Merola Opera Program

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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

Barbara Bruser Clark

Phone

4159362315

Tax Period

2024-10-01 to 2025-09-30

Merola Opera Program, founded in 1957, is a community nonprofit in the Arts, Culture & Humanities sector that reported $9.5M in total revenue in fiscal year 2024. Revenue surged 21% from the prior year, signaling strong growth momentum. The organization ran a surplus of $5.6M, a strong 58% operating margin.

Mission

Merola Opera Program is a San Francisco-based training program for opera singers, pianists, and stage directors.

Program Service Accomplishments

Program 1

Expenses: $2,597,224 Revenue: $167,776

THE MEROLA OPERA PROGRAM:THE MEROLA OPERA PROGRAM IS A NATIONALLY RECOGNIZED SUMMER TRAINING PROGRAM THAT SELECTS APPROXIMATELY 30 EMERGING OPERA ARTISTS FROM OVER 1,300 APPLICANTS AGED 20 TO 34...

THE MEROLA OPERA PROGRAM:THE MEROLA OPERA PROGRAM IS A NATIONALLY RECOGNIZED SUMMER TRAINING PROGRAM THAT SELECTS APPROXIMATELY 30 EMERGING OPERA ARTISTS FROM OVER 1,300 APPLICANTS AGED 20 TO 34 THROUGH A COMPETITIVE AUDITION PROCESS. THE 9- TO 12-WEEK PROGRAM PREPARES PARTICIPANTS FOR SUSTAINABLE CAREERS THROUGH VOCAL, DRAMATIC, AND PROFESSIONAL DEVELOPMENT TRAINING. MEROLA ENJOYS A UNIQUE PARTNERSHIP WITH SAN FRANCISCO OPERA, WHERE MANY ALUMNI ADVANCE TO THE PRESTIGIOUS ADLER FELLOWSHIP, AND OTHERS JOIN LEADING OPERA COMPANIES AND TRAINING PROGRAMS NATIONALLY AND INTERNATIONALLY. PARTICIPANTS RECEIVE HOUSING, TRANSPORTATION, TRAINING, AND A WEEKLY STIPEND AT NO COST.

Program 2

THE PROGRAM INTEGRATES TRAINING IN VOCAL STYLE, ROLE INTERPRETATION, ACTING, STAGECRAFT, MOVEMENT, CONDUCTING, PROMPTING, LANGUAGES, AND CAREER DEVELOPMENT, WITH A SPECIAL FOCUS ON HOLISTIC ARTIST...

THE PROGRAM INTEGRATES TRAINING IN VOCAL STYLE, ROLE INTERPRETATION, ACTING, STAGECRAFT, MOVEMENT, CONDUCTING, PROMPTING, LANGUAGES, AND CAREER DEVELOPMENT, WITH A SPECIAL FOCUS ON HOLISTIC ARTIST PREPARATION. MASTER CLASSES LED BY INTERNATIONALLY RENOWNED FACULTY OFFER DEEP INSIGHT INTO THE CRAFT, WHILE PUBLIC PERFORMANCESINCLUDING FULLY STAGED OPERAS, A SCENES PROGRAM, AND THE MEROLA GRAND FINALEALLOW PARTICIPANTS TO SHOWCASE THEIR GROWTH AND TALENT TO BROAD AUDIENCES.

Program 3

MEROLA PROVIDES THIS TRAINING ENTIRELY FREE TO PARTICIPANTS, FUNDED THROUGH THE SUPPORT OF INDIVIDUAL DONORS, FOUNDATIONS, AND GRANTING AGENCIES. THE PROGRAM EQUIPS ARTISTS WITH A STRONG PROFESSIONAL FOUNDATION AND A CLEAR PATH FORWARD, SUPPORTING THEIR CAREER TRAJECTORIES THROUGH POST-PROGRAM GRANTS, MENTORSHIP, AND A GLOBAL ALUMNI NETWORK.

