2023-05-11T12:30:16+00:00 2022-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2021-07-01 366008929 Lyric Opera of Chicago LYRI 3123322244 20 N Wacker Drive 860 Chicago IL 60606 Roberta Lane Asst Treasurer/CFAO 2023-05-11 true Vincente Milianti 999009999 Nicole Bencik P00756195 3128997000 2021 2023-04-26 12:10:37Z Anthony Freud 20 N Wacker Drive 860 Chicago IL 60606 137895917 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. 95 93 923 815 269964 62224 33854022 56174395 225681 12830724 13045845 8301969 -234557 1059812 46890991 78366900 0 0 0 25211739 41579844 50635 4758542 20706542 28630273 45918281 70260752 972710 8106148 312425270 283616223 98042149 87777121 214383121 195839102 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 55356052 0 12800765 DURING THE FISCAL YEAR, 37 OPERA PERFORMANCES WERE PERFORMED BY LYRIC OPERA OF CHICAGO. THESE PERFORMANCES WERE ATTENDED BY APPROXIMATELY 91,200 PEOPLE. 488835 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. 16 YOUTH AND ADULT PROGRAMS WERE HELD THROUGHOUT THE YEAR. MOST OF THESE ACTIVITIES TOOK PLACE VIRTUALLY. ATTENDANCE FOR THESE EDUCATIONAL ACTIVITIES TOTALED APPROXIMATELY 800. PLEASE NOTE, AS REQUIRED BY THE INSTRUCTIONS, THE REVENUE DISCLOSED HERE DOES NOT INCLUDE CONTRIBUTED REVENUE FOR THESE PROGRAMS. 169095 0 29959 DURING THE FISCAL YEAR, THERE WERE 6 PRESENTATIONS AND EVENTS HELD IN THE FACILITY WITH TOTAL ATTENDANCE OF APPROXIMATELY 640 PEOPLE. ADDITIONALLY, DINING SPACE WAS USED BY BUILDING MANAGEMENT. 56013982 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 215 0 true 923 true true true false false false false true true false false false false false false X 95 93 true false false false true true false true true false true true false true true true true true true true false CA IL 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 714627 0 41481 Dan Grossman Trustee (until June 2022), Treasurer (beg June 2022) 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 Ruth Ann M Gillis Treasurer (until May 2022) 2.0 X X 0 0 0 Shirley Welsh 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 Bulley Trustee 1.0 X 0 0 0 Allan Drebin Trustee 1.0 X 0 0 0 Amy Carbone Trustee 1.0 X 0 0 0 Andrew J McKenna Trustee 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 T Thomas Trustee 1.0 X 0 0 0 Christine Schyvinck Trustee 1.0 X 0 0 0 Claudia M Saran Trustee (until May 2022) 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 W Carpenter Trustee 1.0 X 0 0 0 Don M Randel Trustee 1.0 X 0 0 0 Elke Rehbock Trustee 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 433512 0 0 Eric L Hirschfield Trustee (until May 2022) 1.0 X 0 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 Franco Tedeschi Trustee (until May 2022) 1.0 X 0 0 0 Frank B Modruson Trustee 1.0 X 0 0 0 Gregory K Jones Trustee 1.0 X 0 0 0 Gregory O'Leary 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 Fellows 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 (beg April 2022) 1.0 X 0 0 0 John E Butler Trustee 1.0 X 0 0 0 John Nichols Trustee 1.0 X 0 0 0 John P Amboian Trustee 1.0 X 0 0 0 Jonathan Lewis Trustee (beg April 2022) 1.0 X 0 0 0 Jose Luis Prado Trustee 1.0 X 0 0 0 Josef Lakonishok Trustee 1.0 X 0 0 0 Joseph O 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 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 1.0 X 0 0 0 Laura DeFelice Trustee (beg Dec 2021) 1.0 X 0 0 0 Laurie Bay Trustee (beg Dec 2021) 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 Komisar Trustee 1.0 X 0 0 0 Maria C Green Trustee 1.0 X 0 0 0 Marion A Cameron 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 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 Michael Strautmanis Trustee (until May 2022) 1.0 X 0 0 0 Miles D White Trustee (until May 2022) 1.0 X 0 0 0 Mimi Mitchell Trustee 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 (beg April 2022) 1.0 X 0 0 0 Olivia Tyrrell Trustee 1.0 X 0 0 0 Olufummilayo Olopade Trustee 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 Steiner Trustee (beg Dec 2021) 1.0 X 0 0 0 Richard Pomeroy Trustee (until June 2022) 1.0 X 0 0 0 Richard Ryan Trustee 1.0 X 0 0 0 Richard Shepro Trustee 1.0 X 0 0 0 Richard W Colburn Trustee 1.0 X 0 0 0 Robert Ford Trustee (beg Feb 2022) 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 Scott Cozad Trustee 1.0 X 0 0 0 Scott E 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 Fradkin Trustee 1.0 X 0 0 0 Susan Morrison Trustee 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 