Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $384,620

• 1e · Government grants (contributions)

  $237,251

• 1f · All other contributions, gifts and grants

  $3,870,024

• 1g · Noncash contributions included above

  $5,023

• 2a · Program service revenue: RESIDENT SEASON

  total $4,952,473 · related or exempt $4,952,473

• 2b · Program service revenue: FSU/ASOLO CONSERVATORIES

  total $832,124 · related or exempt $832,124

• 2c · Program service revenue: SCENE & COSTUME SHOPS

  total $291,893 · related or exempt $160,352 · unrelated business $131,541

• 2d · Program service revenue: TICKET SURCHARGE

  total $182,083 · related or exempt $182,083

• 3 · Investment income

  total $806,841 · excluded $806,841

• 7a · Gross sales of assets other than inventory

  securities $4,722,528

• 7b · Less cost or other basis and sales expenses

  securities $4,855,782

• 7c · Gain or loss

  securities -$133,254

• 7d · Net gain or loss

  total -$133,254 · excluded -$133,254

• 8a · Fundraising events: gross income

  $317,759

• 8a · Fundraising events: contributions included on line 1c

  $384,620

• 8b · Fundraising events: direct expenses

  $266,474

• 8c · Net income from fundraising events

  total $51,285 · excluded $51,285

• 10a · Gross sales of inventory

  $33,208

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $33,208 · excluded $33,208

• 11a · Other revenue: PARTNERSHIP LOSSES

  total -$193 · unrelated business -$193

• 11e · Other revenue, total

  -$193

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $609,312 · program services $609,312

• 7 · Other salaries and wages

  total $5,924,254 · program services $5,245,492 · management and general $241,559 · fundraising $437,203

• 8 · Pension plan contributions

  total $50,382 · program services $34,290 · management and general $5,882 · fundraising $10,210

• 9 · Other employee benefits

  total $1,020,044 · program services $769,584 · management and general $249,403 · fundraising $1,057

• 10 · Payroll taxes

  total $417,769 · program services $364,552 · management and general $22,856 · fundraising $30,361

• 11b · Fees: legal

  total $124 · management and general $124

• 11c · Fees: accounting

  total $38,900 · management and general $38,900

• 11f · Fees: investment management

  total $93,670 · management and general $93,670

• 11g · Fees: other

  total $93,861 · program services $69,983 · management and general $23,878

• 12 · Advertising and promotion

  total $447,202 · program services $364,123 · fundraising $83,079

• 13 · Office expenses

  total $179,822 · program services $95,578 · management and general $77,047 · fundraising $7,197

• 14 · Information technology

  total $81,590 · management and general $81,590

• 15 · Royalties

  total $379,289 · program services $379,289

• 16 · Occupancy

  total $195,282 · program services $101,994 · management and general $93,288

• 17 · Travel

  total $164,979 · program services $153,840 · management and general $6,371 · fundraising $4,768

• 22 · Depreciation, depletion and amortization

  total $670,454 · program services $556,477 · management and general $113,977

• 23 · Insurance

  total $361,376 · management and general $361,376

• 24a · Other expenses: PRODUCTION EXPENSE

  total $519,475 · program services $519,475

• 24b · Other expenses: MAINTENANCE

  total $261,286 · program services $150,501 · management and general $110,785

• 24c · Other expenses: BANK CHARGES

  total $174,609 · management and general $171,948 · fundraising $2,661

• 24d · Other expenses: SOFTWARE

  total $63,327 · management and general $63,327 · fundraising $0

• 24e · All other expenses

  total $582,011 · program services $445,682 · management and general $118,441 · fundraising $17,888

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,214 · end of year $1,693

• 2 · Savings and temporary cash investments

  beginning of year $5,027,519 · end of year $5,063,441

• 3 · Pledges and grants receivable

  beginning of year $831,998 · end of year $587,002

• 4 · Accounts receivable

  beginning of year $759,089 · end of year $638,585

• 8 · Inventories for sale or use

  beginning of year $4,882 · end of year $4,882

• 9 · Prepaid expenses and deferred charges

  beginning of year $274,543 · end of year $324,071

• 10a · Land, buildings and equipment: cost or other basis

  $18,907,250

• 10b · Land, buildings and equipment: accumulated depreciation

  $4,747,198

• 10c · Land, buildings and equipment, net

  beginning of year $14,384,570 · end of year $14,160,052

• 11 · Investments: publicly traded securities

  beginning of year $23,058,788 · end of year $26,139,490

• 15 · Other assets

  beginning of year $1,669,124 · end of year $1,552,859

• 17 · Accounts payable and accrued expenses

  beginning of year $579,289 · end of year $545,729

• 19 · Deferred revenue

  beginning of year $1,827,610 · end of year $2,021,064

• 27 · Net assets without donor restrictions

  beginning of year $28,582,907 · end of year $28,977,446

• 28 · Net assets with donor restrictions

  beginning of year $15,021,921 · end of year $16,927,836

The filer's explanations (Part III)

