2016-08-11T18:06:36-05:00 2015-09-30 910189318 MOSS ADAMS LLP 6565 AMERICAS PARKWAY NE STE 600 ALBUQUERQUE NM 87110 990 2014-10-01 850131810 THE SANTA FE OPERA SANT 5059865955 PO BOX 2408 SANTA FE NM 87504 HEATHER KEMP DIRECTOR OF ACCTG & FINANCE 5059865955 2016-08-10 1 PAMELA ALEXANDERSON P01218925 5058787200 2014 2016-12-15 16:53:06Z SUSAN G MARINEAU PO BOX 2408 SANTA FE NM 87504 61384946 0 X WWW.SANTAFEOPERA.ORG X 1957 NM TO FOSTER AND ENRICH AN UNDERSTANDING AND APPRECIATION OF THE OPERATIC ART FORM. 44 44 637 1352 500857 99192 29854154 11642922 9889404 10313753 7093676 1411160 1003994 800300 47841228 24168135 0 0 0 0 10554120 10615765 0 0 1875314 11755537 13318743 22309657 23934508 25531571 233627 117852305 113197477 3400527 2973252 114451778 110224225 X TO FURTHER THE OPERATIC ART FORM BY PRESENTING ENSEMBLE PERFORMANCES OF THE HIGHEST QUALITY IN A VARIED REPERTOIRE OF NEW AS WELL AS RARELY PERFORMED AND STANDARD WORKS, TO ENSURE EXCELLENCE OF OPERA'S FUTURE THROUGH ITS APPRENTICE PROGRAMS FOR ARTISTS, TECHNICIANS AND ARTS ADMINISTRATORS, AND TO FOSTER AND ENRICH AN UNDERSTANDING AND APPRECIATION FOR OPERA IN THE COMMUNITY BY OUTREACH TO A DIVERSE PUBLIC. 0 0 16346151 10011751 ONE OF THE NATION'S MOST IMPORTANT SUMMER FESTIVALS, THE SANTA FE OPERA IS PRAISED FOR ITS INNOVATIVE REPERTORY AND HIGH STANDARDS OF EXCELLENCE. IN THE 2015 FESTIVAL SEASON, 38 PERFORMANCES OF 5 OPERAS WERE PERFORMED: THE DAUGHTER OF THE REGIMENT BY GAETANO DONIZETTI, RIGOLETTO BY GIUSEPPE VERDI, SALOME BY RICHARD STRAUSS, LA FINTA GIARDINIERI BY WOLFGANG AMADEUS MOZART, AND THE WORLD PREMIERE OF COLD MOUNTAIN BY JENNIFER HIGDON. 2 PERFORMANCES OF APPRENTICE SCENES SHOWCASED MEMBERS OF THE COMPANY'S APPRENTICE PROGRAM FOR SINGERS AND TECHNICIANS. THE TOTAL AUDIENCE WAS 77,144. THE OPERA'S FAMED APPRENTICE PROGRAM OF SINGERS, ONE OF THE NATION'S MOST DISTINGUISHED TRAINING PROGRAMS, ALLOWS 40 ASPIRING YOUNG SINGERS, CHOSEN FROM SOME 800 APPLICANTS, TO DEVELOP THEIR SKILLS BY WORKING WITH PRINCIPAL ARTISTS, MUSIC TEACHERS, AND COACHES. THE APPRENTICE PROGRAM FOR TECHNICIANS PROVIDES EXPERIENCE AND TRAINING FOR SOME 75 YOUNG PEOPLE IN THE ART OF STAGECRAFT. 1193903 534680 THE SANTA FE OPERA'S EDUCATION AND COMMUNITY OUTREACH PROGRAMS OFFER AWIDE SELECTION TO BOTH STUDENTS AND ADULTS. IN 2015, 47,727 INDIVIDUALS WERE SERVED, 36,148 ADULTS AND 11,579 YOUTHS. EDUCATION AND OUTREACH PROGRAMS INCLUDE THE FOLLOWING: THE PUEBLO OPERA PROGRAM BRINGS STUDENTS, ELDERS, AND CHAPERONES TO A FINAL DRESS REHEARSAL FOR AN OPERA IN THE CURRENT SEASON. BEGUN IN 1973, 19 PUEBLOS AND 3 RESERVATIONS ATTEND THESE FULLY STAGED PRODUCTIONS. PARTICIPANTS IN THE YOUTH NIGHT PROGRAM ATTENDED A FINAL FULL DRESS REHEARSAL. STUDENTS