2020-05-15T18:30:52-05:00 2019-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2018-07-01 366008929 Lyric Opera of Chicago LYRI 3123322244 20 N Wacker Drive 860 Chicago IL 60606 Roberta Lane Asst Treasurer/CFO 2020-05-15 true Nicole Bencik P00756195 3128997000 2018 2020-09-23 17:36:50Z Anthony Freud 20 N Wacker Drive 860 Chicago IL 60606 134723165 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. 103 100 1162 1014 714897 72976 27438056 39120440 29058100 32510099 3314056 7396887 2068579 2362333 61878791 81389759 0 0 48643185 46698099 0 5530275 36518844 33310298 85162029 80008397 -23283238 1381362 293716752 298944224 94923224 97736379 198793528 201207845 X 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. true false 63115866 0 32454499 DURING THE FISCAL YEAR, 55 OPERA PERFORMANCES, 34 PERFORMANCES OF ONE MUSICAL, AND 2 CONCERTS/RECITALS REHEARSALS WERE PRODUCED BY LYRIC OPERA OF CHICAGO. THESE PERFORMANCES WERE ATTENDED BY APPROXIMATELY 267,700 PEOPLE. 1842166 0 74508 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. MORE THAN 370 YOUTH AND ADULT PROGRAMS WERE HELD THROUGHOUT THE YEAR. MOST OF THESE ACTIVITIES TOOK PLACE AT VARIOUS LOCATIONS THROUGHOUT THE CHICAGOLAND AREA. ATTENDANCE FOR THESE EDUCATIONAL ACTIVITIES TOTALED APPROXIMATELY 86,000. PLEASE NOTE, AS REQUIRED BY THE INSTRUCTIONS, THE REVENUE DISCLOSED HERE DOES NOT INCLUDE CONTRIBUTED REVENUE FOR THESE PROGRAMS. 779699 0 129356 PRESENTATION AND EVENTS HELD IN THE FACILITY DURING THE FISCAL YEAR WAS COMPRISED OF 57 EVENTS WITH TOTAL ATTENDANCE OF APPROXIMATELY 60,100 PEOPLE. 65737731 true true false false false false false true true true true false false true true false true false false true false false false true false false false false true false false false false false true true true true true false false false false false false false true X 283 0 true 1162 true true true false false false false true true true false false false false false X 103 100 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 Roberta Lane 3123322244 20 N Wacker Drive No 860 Chicago IL 60606 Anthony Freud General Director, President & CEO 40.0 X X 697984 0 56012 David T Ormesher Chairman 6.0 X X 0 0 0 Lester Crown Exec. Committee Chair 1.0 X X 0 0 0 Sir Andrew Davis Vice-Chair 1.0 X X 0 0 0 William C Vance Vice-Chair 1.0 X X 0 0 0 Shirley Welsh Ryan Vice-Chair 2.0 X X 0 0 0 Renee Fleming Vice-Chair 1.0 X X 0 0 0 James L Alexander Vice-Chair 3.0 X X 0 0 0 Donna Van Eekeren Secretary 2.0 X X 0 0 0 Paul J Carbone Treasurer/Ending 10.19.18, Trustee/partial year to 4.26.19 3.0 X X 0 0 0 Ruth Ann M Gillis Treasurer/Beginning 10.19.18 2.0 X X 0 0 0 Larry A Barden Trustee 1.0 X 0 0 0 Julie Baskes Trustee 2.0 X 0 0 0 James N Bay Jr Trustee 1.0 X 0 0 0 Melvin Berlin Trustee 1.0 X 0 0 0 Gilda Buchbinder Trustee 1.0 X 0 0 0 Allan Bulley Trustee 1.0 X 0 0 0 Marion A Cameron Trustee 2.0 X 0 0 0 David W Carpenter Trustee 1.0 X 0 0 0 Richard W Colburn Trustee 1.0 X 0 0 0 Vinay Couto Trustee 1.0 X 0 0 0 Michael P Cole Trustee 1.0 X 0 0 0 Marsha Cruzan Trustee 1.0 X 0 0 0 MD Whitney Addington Trustee 1.0 X 0 0 0 John P Amboian Trustee 1.0 X 0 0 0 Paul F Anderson Trustee 1.0 X 0 0 0 Chaz Ebert Trustee 1.0 X 0 0 0 Stefan T Edlis Trustee 1.0 X 0 0 0 Lois Eisen Trustee 1.0 X 0 0 0 Jamie Fellowes Trustee/Beginning 10.19.18 1.0 X 0 0 0 Sonia Florian Trustee 1.0 X 0 0 0 Katherine A Abelson Trustee 1.0 X 0 0 0 Dan Draper Trustee 1.0 X 0 0 0 Charles Droege Trustee 1.0 X 0 0 0 Joseph Dominguez Trustee/Beginning 4.23.19 1.0 X 0 0 0 Ann Drake Trustee 1.0 X 0 0 0 Mary Patricia Gannon Trustee 1.0 X 0 0 0 Brent W Gledhill Trustee 2.0 X 0 0 0 Maria C Green Trustee 1.0 X 0 0 0 Dietrich M Gross Trustee 1.0 X 0 0 0 Elliot E Hirsch Trustee 1.0 X 0 0 0 Eric L Hirschfield Trustee 1.0 X 0 0 0 J Thomas Hurvis Trustee 2.0 X 0 0 0 