PART I, LINE 6

PER MICHAEL EDWARDS (PRODUCING ARTISTIC DIRECTOR) THROUGH 06/30/23 EMPLOYMENT CONTRACT "FOR ANY FISCAL YEAR IN WHICH THE TOTAL OF THE ASOLO'S EARNED AND CONTRIBUTED INCOME (EXCLUDING GIFTS TO THE ASOLO'S ENDOWMENT FUND OR GIFTS FOR CAPITAL IMPROVEMENTS) EXCEEDS THE TOTAL OF THE ASOLO'S OPERATING EXPENSES (EXCLUDING CAPITAL EXPENDITURES AND DEPRECIATION AND AMORTIZATION COSTS) BY AT LEAST $250,000, THE ASOLO SHALL PAY EDWARDS A BONUS IN AN AMOUNT EQUAL TO 15% OF HIS ANNUAL BASE SALARY (BEFORE BENEFITS). SUCH BONUS, IF ANY, SHALL BE PAID TO EDWARDS WITHIN 30 DAYS AFTER COMPLETION OF THE AUDIT OF THE ASOLO'S FINANCIAL STATEMENTS FOR SUCH FISCAL YEAR." SINCE THE RETIREMENT OF MICHAEL EDWARDS, NO BONUS WAS ISSUED. PER LINDA DIGABRIELE'S (MANAGING DIRECTOR) THROUGH 06/30/23 EMPLOYMENT CONTRACT "FOR ANY FISCAL YEAR IN WHICH THE TOTAL OF THE ASOLO'S EARNED AND CONTRIBUTED INCOME (EXCLUDING GIFTS TO THE ASOLO'S ENDOWMENT FUND OR GIFTS FOR CAPITAL IMPROVEMENTS) EXCEEDS THE TOTAL OF THE ASOLO'S OPERATING EXPENSES (EXCLUDING CAPITAL EXPENDITURES AND DEPRECIATION AND AMORTIZATION COSTS) BY AT LEAST $250,000, THE ASOLO SHALL PAY DIGABRIELE A BONUS IN AN AMOUNT EQUAL TO 10% OF HER ANNUAL BASE SALARY (BEFORE BENEFITS). SUCH BONUS, IF ANY, SHALL BE PAID TO DIGABRIELE WITHIN 30 DAYS AFTER COMPLETION OF THE AUDIT OF THE ASOLO'S FINANCIAL STATEMENTS FOR SUCH FISCAL YEAR." SINCE THE RETIREMENT OF LINDA DIGABRIELE, NO BONUS WAS ISSUED. PER PETER ROTHSTEIN'S (PRODUCING ARTISTIC DIRECTOR) STARTING 07/01/23 EMPLOYMENT CONTRACT "FOR ANY FISCAL YEAR IN WHICH THE TOTAL OF THE ASOLO'S EARNED AND CONTRIBUTED INCOME (EXCLUDING GIFTS TO THE ASOLO'S ENDOWMENT FUND OR GIFTS FOR CAPITAL IMPROVEMENTS) EXCEEDS THE TOTAL OF THE ASOLO'S OPERATING EXPENSES (EXCLUDING CAPITAL EXPENDITURES AND DEPRECIATION AND AMORTIZATION COSTS) BY AT LEAST $250,000, THE ASOLO SHALL PAY ROTHSTEIN A BONUS IN AN AMOUNT EQUAL TO 15% OF HIS ANNUAL BASE SALARY. SUCH BONUS, IF ANY, SHALL BE PAID TO ROTHSTEIN WITHIN 30 DAYS AFTER COMPLETION OF THE AUDIT OF THE ASOLO REP'S FINANCIAL STATEMENTS FOR SUCH FISCAL YEAR." PER ROSS EGAN'S (MANAGING DIRECTOR) STARTING 07/01/23 EMPLOYMENT CONTRACT "FOR ANY FISCAL YEAR IN WHICH THE TOTAL OF THE ASOLO'S EARNED AND CONTRIBUTED INCOME (EXCLUDING GIFTS TO THE ASOLO'S ENDOWMENT FUND OR GIFTS FOR CAPITAL IMPROVEMENTS) EXCEEDS THE TOTAL OF THE ASOLO'S OPERATING EXPENSES (EXCLUDING CAPITAL EXPENDITURES AND DEPRECIATION AND AMORTIZATION COSTS) BY AT LEAST $250,000, THE ASOLO SHALL PAY EGAN A BONUS IN AN AMOUNT EQUAL TO 10% OF HIS ANNUAL BASE SALARY. SUCH BONUS, IF ANY, SHALL BE PAID TO EGAN WITHIN 30 DAYS AFTER COMPLETION OF THE AUDIT OF THE ASOLO REP'S FINANCIAL STATEMENTS FOR SUCH FISCAL YEAR."