Civic Intelligence

Palm Beach Opera Inc.

990 • Fiscal year 2021 • EIN 59-1060864

Jun 01, 2020 to May 31, 2021 • Filed on Aug 21, 2021

1800 South Australian Avenue 301West Palm Beach, FL 33409

(561) 833-7888

Siviq Scores

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

Liabilities / Assets

50th percentile

0.12x

Higher debt load relative to assets than 50% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

57th percentile

0.22x

Higher debt load relative to revenue than 57% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

7th percentile

-32%

Higher net margin than 7% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

78th percentile

$201,787

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 6.3% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

7th percentile

-9.4%

Faster asset growth than 7% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

10th percentile

-26%

Faster revenue growth than 10% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Assets

Down

$5,610,221

Down $583,045 (-9.4%) from 2020

Net Assets

Down

$4,917,280

Down $235,475 (-4.6%) from 2020

Liabilities

Down

$692,941

Down $347,570 (-33%) from 2020

Revenue

Down

$3,191,039

Down $1,126,610 (-26%) from 2020

Expenses

Down

$4,222,819

Down $974,733 (-19%) from 2020

Net Income

Down

-$1,031,780

Down $151,877 (-17%) from 2020

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

2021

Assets$5,610,221
Liabilities$692,941
Net Assets$4,917,280

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

2021

Revenue$3,191,039
Expenses$4,222,819
Net Income-$1,031,780
Jump To
Filing Snapshot
Filing Period
Jun 1, 2020 to May 31, 2021
Signed
Aug 21, 2021
Return Version
2020v4.0
Gross Receipts
$3,251,836
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$3,438,442$3,617,432▲ $178,990
Pledges and Grants Receivable$2,043,199$1,195,112▼ $848,087
Land, Buildings, and Equipment, Net$149,833$123,210▼ $26,623
Prepaid Expenses and Deferred Charges$93,346$73,743▼ $19,603
Total Assets$6,193,266$5,610,221▼ $583,045
Other Assets Total$468,446$600,724▲ $132,278
Liabilities
Deferred Revenue$517,445$382,478▼ $134,967
Unsecured Notes Loans Payable$463,286$225,450▼ $237,836
Accounts Payable and Accrued Expenses$59,780$85,013▲ $25,233
Total Liabilities$1,040,511$692,941▼ $347,570
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,641,228$2,717,565▼ $923,663
Net Assets Without Donor Restrictions$1,511,527$2,199,715▲ $688,188
Total Net Assets Fund Balance$5,152,755$4,917,280▼ $235,475
Total Liabilities and Net Assets / Fund Balance$6,193,266$5,610,221▼ $583,045

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$115,121$81,776$196,897
Equipment$-436$154,465$154,029
Other Land Buildings$8,525$66,632$75,157
Other Assets Org$135,629--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$3,641,228-▲ $15,541$939,204$2,717,565
2019$4,923,717-▲ $22,609$1,305,098$3,641,228
2018$2,448,194$2,654,850▲ $9,006$188,333$4,923,717
2017$2,623,640-▲ $4,148$179,594$2,448,194
2016$2,902,503-▲ $497$279,360$2,623,640
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mr David WalkerGeneral DirectorFT$185,000$16,787$201,787
Revenue and Support

Revenue Composition

Contributions and Grants
$2,947,324
Program Service Revenue
$251,630
Investment Income
$17,882
Other Revenue
$-25,797
All Other Contributions
$2,647,297
Change in Net Assets
$-1,031,780

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$66,800
Total Noncash Contributions1$66,800

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,191,039
Total Revenue per Audited Statements
$3,191,039
Total Revenue per Form 990
$3,191,039
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,273,341
Salaries, Compensation, and Employee Benefits$1,949,478
Total Fundraising Expense$427,286
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,356,907$176,375$282,124$1,815,406
Occupancy$66,800$140,801-$207,601
All Other Expenses$12,833$85,356$97,164$195,353
Advertising$159,938-$-24$159,914
Other Expenses$120,991--$120,991
Insurance-$90,670-$90,670
Travel$75,144$316-$75,460
Payroll Taxes$38,827$7,858$22,099$68,784
Information Technology$21,323$17,028$3,795$42,146
Other Employee Benefits$19,703$5,031$16,353$41,087
Office Expenses$8,834$28,310-$37,144
Pension Plan Contributions$9,757$8,669$5,775$24,201
Fees for Services Accounting-$18,400-$18,400
Total Functional Expenses$3,216,719$578,814$427,286$4,222,819

