2024-05-13T09:14:54+00:00 2023-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2022-07-01 366008929 Lyric Opera of Chicago LYRI 3123322244 20 N Wacker Drive 860 Chicago IL 60606 Roberta Lane Asst Treasurer/CFAO 2024-05-13 true Vincente Milianti 999009999 true Nicole Bencik P00756195 3128997000 2022 2023-04-26 12:10:37Z Anthony Freud 20 N Wacker Drive 860 Chicago IL 60606 147214818 false X www.lyricopera.org X 1954 IL Lyric Opera of Chicago exists to provide a broad, deep, and relevant cultural service to the Chicago region and the nation and to advance the development of the art form of opera. 97 94 1048 800 421429 116264 56174395 33366098 12830724 20549988 8301969 3909658 1059812 1920088 78366900 59745832 0 0 41579844 51333371 50635 70209 5644925 28630273 34419076 70260752 85822656 8106148 -26076824 283616223 269846836 87777121 83947725 195839102 185899111 We believe in the life-changing, transformational, revelatory power of great art and opera. Lyric Opera of Chicago exists to provide a broad, deep, and relevant cultural service to the Chicago region and the nation, and to advance the development of the art form of opera by: - Producing and performing consistently thrilling, world-class opera, with a balanced repertoire that encompasses core classics, lesser-known masterpieces, and new works. - Creating a diverse, innovative, wide-ranging program of community engagement and education activities that reaches the widest possible public. - Developing exceptional emerging operatic talent. false false 69094261 0 20523242 DURING THE FISCAL YEAR, 51 OPERA PERFORMANCES, 26 PERFORMANCES OF ONE MUSICAL, AND 1 CONCERT WERE PERFORMED BY LYRIC OPERA OF CHICAGO. THESE PERFORMANCES WERE ATTENDED BY APPROXIMATELY 177,672 PEOPLE. 1294809 0 0 LYRIC UNLIMITED, AN INITIATIVE OF LYRIC OPERA OF CHICAGO, OFFERS A MULTIFACETED PROGRAM OF EXPANDED COMMUNITY ENGAGEMENT AND ARTISTIC INITIATIVES AND INCLUDES LYRIC'S LONGSTANDING EDUCATIONAL PROGRAMS. LYRIC SEEKS TO ENRICH THE LIVES OF CHICAGO-AREA CHILDREN AND ADULTS THROUGH HIGH-QUALITY, ACCESSIBLE ARTS EDUCATION, WHICH FOCUSES ON CULTIVATING A LIFELONG APPRECIATION OF OPERA AND CREATING AUDIENCES FOR THE FUTURE. LYRIC'S SCHOOL PROGRAMS EMBRACE ARTS EDUCATION AS A CORE SUBJECT AND PROMOTE CROSS-CURRICULAR INTEGRATION WHILE FULFILLING STATE LEARNING STANDARDS. COMMUNITY PROGRAMS PROVIDE EDUCATION ON A VARIETY OF LEVELS, FROM NOVICE TO EXPERT, WHICH HEIGHTEN THE OPERA-GOING EXPERIENCE. 29 YOUTH AND ADULT PROGRAMS WERE HELD THROUGHOUT THE YEAR. ATTENDANCE FOR THESE EDUCATIONAL ACTIVITIES TOTALED APPROXIMATELY 29,274. PLEASE NOTE, AS REQUIRED BY THE INSTRUCTIONS, THE REVENUE DISCLOSED HERE DOES NOT INCLUDE CONTRIBUTED REVENUE FOR THESE PROGRAMS. 153519 0 26746 DURING THE FISCAL YEAR, THERE WERE 6 PRESENTATIONS AND EVENTS HELD IN THE FACILITY WITH TOTAL ATTENDANCE OF APPROXIMATELY 3,840 PEOPLE. ADDITIONALLY, DINING SPACE WAS USED BY BUILDING MANAGEMENT. 70542589 true true false false false false false false true true true false false true true true false false false true false false true true false false false false true false false false false false false true true true false false false false false false false false true 230 0 true 1048 true true true false false false false true true true 2 false false false false false X 97 94 true false false false true true false true true false true true false true true true true true true true false CA IL IN NY X X Vincente Milianti 3123322244 20 N Wacker Drive No 860 Chicago IL 60606 Anthony Freud General Director, President & CEO 40.0 X X 724802 0 42030 Dan Grossman Treasurer 2.0 X X 0 0 0 David Ormesher Executive Committee Chair 2.0 X X 0 0 0 Donna Van Eekeren Secretary 2.0 X X 0 0 0 James L Alexander Vice-Chair 2.0 X X 0 0 0 Shirley W Ryan Vice-Chair 2.0 X X 0 0 0 Sylvia