OPERA COMPANY OF MIDDLEBURY INC

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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year

2004

Legal Domicile

Principal Officer

James Malcolm

Phone

8023886300

Tax Period

2024-11-01 to 2025-06-30

OPERA COMPANY OF MIDDLEBURY INC, founded in 2004, is a small nonprofit in the Arts, Culture & Humanities sector that reported $259K in total revenue in fiscal year 2024. Revenue decreased 18% compared to the prior year. Expenses of $326K exceeded revenue, resulting in a 26% operating deficit.

Mission

The mission of the Opera Company of Middlebury (OCM) is to bring professional-level, quality live opera productions and experiences to our region. We also maintain a robust educational program for emerging professionals and teen singers while expanding our broader communities' understanding of opera through outreach programs.

Program Service Accomplishments

Program 1

Expenses: $237,369 Revenue: $76,459

In 2024 OCM made the decision to change the dates of its fiscal year. This change necessitated a shortened fiscal year, which was from November 2024 to June 2025. The shortened fiscal year resulted in just one mainstage opera production: La Boheme, composed by Giacomo Puccini. La Boheme was staged in June of 2025 to sold-out audiences of over 750 people. OCM's shows use professional singers and professional musicians from across the United States. The chorus of Boheme featured singers from Vermont and New Hampshire and included a children's chorus of six youth, all of whom had to audition to be a part of the production. Tickets are free for opera patrons aged 26 and younger, thanks to a generous donor. 56 young people took advantage of this opportunity for the mainstage production with 21 young people opting to see the Young Artist production (see accomplishment #2).

Program 2

Expenses: $25,922 Revenue: $11,140

OCM staged Giacomo Puccini's one-act comic opera Gianni Schicchi on June 13 and 15, 2025. Ten singers who are early in their careers participated in this production. Both shows, numbering 160...

OCM staged Giacomo Puccini's one-act comic opera Gianni Schicchi on June 13 and 15, 2025. Ten singers who are early in their careers participated in this production. Both shows, numbering 160 tickets, were sold out. The Young Artists Program, as this training and performance program is called, helps to prepare these younger artists for careers as professional singers. In addition to staging Gianni Schicchi, they served as understudies for La Boheme and participated in its chorus. These artists presented a concert of songs by Puccini and Puccini's contemporaries. The Young Artists receive extensive training, coaching by industry professionals, and master classes by directors and agents.

Program 3

Expenses: $39,558 Revenue: $4,655

An important part of OCM's mission is to expose opera to youth. OCM does this by providing training and performance opportunities for high school youth through three programs: a Fall residency in a local high school to teach the youth about opera and to stage performances of Dido and Aeneas; an afterschool opera scenes program; and a summer program for high school and college students with performances in senior living residences. In the Fall of 2024 the Dido and Aeneas program was held at the three high schools in Addison County, VT: Middlebury Union, Mount Abraham Union, and Vergennes Union. This collaboration resulted in a full-scale opera production with over 140 students on stage for each of the two performances. High school students also received valuable training and experience in backstage roles, as stage managers, props personnel, and in lighting and sound roles. The afterschool opera scenes program gives high school youth one-on-one coaching and the opportunity to learn music of a specific language or from a selected composer. These youth gain skills and knowledge and then gain confidence by performing in front of an audience. A unique program is developed each Fall and Spring. In November 2024 the youth presented "Gilbert and Sullivan: the Podcast" featuring six singers. In April 2025 the youth collaborated with members of the Vermont Youth Orchestra to present "Dear Diary" based on the music of Mozart. Eight singers and 16 musicians participated in this program. Due to the shortened fiscal year, the summer program occurred in FY26, not in FY25.

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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 $160,518

Program Service Revenue $92,254

Investment Income $7,717

Other Revenue $-1,298

TOTAL REVENUE $259,191

Expense Breakdown

Grants Paid $8,000

Salaries & Benefits $90,019

Fundraising Expenses $4,502

Program Expenses $302,849

Other Expenses $228,241

TOTAL EXPENSES $326,260

Year-over-Year Comparison

	2024	2023	Change
Revenue	$259,191	$317,657	-0.2%
Expenses	$326,260	$366,896	-0.1%
Net Income	$-67,069	$-49,239	+0.4%

Key Indicators

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

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Governance

Voting Members

Independent Members

Employees

Volunteers

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

$10,385

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Robin LaPlante	Managing Director end 4/18	20	Officer	$10,385	$0	$10,385
James Malcolm	President	2	Officer Director	$0	$0	$0
Richard Marshak	Vice President	2	Officer Director	$0	$0	$0
Elizabeth Karnes Keefe	Secretary	2	Officer Director	$0	$0	$0
Michele Brown	Treasurer Eff 11/2024	2	Director	$0	$0	$0
Richard Isenberg	Director	2	Director	$0	$0	$0
Gail Miller	Director	2	Director	$0	$0	$0
Catherine Clark	Director	2	Director	$0	$0	$0
Arlinda Wickland	Director	2	Director	$0	$0	$0
David Clark	Director	2	Director	$0	$0	$0
Jonathan Isham	Director	2	Director	$0	$0	$0
Wayne Hobbs	Director	2	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	$259,191	$326,260	$134,367	$-67,069
2024	$317,657	$366,896	$210,750	$-49,239
2023	$491,326	$339,764	$198,433	$151,562
2022	$181,660	$204,736	$19,207	$-23,076
2021	$232,928	$306,007	$43,192	$-73,079
2019	$204,435	$235,393	$25,536	$-30,958