Cedar Rapids Opera Theatre

Nonprofit profile at a glance

EIN
421476568
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Cedar Rapids, IA, USA
Phone
3193657401
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Official website

Reported finances

Revenue
$450,651
Expenses
$481,201
Assets
$101,138
Liabilities
$44,558

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • JONI WALLACE (PRESIDENT)

Highest reported compensation

  • THADDEUS ENNEN (EX OFFICIO B): $66,090 total reported compensation
  • DANIEL KLEINKNECHT (EX OFFCIO BO): $37,672 total reported compensation
  • CHAD SONKA (BOARD MEMBER): $1,500 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the cedar rapids opera theatre is to advance opera as a vital, living american art form and to develop the artists who create it, as well as the audience that appreciates and supports it.

What it reported doing in 2024

Annual programming includes a professionally staged opera, a children's opera, and a young artists staged opera featuring young artists from across the country. Programs benefit the viewing audience along with the young artists who receive valuable stage experience.

Operating model

Revenue model
Donor-supported. 72% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 20
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97.6%; rating input score 98
  • Program expense ratio: 91.4%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -6.8%; rating input score 27; 27th percentile among comparable filings
  • Total-asset coverage ratio: 0.21; rating input score 12; 12th percentile among comparable filings
  • Liabilities to assets ratio: 0.44; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 22.1%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: 5.7% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 41st percentile among comparable filings
  • Asset growth: 15.2% per year; rating input score 100; 78th percentile among comparable filings

Details

  • Where the money goes: 97.6% of revenue deployed · 91.4% of spending went to programs
  • Governance: 15 of 15 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $440K in reported program spending
  • Leadership: top reported pay $66K · 15 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Sustainability: Operating margin scored 27/100.
  • High — Sustainability: Total-asset coverage ratio scored 12/100.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • High — Sustainability: Officer compensation ratio scored 17/100.