Neil Chair 6.0 X X 0 0 0 William C Vance Vice-Chair 2.0 X X 0 0 0 Allan B Muchin Trustee 1.0 X 0 0 0 Allan Drebin Trustee 1.0 X 0 0 0 Allan E Bulley III Trustee 1.0 X 0 0 0 Amy Carbone Trustee 1.0 X 0 0 0 Andrew J McKenna Trustee (Until Feb 2023) 1.0 X 0 0 0 Anna Paglia Trustee 1.0 X 0 0 0 Blythe J McGarvie Trustee 1.0 X 0 0 0 Brenda M Shapiro Trustee 1.0 X 0 0 0 Brenda Robinson Trustee 1.0 X 0 0 0 Bryan Traubert Trustee 1.0 X 0 0 0 Charles Droege Trustee 1.0 X 0 0 0 Chaz Ebert Trustee 1.0 X 0 0 0 Cherryl Thomas Trustee 1.0 X 0 0 0 Christine Schyvinck Trustee 1.0 X 0 0 0 Craig C Martin Trustee 1.0 X 0 0 0 Dan Draper Trustee 1.0 X 0 0 0 David Carpenter Trustee (Until July 2022) 1.0 X 0 0 0 Don M Randel Trustee 1.0 X 0 0 0 Elke Rehbock Trustee (Until Dec 2022) 1.0 X 0 0 0 Elliot E Hirsch Trustee 1.0 X 0 0 0 Enrique Mazzola Vice - Chair & Music Director 40.0 X 412248 0 0 Eric S Smith Vice - Chair 1.0 X 0 0 0 Ethel C Gofen Trustee 1.0 X 0 0 0 Francesca Cornelli Trustee 1.0 X 0 0 0 Frank B Modruson Trustee 1.0 X 0 0 0 Gary Haase Trustee (Beg April 2023) 1.0 X 0 0 0 Gregory J O'Leary Trustee 1.0 X 0 0 0 Gregory Jones Trustee 1.0 X 0 0 0 H Gael Neeson Trustee 1.0 X 0 0 0 J Thomas Hurvis Trustee 1.0 X 0 0 0 James E Fellowes Trustee 1.0 X 0 0 0 Jane Chu Trustee 1.0 X 0 0 0 Jane DiRenzo Pigott Trustee 1.0 X 0 0 0 Jeffrey C Neal Trustee 1.0 X 0 0 0 Jodi Hochberger Rubenstein Trustee 1.0 X 0 0 0 John D Nichols Trustee (Until June 2023) 1.0 X 0 0 0 John E Butler Trustee 1.0 X 0 0 0 John P Amboian Trustee 1.0 X 0 0 0 Jonathan Lewis Trustee 1.0 X 0 0 0 Jose L Prado Trustee 1.0 X 0 0 0 Josef Lakonishok Trustee 1.0 X 0 0 0 Joseph Rubinelli Jr Trustee 1.0 X 0 0 0 Julie Baskes Trustee 1.0 X 0 0 0 Karen Freeman-Wilson Trustee 1.0 X 0 0 0 Karen Z Gray-Krehbiel Trustee 1.0 X 0 0 0 Katherine A Abelson Trustee 1.0 X 0 0 0 Kevin Smith Trustee 1.0 X 0 0 0 Kip Kelley II Trustee 1.0 X 0 0 0 Larry A Barden Trustee (Until Oct 2022) 1.0 X 0 0 0 Laura DeFelice Trustee 1.0 X 0 0 0 Laurie Bay Trustee 1.0 X 0 0 0 Lester Crown Trustee 1.0 X 0 0 0 Linda K Myers Trustee 1.0 X 0 0 0 Lois Eisen Trustee 1.0 X 0 0 0 Lori A Komisar Trustee 1.0 X 0 0 0 Maria Green Trustee 1.0 X 0 0 0 Marion Cameron-Gray Trustee 1.0 X 0 0 0 Marsha Cruzan Trustee 1.0 X 0 0 0 Marsha Serlin Trustee 1.0 X 0 0 0 Matthew A Fisher Trustee 1.0 X 0 0 0 Matthew J Parr Trustee 1.0 X 0 0 0 Melvin Gray Trustee 1.0 X 0 0 0 Michael P Cole Trustee 1.0 X 0 0 0 Mimi Mitchell Trustee 1.0 X 0 0 0 Nancy Santi Trustee (Beg June 2023) 1.0 X 0 0 0 Nancy Searle Trustee 1.0 X 0 0 0 Nasrin Thierer Trustee 1.0 X 0 0 0 Neil Kawashima Trustee 1.0 X 0 0 0 Olivia Tyrrell Trustee 1.0 X 0 0 0 Olufunmilayo I Olopade MD Trustee 1.0 X 0 0 0 Orit Carpenter Trustee (Beg Dec 2022) 1.0 X 0 0 0 Pam Szokol Trustee 1.0 X 0 0 0 Paul F Anderson Trustee 1.0 X 0 0 0 Penelope R Steiner Trustee 1.0 X 0 0 0 Ralph Hasbun Trustee (Beg Sept 2022) 1.0 X 0 0 0 Richard Ryan Trustee 1.0 X 0 0 0 Richard W Colburn Trustee 1.0 X 0 0 0 Richard W Shepro Trustee 1.0 X 0 0 0 Robert B Ford Trustee 1.0 X 0 0 0 Robert J McCullen Trustee 1.0 X 0 0 0 Roberta L Washlow Trustee 1.0 X 0 0 0 Ruth Ann M Gillis Trustee 1.0 X 0 0 0 Samir Mayekar Trustee (Beg June 2023) 1.0 X 0 0 0 Scott Cozad Trustee 1.0 X 0 0 0 Scott Santi Trustee 1.0 X 0 0 0 Sharon F Oberlander Trustee 1.0 X 0 0 0 Sonia Florian Trustee 1.0 X 0 0 0 Stephen Kaplan Trustee 1.0 X 0 0 0 Steven L Fradkin Trustee 1.0 X 0 0 0 Susan Morrison Trustee 1.0 X 0 0 0 Tanya Polsky Trustee (Beg June 2023) 1.0 X 0 0 0 Vikram Karnani Trustee 1.0 X 0 0 0 Vinay Couto Trustee 1.0 X 0 0 0 William A Osborn Trustee 1.0 X 0 0 0 Drew Landmesser Chief Operating Officer & Deputy General Director 40.0 X 439271 0 38720 Elizabeth Hurley Asst Secretary, Chief Advancement Officer 40.0 X 472008 0 47161 Matthew Ozawa Chief Artistic