Sarasota Opera Association Inc
- Assets
- $28.9m
- Revenue
- $10.7m
- Investments
- $0.0
- Employees
- 102
- Location
- Sarasota, FL
- Founding
- 11/1970
- Data as of
- 05/2022
- EIN
- 23-7089047
Organization Overview
Sarasota Opera Association Inc is located in Sarasota, FL. The organization was established in 1970. According to its NTEE Classification (A6A) the organization is classified as: Opera, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 05/2022, Sarasota Opera Association Inc employed 102 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sarasota Opera Association Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2022, Sarasota Opera Association Inc generated $10.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $9.1m during the year ending 05/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PRODUCE OUTSTANDING OPERA TRUE TO THE VISION OF THE COMPOSER, TO ENTERTAIN, ENRICH, AND EDUCATE THE COMMUNITIES IN SOUTHWEST FLORIDA AS WELL AS PATRONS FROM ACROSS THE STATE AND AROUND THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SARASOTA OPERA BEGAN ITS RETURN TO A NORMAL OPERATING SCHEDULE, BUT WAS STILL IMPACTED BY THE LINGERING EFFECTS OF COVID. COVID CAUSED THE CANCELLATION OF ONE PERFORMANCE AND THE POSTPONEMENT OF ANOTHER. THE OPERA PRESENTED 31 OPERA PERFORMANCES AS WELL AS 4 CONCERTS AND 11 HD MOVIE SHOWINGS. THE OPERA'S YOUTH OPERA PROGRAM WAS LIMITED TO A CONCERT, BUT EFFORTS TO RE-BUILD AND GROW THIS UNIQUE PROGRAM, POST-COVID, ARE CONTINUING. A NEW COURTYARD DINING SERIES WAS ADDED TO SPECIAL EVENTS AND THE ANNUAL GALA WAS RE-ESTABLISHED. THE OPERA'S TWO GUILDS ALSO RE-STARTED THEIR FUNDRAISING EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Russell General Director | OfficerTrustee | 50 | $346,435 |
Kenneth Tarasi Director Of Finance | Officer | 50 | $121,145 |
Waldron Kraemer Chair | OfficerTrustee | 5 | $0 |
Rosanne Martorella Vice Chair | OfficerTrustee | 5 | $0 |
Arthur Siciliano Treasurer | OfficerTrustee | 5 | $0 |
Katherine Benoit Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Derenzi & Sundine Inc Artistic Direction, Stage Direction, Con | 5/30/22 | $464,856 |
Aldina Lc Warehouse Storage For Sets & Costumes | 5/30/22 | $180,000 |
School Of Russian Ballet Proceeds From Ticket Sales For Theater R | 5/30/22 | $133,997 |
Rosemary Square Llc Maintenance | 5/30/22 | $119,646 |
Planiform (1983) Inc Costume Racks And Installation In New Wa | 5/30/22 | $162,507 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,634,134 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,389,686 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,023,820 |
| Total Program Service Revenue | $2,325,153 |
| Investment income | $217,865 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $538,824 |
| Net Income from Fundraising Events | $159,468 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,657,672 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $9,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $763,757 |
| Compensation of current officers, directors, key employees. | $341,408 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,687,209 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $312,417 |
| Payroll taxes | $177,493 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,857 |
| Fees for services: Accounting | $21,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $101,236 |
| Fees for services: Other | $0 |
| Advertising and promotion | $317,529 |
| Office expenses | $137,607 |
| Information technology | $115,467 |
| Royalties | $0 |
| Occupancy | $820,207 |
| Travel | $567,348 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,699 |
| Interest | $141,435 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $817,802 |
| Insurance | $164,187 |
| All other expenses | $69,873 |
| Total functional expenses | $9,110,586 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $284,163 |
| Savings and temporary cash investments | $1,263,431 |
| Pledges and grants receivable | $70,472 |
| Accounts receivable, net | $18,721 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $117,164 |
| Net Land, buildings, and equipment | $15,867,180 |
| Investments—publicly traded securities | $11,218,599 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,869 |
| Total assets | $28,856,599 |
| Accounts payable and accrued expenses | $320,111 |
| Grants payable | $0 |
| Deferred revenue | $958,919 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,797,353 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,076,383 |
| Net assets without donor restrictions | $16,190,255 |
| Net assets with donor restrictions | $8,589,961 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $28,856,599 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Sarasota Opera Association Inc has recieved totaling $722,070.
| Awarding Organization | Amount |
|---|---|
Gulf Coast Community Foundation Inc Venice, FL PURPOSE: ARTS & CULTURE | $373,475 |
Community Foundation Of Sarasota County Inc Sarasota, FL PURPOSE: GENERAL SUPPORT, PROGRAM SUPPORT | $178,880 |
William E Schmidt Foundation Inc Evansville, IN PURPOSE: YOUTH OPERA PLEDGE | $60,000 |
Womans Exchange Inc Of Sarasota Sarasota, FL | | $40,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $29,500 |
Ayco Charitable Foundation Cohoes, NY PURPOSE: ARTS AND CULTURE | $16,000 |
Endowment Analysis
| Beg. Balance | $10,349,307 |
| Earnings | -$592,210 |
| Net Contributions | $1,461,502 |
| Ending Balance | $11,218,599 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sarasota Opera Association Inc Sarasota, FL | $28,856,599 | $10,657,672 |
The Atlanta Opera Inc Atlanta, GA | $26,985,184 | $12,248,438 |
Palm Beach Opera Inc West Palm Beach, FL | $12,939,353 | $9,924,286 |
Greater Miami Opera Inc Miami, FL | $224,438 | $3,555,793 |
Springer Opera House Arts Association Inc Columbus, GA | $18,672,738 | $4,001,433 |
Opera Guild Inc Of Fort Lauderdale Fort Lauderdale, FL | $0 | $1,817,251 |
Florida Grand Opera Inc Miami, FL | $7,700,234 | $5,233,007 |
Opera Naples Inc Naples, FL | $3,990,493 | $1,623,867 |
Pensacola Opera Inc Pensacola, FL | $1,694,891 | $889,595 |
St Petersburg Opera Company St Petersburg, FL | $1,542,886 | $906,841 |
Opera Birmingham Birmingham, AL | $1,161,984 | $594,696 |
Mobile Opera Inc Mobile, AL | $702,189 | $369,818 |