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,249,443
Expenses per Audited Statements$4,222,819
Total Expenses per Form 990$4,222,819
Expenses Not Reported on Form 990$26,624
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$60,797
Fundraising Gross Income$35,000
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Special Events$35,000$35,000$60,797$-25,797
Total Events$35,000$35,000$60,797$-25,797
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 35% controlled entity
No
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
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 15A

The executive committee of the board of directors acts as a compensation committee. The executive committee reviews the performance and compensation of the general director / ceo. The committee uses comparable data from local and national organizations in a similar field.

Form 990, Page 6, Part VI, Line 15B

The executive committee of the board of directors acts as a compensation committee. The executive committee reviews the performance and compensation of the general director / ceo. The committee uses comparable data from local and national organizations in a similar field.

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
5618337888
Address
1800 SOUTH AUSTRALIAN AVENUE 301, WEST PALM BEACH, FL 33409

Signing Officer

Name
Mr David Walker
Title
General Director
Phone
5618333709
Signed
2021-08-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mr David Walker
Formed
1962
Legal Domicile
Fl
Voting Board Members
26
Independent Board Members
26
Employees
285

Preparer

Firm
Hafer LLC
Address
251 ROYAL PALM WAY STE 350, PALM BEACH, FL 33480
Preparer
William Kilgallon
Phone
5616558700
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Ppp loan forgiveness 463,286 employee retention credit 344,100 rounding 2 depreciation -26,624 total 780,764

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 XII, Line 2D

Book / tax depreciation difference 26,624

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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/TitleTxt8VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt9VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt10VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt11SECRETARY/TR
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/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26GENERAL DIR
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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/PrincipalOfficerNm0MR DAVID WALKER
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IRS990/ProgSrvcAccomActy2Grp/Desc0DURING THE ENTIRE PANDEMIC, PBO WAS ABLE TO MAINTAIN ITS TWO ARTIST TRAINING PROGRAMS FOR EMERGING POST-GRADUATE SINGERS SELECTED FROM NATIONAL AUDITIONS. THE BENENSON YOUNG ARTISTS COVER LEAD ROLES AND SING SMALLER ROLES FOR THE MAINSTAGE PRODUCTIONS, SING LEAD ROLES IN THE CHILDREN'S PERFORMANCE, AND SING ORCHESTRAL CONCERTS. THE APPRENTICE ARTISTS PERFORM IN THE COMPANY'S EDUCATION AND COMMUNITY ENGAGEMENT PROGRAMS (SEE BELOW), AND SING IN THE CHORUS THROUGHOUT THE SEASON TO GAIN STAGE EXPERIENCE. ALL RECEIVE VOCAL, MUSICAL AND DRAMATIC TRAINING IN MASTERCLASSES AND COACHING. PBO CURRENTLY PROVIDES TRAINING FOR 18 SINGERS DURING THEIR 5 MONTH RESIDENCY.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt023365
IRS990/ProgSrvcAccomActy3Grp/Desc0OUTSIDE OF ADAPTING ITS PROGRAMMING TO DIGITAL AND VIRTUAL CONTENT DURING THE PANDEMIC, PBO'S EDUCATION AND COMMUNITY ENGAGEMENT PROGRAMS NORMALLY 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 LIKE CONCERTS IN THE CLASSROOM, PBO STUDIO, STORYTIME SERIES, OPERA REHEARSAL 101, OPERA DISCOVERY SERIES, ANIMA, AND LUNCH & LEARN, PROVIDE A DEEPER APPRECIATION OF THE OPERA ART FORM TO OVER 13,000 INDIVIDUALS ANNUALLY. PBO SERVES OVER 7,000 LOCAL YOUNG PEOPLE THROUGH OUR EDUCATION PROGRAMS, PROVIDING SUPPLEMENTARY EDUCATIONAL MATERIALS FOR EDUCATORS THAT FIT STATE ACADEMIC STANDARDS.
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