Administration Officer 40.0 X 161149 0 21160 Paul Gunning Vice President & Chief Marketing Officer 40.0 X 249861 0 38072 Roberta Lane Asst Treasurer/CFAO (until Dec 2022) 40.0 X 445614 0 39133 Vincente Milianti Asst Treasurer/CFAO (beg Jan 2023) 40.0 X 179126 0 32849 Anna Mattson Vice President of Development 40.0 X 180787 0 23960 Joe Dockweiler Master Carpenter 40.0 X 190959 0 69797 Kathleen Sheehan Vice President for Principal Gifts 40.0 X 236234 0 31579 Michael Black Chorus Director & Head of Music 40.0 X 211082 0 11923 Michael Reilly Head Stagehand 40.0 X 182844 0 61598 4085985 0 457982 69 false true false Anchor Mechanical Inc 255 N California Ave Chicago IL 60612 HVAC/Plumbing 1491061 Allied Integrated Marketing 55 Cambridge Parkway Suite 200 Cambridge MA 02142 Advertising Agency 1248140 Calihan Catering 833 W HAINES ST Chicago IL 60622 Catering 748554 Navigator Topco LP 401 W Lincoln Ave Lititz PA 17543 Machining manufacturer 678611 Metropolitan Opera Association Inc 30 LINCOLN CENTER New York NY 10023 Production Payments 544386 50 3095193 2096268 28174637 2491425 33366098 TICKET SALES 711190 18743399 18743399 TICKET HNDLG/EXCHG FEES 711190 1279571 1279571 PRODUCTION RENTALS/CO-PRODUCTION INCOME 711190 380059 380059 FACILITIES EVENTS FEES 900099 26746 26746 120213 120213 0 0 20549988 2231725 158361 2073364 1577591 1577591 0 1577591 1577591 86159632 -5117 84476582 1683050 -5117 1677933 1677933 1195349 3095193 2504051 -1308702 -1308702 1676576 488353 1188223 1575 1186648 PARTY RECEPTION INCOME 900099 258666 258666 RESTAURANT income 900099 40413 40413 COAT CHECK REVENUE 900099 38354 0 38354 125543 0 2827 122716 462976 59745832 20549988 421429 5408317 3246807 718759 1623877 904171 16020 16020 35087663 30205333 2449727 2432603 3367233 3108588 151622 107023 5997742 5475266 243737 278739 3617906 3112761 264961 240184 523521 312938 210583 244225 244225 70209 70209 1093087 1088740 4347 5672381 4817101 715397 139883 2498798 2406018 6391 86389 1849283 1326157 347183 175943 1303922 108854 1186269 8799 958723 958723 2503595 2289155 133250 81190 1552517 1182713 155832 213972 28578 14030 7658 6890 2911060 2597423 297451 16186 4463821 4250752 213069 1072105 940948 125618 5539 PRODUCTION COSTS 5478561 5478261 300 CHARGE CARD FEES 623891 566056 80 57755 RESTAURANT 342235 8415 23401 310419 Bad Debt 133093 53546 79547 1165680 648318 92225 425137 85822656 70542589 9635142 5644925 6550451 7885295 862447 894548 32323064 26376368 451154 431130 0 0 0 0 11316 9298 4111146 3766166 127089997 86724522 42745536 40365475 34056614 47694066 162457245 142374609 0 47250 49881 283616223 269846836 6656920 7586020 10180323 7844469 65800000 65800000 0 0 5139878 2717236 87777121 83947725 X 89333511 82917791 106505591 102981320 195839102 185899111 283616223 269846836 X -26076824 16427918 -291085 X false true X true true true X 39120440 36568721 33854022 56174395 33366098 199083676 0 0 39120440 36568721 33854022 56174395 33366098 199083676 22887190 176196486 3804399 4260908 1980287 3469729 3809316 17324639 72976 25654 0 62224 116264 277118 1216737 652455 102179 188569 161069 2321009 219006442 85644869 0.8045 0.7968 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - DINING SPACES, COLUMN A - 853776.0, COLUMN B - 495871.0, COLUMN C - 0.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 1349647.0; DESCRIPTION - OTHER, COLUMN A - 362961.0, COLUMN B - 156584.0, COLUMN C - 102179.0, COLUMN D - 188569.0, COLUMN E - 161069.0, COLUMN F - 971362.