Gregory K Jones Trustee 1.0 X 0 0 0 Dan Grossman Trustee 1.0 X 0 0 0 Kip Kelley II Trustee 1.0 X 0 0 0 Susie Kiphart Trustee/Beginning 10.19.18 1.0 X 0 0 0 Lori Komisar Trustee 1.0 X 0 0 0 Josef Lakonishok Trustee 2.0 X 0 0 0 Ethel C Gofen Trustee 1.0 X 0 0 0 Howard L Gottlieb Trustee 2.0 X 0 0 0 Melvin Gray Trustee 1.0 X 0 0 0 Karen Gray-Krehbiel Trustee/Beginning 6.20.19 1.0 X 0 0 0 Dan Manoogian Trustee/Beginning 10.19.18 1.0 X 0 0 0 Blythe J McGarvie Trustee 1.0 X 0 0 0 Andrew J McKenna Trustee 1.0 X 0 0 0 Mimi Mitchell Trustee/Beginning 10.19.18 1.0 X 0 0 0 Frank B Modruson Trustee 2.0 X 0 0 0 Robert S Morrison Trustee 1.0 X 0 0 0 Allan B Muchin Trustee 2.0 X 0 0 0 Linda K Myers Trustee 1.0 X 0 0 0 Jeffrey C Neal Trustee 1.0 X 0 0 0 Sylvia Neil Trustee 2.0 X 0 0 0 Ken R Norgan Trustee 1.0 X 0 0 0 Sharon F Oberlander Trustee 2.0 X 0 0 0 John W Oleniczak Trustee 2.0 X 0 0 0 Gregory O'Leary Trustee 1.0 X 0 0 0 James W Mabie Trustee 2.0 X 0 0 0 Craig C Martin Trustee 1.0 X 0 0 0 Robert J McCullen Trustee 1.0 X 0 0 0 Olufummilayo Olopade Trustee 1.0 X 0 0 0 Richard Pomeroy 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 Anne N Reyes Trustee 1.0 X 0 0 0 Brenda Robinson Trustee 1.0 X 0 0 0 Collin E Roche Trustee 1.0 X 0 0 0 Joseph O Rubinelli Jr Trustee 1.0 X 0 0 0 Richard Ryan Trustee/Beginning 2.15.19 1.0 X 0 0 0 Claudia M Saran Trustee 1.0 X 0 0 0 Rodd M Schreiber Trustee 1.0 X 0 0 0 Christine Schyvinck Trustee/Beginning 4.23.19 1.0 X 0 0 0 Marsha Serlin Trustee 2.0 X 0 0 0 Brenda M Shapiro Trustee 2.0 X 0 0 0 Richard Shepro Trustee 1.0 X 0 0 0 Eric S Smith Trustee 2.0 X 0 0 0 Kevin Smith Trustee/Beginning 4.23.19 1.0 X 0 0 0 Pam Szokol Trustee 1.0 X 0 0 0 Franco Tedeschi Trustee 1.0 X 0 0 0 Mark A Thierer Trustee 1.0 X 0 0 0 Cherryl T Thomas Trustee 1.0 X 0 0 0 Olivia Tyrrell Trustee 1.0 X 0 0 0 Roberta L Washlow Trustee 1.0 X 0 0 0 Miles D White Trustee 1.0 X 0 0 0 Matthew Fisher Trustee 1.0 X 0 0 0 Amelie Ngrier-Oyarzabal Trustee 1.0 X 0 0 0 Scott Cozad Trustee/Beginning 4.23.19 1.0 X 0 0 0 Jose Luis Prado Trustee 1.0 X 0 0 0 William A Osborn Trustee 1.0 X 0 0 0 Matthew J Parr Trustee 1.0 X 0 0 0 Jane DiRenzo Pigott Trustee 1.0 X 0 0 0 John E Butler Trustee 1.0 X 0 0 0 Allan Drebin Trustee 1.0 X 0 0 0 Scott E Santi Trustee 1.0 X 0 0 0 Michael W Ferro Jr Trustee/Partial year to 8.31.18 1.0 X 0 0 0 Sandy Koltun Trustee/Partial year 10.19.18 - 5.6.19 1.0 X 0 0 0 Jana R Schreuder Trustee/Partial year to 10.19.18 1.0 X 0 0 0 Drew Landmesser Deputy General Director 40.0 X 300529 0 50668 Roberta Lane Asst Treasurer, CFO 40.0 X 312933 0 36010 Elizabeth Hurley Asst Secretary, Director of Development Beginning March 2018 40.0 X 286355 0 29710 Michael C Reynolds Master Electrician 40.0 X 209200 0 63886 Lisa Middleton Vice President, Marketing and Communications 40.0 X 203862 0 44881 Michael Geller Orchestra member 40.0 X 204926 0 10915 Joe Dockweiler Master Carpenter 40.0 X 202465 0 66782 Nicholas I Martin Vice President, Operations & Labor Stragety 40.0 X 176131 0 42599 Mary L Selander Former Asst Secretary, Director of Development Until February 2018 40.0 X 338653 0 15914 2933038 0 417377 79 true true false Allied Integrated Marketing 55 Cambridge Parkway Cambridge MA 02142 Advertising Agency 1555536 Calihan Catering 833 W Haines Chicago IL 60622 Catering 1107191 Jewell Events Catering 424 N Wood St Chicago IL 60622 Catering 951070 SIRAD Inc 215 W Washington Street Chicago IL 60606 Conductor, Music Director 717922 The Aber Group 120 Eglinton Avenue East Suite 202 Toronto Ontario CA M4P1E2 Advertising 522810 51 X 3120253 137900 35862287 3469190 39120440 TICKET SALES 711190 30174416 30174416 TICKET HNDLG/EXCHG FEES 711190 1665046 1665046 PRODUCTION RENTALS/CO-PRODUCTION INCOME 711190 502930 502930 EDUCATION ACTIVITIES 711190 74508 74508 93199 93199 0 0 