Form 990 for tax year 2022

Filed by OPAS FOUNDATION.

Totals

Total revenue: $88,718,176
Total expenses: $7,198,754
Contributions and grants received: $81,884,109
Grants paid: $4,429,841
Program service revenue: $2,371,306
Investment income: $4,462,761
Other revenue: $0
Total assets, end of year: $295,903,134
Total liabilities, end of year: $1,234,649
Net assets or fund balances, end of year: $294,668,485
Program services expenses (Part IX): $6,941,911
Management and general expenses: $256,843
Fundraising expenses: $0
Program service expenses (Part III): $6,941,911

Program services were 96.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$1,500,000
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$80,384,109
1g · Noncash contributions included above

$0
2a · Program service revenue: Rent

total $2,371,306 · related or exempt $2,371,306 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $596,323 · related or exempt $596,323 · unrelated business $0 · excluded $0
4 · Income from investment of tax-exempt bond proceeds

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
5 · Royalties

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6a · Gross rents

real property $0 · personal property $0
6b · Less rental expenses

real property $0 · personal property $0
6c · Rental income or loss

real property $0 · personal property $0
6d · Net rental income or loss

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
7a · Gross sales of assets other than inventory

securities $15,916,829 · other assets $0
7b · Less cost or other basis and sales expenses

securities $11,657,096 · other assets $393,295
7c · Gain or loss

securities $4,259,733 · other assets -$393,295
7d · Net gain or loss

total $3,866,438 · related or exempt $3,866,438 · unrelated business $0 · excluded $0
8a · Fundraising events: contributions included on line 1c

$0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $4,429,841 · program services $4,429,841
2 · Grants to domestic individuals

total $0 · program services $0
3 · Grants to foreign organizations and individuals

total $0 · program services $0
4 · Benefits paid to or for members

total $0 · program services $0
5 · Compensation of officers, directors and key employees

total $0 · program services $0 · management and general $0 · fundraising $0
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0 · fundraising $0
7 · Other salaries and wages

total $0 · program services $0 · management and general $0 · fundraising $0
8 · Pension plan contributions

total $0 · program services $0 · management and general $0 · fundraising $0
9 · Other employee benefits

total $0 · program services $0 · management and general $0 · fundraising $0
10 · Payroll taxes

total $0 · program services $0 · management and general $0 · fundraising $0
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $185 · program services $0 · management and general $185 · fundraising $0
11c · Fees: accounting

total $2,496 · program services $0 · management and general $2,496 · fundraising $0
11d · Fees: lobbying

total $27,778 · program services $0 · management and general $27,778 · fundraising $0
11e · Fees: professional fundraising services

total $0 · fundraising $0
11f · Fees: investment management

total $226,384 · program services $0 · management and general $226,384 · fundraising $0
11g · Fees: other

total $0 · program services $0 · management and general $0 · fundraising $0
12 · Advertising and promotion

total $0 · program services $0 · management and general $0 · fundraising $0
13 · Office expenses

total $0 · program services $0 · management and general $0 · fundraising $0
14 · Information technology

total $0 · program services $0 · management and general $0 · fundraising $0
15 · Royalties

total $0 · program services $0 · management and general $0 · fundraising $0
16 · Occupancy

total $0 · program services $0 · management and general $0 · fundraising $0
17 · Travel

total $0 · program services $0 · management and general $0 · fundraising $0
18 · Travel or entertainment for public officials

total $0 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $0 · program services $0 · management and general $0 · fundraising $0
20 · Interest

total $0 · program services $0 · management and general $0 · fundraising $0
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $2,512,070 · program services $2,512,070 · management and general $0 · fundraising $0
23 · Insurance

total $0 · program services $0 · management and general $0 · fundraising $0
24e · All other expenses

total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $2,636,492 · end of year $2,151,609
2 · Savings and temporary cash investments

beginning of year $682,897 · end of year $11,837,239
3 · Pledges and grants receivable

beginning of year $39,773,448 · end of year $74,204,710
4 · Accounts receivable

beginning of year $0 · end of year $0
5 · Loans and receivables from officers and key people

beginning of year $0 · end of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $0 · end of year $0
8 · Inventories for sale or use

beginning of year $0
9 · Prepaid expenses and deferred charges

beginning of year $1,267,233 · end of year $1,423,533
10a · Land, buildings and equipment: cost or other basis

$191,047,620
10b · Land, buildings and equipment: accumulated depreciation

$36,620,756
10c · Land, buildings and equipment, net

beginning of year $121,364,609 · end of year $154,426,864
11 · Investments: publicly traded securities

beginning of year $48,435,559 · end of year $51,859,179
12 · Investments: other securities

beginning of year $0 · end of year $0
13 · Investments: program-related

beginning of year $0 · end of year $0
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $0 · end of year $0
17 · Accounts payable and accrued expenses

beginning of year $3,349,714 · end of year $654,201
25 · Other liabilities

beginning of year $1,321,541 · end of year $580,448
27 · Net assets without donor restrictions

beginning of year $130,556,529 · end of year $220,463,776
28 · Net assets with donor restrictions

beginning of year $78,932,454 · end of year $74,204,709

Mission and programs · 2022

Mission

The mission of OPAS Foundation is to further the objectives and purpose of Omaha Performing Arts Society.