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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 $1,704,203

Program Service Revenue $167,776

Investment Income $7,708,874

Other Revenue $-65,674

TOTAL REVENUE $9,515,179

Expense Breakdown

Grants Paid $154,523

Salaries & Benefits $819,363

Fundraising Expenses $444,631

Program Expenses $2,597,224

Other Expenses $2,987,730

TOTAL EXPENSES $3,961,616

Year-over-Year Comparison

	2024	2023	Change
Revenue	$9,515,179	$7,832,495	+0.2%
Expenses	$3,961,616	$3,997,886	0.0%
Net Income	$5,553,563	$3,834,609	+0.4%

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

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

$390,563

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Mark Shattuck	Dir of Finance	35.00	Officer	$171,264	$23,204	$194,468
Sean Waugh	Exec Director	35.00	Officer	$129,161	$8,537	$137,698
Jean Kellogg	Exec Director	35.00	Officer	$54,912	$3,485	$58,397
Barbara Bruser Clark	Chair	10.00	Officer Director	$0	$0	$0
Patrick Wilken	Vice Chairman	5.00	Officer Director	$0	$0	$0
Dr James Cross	President	10.00	Officer Director	$0	$0	$0
Ruth Uchimura	Vice President	5.00	Officer Director	$0	$0	$0
Beatrice Gomory	Vice President	5.00	Officer Director	$0	$0	$0
Carol Weitz	Secretary	10.00	Officer Director	$0	$0	$0
Stephen Zilles	Treasurer	10.00	Officer Director	$0	$0	$0
Robert Beadle	Director	2.00	Director	$0	$0	$0
Adam Arthur Bier	Director	2.00	Director	$0	$0	$0
Jennifer Brahm	Director	2.00	Director	$0	$0	$0
Carlyn Clause	Director	2.00	Director	$0	$0	$0
Michael Colbruno	Director	2.00	Director	$0	$0	$0
The Hon Marie Collins	Director	2.00	Director	$0	$0	$0
George Crow	Director	2.00	Director	$0	$0	$0
Jeanne Dorward	Director	2.00	Director	$0	$0	$0
James Busterud	Director	2.00	Director	$0	$0	$0
John Garfinkle	Director	2.00	Director	$0	$0	$0
Mary Henderson	Director	2.00	Director	$0	$0	$0
Sylvia Lindsey	Director	2.00	Director	$0	$0	$0
Zarana Udani	Director	2.00	Director	$0	$0	$0
Greer Hopkins	Director	2.00	Director	$0	$0	$0
Dr Myron Marx	Director	2.00	Director	$0	$0	$0
Donald McGee	Director	2.00	Director	$0	$0	$0
Robert Mison	Director	2.00	Director	$0	$0	$0
Carlos Penikis	Director	2.00	Director	$0	$0	$0
Dr Pamela Zell Rigg	Director	2.00	Director	$0	$0	$0
Dr David D Stein	Director	2.00	Director	$0	$0	$0
Camille Chan	Director	2.00	Director	$0	$0	$0
Aaron Fan	Director	2.00	Director	$0	$0	$0
Carol Weitz	Director	2.00	Director	$0	$0	$0
Susan York	Director	2.00	Director	$0	$0	$0
Dennis Zhang	Director	2.00	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	$9,515,179	$3,961,616	$48,999,645	$5,553,563
2024	$7,832,495	$3,997,886	$45,576,945	$3,834,609
2023	$5,285,149	$3,756,624	$39,312,804	$1,528,525
2022	$3,463,701	$3,926,241	$35,714,221	$-462,540
2021	$6,981,878	$3,227,194	$44,068,195	$3,754,684
2020	$6,940,392	$2,326,130	$37,901,146	$4,614,262
2019	$3,688,885	$4,070,188	$31,883,881	$-381,303
2018	$5,560,025	$3,232,531	$31,344,735	$2,327,494