NEW YORK CITY OPERA

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1978

Legal Domicile

Principal Officer

CONSTANTINE ORBELIAN

Phone

6469811888

Tax Period

2024-07-01 to 2025-06-30

NEW YORK CITY OPERA, founded in 1978, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.5M in total revenue in fiscal year 2024. Revenue decreased 9% compared to the prior year. Expenses of $1.9M exceeded revenue, resulting in a 20% operating deficit.

Mission

NEW YORK CITY OPERA WAS FAMOUSLY DUBBED "THE PEOPLE'S OPERA" BY MAYOR FIORELLO LAGUARDIA AT ITS FOUNDING IN 1943. MORE THAN 80 YEARS LATER, CITY OPERA CONTINUES ITS HISTORIC MISSION TO INSPIRE AUDIENCES WITH INNOVATIVE AND THEATRICALLY COMPELLING OPERA, NURTURE THE WORK OF PROMISING AMERICAN ARTISTS, AND BUILD NEW AUDIENCES THROUGH AFFORDABLE TICKET PRICES AND EXTENSIVE OUTREACH AND EDUCATION PROGRAMS.

Program Service Accomplishments

Program 1

Expenses: $1,268,194 Revenue: $18,783

CITY OPERA'S CURRENT ADMINISTRATION UTILIZES A UNIQUE, ENTREPRENEURIAL BUSINESS MODEL BY CREATING ARTISTIC AND OPERATIONAL PARTNERSHIPS, FORGING STRONG RELATIONSHIPS WITH UNION AND VENUES, AND...

CITY OPERA'S CURRENT ADMINISTRATION UTILIZES A UNIQUE, ENTREPRENEURIAL BUSINESS MODEL BY CREATING ARTISTIC AND OPERATIONAL PARTNERSHIPS, FORGING STRONG RELATIONSHIPS WITH UNION AND VENUES, AND ENGAGING BOTH NEW AND TRADITIONAL AUDIENCES. CONTINUING ITS HISTORIC COMMITMENT TO EDUCATIONAL OUTREACH, THE COMPANY PROVIDES OPPORTUNITIES FOR THOUSAND OF NEW YORK CITY SCHOOL CHILDREN TO ATTEND CITY OPERA DRESS REHEARSALS, WHERE THEY MEET CAST MEMBERS AND CREW AND LEARN ABOUT CAREERS IN THE PERFORMING ARTS. FOR MANY, THIS IS THEIR FIRST LIVE OPERA EXPERIENCE. THROUGHOUT ITS SEASON, CITY OPERA ALSO PRESENTED HOUR-LONG, FAMILY-FRIENDLY ADAPTATIONS OF CLASSIC OPERA, INTRODUCING OPERA TO THE VERY YOUNGEST AUDIENCES. RENEWING ITS TRADITION OF BRINGING OPERA TO THE WIDEST POSSIBLE AUDIENCE, CITY OPERA ALSO PRESENTED FREE OPERA PERFORMANCES IN BRYANT PARK, ENABLING THOUSANDS OF NEW YORKERS TO EXPERIENCE OPERA IN A RELAXED, FAMILIAR ENVIRONMENT.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $367,435

Program Service Revenue $18,783

Investment Income $1,754

Other Revenue $1,154,541

TOTAL REVENUE $1,542,513

Expense Breakdown

Grants Paid $0

Salaries & Benefits $723,599

Fundraising Expenses $59,516

Program Expenses $1,268,194

Other Expenses $1,133,493

TOTAL EXPENSES $1,857,092

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,542,513	$1,686,729	-0.1%
Expenses	$1,857,092	$2,274,260	-0.2%
Net Income	$-314,579	$-587,531	-0.5%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EARL CICCEL	MEMBER	2.00	Director	$0	$0	$0
TERRY DESSER	MEMBER	2.00	Director	$0	$0	$0
CLAUDIO FERRI	MEMBER	2.00	Director	$0	$0	$0
GRANT HANESSIAN	MEMBER	2.00	Director	$0	$0	$0
ROY NIEDERHOFFER	BOARD CHAIR	2.00	Director	$0	$0	$0
CONSTANTINE ORBELIAN	EXECUTIVE DI	2.00	Director	$0	$0	$0
DANIEL L RUBIN	MEMBER	2.00	Director	$0	$0	$0
DAVID SCHOENKIN	MEMBER	2.00	Director	$0	$0	$0
MARK SEMONIAN	MEMBER	2.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$1,542,513	$1,857,092	$115,573	$-314,579
2024	No data	No data	No data	No data
2023	$1,884,323	$2,836,476	$977,303	$-952,153
2022	$2,207,574	$2,626,443	$1,694,292	$-418,869
2021	$3,221,600	$1,719,328	$2,464,472	$1,502,272
2020	$1,188,329	$2,000,002	$2,669,880	$-811,673
2019	$4,038,309	$5,251,872	$2,973,515	$-1,213,563
2018	$10,250,400	$8,386,980	$4,990,381	$1,863,420
2018	$10,181,828	$8,389,916	$4,917,381	$1,791,912