IN ELEMENTARY AND MIDDLE SCHOOL WHO PARTICIPATE IN THE ACTIVE LEARNING THROUGH OPERA PROGRAM WORK WITH ARTISTS-IN-RESIDENCE TO EXPLORE LEARNING THROUGH THE PERFORMING ARTS; OFTEN WRITING, PRODUCING, AND PERFORMING THEIR OWN OPERAS BOTH IN-SCHOOL AND AFTER SCHOOL. SPRING OPERA TOURS PRESENT A FREE INTRODUCTION TO OPERA IN SCHOOLS AND COMMUNITITES IN NEW MEXICO AND WESTERN TEXAS. BACKSTAGE TOURS IN THE OPERA'S THEATER ARE OFFERED DURING THE WEEK THROUGHOUT THE SUMMER FESTIVAL SEASON. COMMUNITY CONCERTS ARE FREE EVENTS FEATURING APPRENTICE SINGERS DURING THE SUMMER AND CHRISTMAS HOLIDAY SEASON IN DIFFERENT VENUES. OPERA MAKES SENSE IS A SPECIAL INTRODUCTION FOR THREE TO FIVE YEAR OLDS EXPLORING MUSIC THROUGH THEIR FIVE SENSES. ADULT EDUCATION OFFERS A VARIETY OF SYMPOSIUMS AND PROGRAMS FOR BOTH THE OPERA AFICIONADO AND NOVICE THROUGHOUT THE YEAR INCLUDING A WEEK LONG INTENSIVE SEMINAR, PRELUDE TALKS PRIOR TO EACH OPERA, AND PREVIEW DINNERS FEATURING A SPEAKER WHO PROVIDES CONTEXT AND SYNOPSIS FOR EACH OPERA. 17540054 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 389 0 1 637 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 X 44 44 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NM NY X THE ORGANIZATION 5059865955 301 OPERA DRIVE SANTA FE NM 87506 SUSAN G MARINEAU PRESIDENT 5.00 X X 0 0 0 PETER B FRANK VICE PRESIDENT 5.00 X X 0 0 0 ROBERTA COOPER RAMO VICE PRESIDENT 5.00 X X 0 0 0 JOSEPH M BRYAN JR FIRST VICE PRESIDENT 5.00 X X 0 0 0 T PETER TOWNSEND TREASURER 5.00 X X 0 0 0 DAN C PERRY SECRETARY 5.00 X X 0 0 0 SUSAN F MORRIS CHAIRMAN 5.00 X X 0 0 0 JAMES R SEITZ JR VICE CHAIRMAN 5.00 X X 0 0 0 SARAH BILLINGHURST SOLOMON DIRECTOR 1.00 X 0 0 0 WILLIAM A BROSIUS DIRECTOR 1.00 X 0 0 0 J BRUCE BUGG JR DIRECTOR 1.00 X 0 0 0 BRUCE CHEMEL DIRECTOR 1.00 X 0 0 0 E H CORRIGAN DIRECTOR 1.00 X 0 0 0 RICHARD H DAVIS DIRECTOR 1.00 X 0 0 0 NANCIE DOMINIC DIRECTOR 1.00 X 0 0 0 MICHAEL G DOORLEY DIRECTOR 1.00 X 0 0 0 KRISTINA J FLANAGAN DIRECTOR 1.00 X 0 0 0 JOSEPHINE GILMORE DIRECTOR 1.00 X 0 0 0 CHESTER A GOUGIS DIRECTOR 1.00 X 0 0 0 FREDERICK R HAAS DIRECTOR 1.00 X 0 0 0 ANN SHILLING HARRISON DIRECTOR 1.00 X 0 0 0 DAVID K INGALLS DIRECTOR 1.00 X 0 0 0 PHILIP M JELLEY DIRECTOR 1.00 X 0 0 0 DONNA L KENDALL DIRECTOR 1.00 X 0 0 0 WALTER L KIRCHNER DIRECTOR 1.00 X 0 0 0 MARYON DAVIES LEWIS DIRECTOR 1.00 X 0 0 0 DIANNE R LOOMIS DIRECTOR (THROUGH 9/18/2015) 1.00 X 0 0 0 NEDRA MATTEUCCI DIRECTOR 1.00 X 0 0 0 MARILYN P MCCONNELL DIRECTOR 1.00 X 0 0 0 DAVID ELLIS MCNEEL DIRECTOR 1.00 X 0 0 0 CHARLES F MOORE DIRECTOR 1.00 X 0 0 0 DAN NAMINGHA DIRECTOR 1.00 X 0 0 0 DAVID P PADILLA DIRECTOR 1.00 X 0 0 0 ESTEVAN RAEL-GALVEZ DIRECTOR 1.00 X 0 0 0 CAREY R RAMOS DIRECTOR 1.00 X 0 0 0 GEORGE