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 62627889 1168514 7481700 3169699 400507 67707897 68051058 5161427 -7039532 2551173 993891 62627889 52197208 4364692 14419253 2405839 524256 68051058 54986095 271612 -138918 2514315 407266 52197208 55392183 75467 2399562 2516320 364797 54986095 0.0 0.6 0.4 true false 696577 696577 102951614 71955001 30996613 20481212 12717217 7763995 2960594 2052304 908290 40365475 Hedged Equities- Non-Publicly 11923815 F Absolute Return- Non-Publicly Traded 17308919 F Equities- Non-Publicly Traded 95213800 F Real Assets- Non-Publicly Traded 12909515 F Assets Held in Trust 5018560 F 142374609 Annuities Payable 400509 Interest Rate Swap Contract 2316727 2717236 X 75565153 16427918 458386 -2536477 2562581 16912408 58652745 1093087 0 1093087 59745832 85505144 458386 317189 775575 84729569 1093087 0 1093087 85822656 Schedule D, Part V, Line 4 Intended uses of endowment funds The Opera's endowment is comprised of donor-restricted endowment funds. Related net assets are classified and reported based on the existence or absence of donor-imposed restrictions. The Opera's Board of Directors has approved a spending policy which allows for the transfer of 5% of the average of the market values of the trailing twelve quarter balance of the managed portfolio at December 31 of the previous fiscal year, including endowment balances, to be used to support operations and fund debt service. The spending rate approximates the return objective of the fund allowing for the preservation of purchasing power and growth of the managed portfolio through investment returns in excess of the objective and new gifts. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Opera is exempt from federal income taxes under the provisions of Section 501(C)(3) of the Internal Revenue Code. The Opera has concluded there were no material uncertain tax positions nor does the Opera expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The Opera does not have nor does it anticipate any interest and penalties related to unrecognized tax positions in interest and income tax expense as of June 30, 2023 and June 30, 2022. There are no ongoing federal, state or local audits. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 UNREALIZED GAIN - INTEREST RATE SWAP - 2260613 COST OF GOODS SOLD - 340421 DISPOSAL OF FIXED ASSET - 5117 FUNDRAISING ACTIVITIES - -43570 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 CHANGE IN SEVERANCE PLANS' VALUATION - 15221 COST OF GOODS SOLD - 340421 DISPOSAL OF FIXED ASSET - 5117 FUNDRAISING EXPENSES - -43570 Central America and the Caribbean 0 0 Investments N/A 20491703 Europe (Including Iceland and Greenland) 0 0 Program Services Artistic/Production Costs 949786 Europe (Including Iceland and Greenland) 0 0 Investments N/A 3420097 Europe (Including Iceland and Greenland) 0 0 Fundraising N/A 106647 North America (Canada & Mexico only) 0 0 Fundraising N/A 3809 North America (Canada & Mexico only) 0 0 Program Services ARTISTIC/PRODUCTION COSTS 524152 North America (Canada & Mexico only) 0 0 Management & Gen'l - Information Technology Costs N/A 54421 Russia and Neighboring States 0 0 Program Services ARTISTIC/PRODUCTION COSTS 154969 0 0 0 0 0 0 25705584 0 25705584 true false true true true false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual; RUSSIA AND NEIGHBORING STATES-Accrual X X X X X X X true SD&A Teleservices Inc 5757 W Century Blvd Suite 300 Los Angeles CA 90045 Telefundraising false 81057 70209 10848 81057 70209 10848 CA IL IN NY Wine Auction 2567315 1842126 725189 138123 207211 1043324 Opening Night 1129187 1102897 26290 55763 65783 20200 245885 5 594040 150170 443870 68910 128023 111398 419431 4290542 3095193 1195349 262796 401017 131598 1708640 2504051 -1308702 Schedule G, Part II Line 11 Net Income The mechanics of schedule G require that we remove charitable contributions collected at the special event, in order to determine income or loss on events. $3.1 Million of charitable contributions were collected (Schedule G, Part II line 2) for a true net income of $1.8 Million collected at these events. X true true X X X X false true false