32510099 3330303 26621 3303682 0 0 55000077 50931530 1963 4068547 -1963 4066584 4066584 576858 3120253 1382701 -805843 -805843 1739313 1017212 722101 18908 150882 552311 PARTY RECEPTION INCOME 900099 1035446 534729 500717 DINING SPACES 900099 853776 853776 FACILITIES EVENTS FEES 900099 129356 129356 427497 0 2665 424832 2446075 81389759 32658363 714897 8896059 1847431 395517 736890 715024 9480 9480 33494455 29104706 2444342 1945407 3029879 2776898 136337 116644 5426895 4849991 253271 323633 2889959 2450002 257270 182687 276954 156775 120179 167330 1375 165955 1336060 1330348 5712 7491300 6724880 183353 583067 2945276 2849385 5759 90132 1183816 610874 332514 240428 1120618 59466 1058753 2399 986620 986620 2039704 1784540 182396 72768 1305044 1001712 122980 180352 43224 16581 7526 19117 2715871 2424728 276026 15117 4293723 3869160 424563 1018758 712526 303498 2734 Production Costs 3903666 3903666 Charge Card Fees 768100 685974 82126 Catering 285746 32337 6203 247206 Purchases/Rentals 37683 1438 36245 1390805 330538 390790 669477 80008397 65737731 8740391 5530275 2643435 3582260 847432 855126 44700790 31799903 989351 635658 0 0 0 40726 23921 3076241 2823088 113130593 72379867 43362842 40750726 75937955 107174920 122074570 111254486 0 43410 44136 293716752 298944224 6879828 6793979 13929007 15366103 65800000 65800000 0 0 8314389 9776297 94923224 97736379 X 97953873 106245882 71318615 65365455 29521040 29596508 198793528 201207845 293716752 298944224 X 1381362 1817288 -784333 X false true X true false X 54197015 37985524 26201904 27438056 39120440 184942939 0 0 54197015 37985524 26201904 27438056 39120440 184942939 13202408 171740531 2074070 2207420 2448237 2193262 3804399 12727388 0 320368 67579 36546 72976 497469 912618 962582 911764 1029141 1216737 5032842 203200638 152346810 0.8452 0.9072 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - DINING SPACES, COLUMN A - 885907.0, COLUMN B - 867039.0, COLUMN C - 794128.0, COLUMN D - 795866.0, COLUMN E - 853776.0, COLUMN F - 4196716.0; DESCRIPTION - OTHER, COLUMN A - 26711.0, COLUMN B - 95543.0, COLUMN C - 117636.0, COLUMN D - 233275.0, COLUMN E - 362961.0, COLUMN F - 836126.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED true 0 false 55392183 75467 2399562 2516320 364797 54986095 53157706 725560 4287527 2431050 347560 55392183 47495887 1581116 6653730 2400903 172124 53157706 49178387 1639585 -961141 2191886 169058 47495887 49589868 237861 1437419 1843533 243228 49178387 0.0 0.54 0.46 true false 696577 696577 90787533 60785550 30001983 0 0 0 18744633 9868927 8875706 2901850 1725390 1176460 40750726 Hedged Equities- Non-Publicly Absolute Return- Non-Publicly Traded Equities- Non-Publicly Traded Real Assets- Non-Publicly Traded Assets Held in Trust Hedged Equities- Non-Publicly 18717537 F Absolute Return- Non-Publicly Traded 29959210 F Equities- Non-Publicly Traded 50419247 F Real Assets- Non-Publicly Traded 7542542 F Assets Held in Trust 4615950 F 111254486 Annuities Payable 727490 Interest Rate Swap Contract 9048807 9776297 X Schedule D, Part IV, Line 1b Agent, trustee, custodian, or other intermediary arrangement Lyric Opera acts as custodian of all assets and paymaster for payments for the Ryan Opera Center, to facilitate better controls and cost effectiveness. 