SHIRLEY DIRECTOR 1.00 X 0 0 0 FREDERICK J SIMON DIRECTOR (THROUGH 9/28/15) 1.00 X 0 0 0 EUGENE E STARK JR DIRECTOR 1.00 X 0 0 0 IRWIN J SUGARMAN DIRECTOR 1.00 X 0 0 0 C WILLIAM TANZI DIRECTOR 1.00 X 0 0 0 ROBERT L TURNER DIRECTOR 1.00 X 0 0 0 DANNEHL M TWOMEY DIRECTOR 1.00 X 0 0 0 ROBERT J VLADEM DIRECTOR 1.00 X 0 0 0 VERONICA A WATSON DIRECTOR 1.00 X 0 0 0 ROBERT G WEISS DIRECTOR 1.00 X 0 0 0 ROBERT M ZONE DIRECTOR 1.00 X 0 0 0 CHARLES MACKAY GENERAL DIRECTOR 40.00 X 462854 0 54387 HEATHER KEMP DIRECTOR OF ACCOUNTING & FINANCE 40.00 X 136367 0 11325 BRAD WOOLBRIGHT DIRECTOR OF ARTISTIC ADMINISTRATION 40.00 X 157127 0 11700 ROBERT MEYA DIRECTOR OF EXTERNAL AFFAIRS 40.00 X 202986 0 13665 PAUL HORPEDAHL PRODUCTION AND FACILITIES DIRECTOR 40.00 X 145983 0 20488 MICHAEL GARY DIRECTOR OF INSTITUTIONAL GIVING 40.00 X 119558 0 7887 THOMAS MORRIS DIRECTOR OF ADMINISTRATION & OPERATIONS 40.00 X 103279 0 14678 HARRY BICKET CHIEF CONDUCTOR 10.00 X 145348 0 0 1473502 0 134130 8 0 1 0 BRADBURY STAMM 7110 2ND STREET NW ALBUQUERQUE NM 87107 CONSTRUCTION 3067800 BON APPETIT 1600 ST MICHAELS DR SANTA FE NM 87505 FOOD SERVICES 371147 MATIZ ARCHITECTURE PLLC 1123 BROADWAY SUITE 707 NEW YORK NY 10010 ARCHITECT 341181 PUBLIC SERVICE CO OF NM PO BOX 17970 DENVER CO 80217 CONSTRUCTION (MOVE UTILITY LINES) 293689 BLUE SKY BUILDERS PO BOX 608 ESPANOLA NM 87532 CONSTRUCTION 255232 8 344338 190900 11107684 1849609 11642922 PERFORMANCE ADMISSIONS 711110 8735152 8735152 AUXILARY OPERATIONS 711110 1578601 1568285 10316 10313753 935810 -1091 936901 413365 74054 428480 3672 -15115 70382 55267 55267 36783605 36308255 475350 475350 475350 159272 344338 148865 10407 10407 332197 327539 4658 7416 -2758 ADVERTISING REVENUE 511120 317983 317983 BOX OFFICE SERVICE CHA 711110 224223 224223 SPONSORSHIP REVENUE 611710 117415 117415 70347 11355 58992 729968 24168135 10546431 500857 1477925 X 1069054 270143 528768 270143 7733832 6046286 924827 762719 286355 215804 53502 17049 866833 590291 165136 111406 659691 493409 98420 67862 32282 32282 110766 110766 16582 16582 97358 97358 2921773 2810269 101050 10454 564926 485867 53118 25941 666114 497841 92236 76037 259484 159090 83125 17269 6668 6668 1765900 1163472 602428 2106264 1999421 62850 43993 26862 16455 10407 1779103 675307 1103796 299315 123887 175428 INCOME TAX 52461 52461 COSTUMES, SCENERY, PROP 1182409 1182409 ENTERTAINMENT AND CULTI 632287 107055 70929 454303 AUXILIARY EXPENSE 406025 406025 392164 290355 83671 18138 23934508 17540054 4519140 1875314 9425336 5323561 18856611 15299424 366571 460042 60585 92276 977380 611572 68110374 22769730 36397981 45340644 43393429 37866032 7919648 7744662 454764 459264 117852305 113197477 1815561 1957901 1280685 724254 304281 291097 