ANNAPOLIS OPERA COMPANY

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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

1972

Legal Domicile

Principal Officer

THOMAS DEKORNFELD

Phone

4102678135

Tax Period

2024-07-01 to 2025-06-30

ANNAPOLIS OPERA COMPANY, founded in 1972, is a small nonprofit in the Arts, Culture & Humanities sector that reported $786K in total revenue in fiscal year 2024. Revenue fell 31% from the prior year — a significant decline worth monitoring. Expenses of $936K exceeded revenue, resulting in a 19% operating deficit.

Mission

THE MISSION OF THE ANNAPOLIS OPERA COMPANY IS TO BE A CULTURAL TOUCHSTONE FOR THE COMMUNITY, WHICH DELIGHTS AUDIENCES WITH MUSICAL STORYTELLING ENGAGES NEW AUDIENCES WITH DIVERSE PROGRAMMING THAT INSPIRES CURIOSITY FOR OPERA AND ATTRACTS EMERGING ARTISTS.

Program Service Accomplishments

Program 1

Expenses: $701,543 Revenue: $192,088

ITS PURPOSE IS TO ORGANIZE AND OPERATE AN OPERA COMPANY FOR THE PERFORMANCE OF OPERA AND OTHER STAGE PERFORMANCES AND TO GIVE AND PROMOTE ENTERTAINMENT, EDUCATION, LECTURES, SOCIAL AFFAIRS, AND...

ITS PURPOSE IS TO ORGANIZE AND OPERATE AN OPERA COMPANY FOR THE PERFORMANCE OF OPERA AND OTHER STAGE PERFORMANCES AND TO GIVE AND PROMOTE ENTERTAINMENT, EDUCATION, LECTURES, SOCIAL AFFAIRS, AND CELEBRATIONS IN CONNECTION WITH ITS PURSUITS AS AN OPERA COMPANY. IN ADDITION, THE ORGANIZATION WORKS TO DEVELOP THE AUDIENCES OF THE FUTURE THROUGH VARIED TICKET PRICING, FREE PERFORMANCES, EDUCATIONAL PROGRAMS, AND SPECIAL EVENTS. THE ORGANIZATION OFFERS ITS SERVICES TO THE STATE OF MARYLAND, THE SURROUNDING REGION AND STATES WITH AN EMPHASIS ON THE COMMUNITIES IN AND AROUND ANNAPOLIS

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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 $565,880

Program Service Revenue $192,088

Investment Income $28,300

Other Revenue $0

TOTAL REVENUE $786,268

Expense Breakdown

Grants Paid $0

Salaries & Benefits $228,805

Fundraising Expenses $48,210

Program Expenses $701,543

Other Expenses $706,697

TOTAL EXPENSES $935,502

Year-over-Year Comparison

	2024	2023	Change
Revenue	$786,268	$1,137,040	-0.3%
Expenses	$935,502	$922,891	+0.0%
Net Income	$-149,234	$214,149	-1.7%

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

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

$87,550

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KATHY SWEKEL	GENERAL DIRECTOR	040.00	Officer	$85,000	$2,550	$87,550
PAULA ABERNETHY	SECRETARY	003.00	Officer Director	$0	$0	$0
CARLETTA ALLEN	IMMEDIATE PAST PRESIDENT	001.00	Officer Director	$0	$0	$0
BETTY AUSTIN	DIRECTOR	001.00	Director	$0	$0	$0
GEORGIANNA CROBY	DIRECTOR	001.00	Director	$0	$0	$0
MARTIN WASSERMAN	VICE PRESIDENT, DEVELOPMENT CHAIR	001.00	Officer Director	$0	$0	$0
MARK HELLSTERN	TREASURER	001.00	Officer Director	$0	$0	$0
THOMAS DEKORNFELD	PRESIDENT	001.00	Officer Director	$0	$0	$0
FRANK LYMAN	DIRECTOR	001.00	Director	$0	$0	$0
RICHARD KRIMM	DIRECTOR	001.00	Director	$0	$0	$0
MELISSA OSMOND	DIRECTOR	001.00	Director	$0	$0	$0
KRYSAN MITCHELL	DIRECTOR	001.00	Director	$0	$0	$0
LYN SONGY	GOVERNANCE CO-CHAIR	001.00	Officer Director	$0	$0	$0
WILLIAM THAM	GOVERNANCE CO-CHAIR	001.00	Officer Director	$0	$0	$0
CARY MELNYK	DIRECTOR	001.00	Director	$0	$0	$0
CHRIS NELSON	EDUCATION OUTREACH CHAIR	001.00	Officer Director	$0	$0	$0
DAVID STERN	DIRECTOR	001.00	Director	$0	$0	$0
GLEN ROTNER	DIRECTOR	001.00	Director	$0	$0	$0
JON TETER	DIRECTOR	001.00	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	$786,268	$935,502	$1,441,203	$-149,234
2024	$1,137,040	$922,891	$1,485,948	$214,149
2023	$870,125	$1,010,632	$1,129,608	$-140,507
2022	$1,519,671	$735,376	$1,153,801	$784,295
2021	$695,627	$351,032	$527,517	$344,595
2020	$486,358	$488,173	$186,007	$-1,815