Chicago Opera Theater FY2023 filing

Tax-deductible

Chicago, IL501(c)(3)Since 1973Arts & CultureEIN 23-7354963Revenue $2.7M in FY2023

On file with the IRSchicagooperatheater.com410 S Michigan Ave, 60605-1308 · Chicago, ILTax-exempt since Oct 1974Publicly supported — 509(a)(2)

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Chicago Opera Theaters mission is to enrich the lives of those who live, work and play in Chicago by bringing rarely produced and contemporary operas to life, supporting gifted emerging artists, and providing hands-on experiences with opera that entertain, empower creativity, and cultivate a lasting and meaningful connection to the arts.

501(c)(3) charity; gifts are tax-deductible.
82¢ of each $1 spent went to programs.
$214K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $80K a year · 3% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
82%
of spending
Looks good: 82% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$214K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 1.6 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
21
named funders · $1.1M
Looks good: 21 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$196K
9% of total assets
Looks good: liabilities are 9% of assets; 50% or less.
Pt X · Ln 26
Independent board members
19
of 19 voting members
Looks good: 19 of 19 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.7M
-35% vs prior year
Spent
$3.4M
To programs
82%
Net assets
$2.0M
By yearFY2020–FY2025
Revenue
$2.7M
FY2023▼ -35%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.3M
FY2021$2.7M
FY2022$4.1M
FY2023$2.7M
FY2024$2.1M
FY2025$2.2M
Expenses
$3.4M
FY2023▲ +12%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.5M
FY2021$2.4M
FY2022$3.1M
FY2023$3.4M
FY2024$2.7M
FY2025$2.6M
Net assets
$2.0M
FY2023▼ -24%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.2M
FY2021$1.6M
FY2022$2.6M
FY2023$2.0M
FY2024$1.3M
FY2025$905K

From the FY2023 Form 990 (year ending August 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1974.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

82 cents of each dollar spent went to programs.

Program services 82% · $2.8M Management & general 10% · $328K Fundraising 9% · $322K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

40 people listed on the 990; $214K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Gen. Director
$107,055Pt VII · Sec A
Gen. Director
$107,055Pt VII · Sec A
$0Pt VII · Sec A
Immed.past Pres
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

Lawrence Edelson’s $151K as General Dir. is at the 67th percentile of top reported officer pay among 3924 $1–10M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Lawrence Edelson$150,815$72,115————
Lidiya Yankovskaya—$126,308—$103,417——
Ashley Magnus—$36,154$107,055$115,139$108,939$96,791
Meaghan Smallwood$97,115$103,266————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Presents innovative opera experiences, focusing on new and rarely performed works.

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Provided by the organization

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4 programs · $5.4M · in their own filed words · FY2022
01

Production

Since its founding in 1973, in a city where storefront theaters and global icons thrive side by side, Chicago Opera Theater (COT) has grown from a grassroots organization to a national leader in an increasingly vibrant , diverse, and forward-looking art form.

$2.4Mprogram expense
02

Production

Since its founding in 1973, in a city where storefront theaters and global icons thrive side by side, Chicago Opera Theater (COT) has grown from a grassroots organization to a national leader in an increasingly vibrant , diverse, and forward-looking art form.

$2.4Mprogram expense
03

Professional Artist Development

COT is committed to mentoring the next generation of opera artists through two distinct initiatives: the Young Artist Program for singers and pianists; and the Vanguard Program for emerging opera composers.

$285Kprogram expense
04

Professional Artist Development

COT is committed to mentoring the next generation of opera artists through two distinct initiatives: the Young Artist Program for singers and pianists; and the Vanguard Program for emerging opera composers.

$271Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
See all 21 funders →

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$2.7M
Ln 12
Gifts and grantsLn 1h$2.2M
Fees for servicesLn 2g$381K
Other incomeLn 4–11$72K
Money outPt IX
$3.4M
Ln 25
Programscol B$2.8M
Managementcol C$328K
Fundraisingcol D$322K
Owns and owesPt X
$2.0M
net assets · Ln 32
Cash and savingsLn 1–2$465K
Total assetsLn 16$2.2M
LiabilitiesLn 26$196K
PeoplePt VI, VII
40
listed · VII A
PaidVII A2
Voting boardVI 1a19
IndependentVI 1b19
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.2M
Government grantsLn 1e$52K
Fees for servicesLn 2g$381K
Investment incomeLn 3$8K
Other incomeLn 4–11$72K
Total revenueLn 12$2.7M
Assets in detailPt X, end of year
Cash and savings togetherLn 1–2$465K
Total assetsLn 16$2.2M
LiabilitiesLn 26$196K
Net assetsLn 32$2.0M
OperationsPt I, VI
EmployeesI 564
VolunteersI 618
Fiscal year endsHeaderAugust
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.2M$2.6M−$373K$905K 990 PDF
FY2024 $2.1M$2.7M−$616K$1.3M 990 PDF
FY2023 Viewing $2.7M$3.4M−$759K$2.0M 990 PDF
FY2022 $4.1M$3.1M$1.1M$2.6M 990 PDF
FY2021 $2.7M$2.4M$355K$1.6M 990 PDF
FY2020 $3.3M$2.5M$803K$1.2M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (1 part)
Part VI · Governance 19 of 19 board members independent, no flags
VI-1a Voting members of the governing body19
VI-1b Independent voting members19
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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