3400527 2973252 X 48632093 56791555 24206529 11852257 41613156 41580413 114451778 110224225 117852305 113197477 X 233627 -4291212 -169968 X 0 1 X 1 0 X 9603478 13652924 6717921 29854154 11642922 71471399 9603478 13652924 6717921 29854154 11642922 71471399 19933376 51538023 1201163 1312863 1286082 1237039 1423229 6460376 29215 44093 110203 140988 119113 443612 78375387 51038875 0.65760 0.63640 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 16582 16582 23917926 23934508 1000000 250000 0 0 1000000 1000000 1500000 16582 16582 250000 250000 375000 FORM 990; SCHEDULE C, PART II-A, LINE 1 THE OPERA HOSTED SPOUSES OF STATE AND LOCAL LEGISLATORS AT A LUNCHEON AT THE GENERAL DIRECTORS HOUSE. THE PURPOSE OF THE EVENT WAS TO INTRODUCE LEGISLATORS AND THEIR FAMILIES, PARTICULARLY THOSE FROM OTHER AREAS OF THE STATE, TO THE OPERA AND ITS MISSION AND PROGRAMS. THE OPERA ALSO HOSTED LEGISLATORS AT A BUFFET DINNER PRIOR TO A DRESS REHEARSAL OF THE DAUGHTER OF THE REGIMENT. A STUDENT PARTICIPATING IN THE OPERA'S YOUNG VOICES PROGRAM PERFORMED AND MADE A PRESENTATION TO THE GROUP ON HER EXPERIENCE WITH THE OPERA. THE LEGISLATORS ALSO ATTENDED THE DRESS REHEARSAL. THE PURPOSE OF THE EVENT WAS TO INTRODUCE LEGISLATORS TO THE OPERA AND ITS MISSIONS AND PROGRAMS. LEGISLATORS ARE ALSO INVITED TO COMMUNITY ENGAGEMENT PROGRAMS, SUCH AS CONCERTS AND THE SPRING OPERA TOUR, HELD IN THEIR RESPECTIVE DISTRICTS. 4500 4500 X DECORATIVE ITEMS 0 53178362 251227 -3321283 2135083 47973223 51483646 486167 3160754 1952205 53178362 47926524 615209 4616205 1674292 51483646 43425684 1386307 4731223 1616690 47926524 44743815 1639451 -986696 1970886 43425684 0.10310 0.05310 0.84380 0 0 5348930 5348930 57461694 19105679 38356015 5299750 3664051 1635699 45340644 WEATHERLOW MARKETABLE ALTERNATIVES 6887385 F TIFF REAL ESTATE 857277 F 7744662 ANNUITIES PAYABLE 291097 291097 X 20421948 -4291212 58063 587144 -3646005 24067953 99091 1091 100182 24168135 24649501 58063 756021 814084 23835417 99091 99091 23934508 PART III, LINE 4: THE ORGANIZATIONS MISSION INVOLVES OPERATIC ART AND DONATED ARTWORK IS DISPLAYED IN VARIOUS BUILDINGS TO PROMOTE THIS MISSION. PART V, LINE 4: TO PRODUCE A RELATIVELY PREDICTABLE AND STABLE INCOME STREAM TO GROW AND TO SUPPORT PRESENT AND FUTURE PROGRAMS. PART X, LINE 2: THE OPERA HAS ADOPTED THE PROVISIONS OF ASC 74010, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, ON JANUARY 1, 2009, WHICH HAD NO FINANCIAL STATEMENT IMPACT TO THE OPERA. THE OPERA RECOGNIZES THE TAX (BENEFIT) EXPENSE FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY THE TAX AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. ANY SUCH TAX (BENEFIT) EXPENSE IS MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE OPERA HAD NO UNRECOGNIZED TAX (BENEFITS) EXPENSE WHICH WOULD REQUIRE AN ADJUSTMENT TO THE OCTOBER 1, 2011 BEGINNING BALANCE OF NET ASSETS AND HAD NO UNRECOGNIZED TAX BENEFITS AT SEPTEMBER 30, 2015 OR 2014. THE OPERA FILES AN EXEMPT ORGANIZATION RETURN WITH THE INTERNAL REVENUE SERVICE (IRS). IT IS NOT A "PRIVATE FOUNDATION" FOR TAX PURPOSES. THE OPERA HAD MINIMAL TAXABLE UNRELATED BUSINESS INCOME FOR THE YEARS ENDED SEPTEMBER 30, 2015 AND 2014. ACCORDINGLY, A PROVISION FOR INCOME TAXES HAS NOT BEEN ESTABLISHED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE OPERA IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE IRS FOR TAX YEARS THROUGH SEPTEMBER 30, 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST -168,877. RENTAL EXPENSE 428,480. COST OF GOODS SOLD INVENTORY 327,541. PART XI, LINE 4B - OTHER ADJUSTMENTS: PASS THROUGH INCOME NOT INCLUDED IN FINANCIAL STATEMENTS 1,091. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 428,480. COST OF GOODS SOLD INVENTORY 327,541. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 6887385 0 0 0 0 0 0 6887385 0 6887385 0 0 0 0 0 0 GALA 344099 298349 45750 26607 15909 OPENING WEEKEND 89026 42534 46492 50205 1 70485 3455 67030 56144 503610 344338 159272 132956 15909 148865 10407 X X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 CHARLES MACKAY GENERAL DIRECTOR 345385 0 50000 0 67469 0 46500 0 7887 0 517241 0 0 0 BRAD WOOLBRIGHT DIRECTOR OF ARTISTIC ADMINISTRATION 153627 0 3500 0 0 0 3813 0 7887 0 168827 0 0 0 ROBERT MEYA DIRECTOR OF EXTERNAL AFFAIRS 177886 0 3500 0 21600 0 0 0 13665 0 216651 0 0 0 PAUL HORPEDAHL PRODUCTION AND FACILITIES DIRECTOR 140983 0 5000 0 0 0 3875 0 16613 0 166471 0 0 0 PART I, LINE 1A THE SANTA FE OPERA OWNS A RESIDENCE IMMEDIATELY ADJACENT TO THE OPERA'S FACILITIES. THE CLOSE PROXIMITY OF THE RESIDENCE AND THE GENERAL DIRECTOR'S LIVING THEREIN HAVE IMPORTANT BENEFITS FOR THE OPERA. THE GENERAL DIRECTOR IS THEREBY AVAILABLE ON SHORT NOTICE FOR IMPORTANT BUSINESS ON THE OPERA GROUNDS AS WELL AS IS ABLE TO ENTERTAIN AND MEET WITH THE OPERA'S GUESTS, ARTISTIC PARTNERS AND STAFF. THE GENERAL DIRECTOR, AS A CONDITION OF EMPLOYMENT, IS REQUIRED BY THE OPERA TO RESIDE IN THE GENERAL DIRECTOR'S RESIDENCE. THE SANTA FE OPERA REPORTS TO THE INTERNAL REVENUE SERVICE AS COMPENSATION TO THE GENERAL DIRECTOR ADDITIONAL TAXABLE INCOME FOR THE FAIR MARKET RENTAL VALUE AND UTILITY COSTS OF THE PREMISES. THE OPERA HAS AGREED TO REIMBURSE THE GENERAL DIRECTOR FOR ANY OUT-OF-POCKET COSTS INCURRED DURING THE USE OF THE GENERAL DIRECTOR'S RESIDENCE FOR OPERA BUSINESS. DETAILED RECORDS ARE REQUIRED TO BE MAINTAINED OF THE OPERA'S OFFICIAL USE OF THE RESIDENCE AND SUBMITTED TO THE PRESIDENT AND THE DIRECTOR OF FINANCE