false false false false false false Anthony Freud General Director, President & CEO 617584 0 0 0 107218 0 20048 0 21982 0 766832 0 27000 0 Enrique Mazzola Vice - Chair & Music Director 412248 0 0 0 0 0 0 0 0 0 412248 0 0 0 Elizabeth Hurley Asst Secretary, Chief Advancement Officer 385256 0 0 0 86752 0 20048 0 27113 0 519169 0 0 0 Roberta Lane Asst Treasurer/CFAO (until Dec 2022) 343908 0 0 0 101706 0 20048 0 19085 0 484747 0 0 0 Drew Landmesser Chief Operating Officer & Deputy General Director 317453 0 0 0 121818 0 18669 0 20051 0 477991 0 0 0 Paul Gunning Vice President & Chief Marketing Officer 249420 0 0 0 441 0 9744 0 28328 0 287933 0 0 0 Vincente Milianti Asst Treasurer/CFAO (beg Jan 2023) 178838 0 0 0 288 0 11010 0 21839 0 211975 0 0 0 Matthew Ozawa Chief Artistic Administration Officer 161016 0 0 0 133 0 5908 0 15252 0 182309 0 0 0 Kathleen Sheehan Vice President for Principal Gifts 234967 0 0 0 1267 0 12381 0 19198 0 267813 0 0 0 Joe Dockweiler Master Carpenter 190959 0 0 0 0 0 23875 0 45922 0 260756 0 0 0 Michael Reilly Head Stagehand 182844 0 0 0 0 0 22571 0 39027 0 244442 0 0 0 Michael Black Chorus Director & Head of Music 210256 0 0 0 826 0 0 0 11923 0 223005 0 0 0 Anna Mattson Vice President of Development 180595 0 0 0 192 0 10856 0 13104 0 204747 0 0 0 Schedule J, Part I, Line 1a Travel for companions TO ENCOURAGE BOARD AND SPONSORSHIP DEVELOPMENT, LYRIC OPERA SPONSORS AN ANNUAL EVENT FOR CERTAIN BOARD MEMBERS AND THEIR SIGNIFICANT OTHERS TO PARTICIPATE IN OPERATIC AND CULTURAL EVENTS IN A FOREIGN LOCALE. THE GENERAL DIRECTOR, PRESIDENT & CEO AND SPOUSE AND THE CHIEF ADVANCEMENT OFFICER ATTEND AND ARE AN INTEGRAL DAILY PART OF THIS EVENT. NONE OF THE COSTS ARE TAXED TO THE EMPLOYEES, AS THE TRIP IS FOR BUSINESS PURPOSES FOR LYRIC OPERA. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan Lyric contributed $27,000 to a supplemental nonqualified retirement plan for Anthony Freud. Drew Landmesser contributed $20,500 to a supplemental nonqualified retirement plan. The amounts that were contributed to a supplemental nonqualified retirement plan are included in Schedule J, Part II, Box (B)(iii). Bulley rews Concrete Restoration LLC ENTITY MORE THAN 35% OWNED BY A. BULLEY, TRUSTEE 242640 Contracted Consultant - Normal Course of Business false Colin Ure Family Member of Current Trustee 16020 Employment false X 61 2145347 Market value X Wine Auction Dinner Hosting 9 261012 Market value X Wine 8 29583 Market value X Airplane Travel Miles 1 55479 Market value X Other non-cash contributions 4 4 Market value 2 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - Stock donations received Other - Wine Auction Dinner Hosting - Number of contributions Other - Wine Number of contributions Other - Airplane Travel Miles - Number of contributions Other - Other non-cash contributions - Number of contributions Form 990, Part VI, Line 1a Delegate broad authority to a committee The Board of Directors shall designate not more than 30 Directors to constitute an Executive Committee. The Executive Committee shall have all of the authority of the Board in the management of the Corporation except with regard to matters on which the Board has acted and except further the Executive Committee shall not: (a) Adopt a plan for the distribution of the assets of the Corporation, or for dissolution; (b) Approve or recommend to Members any act the Illinois General Not For Profit Corporation Act of 1986 requires to be approved by Members; (c) Fill vacancies on the Board or on any of its committees; (d) Elect, appoint or remove any officer or Director or member of any committee, or fix the compensation of any member of a committee; (e) Adopt, amend, or repeal the Bylaws or the Articles of Incorporation; (f) Adopt a plan of merger or adopt a plan of consolidation