Palm Beach Opera Inc
- Assets
- $12.9m
- Revenue
- $9.9m
- Investments
- $0.0
- Employees
- 160
- Location
- West Palm Beach, FL
- Founding
- 08/1965
- Data as of
- 05/2022
- EIN
- 59-1060864
Organization Overview
Palm Beach Opera Inc is located in West Palm Beach, FL. The organization was established in 1965. 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, Palm Beach Opera Inc employed 160 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palm Beach Opera 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, Palm Beach Opera Inc generated $9.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $5.1m during the year ending 05/2022. While expenses have increased by 1.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PBO'S CORE PROGRAMS ARE FULLY STAGED WORLD-CLASS OPERA PRODUCTIONS FEATURING A PROFESSIONAL ORCHESTRA, INTERNATIONALLY ACCLAIMED SOLOISTS, CONDUCTORS, DIRECTORS, AND SCENIC DESIGNERS, AS WELL AS LOCAL CHORUS AND STAGE CREW. PBO ATTRACTS A DIVERSE AUDIENCE OF OVER 25,000 OPERA LOVERS AND MAKES A SIGNIFICANT CONTRIBUTION TO THE ECONOMIC HEALTH AND SOCIAL VITALITY OF PALM BEACH COUNTY. IN THE COMPANY'S CELEBRATED 60TH ANNIVERSARY SEASON, WHILE STILL RECOVERING FROM THE PANDEMIC, THE OPERA PRODUCED THREE MAIN STAGE OPERAS: CARMEN, THE ELIXIR OF LOVE, AND THE MERRY WIDOW, AND ONE SEMI-STAGED OPERA: DIDO AND AENEAS. THE ANNUAL FUNDRAISING GALA FEATURED THE INTERNATIONALLY RENOWNED SOPRANO AND PALM BEACH OPERA ALUMNUS, NADINE SIERRA. PAST GALAS HAVE SHOWCASED SINGERS SUCH AS DIANA DAMRAU, MICHAEL FABIANO, MATTHEW POLENZANI, AND RENEE FLEMING.
PBO OFFERS 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 OUR OPERA DISCOVERY SERIES, AND SING IN ORCHESTRAL CONCERTS. THE BAILEY 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.
PBO'S EDUCATION AND COMMUNITY ENGAGEMENT 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 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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr David Walker General/arti | Officer | 60 | $215,387 |
Mr Joseph Cremona Director Fin | 60 | $121,104 | |
Mr David Genser Chairman | Officer | 2 | $0 |
Mrs Ari Rifkin Vice Preside | Officer | 2 | $0 |
Mr Nathan Leventhal President | Officer | 2 | $0 |
Mr Jeffrey Alderton Vice Preside | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $70,000 |
| Government grants | $993,653 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,545,730 |
| Noncash contributions included in lines 1a–1f | $8,025 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,609,383 |
| Total Program Service Revenue | $991,133 |
| Investment income | -$53,766 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $377,536 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,924,286 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,719,636 |
| Pension plan accruals and contributions | $24,519 |
| Other employee benefits | $111,005 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $188,946 |
| Office expenses | $71,874 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $237,475 |
| Travel | $118,845 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $102,046 |
| All other expenses | $517,215 |
| Total functional expenses | $5,070,921 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,693,340 |
| Pledges and grants receivable | $4,541,829 |
| Accounts receivable, net | $0 |
| 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 | $125,819 |
| Net Land, buildings, and equipment | $4,097,153 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $481,212 |
| Total assets | $12,939,353 |
| Accounts payable and accrued expenses | $36,098 |
| Grants payable | $0 |
| Deferred revenue | $593,612 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $2,142,542 |
| Other liabilities | $42,000 |
| Total liabilities | $2,814,252 |
| Net assets without donor restrictions | $3,986,687 |
| Net assets with donor restrictions | $6,138,414 |
| 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 | $12,939,353 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Palm Beach Opera Inc has recieved totaling $22,000.
| Awarding Organization | Amount |
|---|---|
Ann And Robert Fromer Charitable Foundation Inc Palm Beach, FL PURPOSE: GENERAL | $15,000 |
Kozloff Family Charitable Trust Quakertown, PA PURPOSE: DONEE'SDISCRETION | $7,000 |
Endowment Analysis
| Beg. Balance | $2,717,565 |
| Earnings | $37,321 |
| Net Contributions | $3,510,135 |
| Other Expense | $56,607 |
| Ending Balance | $6,208,414 |
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 |