Other Land Buildings$24,893$134,167$159,060
Other Assets Org$17,584--

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
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Mr Daniel BiaggiGeneral Dire$210,000$11,007$221,007
Mr Daniel BiaggiGeneral Director$210,000$11,007$221,007
Revenue and Support

Revenue Composition

Contributions and Grants
$2,833,218
Program Service Revenue
$1,092,021
Investment Income
$5,469
Other Revenue
$212,726
All Other Contributions
$2,087,529
Change in Net Assets
$-291,296

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 Amount
Other Non Cash Contri Table1$94,771
Total Noncash Contributions1$94,771

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,143,434
Total Revenue per Audited Statements
$4,143,434
Total Revenue per Form 990
$4,143,434
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,444,908
Other Expenses$1,989,822
Total Fundraising Expense$351,895
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,844,499$83,228$208,855$2,136,582
Advertising$336,257-$199$336,456
All Other Expenses$139,709$82,027-$221,736
Current Officers, Directors, Trustees, and Key Employees$210,000--$210,000
Other Expenses$22,780$11,822$119,745$154,347
Travel$79,356$3,509-$82,865
Fees for Services Legal-$80,594-$80,594
Insurance-$78,297-$78,297
Information Technology$34,854$31,330$3,245$69,429
Payroll Taxes$28,586$15,466$16,384$60,436
Occupancy-$53,166-$53,166
Office Expenses$14,040$23,122-$37,162
Pension Plan Contributions$7,974$8,762$6,036$22,772
Fees for Services Accounting-$21,050-$21,050
Interest-$15,483-$15,483
Other Employee Benefits$11,852$5,835$-2,569$15,118
Conferences and Meetings-$3,355-$3,355
Total Functional Expenses$3,565,789$517,046$351,895$4,434,730

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,456,799
Expenses per Audited Statements$4,434,730
Total Expenses per Form 990$4,434,730
Expenses Not Reported on Form 990$22,069
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$362,715
Fundraising Direct Expenses$164,033
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraising$725,430$362,715$164,033$198,682
Total Events$725,430$362,715$164,033$198,682
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
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
1800 SOUTH AUSTRALIAN AVENUE 301, WEST PALM BEACH, FL 33409

Signing Officer

Name
Mr Daniel Biaggi
Title
General Director
Phone
5618333709
Signed
2016-10-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mr 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
William Kilgallon
Phone
5616558700
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

The return was changed to properly reflect several program service expenses,that were not previously identified.

Form 990, Page 2, Part III, Line 4D

Other programs - direct production costs

Form 990, Part XI, Line 9

Special event expenses & rounding 0 special event expenses & rounding 0 book / tax depreciation difference -22,069 total -22,069

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 4, Part XI, Line 2D

Special event expenses & rounding 0

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

Special event expenses & rounding 0 book / tax depreciation difference 22,069

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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt4VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt5VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt6VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt7VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt8SECRETARY /
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
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24GENERAL DIRE
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IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt031330
IRS990/InformationTechnologyGrp/ProgramServicesAmt034854
IRS990/InformationTechnologyGrp/TotalAmt069429
IRS990/InsuranceGrp/ManagementAndGeneralAmt078297
IRS990/InsuranceGrp/TotalAmt078297
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt0184790
IRS990/LandBldgEquipCostOrOtherBssAmt0643293
IRS990/LegalDomicileStateCd0FL
IRS990/LoanOutstandingInd0false
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IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
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IRS990/MinutesOfCommitteesInd0true
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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/OccupancyGrp/TotalAmt053166
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IRS990/OfficeExpensesGrp/ProgramServicesAmt014040
IRS990/OfficeExpensesGrp/TotalAmt037162
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0290302
IRS990/OtherAssetsTotalGrp/EOYAmt0455711
IRS990/OtherChangesInNetAssetsAmt0-22069
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt0-2569
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt05835
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt015118
IRS990/OtherExpensesGrp/Desc0VENUE COSTS
IRS990/OtherExpensesGrp/Desc1SCENERY & EQUIPMENT RENT
IRS990/OtherExpensesGrp/Desc2DIRECT PRODUCTION COSTS
IRS990/OtherExpensesGrp/Desc3OTHER
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt011822
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IRS990/OtherExpensesGrp/ProgramServicesAmt1268303
IRS990/OtherExpensesGrp/ProgramServicesAmt2251274
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IRS990/PrincipalOfficerNm0MR DANIEL BIAGGI
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IRS990/ProgramServiceRevenueGrp/Desc0OPERAS & CONCERTS
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IRS990/ProgSrvcAccomActy2Grp/Desc0THE BENENSON 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.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0177377
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt019107
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 10,000 INDIVIDUALS ANNUALLY. IN ITS THIRD 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.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0273556
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt024283
IRS990/ProgSrvcAccomActyOtherGrp/Desc0OTHER PROGRAMS - DIRECT PRODUCTION COSTS
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IRS990/PYSalariesCompEmpBnftPaidAmt02654817
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 36,542 FUNDRAISING 616,154
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART III, LINE 12
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt04148950
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt03394800

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