with another corporation, or authorize the sale, lease, exchange or mortgage of all or substantially all of the property or assets of the Corporation; or (g) Amend, alter, repeal or take action inconsistent with any resolution or action of the Board of Directors when the resolution or action of the Board of Directors provides by its terms that it shall not be amended, altered or repealed by action of a committee. The delegation herein of authority to the Executive Committee shall not operate to relieve the Board of Directors, or any individual Director, of any responsibility imposed upon it, him, or her by law. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Scott Santi and Nancy Santi - Family relationship Form 990, Part VI, Line 6 Classes of members or stockholders Each person, firm or corporation donating $500 or more to the Corporation in any 10-month period from July 1 of any calendar year through April 30 of the following calendar year shall become a Member for the 12-month period beginning on the May 1 immediately following the end of such 10-month period and ending on the following April 30. Each person, firm or corporation donating $500 or more to the Corporation in any 2-month period beginning on the July 1 immediately following the end of such 2-month period and ending on the following June 30. The General Director or Executive Committee shall designate each Member as Aria, Platinum, Grand, Golden Grand, Silver Grand, Premier Benefactor, Bravo Circle, Impresario, Friend, Sustainer or such other designation as the General Director or Executive Committee shall determine based upon amount of contribution. The General Director or Executive Committee shall set and increase or decrease, from time to time, the respective amounts required for each designation. The various designations shall not affect the voting and other legal rights of Members under the Illinois General Not For Profit Corporation Act of 1986. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body Each Member shall be entitled to one vote at each Annual Meeting for the election of Directors and on such other matters as are submitted to a vote of the Members. Each Member shall have the right to vote in person, by proxy or by e-mail or other electronic means for as many persons as there are Directors to be elected. No cumulative voting shall be permitted. Form 990, Part VI, Line 11b Review of form 990 by governing body The Lyric Opera of Chicago Form 990 and Supplemental Schedules are prepared and reviewed by Lyric staff. A review is then performed by our Tax Advisor. The Form 990 and supplemental schedules are provided to the full Lyric Opera Audit Committee, along with the appropriate members of Lyric Opera staff, for their review prior to a meeting of the full audit committee where the Tax Advisor oversees the discussion and review of the Form 990. The audit committee then approves the filings prior to them being filed with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy Lyric Opera maintains a Conflict of Interest Policy which applies to all Directors, officers of auxiliary organizations authorized by the Opera, as well as senior management and other designated members of the staff. The Policy requires each person to whom the policy applies to complete an annual disclosure questionnaire which identifies a business or financial interest of that person which is planning to engage in a business transaction with the Opera, or has engaged in a business transaction with the Opera during the preceding year. The Policy forbids such individuals from voting on or using their personal influence in connection with such transactions. In the event the Opera does conduct business with a related party, the financial terms of those relationships are reported annually to