Cincinnati Opera Association Inc

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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year

1935

Legal Domicile

Principal Officer

Christopher Milligan

Phone

5137685500

Tax Period

2024-09-01 to 2025-08-31

Cincinnati Opera Association Inc, founded in 1935, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $10.6M in total revenue in fiscal year 2024. Revenue surged 36% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.9M, a strong 18% operating margin.

Mission

The second oldest opera company in America, Cincinnati Opera presents dynamic opera productions every summer in Cincinnati's historic Music Hall. Cincinnati Opera is dedicated to educating, entertaining, and inspiring audiences by presenting opera performances, school tours, and community programs for adults and children that meet the highest standards of artistic excellence.

Program Service Accomplishments

Program 1

Expenses: $6,546,658 Revenue: $1,834,851

Cincinnati Opera, the nation's second-oldest opera company, presented its 105th anniversary season at historic Music Hall. The company's 2025 Summer Festival spanned June and July and included three mainstage productions featuring renowned singers, the Cincinnati Opera Chorus, the Cincinnati Symphony Orchestra, Cincinnati Boychoir, and dancers from Cincinnati Ballet. Repertoire included a new-to-Cincinnati production of Giuseppe Verdi's tragic Rigoletto, a sumptuous production of Giacomo Puccini's timeless classic Tosca, and a brand-new production of the beloved musical Fiddler on the Roof. The season also included Studio Sessions, an intimate series of three cabaret-style performances curated by celebrated opera artists, offering audiences a close-up experience of operatic artistry.Cincinnati Opera extended its reach with low-cost and accessible community programs, including Opera Goes to Church presented in conjunction with local congregations, and a Sensory-Friendly Rehearsal, providing an inclusive opera experience for individuals with sensory sensitivities. Year-round, Cincinnati Opera offers a variety of programs throughout the community designed to engage and connect with students, families, and the opera-curious, inspiring a lifelong love of opera across all ages and backgrounds.

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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 $6,424,974

Program Service Revenue $1,834,851

Investment Income $2,413,732

Other Revenue $-24,435

TOTAL REVENUE $10,649,122

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,843,949

Fundraising Expenses $928,723

Program Expenses $6,546,658

Other Expenses $3,737,842

TOTAL EXPENSES $8,716,791

Year-over-Year Comparison

	2024	2023	Change
Revenue	$10,649,122	$7,856,139	+0.4%
Expenses	$8,716,791	$10,104,991	-0.1%
Net Income	$1,932,331	$-2,248,852	-1.9%

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

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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

127

Volunteers

111

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

$479,328

Total Directors

Key Employees

$254,227

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Melanie M Chavez	Chairman	4.00	Officer Director	$0	$0	$0
Liz Kathman Grubow	Chairman - Exit 09/18/24	4.00	Officer Director	$0	$0	$0
Ronald T Bates	President	4.00	Officer Director	$0	$0	$0
Robert Bitter	Treasurer	4.00	Officer Director	$0	$0	$0
Charles E Baverman III	Secretary	4.00	Officer Director	$0	$0	$0
Katherine Anderson	Trustee	2.00	Director	$0	$0	$0
Boris Auerbach	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Aine M Baldwin	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Flavia Bastos PhD	Trustee	2.00	Director	$0	$0	$0
Elaine Billmire MD	Trustee	2.00	Director	$0	$0	$0
Thomas F Boat MD	Trustee	2.00	Director	$0	$0	$0
Walter Bruyninckx	Trustee	2.00	Director	$0	$0	$0
Onassis Caneris MD	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Michael L Cioffi	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Sheila Cole	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Peter G Courlas	Trustee	2.00	Director	$0	$0	$0
Eric Dauer	Trustee	2.00	Director	$0	$0	$0
Kristy Davis-Mustain	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Ralph A Giannella MD	Trustee	2.00	Director	$0	$0	$0
Barbara Hahn	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Gary T Doc Huffman	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Jason Jackman	Trustee	2.00	Director	$0	$0	$0
Anne Jaroszewicz	Trustee	2.00	Director	$0	$0	$0
Kevin C Jones	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Yemisi O Jones MD	Trustee	2.00	Director	$0	$0	$0
Mike Kelly	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Helen Kemp	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Bo-Kyung Kim Kirby	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Mona Kerstine	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Katie Lanni	Trustee	2.00	Director	$0	$0	$0
Nanci Wilks Lanni	Trustee	2.00	Director	$0	$0	$0
Lynn Larson	Trustee	2.00	Director	$0	$0	$0
Ashleigh Marable	Trustee	2.00	Director	$0	$0	$0
Michael A Marrero	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Everett McCorvey	Trustee	2.00	Director	$0	$0	$0
David Motch	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Christine E Neyer	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Robert W Olson	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Reena Dhanda Patil MD	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Michael L Powell	Trustee	2.00	Director	$0	$0	$0
Tarita Preston	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Nicholas W Puncer	Trustee	2.00	Director	$0	$0	$0
Jason Riveiro	Trustee	2.00	Director	$0	$0	$0
Cristina Rugg	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Regina Carswell Russo	Trustee	2.00	Director	$0	$0	$0
G James Sammarco MD	Trustee	2.00	Director	$0	$0	$0
Ruthann Sammarco	Trustee	2.00	Director	$0	$0	$0
Ann H Santen	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Edward B Silberstein MD	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Bradbury Skidmore MD	Trustee	2.00	Director	$0	$0	$0
Susan R Strick MD	Trustee	2.00	Director	$0	$0	$0
Tricia Suit	Trustee	2.00	Director	$0	$0	$0
Mary Ann Taylor	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Brian Tiffany	Trustee	2.00	Director	$0	$0	$0
Catharina Toltzis PhD	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Sheila Williams	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Stanford T Williams Jr	Trustee	2.00	Director	$0	$0	$0
Ronna K Willis	Trustee - Start 09/18/24	2.00	Director	$0	$0	$0
Jeannine Winkelmann	Trustee - Exit 09/18/24	2.00	Director	$0	$0	$0
Peg Wyant	Trustee	2.00	Director	$0	$0	$0
Christopher A Milligan	General Director & CEO	50.00	Officer	$242,965	$19,691	$262,656
Kenneth Wetstein	Chief Philanthropy Officer	50.00	Officer	$72,756	$6,427	$79,183
Jennifer M DuBois	Chief Financial Officer	50.00	Officer	$124,772	$12,717	$137,489
Evans J Mirageas	Artistic Director	50.00	Key Emp	$236,928	$17,299	$254,227

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	$10,649,122	$8,716,791	$41,780,925	$1,932,331
2024	$7,856,139	$10,104,991	$39,368,279	$-2,248,852
2023	$7,230,324	$8,928,338	$38,235,884	$-1,698,014
2022	$9,059,915	$9,775,208	$38,670,094	$-715,293
2021	$8,663,002	$7,469,516	$45,503,952	$1,193,486
2020	$5,063,717	$6,184,167	$40,351,951	$-1,120,450
2019	$10,177,241	$9,142,844	$38,807,770	$1,034,397
2018	$8,619,103	$9,211,144	$35,790,700	$-592,041