316814 0 37203 Elizabeth Hurley Asst Secretary, Chief Advancement Officer 40.0 X 360729 0 44231 Roberta Lane Asst Treasurer, CFAO 40.0 X 321112 0 40584 Joe Dockweiler Master Carpenter 40.0 X 176271 0 58275 Kathleen Sheehan Vice President for Principal Gifts 40.0 X 223664 0 34362 Michael Black Chorus Master 40.0 X 188987 0 11876 Tracy Galligher Young Senior Director, Marketing & Audience Development 40.0 X 149512 0 48303 Vincente Milianti Vice President for Finance 40.0 X 162219 0 32601 Michael Green Former Principal Percussionist 40.0 X 163888 0 8984 3211335 0 357900 58 true true false Surburban Elevator 130 Prairie Lake Road Unit D Dundee IL 60118 Elevator service 1673016 Bulley & Andrews Concrete Restoration LLC 1755 W Armitage Ave Chicago IL 60622 Construction company 1040654 Navigator Topco LP 401 W Lincoln Ave Lititz PA 17543 Machining manufacturer 971429 Allied Integrated Marketing 55 Cambridge Parkway Suite 200 Cambridge MA 02142 Advertising Agency 871640 HMS Media Inc 1677 Elk Blvd Des Plaines IL 60016 Video Production 706204 49 1533439 10184200 44456756 6378571 56174395 TICKET SALES 711190 11667223 11667223 TICKET HNDLG/EXCHG FEES 711190 785288 785288 PRODUCTION RENTALS/CO-PRODUCTION INCOME 711190 247356 247356 FACILITIES EVENTS FEES 900099 29959 29959 100898 100898 0 0 12830724 2259590 31951 2227639 0 0 63847217 7839 57812677 0 6034540 7839 6042379 6042379 301558 1533439 1505999 -1204441 -1204441 815500 210341 605158 9577 595581 PARTY RECEPTION INCOME 900099 1467699 225609 1242090 COAT CHECK REVENUE 900099 18312 18312 RENTAL SPACE 900099 2827 2827 170257 0 0 170257 1659095 78366900 12830724 269964 9091817 2433632 503032 1127580 803020 13985 13985 28480805 23859060 2619069 2002676 2661265 2419491 129357 112417 5220712 4682253 256673 281786 2769445 2308023 249620 211802 312509 247188 65321 213811 213811 50635 50635 1507246 1501502 5744 4928764 4195149 597811 135804 1581027 1497412 8396 75219 1319097 831269 350202 137626 1036925 66041 966131 4753 436918 436918 2307613 1995895 213737 97981 761583 533509 102529 125545 5473 2534 1270 1669 2424149 2140902 269899 13348 4342820 4015341 305050 22429 1186745 926838 254010 5897 PRODUCTION COSTS 4559115 4553255 5860 CHARGE CARD FEES 266320 224681 12 41627 CATERING 227719 14783 9613 203323 PURCHASES/RENTALS 17398 3401 13997 1195041 546423 237374 411244 70260752 56013982 9488228 4758542 1854700 6550451 864638 862447 23643662 32323064 145948 451154 0 0 0 0 27716 11316 3096210 4111146 125168956 82423420 41152479 42745536 56234176 34056614 185360421 162457245 0 45320 47250 312425270 283616223 7920603 6656920 9047848 10180323 65800000 65800000 0 15273698 5139878 98042149 87777121 X 112363494 89333511 102019627 106505591 214383121 195839102 312425270 283616223 X 8106148 -31654951 5004784 X false true X true true true X 27438056 39120440 36568721 33854022 56174395 193155634 0 0 27438056 39120440 36568721 33854022 56174395 193155634 23061040 170094594 2193262 3804399 4260908 1980287 3469729 15708585 36546 72976 25654 0 62224 197400 1029141 1216737 652455 102179 188569 3189081 212250700 95757803 0.8014 0.7778 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - DINING SPACES, COLUMN A - 795866.0, COLUMN B - 853776.0, COLUMN C - 495871.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 2145513.0; DESCRIPTION - OTHER, COLUMN A - 233275.0, COLUMN B - 362961.0, COLUMN C - 156584.0, COLUMN D - 102179.0, COLUMN E - 188569.0, COLUMN F - 1043568.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 68051058 5161427 -7039532 2551173 993891 62627889 52197208 4364692 14419253 2405839 524256 68051058 54986095 271612 -138918 2514315 407266 52197208 55392183 75467 2399562 2516320 364797 54986095 53157706 725560 4287527 2431050 347560 55392183 0.0 0.63 0.37 true false 696577 696577 100596927 68957055 31639872 0 0 0 18671260 11495789 7175471 5204192 1970576 3233616 42745536 Hedged Equities- Non-Publicly 22521018 F Absolute Return- Non-Publicly Traded 29975430 F Equities- Non-Publicly Traded 96126833 F Real Assets- Non-Publicly Traded 9154535 F Assets Held in Trust 4679429 F 162457245 Annuities Payable 562538 Interest Rate Swap Contract 4577340 Forgivable Paycheck Protection Program Loan 5139878 X 50330030 -31654951 713799 -110047 3014329 -28036870 78366900 0 0 78366900 68874049 713799 -593256 120543 68753506 1507246 0 1507246 70260752 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, 2022 and June 30, 2021. 