2012-05-15T09:27:48-04:00 2011-06-30 KPMG LLP 355 S Grand Ave Suite 2000 Los Angeles CA 90071 990 2010-07-01 952096402 Los Angeles Opera Company LOSA 2139727219 135 North Grand Avenue Los Angeles CA 90012 FAITH RAIGUEL 2012-05-09 2139724000 2010 2016-02-24 21:20:13Z FAITH RAIGUEL 135 n grand avenue los angeles CA 900123013 41786514 false X www.losangelesopera.com X 1983 CA THE LOS ANGELES OPERA COMPANY (LA OPERA) IS A NON-PROFIT, TAX-EXEMPT ENTITY ORGANIZED TO PROVIDE ALL PERSONS THE OPPORTUNITY TO colletively EXPERIENCE THE RICH emotional AND CULTURAL EXPERIENCE OF OPERA. 85 71 938 281 0 0 41170929 29582773 12624194 11690095 104453 300537 -140591 -333344 53758985 41240061 0 0 0 0 26807933 20986286 180914 150338 2262805 22899538 16281879 49888385 37418503 3870600 3821558 58990857 58154490 42789922 36007394 16200935 22147096 X We envision an engaged and enlightened community in which all members have the opportunity to collectively enjoy the rich aesthetic, emotional, intellectual and cultural experience of opera. See Schedule O. false false 28600876 0 10867895 Opera: From July 1, 2010 through June 30, 2011, the Company produced 41 performances, consisting of six operas and three recitals for over 90,000 people. Included was the world premiere of the Spanish-language opera, Il Postino, and other operas featuring artists from around the world. 1178141 0 359823 Education and Community Outreach: LA Opera brought its educational and culturally relevant "In-School Opera" program to 25 public schools and 25,000 students; 2,800 students attended special dress rehearsals and career workshops. The "Opera for Educators" and "Opera 101" programs served over 12,000 students and 200 teachers by providing teachers with the hands-on instruction and tools needed to use opera to enhance educational programs. SEE Schedule O. 719127 0 10800 Domingo-Thornton Young Artist Program: Created by Placido Domingo, the Young Artist Program seeks to support and develop the careers of promising singers and ACCOMPANISTS. This residency program provides extensive training and performance experience through main-stage roles, cover roles, concerts and other productions. During the year, nine artists were given 24 main-stage roles and performed in 25 recitals throughout the community. 555360 0 451577 31053504 true true false false false false false false true true true false true false true true false false false false false false true true false false false false true false false false true false false false true true false false false false false false false false false true 181 0 true 938 true false false false false false true true false false false false X 85 71 true false false false false false false true true false false false true true true true true true true false CA X FAITH RAIGUEL 2139727219 135 N GRAND AVENUE LOS ANGELES CA 900123013 X MARC I STERN 10.0 X X 0 0 0 CAROL F HENRY 10.0 X X 0 0 0 BERNARD A GREENBERG 5.0 X X 0 0 0 WARNER W HENRY 5.0 X X 0 0 0 SEBASTIAN PAUL MUSCO 2.0 X X 0 0 0 MILAN PANIC 2.0 X X 0 0 0 MARILYN ZIERING 2.0 X X 0 0 0 CHRISTOPHER V WALKER 5.0 X X 0 0 0 MARVIN S SHAPIRO 5.0 X X 0 0 0 ALEX K BOUZARI 5.0 X 0 0 0 LESLIE A DORMAN 5.0 X 0 0 0 MARY HAYLEY 2.0 X 0 0 0 LAUREN B LEICHTMAN 2.0 X 0 0 0 MILTON T OKUN 2.0 X 0 0 