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 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 returns 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 would recognize interest and penalties related to unrecognized tax positions in interest and income tax expense, respectively. However, the Opera has no amounts accrued for interest or penalties as of June 30, 2019 and 2018. There are no on-going federal, state or local tax audits. Central America and the Caribbean 0 0 Investments NA 32244721 Europe (Including Iceland and Greenland) 0 0 ,Management & Gen'l - Information Technology Costs NA 4000 Europe (Including Iceland and Greenland) 0 0 Program Services Artistic/Production Costs 763695 Europe (Including Iceland and Greenland) 0 0 ,Management & Gen'l - Travel NA 165891 Europe (Including Iceland and Greenland) 0 0 Program Services Marketing Consulting 1755 Europe (Including Iceland and Greenland) 0 0 Investments NA 5353282 North America (Canada & Mexico only) 0 0 Program Services Marketing consulting 523395 North America (Canada & Mexico only) 0 0 ,Management & Gen'l - Information Technology Costs NA 22482 North America (Canada & Mexico only) 0 0 ,Management & Gen'l Travel NA 649 0 0 0 0 0 0 39079870 0 39079870 true false true true true false Schedule F, Part I, Line 3 TO ENCOURAGE BOARD AND SPONSORSHIP DEVELOPMENT, LYRIC OPERA SPONSORS AN ANNUAL EVENT FOR CERTAIN BOARD MEMBERS TO PARTICIPATE IN OPERATIC AND CULTURAL EVENTS IN A FOREIGN LOCALE. EXPENSES FOR LODGING, MEALS, AND EVENTS ARE PAID BY LYRIC AND REIMBURSED BY THE ATTENDING BOARD MEMBERS. Opening Night / Opera Ball 859660 752410 107250 4016 139010 10260 148660 Musical Gala 659195 602983 56212 24788 66580 36631 14 2178256 1764860 413396 44500 420560 20817 466879 3697111 3120253 576858 73304 626150 31077 652170 1382701 -805843 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. $3.2 million of charitable contributions were collected (Schedule G, Part II, line 2) for a true net income of $2.3 million collected at these events. X X X true true X X X X true false false false false false false false false Anthony Freud General Director, President & CEO 606332 0 0 0 91652 0 34615 0 21397 0 753996 0 0 0 Drew Landmesser Deputy General Director 299262 0 0 0 1267 0 31819 0 18849 0 351197 0 0 0 Roberta Lane Asst Treasurer, CFO 311666 0 0 0 1267 0 16486 0 19524 0 348943 0 0 0 Elizabeth Hurley Asst Secretary, Director of Development Beginning March 2018 285720 0 0 0 635 0 9757 0 19953 0 316065 0 0 0 Michael C Reynolds Master Electrician 209200 0 0 0 0 0 22953 0 40933 0 273086 0 0 0 Lisa Middleton Vice President, Marketing and Communications 203574 0 0 0 288 0 13788 0 31093 0 248743 0 0 0 Michael Geller Orchestra member 56370 0 0 0 148556 0 6227 0 4688 0 215841 0 0 0 Joe Dockweiler Master Carpenter 202465 0 0 0 0 0 22615 0 44167 0 269247 0 0 0 Nicholas I Martin Vice President, Operations & Labor Stragety 175690 0 0 0 441 0 10821 0 31778 0 218730 0 0 0 Mary L Selander Former Asst Secretary, Director of Development Until February 2018 338458 0 0 0 195 0 11571 0 4343 0 354567 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. Both the General Director and the Director of Development, along with their spouses, attend and are an integral daily part of this event. Lyric is reimbursed for the cost of the General Director and the Director of Development's spouses to attend the event. None of the costs are taxed to the employees, as the trip is for bona fide business purposes for Lyric Opera. Schedule J, Part I, Line 1a Tax indemnification and gross-up payments Mary Selander, as a consultant, received an additional cash payment based on Lyric's 401(k) Plan employer contribution formula for the plan year. The payment was increased by an additional amount to compensate the Consultant for federal and state income taxes and self-employment taxes payable by the Consultant. Schedule J, Part I, Line 1a Health or social club dues or initiation fees In accordance with the terms of his contract when hired, Lyric Opera reimburses Mr. Freud for his health club dues, which are a taxable benefit. Schedule J, Part I, Line 4a Severance or change-of-control payment Michael Geller received a severance payment of $148,556 per the collective bargaining agreement between Lyric Opera and the Chicago Federation of Musicians. SIRAD INC ENTITY MORE