MADISON OPERA INC

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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

1994

Legal Domicile

Principal Officer

KATHRYN SMITH

Phone

6082388085

Tax Period

2024-09-01 to 2025-08-31

MADISON OPERA INC, founded in 1994, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.5M in total revenue in fiscal year 2024. Revenue decreased 5% compared to the prior year. Expenses of $2.7M exceeded revenue, resulting in a 11% operating deficit.

Mission

THE MISSION OF MADISON OPERA IS TO PRODUCE OPERAS OF THE HIGHEST ARTISTIC STANDARDS.

Program Service Accomplishments

Program 1

Expenses: $2,165,928 Revenue: $587,365

DURING THE 24-25 SEASON, MADISON OPERA PRODUCED TWO PERFORMANCES OF THE BARBER OF SEVILLE, TWO PERFORMANCES OF MARIA DE BUENOS AIRES, TWO PERFORMANCES OF DON GIOVANNI, AND THE FREE ANNUAL OPERA IN...

DURING THE 24-25 SEASON, MADISON OPERA PRODUCED TWO PERFORMANCES OF THE BARBER OF SEVILLE, TWO PERFORMANCES OF MARIA DE BUENOS AIRES, TWO PERFORMANCES OF DON GIOVANNI, AND THE FREE ANNUAL OPERA IN THE PARK CONCERT. THE COMPANY HELD NUMEROUS ENGAGEMENT PROGRAMS DURING THE YEAR, INCLUDING RECITALS, COMMUNITY PREVIEWS, OPERA UP CLOSE PRESENTATIONS, DIGITAL PRESENTATIONS, A STUDENT MATINEE, AND A HIGH SCHOOL APPRENTICE PROGRAM.

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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 $1,486,391

Program Service Revenue $591,490

Investment Income $5,403

Other Revenue $383,206

TOTAL REVENUE $2,466,490

Expense Breakdown

Grants Paid $0

Salaries & Benefits $597,632

Fundraising Expenses $208,191

Program Expenses $2,165,928

Other Expenses $2,146,514

TOTAL EXPENSES $2,744,146

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,466,490	$2,606,760	-0.1%
Expenses	$2,744,146	$2,771,262	0.0%
Net Income	$-277,656	$-164,502	+0.7%

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

100

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

$163,780

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS TERRY	CHAIRMAN	1.00	Officer Director	$0	$0	$0
SUSAN ZAESKE	PRESIDENT	1.00	Officer Director	$0	$0	$0
MARTHA CASEY	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
LYNN MECKLENBURG	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
CONNIE KINSELLA	TREASURER	1.00	Officer Director	$0	$0	$0
FRANZO LAW II	SECRETARY	1.00	Officer Director	$0	$0	$0
CARLA ALVARADO	TRUSTEE	1.00	Director	$0	$0	$0
DEBRA ANKEN-DYER	TRUSTEE	1.00	Director	$0	$0	$0
MARTIN BARRETT	TRUSTEE	1.00	Director	$0	$0	$0
LARRY BECHLER	TRUSTEE	1.00	Director	$0	$0	$0
VIKI BRIGHAM	TRUSTEE	1.00	Director	$0	$0	$0
KATHY CONDIT	TRUSTEE	1.00	Director	$0	$0	$0
PEYTON ENGEL	TRUSTEE	1.00	Director	$0	$0	$0
DAVID FLANDERS	TRUSTEE	1.00	Director	$0	$0	$0
JOYCE HIRSCH	TRUSTEE	1.00	Director	$0	$0	$0
STEPHEN HURLEY	TRUSTEE	1.00	Director	$0	$0	$0
FRAN KLOS	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN LIPP	TRUSTEE	1.00	Director	$0	$0	$0
PATTI LUCAS	TRUSTEE	1.00	Director	$0	$0	$0
PETE LUNDBERG	TRUSTEE	1.00	Director	$0	$0	$0
BARBARA MERZ	TRUSTEE	1.00	Director	$0	$0	$0
SALLY MILEY	TRUSTEE	1.00	Director	$0	$0	$0
J MARSHALL OSBORN	TRUSTEE	1.00	Director	$0	$0	$0
CYRENA PONDROM	TRUSTEE	1.00	Director	$0	$0	$0
SHARYN STUMPF	TRUSTEE	1.00	Director	$0	$0	$0
JANE TAVES	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN THIBEAULT	TRUSTEE	1.00	Director	$0	$0	$0
SELMA VANEYCK	TRUSTEE	1.00	Director	$0	$0	$0
TOBY WALLACH	TRUSTEE	1.00	Director	$0	$0	$0
SONJA YDE	TRUSTEE	1.00	Director	$0	$0	$0
BRIAN HALTINNER	TRUSTEE	1.00	Director	$0	$0	$0
KATHRYN SMITH	GENERAL DIRECTOR	60.00	Officer	$152,418	$11,362	$163,780

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	$2,466,490	$2,744,146	$2,180,857	$-277,656
2024	$2,606,760	$2,771,262	$2,402,964	$-164,502
2023	$2,147,945	$2,378,355	$2,489,023	$-230,410
2022	$1,938,281	$2,066,741	$2,864,319	$-128,460
2021	$1,933,886	$1,124,339	$3,146,994	$809,547
2020	$1,813,345	$1,680,351	$2,247,603	$132,994
2019	$2,235,363	$2,338,841	$2,356,512	$-103,478
2018	$1,916,916	$2,045,299	$2,543,987	$-128,383