0 R CARLTON SEAVER 2.0 X 0 0 0 EUGENE P STEIN 2.0 X 0 0 0 GERALDINE ALDEN PHD 2.0 X 0 0 0 MARVIN ANTONOWSKY 2.0 X 0 0 0 JAMES R ASPERGER 2.0 X 0 0 0 HAIG S BAGERDJIAN 2.0 X 0 0 0 JILL C BALDAUF 5.0 X 0 0 0 MOSHE BARKAT 2.0 X 0 0 0 DAVID N BARRY 2.0 X 0 0 0 MARVIN J BARTH III 2.0 X 0 0 0 AMBASSADOR FRANK E BAXTER 2.0 X 0 0 0 NANCY BAXTER 2.0 X 0 0 0 DR GERALD BERKE 2.0 X 0 0 0 PAUL BLOCH 2.0 X 0 0 0 LINDA T BRITTAN 2.0 X 0 0 0 EDWARD E CLARK 2.0 X 0 0 0 LISA KIRK COLBURN 1.0 X 0 0 0 MARK H DALZELL 1.0 X 0 0 0 EDGAR FOSTER DANIELS 1.0 X 0 0 0 KELLY DAY 2.0 X 0 0 0 LAURA DONNELLEY 2.0 X 0 0 0 GEOFF EMERY 2.0 X 0 0 0 DON ERIK FRANZEN 5.0 X 0 0 0 GERRI LEE FRYE 5.0 X 0 0 0 ALEXANDER FURLOTTI 2.0 X 0 0 0 CRAIG GARNER 2.0 X 0 0 0 RUTH R GOLD 2.0 X 0 0 0 BRINDELL ROBERTS GOTTLIEB 2.0 X 0 0 0 THOMAS GOTTSCHALK 1.0 X 0 0 0 PETER GRAY 2.0 X 0 0 0 MRS JOHN F HOTCHKIS 2.0 X 0 0 0 RICHARD JONES 2.0 X 0 0 0 DR HAROLD L KARPMAN 2.0 X 0 0 0 GREGORY KEEVER 2.0 X 0 0 0 LAWRENCE A KERN 2.0 X 0 0 0 THOMAS F KRANZ 2.0 X 0 0 0 ROBERT KUPPENHEIMER 2.0 X 0 0 0 EDWARD A LANDRY 2.0 X 0 0 0 JUDY LIEB 2.0 X 0 0 0 SCOTT RICHARD LORD 2.0 X 0 0 0 JENNIFER TROCHEZ MACLEAN 2.0 X 0 0 0 CLAUDE MANN 2.0 X 0 0 0 DONNA G MARIASH 2.0 X 0 0 0 CARLOS A MOLLURA 2.0 X 0 0 0 DR STEVEN NAGELBERG 2.0 X 0 0 0 LESLIE A PAM PHD 2.0 X 0 0 0 HAROLD B RAY 5.0 X 0 0 0 ROBERT RONUS 2.0 X 0 0 0 JACLYN B ROSENBERG 2.0 X 0 0 0 ARMIN M SADOFF MD 2.0 X 0 0 0 BARRY A SANDERS 2.0 X 0 0 0 FRED SANDS 2.0 X 0 0 0 E RANDOL SCHOENBERG 2.0 X 0 0 0 LISA SEE 2.0 X 0 0 0 JOAN SEIDEL 2.0 X 0 0 0 DR CHESTER SEMEL 2.0 X 0 0 0 MARILYN SHAPIRO 2.0 X 0 0 0 ERIC L SMALL 2.0 X 0 0 0 JAMES THURMOND SMITHGALL 2.0 X 0 0 0 MRS DOROTHY B STRAUS 2.0 X 0 0 0 DR JAMES A STRAUSS 2.0 X 0 0 0 BARBARA AUGUSTA TEICHERT 2.0 X 0 0 0 SANDRA W TERNER 2.0 X 0 0 0 PAUL D TOSETTI 2.0 X 0 0 0 RICHARD E TROOP 2.0 X 0 0 0 BRIGITTA B TROY 2.0 X 0 0 0 ROGER WACKER 2.0 X 0 0 0 ALYCE WILLIAMSON 2.0 X 0 0 0 PLACIDO DOMINGO 20.0 X 1350000 0 50000 JAMES CONLON 20.0 X 914899 0 78797 STEPHEN D ROUNTREE 20.0 X X 202248 0 0 FAITH RAIGUEL 40.0 X 232526 0 14013 MARILYN SHAPIRO 40.0 X 164664 0 6516 CHRISTOPHER KOELSCH 40.0 X 234058 0 9061 JOHN NUCKOLS 40.0 X 244715 0 4786 HAROLD CONROY JR 40.0 X 165160 0 33929 GRANT GERSHON 25.0 X 160745 0 2208 ALLEN TATE 40.0 X 146007 0 29524 RUPERT HEMMINGS 40.0 X 134392 0 12244 JEFF KLEEMAN 40.0 X 132491 0 12547 4081905 0 253625 12 false true false achim freyer KADETTENWEG 53 BERLIN 0 GM D-12205 ARTIST FEES 191668 Eric Halfvarson 1264 Harwood Road Suite 100 BEDFORD TX 76021 artist fees 260450 Linda Watson PORZELLANZ 56 VIENNA 0 AU A-1090 Artist Fees 231450 MICHELLE DEYOUNG 10 SANTA FE MOUNTAIN ROAD EVERGREEN CO 80439 ARTIST FEES 203700 JOHN TRELEAVEN TANNENWEG 5 NACKENGEIM 0 GM D-66299 ARTIST FEES 182450 17 941303 268967 28372503 5198968 29582773 TICKET SALES AND FEES 711190 10867895 10867895 OUTREACH INCOME 611710 359823 359823 PRODUCTION RENTAL INCOME 711190 59614 59614 CO-PRODUCTION INCOME 711190 382700 382700 YOUNG ARTIST APPLICATION FEES 711190 10800 10800 9263 9263 11690095 295149 0 0 295149 0 45351 45351 20091 14703 5388 5388 5388 84410 941303 531750 -447340 -447340 0 0 MISCELLANEOUS INCOME 900099 8917 8917 REFUNDS & REBATES 900099 59728 59728 68645 41240061 11690095 0 -32807 0 0 0 0 3142854 