SAN FRANCISCO BALLET ENDOWMENT FOU… - Form 990 Financial Data

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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

1980

Legal Domicile

Principal Officer

NANCY KUKACKA

Phone

4158615600

Tax Period

2024-07-01 to 2025-06-30

SAN FRANCISCO BALLET ENDOWMENT FOUNDATION, founded in 1980, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $16.6M in total revenue in fiscal year 2024. Revenue fell 71% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $5.1M, a strong 31% operating margin.

Mission

THE SAN FRANCISCO BALLET ENDOWMENT FOUNDATION WAS ESTABLISHED IN 1980 AND IN 1981 MADE ITS FIRST DISTRIBUTION TO THE SAN FRANCISCO BALLET ASSOCIATION (THE ASSOCIATION), A CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION. (SEE SCHEDULE O) SINCE INCEPTION, STRONG INVESTMENT RETURNS AND CONTRIBUTIONS, PRIMARILY FROM ESTATES AND FROM DONORS, HAVE GROWN SIGNIFICANTLY AND INCREASED THE IMPORTANCE OF THE ENDOWMENT TO THE ASSOCIATION'S REVENUE STREAM. THE FOUNDATION IS INCORPORATED AS A SEPARATE NONPROFIT PUBLIC BENEFIT CORPORATION FOR THE PURPOSE OF HOLDING AND MANAGING ENDOWMENT FUNDS FOR THE BENEFIT OF THE ASSOCIATION. IT SEEKS TO PROVIDE THE ASSOCIATION WITH A RELIABLE SOURCE OF SUPPORT WHILE PROTECTING ITS INVESTMENTS AGAINST INFLATION AND WIDE SWINGS IN THE CAPITAL MARKETS SO THAT THE ASSOCIATION MAY CONTINUE ITS MISSION TO SHARE THE JOY OF DANCE WITH THE WIDEST POSSIBLE AUDIENCE IN THE COMMUNITY AND AROUND THE GLOBE.

Program Service Accomplishments

Program 1

Expenses: $10,807,660

THE SAN FRANCISCO BALLET ENDOWMENT FOUNDATION (THE FOUNDATION) IS RESPONSIBLE FOR MANAGEMENT AND OVERSIGHT-HOLDING OF ENDOWMENT FUNDS FOR THE BENEFIT OF SAN FRANCISCO BALLET ASSOCIATION. THE BALLET HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR UP TO A MAXIMUM OF 5% OF ITS ENDOWMENT FUNDS' AVERAGE FAIR VALUE OVER THE PRIOR TWELVE QUARTERS YEARS AS OF JUNE 30, PRECEDING THE FISCAL YEAR IN WHICH THE DISTRIBUTION IS PLANNED. TYPICALLY, THE DISTRIBUTION SUPPORTS NEW SAN FRANCISCO BALLET WORKS AND PRODUCTIONS, THE BALLET'S ORCHESTRA AND MUSIC, ARTISTIC INNOVATION, TOURING, DANCE EDUCATION, SCHOLARSHIPS, AND THE SAN FRANCISCO BALLET SCHOOL. DEPENDING UPON MARKET CONDITIONS AND THE NEEDS AND AVAILABLE RESOURCES OF THE ASSOCIATION, APPROPRIATIONS FOR EXPENDITURE FROM INDIVIDUAL ENDOWMENTS MAY BE TEMPORARILY SUSPENDED TO FACILITATE PRESERVATION OF THE ENDOWMENT.

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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 $1,755,918

Program Service Revenue $0

Investment Income $14,800,603

Other Revenue $0

TOTAL REVENUE $16,556,521

Expense Breakdown

Grants Paid $10,280,468

Salaries & Benefits $487,229

Fundraising Expenses $449,121

Program Expenses $10,807,660

Other Expenses $688,058

TOTAL EXPENSES $11,455,755

Year-over-Year Comparison

	2024	2023	Change
Revenue	$16,556,521	$57,649,644	-0.7%
Expenses	$11,455,755	$6,199,725	+0.8%
Net Income	$5,100,766	$51,449,919	-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

$476,163

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NANCY KUKACKA	PRESIDENT	5.00	Officer Director	$0	$0	$0
THOMAS E HORN	TREASURER (THRU 1/25)	5.00	Officer Director	$0	$0	$0
JOHN S OSTERWEIS	PRESIDENT EMERITUS	2.00	Director	$0	$0	$0
ALKA SINGAL	DIRECTOR (AS OF 8/24)	2.00	Director	$0	$0	$0
HILARY C PIERCE	DIRECTOR	2.00	Director	$0	$0	$0
RICHARD C BARKER	DIRECTOR (THRU 5/25)	2.00	Director	$0	$0	$0
SALLY X YU	DIRECTOR	2.00	Director	$0	$0	$0
SUSAN S BRIGGS	DIRECTOR	2.00	Director	$0	$0	$0
ROBERT H FORE III	CHIEF FINANCIAL OFFICER (THRU 12/24)	10.00	Officer	$62,445	$47,651	$359,875
LYNDA GUSTAFSON	INTERIM CFO (THRU 9/25)	0.00	Officer	$0	$0	$0
CARMEN CREEL	SECRETARY	2.00	Officer	$0	$10,770	$116,288

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	$16,556,521	$11,455,755	$171,133,669	$5,100,766
2024	$57,649,644	$6,199,725	$158,954,966	$51,449,919
2023	$8,228,961	$11,773,497	$111,913,362	$-3,544,536
2022	$-5,955,633	$6,671,233	$115,604,092	$-12,626,866
2021	$23,966,743	$6,437,041	$139,886,048	$17,529,702
2020	$3,698,531	$5,664,457	$116,192,033	$-1,965,926
2019	$9,282,961	$6,100,774	$126,645,343	$3,182,187
2018	$9,093,586	$5,811,030	$127,218,080	$3,282,556

SAN FRANCISCO BALLET ENDOWMENT FOUNDATION