Indianapolis 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

1975

Legal Domicile

Phone

3172833531

Tax Period

2024-07-01 to 2025-06-30

Indianapolis Opera Company, founded in 1975, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.1M in total revenue in fiscal year 2024. Revenue fell 32% from the prior year — a significant decline worth monitoring. Expenses of $1.4M exceeded revenue, resulting in a 23% operating deficit.

Mission

The mission of Indianapolis Opera is to educate, inspire and entertain through the creation and presentation of musical storytelling for the Hoosier community.

Program Service Accomplishments

Program 1

Expenses: $769,148 Revenue: $98,657

The mission of Indianapolis Opera is to educate, inspire, and entertain through the creation and presentation of musical storytelling for the Hoosier community. Indianapolis Opera (IO) brings the...

The mission of Indianapolis Opera is to educate, inspire, and entertain through the creation and presentation of musical storytelling for the Hoosier community. Indianapolis Opera (IO) brings the passion, excitement, and art of opera and vocal music to Indiana during the 2024-2025 season reaching an audience of 42,867.

Program 2

Expenses: $247,751 Revenue: $169,827

Indianapolis Opera's Resident Artists performed across the state of Indiana with 42,867 viewers during 2024-2025, including 8,363 children. 11 Resident Artists were featured (9 singers and 2 pianists across the Fall and Spring semesters), as well as 150 additional main stage, chorus, and outreach artists engaged throughout the year. The Resident Artists perform children's operas for elementary students, vocal workshops for middle and high school students, and a revue-style recital program for college students, adults, and senior citizens in schools, community centers, and retirement communities.

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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 $704,089

Program Service Revenue $268,484

Investment Income $24,137

Other Revenue $109,586

TOTAL REVENUE $1,106,296

Expense Breakdown

Grants Paid $0

Salaries & Benefits $533,094

Fundraising Expenses $209,509

Program Expenses $1,016,899

Other Expenses $829,564

TOTAL EXPENSES $1,362,658

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,106,296	$1,619,715	-0.3%
Expenses	$1,362,658	$1,220,179	+0.1%
Net Income	$-256,362	$399,536	-1.6%

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

$105,142

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Alan Goldstein	Secretary	1.0	Officer Director	$0	$0	$0
Elizabeth Smith	Asst Secretary	5.0	Officer Director	$0	$0	$0
Kevin Deford	Vice-President	1.0	Officer Director	$0	$0	$0
Mike Schultz	President	5.0	Officer Director	$0	$0	$0
Nancy Thompson	Vice-President	1.0	Officer Director	$0	$0	$0
Stephanie Shaw	Treasurer	3.0	Officer Director	$0	$0	$0
Steven Kofkoff	Assistant Treasurer	1.0	Officer Director	$0	$0	$0
Andrew Insley	Director	1.0	Director	$0	$0	$0
Claudette Einhorn	Director	1.0	Director	$0	$0	$0
David Crabb	Director	1.0	Director	$0	$0	$0
Greg Touney	Director	1.0	Director	$0	$0	$0
Helmi Banta	Director	1.0	Director	$0	$0	$0
James Due	Director	1.0	Director	$0	$0	$0
Jemmie Wang	Director	1.0	Director	$0	$0	$0
Jordan Steele	Director - Start 12/24	1.0	Director	$0	$0	$0
Kimann Schultz	Director	1.0	Director	$0	$0	$0
Leslie Thompson	Director - Start 12/24	1.0	Director	$0	$0	$0
Lisa Breale	Director	2.0	Director	$0	$0	$0
Michael Schaefer	Director	1.0	Director	$0	$0	$0
Muffi James	Director	1.0	Director	$0	$0	$0
Rob Ellinger	Director	1.0	Director	$0	$0	$0
Robert Manges	Director	1.0	Director	$0	$0	$0
Robert Smith	Director - Start 7/24	1.0	Director	$0	$0	$0
Shirley M Mueller	Director - Start 7/24	1.0	Director	$0	$0	$0
Stephen Reynolds	Director	1.0	Director	$0	$0	$0
David Starkey	General Director	40.0	Officer	$105,142	$0	$105,142

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	$1,106,296	$1,362,658	$3,148,963	$-256,362
2024	No data	No data	No data	No data
2023	$1,113,610	$1,041,839	$3,178,437	$71,771
2022	$1,429,356	$998,769	$3,256,088	$430,587
2021	$3,024,653	$834,865	$2,746,619	$2,189,788
2020	$872,398	$867,868	$388,474	$4,530
2019	$1,019,510	$949,773	$344,382	$69,737
2018	$892,196	$877,922	$289,077	$14,274