2324602 539907 278345 0 13858900 12100091 804770 954039 184803 161647 13713 9443 2377885 2226034 66935 84916 1421844 1231846 96763 93235 0 2205 0 2205 0 102254 0 102254 0 0 150338 150338 0 4680730 4680730 0 0 1086841 992297 3220 91324 574625 309649 124295 140681 179552 32543 147009 0 155373 155373 0 0 1638556 1427956 208902 1698 761395 652710 90834 17851 0 1157 830 327 0 1039474 0 1039474 0 0 390168 317564 72604 0 208446 0 208446 0 PHYSICAL PRODUCTION COSTS 3157716 3157331 0 385 CONSULTING FEES 993070 559706 365702 67662 SPECIAL PROGRAMS 371491 92295 24111 255085 CREDIT CARD DISCOUNTS 433336 352598 858 79880 BAD DEBT EXPENSE 48883 10960 0 37923 456607 266742 189865 37418503 31053504 4102194 2262805 1376196 751058 5600872 4941400 28176607 27903183 800967 276715 2303720 1800734 8559254 7466669 1438859 1092585 6577 104406 11094658 12488289 8192401 8796120 58990857 58154490 9107686 4543581 6196216 6233892 4486020 5229921 6000000 3000000 17000000 17000000 42789922 36007394 X -19788548 -18167785 8888771 12775381 27100712 27539500 16200935 22147096 58990857 58154490 X 3821558 2124603 X false true true X false X 32854122 40715050 34054679 41170929 29582773 178377553 21321584 18708955 19693551 12624194 11690095 84038379 54175706 59424005 53748230 53795123 41272868 262415932 9399093 12741500 5051040 11700050 20831267 59722950 9399093 12741500 5051040 11700050 20831267 59722950 202692982 1091387 289801 24565 104453 340500 1850706 1091387 289801 24565 104453 340500 1850706 334831 609505 445919 321408 153055 1864718 55601924 60323311 54218714 54220984 41766423 266131356 0.76163 0.83500 0.00695 0.00890 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11110558 17500 1941477 581246 12488289 10418993 15900 1265929 590264 11110558 13611688 16030 -2781074 427651 10418993 0.00000 1.00000 0.00000 true false 967297 906778 60519 7200495 6171098 1029397 391463 388794 2669 1092585 MUSIC CTR FDTN UNITIZED INV PL 12488289 F 12488289 BENEFICIAL INTEREST IN TRUST 8709307 DEPOSITS 75289 FABRIC INVENTORY 11524 8796120 0 0 41240061 37418503 3821558 1752835 371768 2124603 5946161 43932671 1752835 568007 371768 2692610 41240061 41240061 37986510 568007 568007 37418503 37418503 INTENDED USE OF ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 THE OPERA'S INVESTMENT COMMITTEE, A SUBCOMMITTEE OF THE BOARD OF DIRECTORS, HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. TO SATISFY THE LONG-TERM RATE OF RETURN OBJECTIVES, THE OPERA RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). IN ORDER TO SUPPORT THE LONG-TERM GROWTH OF THE OPERA, THE INVESTMENT COMMITTEE HAS ESTABLISHED A SPENDING RATE POLICY WHERE THE ENDOWMENT SHALL ANNUALLY DISTRIBUTE 5% OF ITS FAIR VALUE. FOR FUNDS WITH DONOR-IMPOSED ASSET ALLOCATIONS OR DISTRIBUTIONS, THE DISTRIBUTIONS WILL CONFORM TO THE DONOR'S EXPRESSED WISHES. THIS SPENDING RATE POLICY IS CONSISTENT WITH THE OPERA'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS HELD IN PERPETUITY OR FOR A SPECIFIED TERM AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH NET GIFTS AND INVESTMENT RETURN. FIN 48 (ASC 740) FOOTNOTE SCHEDULE D, PART X, LINE 2 THE OPERA HAS ADOPTED THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) SUBTOPIC 740-10, INCOME TAXES - OVERALL, RELATED TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE