Sarasota Opera Association Inc

Analysis

Sarasota Opera Association Inc is a registered charity in United States, based in Sarasota, FL. It received its IRS tax-exemption ruling in November 1970, 56 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending May 2023, Sarasota Opera Association Inc reported income of $7.6m and spending of $9.8m, spending 128% of what it took in. Across the 5 years on record, from May 2019 to May 2023, income fell from $8.2m to $7.6m (-7.0%), an average of -1.8% a year. The sharpest change came in the year to May 2022, when income rose by 64%. Over the whole period it spent 107% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Sarasota Opera Association Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within FL. Charities of a similar size with the same main cause include Shakertown at Pleasant Hill Kentucky Inc ($7.6m), Colorado Education Initiative ($7.7m) and Army Historical Foundation Inc ($7.6m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 48% and program service revenue 44% of the total. Compensation of current officers, directors and key employees was $717k (7.3% of expenses). Other salaries and wages came to $4.0m. At year end it held assets of $28.3m against liabilities of $5.9m, net assets of $22.4m. It reported 140 employees.