the Audit Committee, whose members must be independent per the terms of its charter. The Opera requires each full-time non-union employee to conduct themselves in accordance with the Code of Business Conduct and Ethics, approved by the Opera's Board of Directors, and to sign an annual statement acknowledging their understanding of this Code. Form 990, Part VI, Line 15a Process to establish compensation of top management official The process of determining compensation of the organization's General Director included the following: The General Director was hired in April 2011 with a 5 year contract, through June 30, 2016. The Compensation Committee, comprised of seven independent Board members and two ex-officio members, was charged under their charter with the responsibility to review and establish objectives relevant to the General Director's compensation, evaluate the General Director's performance in light of those objectives, and recommend to the Executive Committee the General Director's compensation level based on this evaluation. In 2016, the General Director (now called the General Director, President and Chief Executive Officer) was offered a new five-year contract, starting July 1, 2016 through June 30, 2021. On June 28, 2021, the Compensation Committee renewed the General Director, President, and CEO contract for an additional 5 year term ending June 30, 2026. The base salary offered in the new contract was benchmarked against comparable opera and performing arts companies and again approved by the Compensation Committee of the Board of Directors. Form 990, Part VI, Line 15b Process to establish compensation of other employees The process of determining compensation of other officers or key employees (anyone earning more than $150,000) included the following: 1) The Compensation Committee, made up of six independent Board members and one ex-officer member, reviewed the fiscal 2023 compensation arrangements in May 2022. This process is done annually. 2) Lyric salary bands are determined in consultation with an independent consultant on a periodic basis who, leveraging comparability data and benchmark comparisons from peer industry organizations based on size of revenue and operating budget as well as scope of management responsibility, sets salary bands for each of Lyric's eight staff job levels. 3) Salaries for all highly compensated employees with salaries over $150,000 per year must fall within their respective salary bands. 4) Recommendations, as well as any deliberation, were documented in the Compensation Committee minutes. A report to the Board with respect to compensation recommendation was reflected in the Board meeting minutes. Form 990, Part VI, Line 19 Required documents available to the public Lyric Opera of Chicago posts audited financial statements on its website. Governing documents and conflicts of interest policy are not required disclosures pursuant to IRC Sec. 6104. These documents are not available to the public at this time. Form 990, Part VIII, Line 2f Other Program Service Revenue MISCELLANEOUS - Total Revenue: 120213, Related or Exempt Function Revenue: 120213, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part VIII, Line 11d Other Miscellaneous Revenue MISCELLANEOUS - Total Revenue: 122716, Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 122716; RENTAL SPACE - Total Revenue: 2827, Related or Exempt Function Revenue: , Unrelated Business Revenue: 2827, Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGE IN SEVERANCE PLANS' VALUATION - -15221; UNREALIZED GAIN - INTEREST RATE SWAP CONTRACT - 2260613; UNCOLLECTIBLE DEBT - -2536477; FORM 990, PART V, LINE 7D - NUMBER OF FORMS 8282 FILED DURING THE YEAR LYRIC OPERA FILED TWO FORMS 8282 IN FISCAL YEAR 2024 FOR DONATED ITEMS SOLD IN FISCAL YEAR 2023.