INTERPRETATION REQUIRES THAT THE ENTITY ACCOUNT FOR AND DISCLOSE IN THE FINANCIAL STATEMENTS THE IMPACT OF A TAX POSITION IF THAT POSITION WILL MORE LIKELY THAN NOT BE SUSTAINED UPON EXAMINATION, INCLUDING RESOLUTION OF ANY RELATED APPEALS OR LITIGATION PROCESSES, BASED ON THE TECHNICAL MERITS OF THE POSITION. AS OF JUNE 30, 2011 AND 2010, THE OPERA HAD NO UNCERTAIN TAX POSITIONS REQUIRING ACCRUAL OR DISCLOSURE. RECONCILIATION OF CHANGE IN NET ASSETS SCHEDULE D, PART XI, LINE 8 CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST $371,768 RECONCILIATION OF REVENUE SCHEDULE D, PART XII, LINE 2D CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST $371,768 X X X X X X X true SDA Teleservices Inc 5757 W CENTURY BLVD SUITE 300 LOS ANGELES CA 90045 Telefunding false 334716 150338 184378 334716 150338 184378 CA OPEN NIGHT GALA 742987 717137 25850 600 81829 4772 388477 DOMINGO AWARDS 113640 88680 24960 0 26234 1000 28838 2 169086 135486 33600 0 0 0 0 1025713 941303 84410 600 108063 5772 417315 531750 -447340 ADDRESS OF FUNDRAISER SCHEDULE G, PART I, LINE 2B SD&A TELESERVICES, INC. 5757 W. CENTURY BLVD. SUITE 300 LOS ANGELES, CA 90045 X X X true true X X X X false false false false false false false false false PLACIDO DOMINGO 1350000 0 0 0 0 0 50000 0 0 0 1400000 0 475000 0 JAMES CONLON 912500 0 0 0 2399 0 0 0 78797 0 993696 0 0 0 STEPHEN D ROUNTREE 202248 0 0 0 0 0 0 0 0 0 202248 0 0 0 FAITH RAIGUEL 232526 0 0 0 0 0 4000 0 10013 0 246539 0 0 0 MARILYN SHAPIRO 134814 0 0 29850 0 4000 0 2516 0 171180 0 0 0 CHRISTOPHER KOELSCH 234058 0 0 0 0 0 4000 0 5061 0 243119 0 0 0 JOHN NUCKOLS 224715 0 20000 0 0 0 4000 0 786 0 249501 0 0 0 HAROLD CONROY JR 165160 0 0 0 0 0 16417 0 17512 0 199089 0 0 0 GRANT GERSHON 160745 0 0 0 0 0 2208 0 0 0 162953 0 0 0 ALLEN TATE 146007 0 0 0 0 0 14310 0 15214 0 175531 0 0 0 compensation information SCHEDULE J, Part I, Line 1a FIRST CLASS TRAVEL IS SOMETIMES PROVIDED TO PLACIDO DOMINGO AND JAMES CONLON. THIS TRAVEL IS CONDUCTED FOR BUSINESS PURPOSES AND IS NOT TREATED AS TAXABLE COMPENSATION TO DOMINGO OR CONLON AS IT IS A BUSINESS EXPENSE OF THE ORGANIZATION. LIMITED TRAVEL FOR COMPANIONS IS PROVIDED TO MEMBERS OF CONLON'S FAMILY SUBJECT TO RESTRICTIONS. TRAVEL FOR CONLON'S FAMILY IS INCLUDED IN HIS 1099 REPORTABLE COMPENSATION. HOUSING PROVIDED TO CONLON IN LOS ANGELES IS NOT TREATED AS TAXABLE COMPENSATION BECAUSE IT IS NOT HIS PRIMARY RESIDENCE BUT IS A REQUIREMENT OF HIS EMPLOYMENT WITH THE ORGANIZATION. HOUSING IS PROVIDED FOR MARILYN SHAPIRO AND IS INCLUDED IN HER W-2 REPORTABLE COMPENSATION. SCHEDULE J, Part II, LINES 1 AND 2 Total compensation for Placido Domingo includes General Director fees of $1,025,000, INCLUDING $475,000 THAT WAS DEFERRED FROM PRIOR YEARS. IN ADDITION, DOMINGO RECEIVED PERFORMANCE FEES OF $325,000. TOTAL COMPENSATION FOR JAMES CONLON INCLUDES MUSIC DIRECTOR FEES OF $292,500 AND PERFORMANCE FEES OF $620,000. Marc Stern- Temp Finance of Ops X 11070000 3444921 false true true Leslie Dorman- Temp Finance of Ops X 450000 435000 false true true Warner Carol Henry- Temp Finance of Ops X 2000000 1000000 false true true MARILYN ZIERING- TEMP FINANCE OF OPS X 100000 100000 false true true ROBERT RONUS- TEMP FINANCE OF OPS X 50000 50000 false true