OPAS Foundation owns the Holland Performing Arts Center and Steelhouse Omaha and leases these buildings to Omaha Performing Arts Society to further the mission of that organization.

Expenses $4,757,465 · Grants $2,245,395 · Revenue $2,371,306
OPAS Foundation provides operational support to Omaha Performing Arts Society in the form of an annual grant.

Expenses $2,100,000 · Grants $2,100,000
OPAS Foundation is responsible for the fundraising and construction of Steelhouse Omaha, a new live music venue which opened in May 2023, and the Tenaska Center for Arts Engagement, which will open in 2026. These venues are part of the planned expansion of O-pa's arts and entertainment campus near the Holland Performing Arts Center. All construction expenses are currently being capitalized, and support was provided to O-pa for a portion of Steelhouse opening events.

Expenses $84,446 · Grants $84,446

As filed on the 2022 return.

Listed in Part VII

Joan H SquiresJOAN H SQUIRES

PRESIDENT

Total calculated

$673,268

From this org

$0

From related orgs

$651,281

Other

$21,987

Hours/week

5 + 60 related

Schedule J breakdown matched by us

Base

$0 + $386,645 related

Bonus

$0 + $158,000 related

Other

$0 + $106,636 related

Deferred

$0 + $12,200 related

Nontaxable benefits

$0 + $7,505 related

Filer's total

$0 + $670,986 related
Arnold ReevesARNOLD REEVES

SENIOR VP AND CFO, TREASURER

Total calculated

$237,660

From this org

$0

From related orgs

$203,502

Other

$34,158

Hours/week

5 + 45 related

Schedule J breakdown matched by us

Base

$0 + $202,669 related

Bonus

$0

Other

$0 + $832 related

Deferred

$0 + $8,452 related

Nontaxable benefits

$0 + $18,572 related

Filer's total

$0 + $230,525 related
Sabrina WeissSABRINA WEISS

VP - DEVELOPMENT

Total calculated

$184,775

From this org

$0

From related orgs

$177,713

Other

$7,062

Hours/week

5 + 45 related

Schedule J breakdown matched by us

Base

$0 + $177,486 related

Bonus

$0

Other

$0 + $228 related

Deferred

$0 + $7,062 related

Nontaxable benefits

$0

Filer's total

$0 + $184,776 related
Michael McCarthyMICHAEL MCCARTHY

CHAIR

Total calculated

$0

Hours/week

1
Jack KoraleskiJACK KORALESKI

VICE CHAIR

Total calculated

$0

Hours/week

1 + 1 related
John BoyerJOHN BOYER

SECRETARY

Total calculated

$0

Hours/week

1 + 1 related
Jennifer HamannJENNIFER HAMANN

DIRECTOR

Total calculated

$0

Hours/week

1
Rodrigo LopezRODRIGO LOPEZ

DIRECTOR

Total calculated

$0

Hours/week

1 + 1 related
Carl G MammelCARL G MAMMEL

DIRECTOR

Total calculated

$0

Hours/week

1 + 1 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

4b · Supplemental nonqualified retirement plan

Answered no

4a · Severance or change-of-control payment
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 4: An Officer is a participant in a 457(f) deferred compensation plan sponsored by OPAS Foundation. Vesting and related payments are based on years of service. As of 6/30/23, the Officer's deferred compensation account was credited with $100,000.
Schedule J, Part II: An Officer is a participant in an endorsement split-dollar life insurance plan and a deferred compensation plan which is intended to meet the requirements of 409(a) and 457(f). Both plans are sponsored by OPAS Foundation, a related organization of OPAS. Under the plan, OPAS Foundation endorses the right to designate a beneficiary for the portion of the death benefit in excess of the greater of the cash surrender value or premiums paid. The value of the right, which was included in the Officer's reportable compensation, was $1,354. OPAS Foundation also sponsors an additional 457(f) deferred compensation plan effective January 1, 2014. As of 6/30/2023, the Officer's deferred compensation account was credited with $100,000.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Omaha Performing Arts Society

$4,429,841

To further the mission of Omaha Performing Arts Society.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

OMAHA PERFORMING ARTS SOCIETY

501(c)(3) · PERFORMING ARTS CENTER · NE

Provenance

Return type: form_990
Tax year: 2022
Filed: 9 May 2024
IRS schema version: 2022v5.0
Source object: 202411309349303226

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