2026-05-11T11:39:39+00:00 2025-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2024-07-01 366008929 Lyric Opera of Chicago LYRI 3123322244 20 N Wacker Drive 860 Chicago IL 60606 John Mangum General Director, President, & CEO 2026-05-11 true Jennifer Burke P01342224 3128997000 2026-05-11 2024 2025-03-06 01:10:19Z John Mangum 20 N Wacker Drive 860 Chicago IL 60606 146689888 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. 84 82 990 756 520264 913 35509671 47048673 14107253 15070068 5102773 15531147 2406736 3176260 57126433 80826148 0 0 48054271 47378371 57873 74129 5122600 29187857 29330778 77300001 76783278 -20173568 4042870 266250685 285413360 81306151 85563175 184944534 199850185 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 58889615 0 15067236 DURING THE FISCAL YEAR, 40 OPERA PERFORMANCES AND 8 CONCERT/RECITAL PERFORMANCES WERE PERFORMED BY LYRIC OPERA OF CHICAGO. THESE PERFORMANCES WERE ATTENDED BY APPROXIMATELY 118,269 PEOPLE. 1302224 0 2134 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. 44 YOUTH AND ADULT PROGRAMS WERE HELD THROUGHOUT THE YEAR. ATTENDANCE FOR THESE EDUCATIONAL ACTIVITIES TOTALED APPROXIMATELY 28,219. PLEASE NOTE, AS REQUIRED BY THE INSTRUCTIONS, THE REVENUE DISCLOSED HERE DOES NOT INCLUDE CONTRIBUTED REVENUE FOR THESE PROGRAMS. 545612 0 20059 DURING THE FISCAL YEAR, THERE WERE 9 PRESENTATIONS AND EVENTS HELD IN THE FACILITY WITH TOTAL ATTENDANCE OF APPROXIMATELY 5,325 PEOPLE. ADDITIONALLY, DINING SPACE WAS USED BY BUILDING MANAGEMENT. 60737451 true true false 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 false false false false true false false false false false false false false false true 267 0 true 990 true true true false false false false true true false false false false false false X 84 82 true false false false true true false true true false true true false true true true true true true true false false CA IL NY X X Vincente Milianti 3123322244 20 N Wacker Drive No 860 Chicago IL 60606 ANTHONY FREUD GENERAL DIRECTOR, PRESIDENT & CEO/UNTIL AUG 2024 40.0 X X 1161448 0 35797 DAN GROSSMAN TREASURER 2.0 X X 0 0 0 DAVID ORMESHER EXECUTIVE COMMITTEE CHAIR 2.0 X X 0 0 0 DONNA VAN EEKEREN SECRETARY 2.0 X X 0 0 0 ENRIQUE MAZZOLA VICE-CHAIR & MUSIC DIRECTOR 40.0 X X 621864 0 0 ERIC S SMITH VICE-CHAIR 2.0 X X 0 0 0 JAMES L ALEXANDER VICE-CHAIR 2.0 X X 0 0 0 JOHN MANGUM GENERAL DIRECTOR, PRESIDENT & CEO/BEG OCT 2024 40.0 X X 145528 0 10070 SHIRLEY W RYAN VICE-CHAIR 2.0 X X 0 0 0 SYLVIA NEIL CHAIR 6.0 X X 0 0 0 ALLAN B MUCHIN TRUSTEE/UNTIL MAY 2025 1.0 X 0 0 0 ALLAN DREBIN TRUSTEE/UNTIL DEC 2024 1.0 X 0 0 0 ALLAN E BULLEY III TRUSTEE 1.0 X 0 0 0 AMY CARBONE TRUSTEE 1.0 X 0 0 0 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 