true SELIM ZILKHA- TEMP FINANCE OF OPS X 100000 100000 false true true FRANK BAXTER- TEMP FINANCE OF OPS X 50000 50000 false true true BERNARD GREENBERG- TEMP FINANCE OF OPS X 50000 50000 false true true 5229921 Moshe Barkat Board Member 122745 Pd Video Production Fee false MILT OKUN BOARD MEMBER 250000 RCV LICENSING FEE FOR RECORD false X 15 5198968 See Part II 0 false true false Part I Column B Number of Contributions This equals the number of contributions received FROM DONORS. Part I, Column D Method of Determining Revenues Contributed property is recorded as income at the fair value of the property on the date of donation. The fair value of publicly traded securities is based on quoted market prices. Part III, Line 1 Organization's mission We will achieve this by producing world-class opera that preserves, promotes and advances the art form while embodying the diversity, pioneering spirit and artistic sensibility unique to Los Angeles. Part III, Line 4b program service The Speakers Bureau provided informative talks covering a variety of opera-related topics to over 7,200 citizens throughout Los Angeles County. A touring program designed to teach children about opera while entertaining them reached 10,000 students. Altogether, LA Opera enhanced the lives and expanded the knowledge of almost 60,000 under-served residents. Part III, Line 4d OTHER PROGRAMS: LA Opera has many community outreach initiatives in addition to these three primary programs. Each year the Company produces a community opera that combines the talents of professional artists and musicians with non-professional adults and children to produce family-friendly and free public opera performances. LA Opera also has a series of radio broadcasts both locally and nationally and this year filmed Il Postino for free, public broadcasts in the community as well as possible future distribution. PART VI, SECTION A, LINE 2 FAMILY RELATIONSHIP TWO OF THE BOARD MEMBERS ARE MARRIED, WARNER AND CAROL HENRY. Part VI, Section B, Line 11A Review of Form 990 The final draft of the Form 990 is reviewed by the CFO and CEO of the LA Opera, and edited if required. Prior to presentation to the Audit Committee, the Chair of the Board reviews the draft and proposes edits, if required. It is the practice of the LA Opera to circulate the public inspection copy without Schedule B, confidential donor list, to the Audit Committee for discussion, review and approval prior to filing. Further, the public inspection copy without Schedule B is made available to the full board subsequent to filing by electronic or other means. Part VI, Section B, Line 12c Monitoring and enforcing compliance with Conflict of Interest THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY ADOPTED BY THE BOARD FOR BOARD MEMBERS, OFFICERS AND KEY EMPLOYEES. Any business relationship that is, or may be perceived to be, a conflict of interest is discussed and approved by the board. Also, a personalized letter to each board member, signed by the Chairman of the Board, was circulated specifically requesting review of the policy which was attached, as well as requesting response to a questionnaire. Each board member, officer and key employee sends a completed questionnaire to the Chief Financial Officer. Questionnaires