TOLEDO OPERA ASSOCIATION

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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

1959

Legal Domicile

Principal Officer

JAMES NORMAN

Phone

4192557464

Tax Period

2024-06-01 to 2025-05-31

TOLEDO OPERA ASSOCIATION, founded in 1959, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.4M in total revenue in fiscal year 2024. Revenue decreased 18% compared to the prior year. Expenses of $1.3M left a modest 8% surplus.

Mission

THE MISSION OF TOLEDO OPERA IS TO CREATE OPERA EXPERIENCES IN THE THEATER, IN THE CLASSROOM, AND THROUGHOUT OUR COMMUNITY THAT CELEBRATE COMPELLING STORIES, EXPRESSED THROUGH GLORIOUS MUSIC AND POWERFUL VOICES TO ENGAGE, CONNECT, AND INSPIRE. TOLEDO OPERA'S VISION IS TO BE AN AMBITIOUS CULTURAL LEADER IN THE REGION BY PAIRING STORYTELLING AND ARTISTRY OF THE HIGHEST CALIBER WITH AUTHENTIC COMMUNITY CONNECTIONS.

Program Service Accomplishments

Program 1

Expenses: $804,525 Revenue: $244,108

IN 2024-2025, TOLEDO OPERA PRODUCED ONE OPERA AND ONE GOLDEN AGE BROADWAY MUSICAL AS OUR SEASON OFFERINGS, EXPANDING OUR AUDIENCE REACH. WE OPENED THE SEASON IN OCTOBER 2024 WITH TOSCA, WHICH TOLEDO OPERA HADN'T PRODUCED SINCE 2014. IN FEBRUARY 2025, WE SUCCESSFULLY PRODUCED THE CLASSIC BROADWAY MUSICAL SOUTH PACIFIC, WHICH SOLD AT 90% OF CAPACITY!

Program 2

Expenses: $54,324 Revenue: $27,499

TOLEDO OPERA SAW INCREASES IN THE NUMBER OF SCHOOLS TAKING ADVANTAGE OF OUR TOURING PROGRAM, OPERA ON WHEELS. WE PERFORMED A CHILD-FRIENDLY VERSION OF AN ANDRE GRETRY OPERA, BEAUTY AND THE BEAST, IN...

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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 $888,440

Program Service Revenue $271,607

Investment Income $240,385

Other Revenue $4,629

TOTAL REVENUE $1,405,061

Expense Breakdown

Grants Paid $0

Salaries & Benefits $351,345

Fundraising Expenses $79,558

Program Expenses $858,849

Other Expenses $942,186

TOTAL EXPENSES $1,293,531

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,405,061	$1,703,204	-0.2%
Expenses	$1,293,531	$1,507,723	-0.1%
Net Income	$111,530	$195,481	-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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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

150

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
BARBARA OOSTRA	IMMEDIATE PAST PRESIDENT	2.00	Director	$0	$0	$0
JOEL GORSKI	PRESIDENT	2.00	Officer Director	$0	$0	$0
JENNIFER POIRIER	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
PHILLIP LEE	CO-TREASURER	2.00	Officer Director	$0	$0	$0
ALLEN MARKOWICZ	TRUSTEE	2.00	Director	$0	$0	$0
AMIR KHAN	TRUSTEE	2.00	Director	$0	$0	$0
BARBARA BROWN	TRUSTEE	2.00	Director	$0	$0	$0
BLAINE STOUT	TRUSTEE	2.00	Director	$0	$0	$0
CINDY NIGGEMYER	TRUSTEE	2.00	Director	$0	$0	$0
DOMINIQUE LASH	TRUSTEE	2.00	Director	$0	$0	$0
ELISABETH JAMES	TRUSTEE	2.00	Director	$0	$0	$0
ELIZABETH WOLFE	TRUSTEE	2.00	Director	$0	$0	$0
HOUSTON YOUNG	TRUSTEE	2.00	Director	$0	$0	$0
JOHN FEDDERKE	TRUSTEE	2.00	Director	$0	$0	$0
JOHN JONES	TRUSTEE	2.00	Director	$0	$0	$0
JUNE GALVIN	TRUSTEE	2.00	Director	$0	$0	$0
KIM KEARNS	TRUSTEE	2.00	Director	$0	$0	$0
MARCY MCMAHON	TRUSTEE	2.00	Director	$0	$0	$0
MARYLOUISE BOWE	TRUSTEE	2.00	Director	$0	$0	$0
MAUREEN BROWN	TRUSTEE	2.00	Director	$0	$0	$0
PATRICE SPITZER	TRUSTEE	2.00	Director	$0	$0	$0
PETE GERKEN	TRUSTEE	2.00	Director	$0	$0	$0
RONALD WELLS	TRUSTEE	2.00	Director	$0	$0	$0
SUSAN HARTMAN MUSKA	TRUSTEE	2.00	Director	$0	$0	$0
THOMAS WINSTON	TRUSTEE	2.00	Director	$0	$0	$0
TRINA ROBINSON SECOR	TRUSTEE	2.00	Director	$0	$0	$0
WILLIAM DAVIS	TRUSTEE	2.00	Director	$0	$0	$0
WILLIAM MATHIS	TRUSTEE	2.00	Director	$0	$0	$0
ZAHRA APRILI COLLINS	SECRETARY	2.00	Officer 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	$1,405,061	$1,293,531	$4,949,686	$111,530
2024	$1,703,204	$1,507,723	$4,728,019	$195,481
2023	$1,101,314	$1,664,424	$4,013,844	$-563,110
2022	$1,254,776	$1,311,654	$4,577,028	$-56,878
2021	$914,327	$636,483	$4,974,454	$277,844
2020	$1,268,949	$1,212,470	$3,879,605	$56,479
2019	$1,107,510	$1,222,852	$3,770,224	$-115,342
2018	$1,610,640	$1,426,071	$3,745,741	$184,569