Cincinnati Opera Association Inc

EIN: 310549044 501(c)(3) Arts, Culture & Humanities

Cincinnati, OH

Total Revenue
$10,649,122
Total Expenses
$8,716,791
Total Assets
$41,780,925
Net Assets
$39,502,366
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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
1935
Legal Domicile
OH
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

To enrich and connect the community through diverse opera experiences.

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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%)

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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

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

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Governance

Voting Members
43
Independent Members
43
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
8
$479,328
Total Directors
60
$0
Key Employees
1
$254,227
Highest Compensated
0
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
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