OPERA CAROLINA

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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

1953

Legal Domicile

Principal Officer

SHANTE WILLIAMS

Phone

7043327177

Tax Period

2023-07-01 to 2024-06-30

OPERA CAROLINA, founded in 1953, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.7M in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. Expenses of $3.6M exceeded revenue, resulting in a 32% operating deficit.

Mission

TO INSPIRE AND ENTERTAIN THE REGION'S DIVERSE COMMUNITY THROUGH THE PRESENTATION OF EXCELLENT OPERA, OPERETTA, MUSIC THEATRE, EDUCATION AND OUTREACH PROGRAMS THAT ELEVATE THE QUALITY OF LIFE IN THE CAROLINAS.

Program Service Accomplishments

Program 1

Expenses: $2,084,273 Revenue: $540,136

THE PRIMARY PROGRAM SERVICE ACTIVITY IS THAT OF MAIN STAGE PRODUCTIONSAND EDUCATIONAL ACTIVITIES. OUR MAIN STAGE SHOWCASED MULTIPLEPRODUCTIONS WHICH FULFILLED OUR EXEMPT PURPOSE OF PROVIDING...

THE PRIMARY PROGRAM SERVICE ACTIVITY IS THAT OF MAIN STAGE PRODUCTIONSAND EDUCATIONAL ACTIVITIES. OUR MAIN STAGE SHOWCASED MULTIPLEPRODUCTIONS WHICH FULFILLED OUR EXEMPT PURPOSE OF PROVIDING ACCESSIBILITY TO AND DEVELOPING KNOWLEDGE OF PROFESSIONAL OPERA AND ELEVATING THE QUALITY OF CULTURAL LIFE IN THE CAROLINAS.

Program 2

Expenses: $380,763 Revenue: $98,674

THE EDUCATIONAL ACTIVITIES INCLUDE OUR OPERA EXPRESS TOURING ARM WHICH ENGAGES OVER 20,000 CHILDREN BY MEANS OF MULTIPLE PERFORMANCES ACROSS THE STATES OF NORTH CAROLINA, SOUTH CAROLINA, AND GEORGIA; STUDENT NIGHT AT THE OPERA WHICH IS HELD DURING DRESS REHEARSAL FOR EACH MAIN STAGE PRODUCTION AND IN WHICH STUDENTS AND ADULTS PARTICIPATED, AND OPERA CAROLINA ACADEMY WHICH PROVIDES ACCESS TO MUSIC INSTRUCTION, MUSIC-DRAMA INSTRUCTION, AND AGE APPROPRIATE VOCAL INSTRUCTION FOR STUDENTS OF ALL AGES IN AN ARTISTIC ATMOSPHERE WHICH EMPHASIZES CLASSICAL MUSIC WHILE HONORING THE VALUE OF MUSICAL EXPRESSION IN ALL GENRES.

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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 (2023)

Revenue Breakdown

Contributions & Grants $2,022,790

Program Service Revenue $601,695

Investment Income $0

Other Revenue $116,975

TOTAL REVENUE $2,741,460

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,002,172

Fundraising Expenses $680,547

Program Expenses $2,465,036

Other Expenses $2,609,889

TOTAL EXPENSES $3,612,061

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,741,460	$2,920,365	-0.1%
Expenses	$3,612,061	$3,265,649	+0.1%
Net Income	$-870,601	$-345,284	+1.5%

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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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

108

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

Total Directors

$77,393

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANN REED	DIRECTOR	1.00	Director	$0	$0	$0
ARLENE FEREBEE	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
BARBARA HOLT	DIRECTOR	1.00	Director	$0	$0	$0
CAROL KENDRICK	BOARD CHAIR	1.00	Officer Director	$0	$0	$0
CHARLOTTE PAYNE	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTPHER MARDANY	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
CHRISTOPHER MAURER	DIRECTOR	1.00	Director	$0	$0	$0
DARYL HOLLNAGEL	SECRETARY	1.00	Officer Director	$0	$0	$0
ELIZABETH TRENARY	DIRECTOR	1.00	Director	$0	$0	$0
EMILY SMITH	DIRECTOR	1.00	Director	$0	$0	$0
FRANK BONCIMINO	TREASURER	1.00	Officer Director	$0	$0	$0
JULIE BERNARD	IMMEDIATE PAST PRESIDENT	1.00	Officer Director	$0	$0	$0
KI-HYUN CHUN	DIRECTOR	1.00	Director	$0	$0	$0
LESLIE PALIYENKO	DIRECTOR	1.00	Director	$0	$0	$0
MARCUS MARTIN	DIRECTOR	1.00	Director	$0	$0	$0
MATTHEW MOORE	DIRECTOR	1.00	Director	$0	$0	$0
PAUL KARDOUS	DIRECTOR	1.00	Director	$0	$0	$0
MARGARET PEG POVINELLI	DIRECTOR	1.00	Director	$0	$0	$0
PHYLLIS ZANGHI	ASSISTANT TREASURER	1.00	Officer Director	$0	$0	$0
NATALIE BROWN	DIRECTOR	1.00	Director	$0	$0	$0
ROB BOISVERT	DIRECTOR	1.00	Director	$0	$0	$0
JOHN HARMELING	DIRECTOR	1.00	Director	$0	$0	$0
CACI JAEGER	DIRECTOR	1.00	Director	$0	$0	$0
JENNIFER MARTIN	DIRECTOR	1.00	Director	$0	$0	$0
JAMES POWELL	DIRECTOR	1.00	Director	$0	$0	$0
JORDAN STERN	DIRECTOR	1.00	Director	$0	$0	$0
SHANTE WILLIAMS	DIRECTOR	1.00	Director	$0	$0	$0
AUNDREA WILSON	DIRECTOR	1.00	Director	$0	$0	$0
CRAIG DANFORTH	DIRECTOR	1.00	Director	$0	$0	$0
ROB HARRINGTON	DIRECTOR	1.00	Director	$0	$0	$0
SHARON HARRINGTON	DIRECTOR	1.00	Director	$0	$0	$0
JAMES MEENA	ARTISTIC DIRECTOR	40.00	Director	$77,393	$0	$77,393

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	No data	No data	No data	No data
2024	$2,741,460	$3,612,061	$814,234	$-870,601
2023	$2,920,365	$3,265,649	$162,313	$-345,284
2022	$3,080,545	$2,901,455	$515,766	$179,090
2021	$1,727,592	$1,631,545	$1,027,140	$96,047
2020	$2,784,577	$2,899,974	$750,676	$-115,397
2019	$2,647,251	$3,165,477	$1,796,636	$-518,226
2018	$3,649,886	$4,111,665	$2,004,377	$-461,779