not responded to are followed up with a phone call. Any disclosed conflict was discussed with the Chairman of the Board and the Chief Operating Officer. Part VI, Section B, Line 15A&B PROCESS FOR DETERMINING COMPENSATION OF TOP MANAGEMENT, OTHER OFFICERS & KEY employees The Compensation Committee of the Board meets to review and approve the compensation, or change in compensation, of the following positions, and other Key Employees (definition below): " General Director " Music Director " Chief Operating Officer " Chief Financial Officer " Executive Vice President " Vice Presidents The Compensation Committee is composed of board members independent with regard to the compensation arrangement. In its efforts to compensate employees fairly for their services, the Committee may utilize any of the following in determining appropriate levels of compensation: " Independent compensation consultant " Compensation surveys or studies of comparable organizations " Industry group surveys (i.e. Opera America) " Form 990 of comparable organizations COMPENSATION AGREEMENTS WERE APPROVED BY THE COMMITTEE AND THE BOARD OF DIRECTORS. DOCUMENTATION INCLUDES THE TERMS OF THE TRANSACTION AND THE DATE IT WAS APPROVED, MEMBERS PRESENT DURING DEBATE AND THOSE WHO VOTED ON IT, THE COMPARABILITY DATA RELIED UPON AND HOW IT WAS OBTAINED, AND ANY ACTIONS TAKEN WITH RESPECT TO CONSIDERATION OF THE TRANSACTION BY ANYONE WHO IS OTHERWISE A MEMBER OF THE AUTHORIZED BODY BUT WHO HAD A CONFLICT OF INTEREST WITH RESPECT TO THE TRANSACTION. Part VI, Section C, Line 16a&b joint venture policy Any proposed joint venture must be submitted for approval by a member of the Legal Committee in accordance with the Policy Statement regarding Contract Signing Authorization adopted by the Board of Directors on January 7, 2008. The joint venture shall also comply with all other requirements of the Policy Statement. It is the policy of the LA Opera to enter into a joint venture arrangements only if it is consistent with the mission of the organization; And it does not jeopardize the tax exempt status of the organization; And specifically the operation of the joint venture must not result in any prohibited private benefit. If a joint venture is contemplated, it is disclosed to the Finance Committee for action in accordance with this Policy, and, if deemed appropriate, advice of legal counsel or tax advisors secured before entering into the joint venture or other arrangement. Sample joint ventures include television broadcasts, dvds & cds. Before making any decision to participate in a joint venture, LA Opera will ensure that the joint venture furthers LA Opera's exempt purposes and will negotiate at arm's length contractual and other terms of participation that safeguard LA Opera's exemption from federal and state income tax. Part VI, Section C, Line 19 Process for disclosing governing documents The LA Opera makes its governing documents, tax exemption letter, conflict of interest policy and audited financial statements available to the public upon request. RECONCILIATION OF NET ASSETS FORM 990, PART XI, LINE 5 NET UNREALIZED GAINS (LOSSES) ON INVESTMENTS $ 1,752,835 CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 371,768 ------------ TOTAL $ 2,124,603