SEATTLE OPERA FOUNDATION

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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

1982

Legal Domicile

Principal Officer

STEVEN PHELPS

Phone

2063897600

Tax Period

2024-07-01 to 2025-06-30

SEATTLE OPERA FOUNDATION, founded in 1982, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.6M in total revenue in fiscal year 2024. Revenue fell 36% from the prior year — a significant decline worth monitoring. Expenses of $1.5M left a modest 5% surplus.

Mission

TO SUPPORT SEATTLE OPERA IN PURSUING ITS EXEMPT PURPOSE THROUGH CONTRIBUTION SUPPORT.

Program Service Accomplishments

Program 1

Expenses: $1,361,504 Revenue: $0

SEATTLE OPERA FOUNDATION DISTRIBUTIONS PROVIDE SUPPORT EXCLUSIVELY TO SEATTLE OPERA, AN INTERNAL REVENUE CODE 501(C)3 PUBLIC CHARITY. DURING ITS 2024/2025 SEASON, SEATTLE OPERA WITNESSED CONTINUED...

SEATTLE OPERA FOUNDATION DISTRIBUTIONS PROVIDE SUPPORT EXCLUSIVELY TO SEATTLE OPERA, AN INTERNAL REVENUE CODE 501(C)3 PUBLIC CHARITY. DURING ITS 2024/2025 SEASON, SEATTLE OPERA WITNESSED CONTINUED GROWTH OF IN-PERSON ATTENDENCE AT MCCAW HALL, TAGNEY JONES HALL, AND OTHER VENUES. THE OPERA INCREASED THE NUMBER OF PERFORMANCES SIGNIFICANTLY FROM THE PRIOR SEASON (32 VS 24), ESPECIALLY FOR BLOCKBUSTER SHOWS LIKE THE MAGIC FLUTE, TOSCA, AND PAGLIACCI. THE SEASON FEATURED FOUR MAINSTAGE OPERAS, AMONG THEM ALL-TIME FAVORITES LIKE "PAGLIACCI", "THE MAGIC FLUTE", AND "TOSCA", A WORLD PREMIERE "JUBILEE", AND A CONCERT OPERA OF "LES TROYENS" FEATURING THE 60-MEMBER SEATTLE OPERA CHORUS AND THE 80-MEMBER SEATTLE SYMPHONY ORCHESTRA.

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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 $267,874

Program Service Revenue $0

Investment Income $1,307,181

Other Revenue $0

TOTAL REVENUE $1,575,055

Expense Breakdown

Grants Paid $1,361,504

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $1,361,504

Other Expenses $127,701

TOTAL EXPENSES $1,489,205

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,575,055	$2,468,174	-0.4%
Expenses	$1,489,205	$1,482,558	+0.0%
Net Income	$85,850	$985,616	-0.9%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEVEN C PHELPS	PRESIDENT	3	Officer Director	$0	$0	$0
MOYA VAZQUEZ	VICE PRESIDENT	3	Officer Director	$0	$0	$0
ANNE REDMAN	SECRETARY	3	Officer Director	$0	$0	$0
JAMES D CULLEN	TREASURER	3.00	Officer Director	$0	$0	$0
MILKANA BRACE	BOARD MEMBER	3	Director	$0	$0	$0
ELLEN EVANS	BOARD MEMBER	3	Director	$0	$0	$0
ROBYN GRAD	BOARD MEMBER	3	Director	$0	$0	$0
SUSANNA MORGAN	BOARD MEMBER	3	Director	$0	$0	$0
JOSHUA RODRIGUEZ	BOARD MEMBER	3	Director	$0	$0	$0
JOHN SULLIVAN	BOARD MEMBER	3	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
2025	$1,575,055	$1,489,205	$31,971,942	$85,850
2024	$2,468,174	$1,482,558	$29,876,145	$985,616
2023	$-191,256	$1,441,592	$27,233,252	$-1,632,848
2022	$469,845	$2,215,495	$25,308,635	$-1,745,650
2021	$1,515,403	$1,831,788	$30,519,746	$-316,385
2020	$1,020,021	$3,818,787	$24,282,495	$-2,798,766
2019	$2,262,641	$1,797,715	$27,474,132	$464,926
2018	$1,183,842	$1,792,247	$27,478,368	$-608,405