THE SANTA FE OPERA

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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

1957

Legal Domicile

Principal Officer

LYNN LOACKER

Phone

5059865955

Tax Period

2023-10-01 to 2024-09-30

THE SANTA FE OPERA, founded in 1957, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $35.1M in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. Expenses of $31.8M left a modest 10% surplus.

Mission

TO FURTHER THE OPERATIC ART FORM BY PRESENTING ENSEMBLE PERFORMANCES OF THE HIGHEST QUALITY IN A VARIED REPERTOIRE OF NEW AS WELL AS RARELY PERFORMED AND STANDARD WORKS, TO ENSURE EXCELLENCE OF OPERA'S FUTURE THROUGH ITS APPRENTICE PROGRAMS FOR ARTISTS, TECHNICIANS AND ARTS ADMINISTRATORS, AND TO FOSTER AND ENRICH AN UNDERSTANDING AND APPRECIATION FOR OPERA IN THE COMMUNITY BY OUTREACH TO A DIVERSE PUBLIC.

Program Service Accomplishments

Program 1

Expenses: $23,061,116 Revenue: $10,443,196

ONE OF THE NATION'S MOST IMPORTANT SUMMER FESTIVALS, THE SANTA FE OPERA IS PRAISED FOR ITS INNOVATIVE REPERTORY AND HIGH STANDARDS OF EXCELLENCE. THERE WERE APPROXIMATELY 65,031 ATTENDEES OF THE 2024 SEASON. THE 2024 SEASON INCLUDED A TOTAL OF 38 PERFORMANCES OF FIVE FULLY STAGED OPERAS, INCLUDING: "LA TRAVIATA," COMPOSED BY GIUSEPPE VERDI WITH LIBRETTO BY FRANCESCO MARIA PIAVE; "DON GIOVANNI" COMPOSED BY WOLFGANG AMADEUS MOZART WITH LIBRETTO BY LORENZO DA PONTE; THE WORLD PREMIERE OF "THE RIGHTEOUS," COMPOSED BY GREGORY SPEARS WITH LIBRETTO BY TRACY K SMITH; "DER ROSENKAVALIER," COMPOSED BY RICHARD STRAUSS WITH LIBRETTO BY HUGO VON HOFMANNSTHAL; AND "THE ELIXIR OF LOVE" COMPOSED BY GAETANO DONIZETTI WITH LIBRETTO BY FELICE ROMANI. IN ADDITION, THERE WERE TWO PERFORMANCES OF APPRENTICE SCENES PERFORMED BY THE SANTA FE OPERA SINGING APPRENTICES AND DESIGNED AND CREATED BY THE SANTA FE OPERA TECHNICAL APPRENTICES.

Program 2

Expenses: $1,370,708 Revenue: $534,682

DURING THE OPERA'S 2024 FISCAL YEAR, COMMUNITY ENGAGEMENT PROGRAMS SERVED APPROXIMATELY 26,511 INDIVIDUALS IN-PERSON AND VIRTUALLY, INCLUDING 23,019 ADULTS AND 3,492 YOUTHS IN PERSON. ADDITIONALLY...

DURING THE OPERA'S 2024 FISCAL YEAR, COMMUNITY ENGAGEMENT PROGRAMS SERVED APPROXIMATELY 26,511 INDIVIDUALS IN-PERSON AND VIRTUALLY, INCLUDING 23,019 ADULTS AND 3,492 YOUTHS IN PERSON. ADDITIONALLY 445 VOLUNTEERS ENGAGED WITH THE OPERA BOTH ON SITE AND IN SURROUNDING COMMUNITIES CONTRIBUTING 14,143 VOLUNTEER HOURS. THE OPERA HAS CONTINUED PROVIDING PROFESSIONAL LEARNING OPPORTUNITIES FOR TEACHERS IN 4 NM SCHOOL DISTRICTS AND RESIDENCIES FOR STUDENTS FOCUSING ON ARTS INTEGRATION AND STUDENT PRODUCED OPERAS IN 3 OF THOSE SCHOOL DISTRICTS.

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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 $16,864,537

Program Service Revenue $10,629,740

Investment Income $6,156,050

Other Revenue $1,435,176

TOTAL REVENUE $35,085,503

Expense Breakdown

Grants Paid $0

Salaries & Benefits $14,577,289

Fundraising Expenses $2,091,180

Program Expenses $24,431,824

Other Expenses $17,174,198

TOTAL EXPENSES $31,751,487

Year-over-Year Comparison

	2023	2022	Change
Revenue	$35,085,503	$37,298,412	-0.1%
Expenses	$31,751,487	$30,967,198	+0.0%
Net Income	$3,334,016	$6,331,214	-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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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