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 - 4384247 INVESTMENT ADVISOR FEES - -1507246 COST OF GOODS SOLD - 151611 DISPOSAL OF FIXED ASSET - -7839 FUNDRAISING ACTIVITIES - -6444 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 CHANGE IN SEVERANGE PLANS' VALUATION - -730584 COST OF GOODS SOLD - 151611 GAIN ON DISPOSAL OF FIXED ASSET - -7839 FUNDRAISING EXPENSES - -6444 Central America and the Caribbean 0 0 Investments N/A 35708808 Europe (Including Iceland and Greenland) 0 0 Program Services Artistic/Production Costs 1347966 North America (Canada & Mexico only) 0 0 Fundraising N/A 3395 Europe (Including Iceland and Greenland) 0 0 Investments N/A 7149233 North America (Canada & Mexico only) 0 0 Program Services ARTISTIC/PRODUCTION COSTS 311170 North America (Canada & Mexico only) 0 0 Management & Gen'l - Information Technology Costs N/A 10000 0 0 0 0 0 0 44530572 0 44530572 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 X X X X X X X true SD&A Teleservices Inc 5757 W Century Blvd Suite 300 Los Angeles CA 90045 Telemarketing false 39426 47972 -8546 39426 47972 -8546 CA IL IN NY WI OPENING NIGHT 1184293 1130893 53400 641037 81885 8800 276709 RYAN OPERA CENTER GOES TO HOLLYWOOD GALA 45750 12750 33000 2164 46069 17637 7 604954 389796 215158 18560 67638 4440 341060 1834997 1533439 301558 661761 195592 13240 635406 1505999 -1204441 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. $1.5 million of charitable contributions were collected (Schedule G, Part II, line 2) for a true net income of $0.3 million collected at these events. X X X X true true false false false false false false false Anthony Freud General Director, President & CEO 599960 0 0 0 114667 0 19448 0 22033 0 756108 0 19500 0 Enrique Mazzola Vice - Chair & Music Director 433512 0 0 0 0 0 0 0 0 0 433512 0 0 0 Elizabeth Hurley Asst Secretary, Chief Advancement Officer 359903 0 0 0 826 0 19448 0 24783 0 404960 0 0 0 Roberta Lane Asst Treasurer, CFAO 319845 0 0 0 1267 0 19448 0 21136 0 361696 0 0 0 Drew Landmesser Chief Operating Officer & Deputy General Director 295996 0 0 0 20818 0 18257 0 18946 0 354017 0 0 0 Kathleen Sheehan Vice President for Principal Gifts 222838 0 0 0 826 0 13113 0 21249 0 258026 0 0 0 Joe Dockweiler Master Carpenter 176271 0 0 0 0 0 21090 0 37185 0 234546 0 0 0 Michael Black Chorus Master 188161 0 0 0 826 0 0 0 11876 0 200863 0 0 0 Vincente Milianti Vice President for Finance 161931 0 0 0 288 0 10669 0 21932 0 194820 0 0 0 Tracy Galligher Young Senior Director, Marketing & Audience Development 149224 0 0 0 288 0 9839 0 38464 0 197815 0 0 0 Michael Green Former Principal Percussionist 15225 0 0 0 148663 0 2065 0 6919 0 172872 0 0 0 Schedule J, Part I, Line 4a Severance or change-of-control payment Due to a confidentiality agreement, Lyric Opera is prohibited from disclosing specific details. However, the amounts of severance received by the individuals are included in Schedule J, Part II, Box (B)(iii). Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan Lyric contributed $19,500 to a supplemental nonqualified retirement plan for Anthony Freud. Drew Landmesser contributed $19,500 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 & Andrews Concrete Restoration LLC ENTITY MORE THAN 35% OWNED BY A. BULLEY, TRUSTEE 1040654 Contracted Consultant - Normal Course of Business false Colin Ure Family Member of Current Trustee 13985 Employment false X 47853 Market value X 100 6185680 Market value X Gift Certificates 1 145038 Market value 0 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - Stock donations received Other - Gift Certificates - Number of contributions Clothing and household goods - Furniture & Air Purifiers 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 William Osborn & Robert Ford - Business 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 two ex-officer members, reviewed the fiscal 2022 compensation arrangements in June 2021. 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: 100898, Related or Exempt Function Revenue: 100898, 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: 170257, Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 170257; Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGE IN SEVERANCE PLANS' VALUATION - 730584; UNREALIZED GAIN - INTEREST RATE SWAP CONTRACT - 4384247; UNCOLLECTIBLE DEBT - -110047; Signature Block Signing Officer The signing officer of the return, Vincente Milianti, is not listed on Part VII as an officer of the organization because Milianti was first approved as an officer by the board in February 2023.