THAN 35% OWNED BY A. DAVIS, CURRENT TRUSTEE 629214 CONTRACTED CONSULTANT - NORMAL COURSE OF BUSINESS false Colin Ure FAMILY MEMBER OF CURRENT TRUSTEE 9480 EMPLOYMENT false Mary Selander Former Employee 163070 CONSULTANT false X 63 3336848 Market value X Gift Certificates 28 106145 Market value X Food & Refreshments 6 5430 Market value X Decorations 3 202 Market value X Creative Design 5 20430 Market value X Jewelry 1 135 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 Other - Food & Refreshments - Number of contributions Other - Decorations - Number of contributions Other - Creative Design - Number of contributions Other - Jewelry - Number of Items Received Form 990, Part III, Line 2 New program services As of 6/30/2019, Lyric Opera of Chicago and The Patrick G and Shirley W Ryan Opera Center merged, with the Lyric Opera of Chicago being the surviving entity. The Lyric Opera of Chicago will continue to carry out the programs offered by The Patrick G and Shirley W Ryan Opera Center. These programs include offering year-round training and performance opportunities to the artists and performers of the Opera Center. Training and performance opportunities include instruction in voice, acting and language, as well as master classes, all of which are provided by artists, faculty and staff. Form 990, Part V, Line 1a NUMBER REPORTED IN BOX 3 OF FORM 1096 LYRIC OPERA PROVIDES ADMINISTRATIVE SERVICES AND MAINTAINS THE BOOKS AND RECORDS OF THE RYAN OPERA CENTER. ALL VENDORS, INCLUDING INDEPENDENT CONTRACTORS, FOR BOTH LYRIC OPERA AND THE RYAN OPERA CENTER ARE PAID THROUGH LYRIC OPERA OF CHICAGO. 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 Michael W. Ferro Jr., Andrew J. McKenna, Miles D. White, William Osborn - Business relationship, J. Christopher Reyes And Anne N Reyes - Family relationship, David Ormesher and Vikram Karnani - Business relationship, Gregory Jones, Brent W. Gledhill, Andrew J. McKenna - 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 Schedules are prepared and reviewed by Lyric staff. A review is then performed by our Tax Advisor. The Form 990 and related 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 nine members of the Board of Directors who are deemed independent, 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. The compensation 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. The Compensation Committee of the Board of Directors reviews the contract on an annual basis. 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 seven independent board members and two ex-officio members, reviewed the fiscal 2019 compensation arrangements on April 13, 2018. This process is done annually. 2) Lyric salary bands are determined by an independent consultant every three years 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: 87306, Related or Exempt Function Revenue: 87306, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Other Revenue - Total Revenue: 5893, Related or Exempt Function Revenue: 5893, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part VIII, Line 11d Other Miscellaneous Revenue Rental Space - Total Revenue: 2665, Related or Exempt Function Revenue: , Unrelated Business Revenue: 2665, Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Prior Year Over Accruals - Total Revenue: 362962, Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 362962; Coat Check Revenue - Total Revenue: 31505, Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 31505; Transportation Income - Total Revenue: 30365, Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 30365; Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGE IN SEVERANCE PLANS' VALUATION - -144116; UNREALIZED LOSS - INTEREST RATE SWAP CONTRACT - -2037649; TRANSFER OF NET ASSETS FROM THE PATRICK G. AND SHIRLEY W. RYAN OPERA CENTER - 1397432;