Nashville Opera Association
Fiscal Year
Fiscal Year Start
08/01/2023
Fiscal Year End
07/31/2024
Projected Revenue
$3,200,442.00
Projected Expenses
$3,186,128.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| nashville opera association irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $2,897,436.00 | $4,461,449.00 | $2,426,485.00 |
| Total Expenses | $3,133,026.00 | $2,566,718.00 | $1,741,240.00 |
| Revenue Less Expenses | ($235,590.00) | $1,894,731.00 | $685,245.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $0.00 |
| Government - Federal | $0.00 | $0.00 | $0.00 |
| Government - State | $0.00 | $0.00 | $0.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $765,653.00 | $2,115,319.00 | $424,150.00 |
| Contributions, Gifts, and Grants | $1,353,018.00 | $1,407,883.00 | $1,158,995.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $548,830.00 | $372,156.00 | $102,927.00 |
| Investment Income, Net of Losses | $89,721.00 | $359,826.00 | $584,534.00 |
| Membership Dues | $0.00 | $9,060.00 | $11,720.00 |
| Special Events | $88,550.00 | $176,073.00 | $137,408.00 |
| Revenue In-Kind | $43,991.00 | $11,711.00 | $4,025.00 |
| Other | $6,673.00 | $9,421.00 | $2,726.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $1,908,815.00 | $1,676,854.00 | $955,913.00 |
| Administration Expense | $946,496.00 | $686,071.00 | $628,809.00 |
| Fundraising Expense | $277,715.00 | $203,793.00 | $156,518.00 |
| Total Revenue/Total Expenses | 92% | 174% | 139% |
| Program Expense/Total Expenses | 61% | 65% | 55% |
| Fundraising Expense/Contributed Revenue | 9% | 8% | 9% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Contributions, Gifts, and Grants $1,353,018.00 | Government Grants $2,115,319.00 | Contributions, Gifts, Grants $1,158,995.00 |
| Second Highest Funding Source & Dollar Amount | Government Grants $765,653.00 | Contributions, Gifts, and Grants $1,407,883.00 | Interest Income $584,534.00 |
| Third Highest Funding Source & Dollar Amount | Program Revenue $548,830.00 | Program Revenue $372,156.00 | Government Grants $424,150.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $12,710,301.00 | $12,660,729.00 | $11,807,979.00 |
| Current Assets | $1,585,919.00 | $3,819,011.00 | $2,076,232.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Current Liabilities | $169,204.00 | $164,983.00 | $362,171.00 |
| Total Net Assets | $12,541,097.00 | $12,495,746.00 | $11,445,808.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$5,000,000.00
What is the spending policy for your endowment?
Percentage
Capital Campaign Info
Are you currently in a Capital Campaign?
Yes
Do you anticipate a campaign in the next 5 years?
No
What is the campaign goal?
$10,000,000.00
What is the purpose of the capital campaign?
In anticipation of Nashville Opera's 40th anniversary, we are in the quiet phase of an Endowment Campaign and have received an anonymous lead gift. Endowment gifts are not reflected in the operating budget.
Campaign Start
May 2019
Campaign End
July 2026
Campaign Raised to Date Month
July
Campaign Raised to Date Year
2019
Campaign Raised to Date Amount
$2,000,000.00
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
January
Permit Expiration Year
2025
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| Because Nashville Opera owns its own building, the company reports a non-cash expense of depreciation. This non-cash expense impacts the operating surplus/deficit on IRS Form 990. Audited financials reflect consolidated revenues and expenses. Refer to the consolidated statement of activity on page 27. In FY 2019, Nashville Opera began a 'quiet phase' of an Endowment Campaign and received an anonymous lead gift of $2,000,000, which boosted our Endowment from approximately $1.9 million to approximately $3.9 million. This endowment is distinct from the Endowment housed at the Community Foundation of Middle Tennessee. Endowment gifts are not reflected in the Operating Budgets for FY 2019 or FY 2020. |
Foundation Staff Comments
| Financial figures are taken from the 990 and audit. Foundation and corporate grants may be included in Contributions, Gifts, and Grants sum, as these amounts are not separated in Form 990. Financial documents prepared by Cherry Bekaert Advisory LLC. Comment provided by Nicole Rose 04/24/2024. |
