CORNING OPERA HOUSE CULTURAL CENTER ATTN JIM HEATON

EIN: 421524464 501(c)(3) Arts, Culture & Humanities

CORNING, IA

Total Revenue
$103,922
Total Expenses
$254,785
Total Assets
$2,612,978
Net Assets
$2,612,978
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2001
Legal Domicile
IA
Principal Officer
JIM HEATON
Phone
6413225229
Tax Period
2024-01-01 to 2024-12-31

CORNING OPERA HOUSE CULTURAL CENTER ATTN JIM HEATON, founded in 2001, is a small nonprofit in the Arts, Culture & Humanities sector that reported $104K in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $255K exceeded revenue, resulting in a 145% operating deficit.

Mission

TO PROVIDE A MULTI-PURPOSE HISTORICAL FACILITY TO HONOR THE COMMUNITY'S HERITAGE AND TO ENHANCE THE CULTURAL EXPERIENCES THROUGH DIVERSE ENTERTAINMENT AND EDUCATIONAL OPPORTUNITIES.

Program Service Accomplishments

Program 1
Expenses: $237,681

THE ORGANIZATION OVERSEES THE CONTINUED MAINTENANCE AND OPERATIONS OF THE OPERA HOUSE FACILITY AND COORDINATES COLUNTEER EFFORTS TO ASSIST WITH ENTERTAINMENT AND EDUCATIONAL OPPORTUNITIES OFFERED TO...

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THE ORGANIZATION OVERSEES THE CONTINUED MAINTENANCE AND OPERATIONS OF THE OPERA HOUSE FACILITY AND COORDINATES COLUNTEER EFFORTS TO ASSIST WITH ENTERTAINMENT AND EDUCATIONAL OPPORTUNITIES OFFERED TO THE SURROUNDING COMMUNITY.

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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 $61,733
Program Service Revenue $25,452
Investment Income $1,093
Other Revenue $15,644
TOTAL REVENUE $103,922

Expense Breakdown

Grants Paid $0
Salaries & Benefits $2,472
Fundraising Expenses $0
Program Expenses $237,681
Other Expenses $252,313
TOTAL EXPENSES $254,785

Year-over-Year Comparison

2024 2023 Change
Revenue $103,922 $94,111 +0.1%
Expenses $254,785 $193,539 +0.3%
Net Income $-150,863 $-99,428 +0.5%
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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Governance

Voting Members
10
Independent Members
10
Employees
1
Volunteers
80

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
4
$0
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
BERNADINE BEHLERS DIRECTOR N/A
Director
$0 $0 $0
JON BROKAW DIRECTOR N/A
Director
$0 $0 $0
BOBETTE FIFE CHAIRPERSON N/A
Officer Director
$0 $0 $0
BONNIE GOODSON DIRECTOR N/A
Director
$0 $0 $0
DE HEATON DIRECTOR N/A
Director
$0 $0 $0
JIM HEATON TREASURER N/A
Officer Director
$0 $0 $0
BEV MCMAHON DIRECTOR N/A
Director
$0 $0 $0
JIM REYNOLDS DIRECTOR N/A
Director
$0 $0 $0
LORNA SCHAFER SECRETARY N/A
Officer Director
$0 $0 $0
ANDREW ZIMMERMAN VICE CHAIR N/A
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
2024 $103,922 $254,785 $2,612,978 $-150,863
2023 $94,111 $193,539 $2,763,841 $-99,428
2022 $64,360 $208,105 $2,863,269 $-143,745
2021 $82,755 $210,969 $3,007,014 $-128,214
2020 $71,665 $190,632 $3,135,228 $-118,967
2019 $97,121 $201,454 $3,254,195 $-104,333
2018 $78,631 $228,865 $3,358,528 $-150,234
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