Palm Beach Opera Inc

Analysis

Palm Beach Opera Inc is a registered charity in United States, based in West Palm BCH, FL. It received its IRS tax-exemption ruling in August 1965, 61 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, Palm Beach Opera Inc reported income of $4.2m and spending of $5.7m, spending 136% of what it took in. Across the 5 years on record, from May 2019 to May 2023, income fell from $8.9m to $4.2m (-53%), an average of -17% a year. The sharpest change came in the year to May 2022, when income rose by 211%. Over the whole period it spent 84% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Palm Beach Opera Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 92nd percentile within FL. Charities of a similar size with the same main cause include Denver Art Museum Foundation ($4.2m), Reno Philharmonic Association Inc ($4.2m) and House of the Temple Historic Preservation Foundation Inc ($4.2m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 59% and program service revenue 31% of the total. Other salaries and wages came to $2.9m. At year end it held assets of $10.2m against liabilities of $1.7m, net assets of $8.5m. It reported 284 employees.