698

Volunteers

445

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

$841,429

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SUSAN G MARINEAU	CHAIR	5.00	Officer Director	$0	$0	$0
FREDERICK R HAAS	VICE CHAIR	5.00	Officer Director	$0	$0	$0
BRUCE CHEMEL	SECRETARY	5.00	Officer Director	$0	$0	$0
JOHN M HAUPERT	TREASURER	5.00	Officer Director	$0	$0	$0
ROBERT J VLADEM	FIRST VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
SARAH BILLINGHURST SOLOMON	VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
EUGENE E STARK JR	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
LYNN LOACKER	PRESIDENT	5.00	Officer Director	$0	$0	$0
MEG BOULWARE	DIRECTOR	1.00	Director	$0	$0	$0
JOSEPH M BRYAN JR	DIRECTOR	1.00	Director	$0	$0	$0
J BRUCE BUGG JR	DIRECTOR	1.00	Director	$0	$0	$0
SUSAN ESCO CHANDLER	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD H DAVIS	DIRECTOR	1.00	Director	$0	$0	$0
DAVID B DILLARD	DIRECTOR	1.00	Director	$0	$0	$0
EIVIND K DJUPEDAL	DIRECTOR	1.00	Director	$0	$0	$0
REBECCA J DUNCAN	DIRECTOR	1.00	Director	$0	$0	$0
DAVID F ERTEL	DIRECTOR	1.00	Director	$0	$0	$0
A CHARLES FORTE	DIRECTOR	1.00	Director	$0	$0	$0
PETER B FRANK	DIRECTOR	1.00	Director	$0	$0	$0
EDWARD T GARCIA	DIRECTOR	1.00	Director	$0	$0	$0
CHESTER A GOUGIS	DIRECTOR	1.00	Director	$0	$0	$0
GUY L GRONQUIST	DIRECTOR	1.00	Director	$0	$0	$0
DONNA HANKINSON	DIRECTOR	1.00	Director	$0	$0	$0
KAREN HENDERSON	DIRECTOR	1.00	Director	$0	$0	$0
MARITA HINDS	DIRECTOR	1.00	Director	$0	$0	$0
MARIANNE KAH	DIRECTOR	1.00	Director	$0	$0	$0
WALTER L KIRCHNER	DIRECTOR	1.00	Director	$0	$0	$0
MIRANDA Y LIND	DIRECTOR	1.00	Director	$0	$0	$0
LIDDIE MARTINEZ	DIRECTOR	1.00	Director	$0	$0	$0
CYNTHIA A MCCREARY	DIRECTOR	1.00	Director	$0	$0	$0
STEVE MENZIES	DIRECTOR	1.00	Director	$0	$0	$0
LILLIAN MONTOYA	DIRECTOR	1.00	Director	$0	$0	$0
SUSAN F MORRIS	DIRECTOR	1.00	Director	$0	$0	$0
GLENN A OSTERGAARD	DIRECTOR	1.00	Director	$0	$0	$0
DOMINIC PASCHEL	DIRECTOR	1.00	Director	$0	$0	$0
ESTEVAN RAEL-GALVEZ	DIRECTOR	1.00	Director	$0	$0	$0
ROBERTA COOPER RAMO	DIRECTOR	1.00	Director	$0	$0	$0
CAREY R RAMOS	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL ROBBINS	DIRECTOR	1.00	Director	$0	$0	$0
BRUCE ROSS	DIRECTOR	1.00	Director	$0	$0	$0
HARRIS SMITH	DIRECTOR	1.00	Director	$0	$0	$0
IRWIN J SUGARMAN	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT L TURNER	DIRECTOR	1.00	Director	$0	$0	$0
CHERYL L WILLMAN	DIRECTOR	1.00	Director	$0	$0	$0
T PETER TOWNSEND	DIRECTOR (THROUGH 01/23/2024)	1.00	Director	$0	$0	$0
ROBERT MEYA	GENERAL DIRECTOR	40.00	Officer	$530,961	$61,525	$592,486
HEATHER KEMP	CHIEF FINANCIAL OFFICER	40.00	Officer	$207,396	$41,547	$248,943
HARRY BICKET	MUSIC DIRECTOR	40.00	Highest	$263,654	$0	$263,654
DAVID LOMELI	CHIEF ARTISTIC ADVISOR	40.00	Highest	$189,260	$28,587	$217,847
MICHAEL GARY	DIRECTOR OF INSTITUTIONAL GIVING	40.00	Highest	$124,400	$14,920	$139,320
CHRISTOPHER HUFNAGEL	DIRECTOR OF OPERATIONS	40.00	Highest	$133,196	$25,168	$158,364
ELIZABETH KELLOGG	DIRECTOR OF HUMAN RESOURCES	40.00	Highest	$130,375	$15,824	$146,199
ALLISON H SWENSON	DIR. OF DEVELOPMENT (THRU 2/10/2023)	40.00		$115,985	$2,980	$118,965

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	$35,085,503	$31,751,487	$191,229,651	$3,334,016
2023	$37,298,412	$30,967,198	$168,375,000	$6,331,214
2022	$33,145,485	$31,184,624	$155,877,411	$1,960,861
2021	$58,576,774	$26,783,686	$178,454,896	$31,793,088
2020	$24,537,384	$16,386,123	$137,539,221	$8,151,261
2019	$30,552,569	$25,713,210	$126,747,815	$4,839,359
2018	$28,165,029	$26,487,420	$121,385,581	$1,677,609