AND ACCOUNTING. THE TAX INDEMNIFICATION AND GROSS UP PAYMENTS REPRESENT THE TAX PAID BY THE OPERA, AND INCLUDED IN CHARLES MACKAY'S W-2, TO COVER THE TAX ON THE HOUSING ALLOWANCE. PART I, LINE 4B CHARLES MACKAY- THE OPERA CONTRIBUTED $18,000 TO A 457(B) PLAN AND $39,000 TO A 457(F) PLAN FOR THE BENEFIT OF THE GENERAL DIRECTOR DURING 2014. THE 457(F) PLAN VESTS ONLY IF THE GENERAL DIRECTOR REMAINS EMPLOYED BY THE OPERA IN JANUARY 2016. PART I, LINE 7 $50,000 BONUS TO GENERAL DIRECTOR CHARLES MCKAY FOR MEETING ORGANIZATIONAL GOALS X 1 4500 X 37 1033551 AVG DAILY HI/LOW X 1 743750 APPRAISAL X PARTY EXPENSES 0 52493 FAIR VALUE X COSTUMES/ PROPERTIES 0 11665 FAIR VALUE X MUSICAL INSTRUMENTS 0 3580 APPRAISAL X FURNITURE 0 70 FAIR VALUE 1 0 1 0 FORM 990, PART VI, SECTION A, LINE 1 ALL REGULAR MEMBERS OF THE BOARD (EXCLUDING HONORARY MEMBERS, DIRECTORS EMERITUS, AND EX-OFFICIO MEMBERS WHO HAVE NO VOTING RIGHTS) HAVE THE SAME VOTING RIGHTS. IN BETWEEN QUARTERLY BOARD MEETINGS, THE EXECUTIVE COMMITTEE OF THE BOARD IS VESTED WITH THE POWER OF THE BOARD OF DIRECTORS WITH THE FOLLOWING EXCEPTIONS: THE POWER TO DISSOLVE OR MERGE THE OPERA WITH ANOTHER ORGANIZATION, THE POWER TO CHANGE THE NAME OF THE OPERA, THE POWER TO CHANGE THE BYLAWS OF THE OPERA, THE POWER TO DELEGATE ITS AUTHORITY, THE POWER TO REMOVE THE GENERAL DIRECTOR OR ANY OTHER DIRECTOR, AND THE POWER TO SELL REAL PROPERTY VALUED OVER $2.5 MILLION. FORM 990, PART VI, SECTION A, LINE 2 FAMILY RELATIONSHIP - WALTER KIRCHNER AND JOSEPHINE GILMORE FORM 990, PART VI, SECTION A, LINE 4 TWO CATEGORIES OF NON-VOTING MEMBERS WERE ADDED, A STANDING COMMITTEE WAS ADDED AND THE EXECUTIVE COMMITTEE IS NOW AUTHORIZED TO SELL REAL PROPERTY UP TO $2.5MILLION, IF THE SALE OCCURS IN BETWEEN BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 11 THE BOARD OF DIRECTORS OF THE SANTA FE OPERA HAS APPROVED A RESOLUTION APPROVING A PROCESS BY WHICH THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE FULL VERSION OF THE FORM 990 INCLUDING ALL SCHEDULES AS PREPARED BY AN OUTSIDE ACCOUNTING FIRM. AFTER REVIEW AND ANY CHANGES BY THE AUDIT COMMITTEE, THE DRAFT PUBLIC DISCLOSURE VERSION OF THE FORM 990, EXCLUDING SCHEDULE B (SCHEDULE OF CONTRIBUTORS), IS SENT ELECTRONICALLY OR BY PRIORITY MAIL TO ALL MEMBERS OF THE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENT BEFORE IT IS FILED WITH THE IRS. THE SCHEDULE B TO THE FORM 990 IS NOT REVIEWED BY THE BOARD DUE TO THE CONFIDENTIAL AND PRIVATE NATURE OF ITS DONOR LIST. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF DIRECTORS OF THE SANTA FE OPERA ARE ASKED EACH YEAR TO SIGN CONFLICT OF INTEREST DISCLOSURE STATEMENTS AND TO SUBMIT THESE SIGNED STATEMENTS TO THE SECRETARY OF THE BOARD OF DIRECTORS. BY SIGNING THE ANNUAL DISCLOSURE STATEMENTS, EACH DIRECTOR UNDERTAKES TO NOTIFY THE PRESIDENT OF THE OPERA OF ANY MATERIAL CHANGES THAT MIGHT RESULT IN A CONFLICT OF INTEREST. THE PRESIDENT REVIEWS THE SIGNED DISCLOSURE STATEMENTS FOR CONFLICTS AND, WITH THE ASSISTANCE OF COMMITTEE CHAIRS, MONITORS COMPLIANCE WITH THE POLICY AT MEETINGS OF THE BOARD AND COMMITTEES CONSIDERING TRANSACTIONS OR ARRANGEMENTS THAT MIGHT GIVE RISE TO A CONFLICT OF INTEREST. THE SIGNED CONFLICT OF INTEREST DISCLOSURE STATEMENTS ARE MAINTAINED AT THE OFFICES OF THE SANTA FE OPERA. COMPLIANCE WITH THIS POLICY IS MONITORED BY THE AUDIT COMMITTEE. IF A CONFLICT ARISES, THE PERSON WITH SUCH CONFLICT IS NOT ALLOWED TO VOTE ON THE TRANSACTION. THERE HAVE BEEN NO INCIDENCES OF CONFLICT DURING THE REPORTING PERIOD. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS, COMPOSED OF THE PRESIDENT, CHAIRMAN, TREASURER AND TWO ADDITIONAL BOARD MEMBERS APPOINTED BY THE PRESIDENT, ALL OF WHOM ARE UNRELATED TO THE GENERAL DIRECTOR, REVIEWS AND APPROVES COMPENSATION AND OTHER TERMS OF EMPLOYMENT FOR THE GENERAL DIRECTOR. IN CONSIDERING APPROPRIATE COMPENSATION FOR THIS POSITION, THE COMPENSATION COMMITTEE REVIEWS SALARY DATA FOR COMPARABLE POSITIONS AT SIMILAR OPERA COMPANIES. THE COMPENSATION COMMITTEE ALSO CONDUCTS ANNUAL REVIEWS OF THE PERFORMANCE OF THE GENERAL DIRECTOR. MINUTES OF THE COMPENSATION COMMITTEE'S MEETINGS ARE RECORDED AND MAINTAINED AT THE OFFICES OF THE SANTA FE OPERA. COMPENSATION FOR THE DIRECTOR OF ACCOUNTING AND FINANCE IS DETERMINED BY THE GENERAL DIRECTOR. THE GENERAL DIRECTOR TAKES JOB PERFORMANCE AND SALARY DATA FOR COMPARABLE POSITIONS AT OTHER OPERA COMPANIES INTO ACCOUNT WHEN SETTING THE ANNUAL SALARY FOR THE DIRECTOR OF ACCOUNTING AND FINANCE. THE COMPENSATION COMMITTEE REVIEWS THE SALARIES FOR ALL SENIOR EMPLOYEES, COMPARING THE SALARIES TO COMPENSATION FOR SIMILAR POSITIONS AT OTHER OPERA COMPANIES. THIS PROCESS WAS LAST COMPLETED IN 2015. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES, AND FINANCIAL STATEMENTS ARE MAINTAINED IN THE OFFICES OF THE SANTA FE OPERA. THEY ARE MADE AVAILABLE TO MEMBERS OF THE PUBLIC WHO MAKE WRITTEN REQUESTS FOR THE INFORMATION. FORM 990, PART IX, LINE 11G ARTIST FEES: PROGRAM SERVICE EXPENSES 2,022,565. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,022,565. TEACHING/TEACHING ARTIST FEES: PROGRAM SERVICE EXPENSES 185,323. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 185,323. OTHER CONTRACT LABOR: PROGRAM SERVICE EXPENSES 602,381. MANAGEMENT AND GENERAL EXPENSES 101,050. FUNDRAISING EXPENSES 10,454. TOTAL EXPENSES 713,885. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -168,877. PASSTHROUGH INCOME NOT INCLUDED IN F/S -1,091.