BRUCE BRAUN TRUSTEE 1.0 X 0 0 0 BRYAN TRAUBERT TRUSTEE 1.0 X 0 0 0 CHARLES DROEGE TRUSTEE 1.0 X 0 0 0 CHAZ EBERT TRUSTEE 1.0 X 0 0 0 CHERRYL THOMAS TRUSTEE 1.0 X 0 0 0 CHRISTINE SCHYVINCK TRUSTEE 1.0 X 0 0 0 CRAIG C MARTIN TRUSTEE 1.0 X 0 0 0 DAN DRAPER TRUSTEE 1.0 X 0 0 0 DENISE GARDNER TRUSTEE 1.0 X 0 0 0 DON M RANDEL TRUSTEE 1.0 X 0 0 0 DORRI MCWHORTER TRUSTEE 1.0 X 0 0 0 ETHEL C GOFEN TRUSTEE 1.0 X 0 0 0 FRANCESCA CORNELLI TRUSTEE 1.0 X 0 0 0 FRANK B MODRUSON TRUSTEE 1.0 X 0 0 0 GARY HAASE TRUSTEE 1.0 X 0 0 0 GREGORY J O'LEARY TRUSTEE 1.0 X 0 0 0 GREGORY JONES TRUSTEE 1.0 X 0 0 0 H GAEL NEESON TRUSTEE 1.0 X 0 0 0 JAMES E FELLOWES TRUSTEE 1.0 X 0 0 0 JANE CHU TRUSTEE 1.0 X 0 0 0 JANE DIRENZO PIGOTT TRUSTEE 1.0 X 0 0 0 JEFFREY C NEAL TRUSTEE 1.0 X 0 0 0 JENNIE HUANG BENNETT TRUSTEE 1.0 X 0 0 0 JODI HOCHBERGER RUBENSTEIN TRUSTEE/UNTIL JUN 2025 1.0 X 0 0 0 JOHN E BUTLER TRUSTEE 1.0 X 0 0 0 JOHN ROBAK TRUSTEE 1.0 X 0 0 0 JONATHAN LEWIS TRUSTEE/UNTIL JUN 2025 1.0 X 0 0 0 JOSE L PRADO TRUSTEE 1.0 X 0 0 0 JOSEF LAKONISHOK TRUSTEE 1.0 X 0 0 0 JOSEPH RUBINELLI JR TRUSTEE 1.0 X 0 0 0 KAREN FREEMAN-WILSON TRUSTEE 1.0 X 0 0 0 KAREN Z GRAY-KREHBIEL TRUSTEE 1.0 X 0 0 0 KATHERINE A ABELSON TRUSTEE 1.0 X 0 0 0 KEVIN SMITH Trustee 1.0 X 0 0 0 KIP KELLEY II TRUSTEE 1.0 X 0 0 0 LAURA DEFELICE TRUSTEE 1.0 X 0 0 0 LESTER CROWN TRUSTEE 1.0 X 0 0 0 LINDA K MYERS TRUSTEE 1.0 X 0 0 0 LOIS EISEN TRUSTEE 1.0 X 0 0 0 LORI A KOMISAR TRUSTEE 1.0 X 0 0 0 LOUISE BERNARD TRUSTEE 1.0 X 0 0 0 MARIA GREEN TRUSTEE 1.0 X 0 0 0 MARION CAMERON-GRAY TRUSTEE 1.0 X 0 0 0 MARSHA CRUZAN TRUSTEE/UNTIL JUN 2025 1.0 X 0 0 0 MARSHA SERLIN TRUSTEE 1.0 X 0 0 0 MARY STOWELL TRUSTEE/BEG MAY 2025 1.0 X 0 0 0 MATTHEW A FISHER TRUSTEE 1.0 X 0 0 0 MATTHEW J PARR TRUSTEE 1.0 X 0 0 0 MELVIN GRAY TRUSTEE 1.0 X 0 0 0 MIMI MITCHELL TRUSTEE 1.0 X 0 0 0 NANCY SANTI 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 1.0 X 0 0 0 OLIVIA TYRRELL TRUSTEE 1.0 X 0 0 0 OLUFUNMILAYO I OLOPADE MD TRUSTEE 1.0 X 0 0 0 ORIT CARPENTER TRUSTEE 1.0 X 0 0 0 PENELOPE R STEINER TRUSTEE 1.0 X 0 0 0 PHIL LUMPKIN TRUSTEE 1.0 X 0 0 0 RALPH HASBUN TRUSTEE/UNTIL JUN 2025 1.0 X 0 0 0 RICHARD RYAN Trustee 1.0 X 0 0 0 RICHARD W COLBURN TRUSTEE 1.0 X 0 0 0 RICHARD W SHEPRO TRUSTEE 1.0 X 0 0 0 ROBERT B FORD TRUSTEE/UNTIL JUN 2025 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 SAMIR MAYEKAR TRUSTEE 1.0 X 0 0 0 SANTINO BIBBO TRUSTEE 1.0 X 0 0 0 SARAH GARVEY TRUSTEE 1.0 X 0 0 0 SCOTT SANTI TRUSTEE 1.0 X 0 0 0 SHARON F OBERLANDER TRUSTEE 1.0 X 0 0 0 STEPHEN KAPLAN TRUSTEE/UNTIL MAY 2025 1.0 X 0 0 0 STEVEN L FRADKIN TRUSTEE 1.0 X 0 0 0 TANYA POLSKY TRUSTEE 1.0 X 0 0 0 VIKRAM KARNANI TRUSTEE/UNTIL JUN 2025 1.0 X 0 0 0 VINAY COUTO TRUSTEE 1.0 X 0 0 0 ELIZABETH HURLEY ASST SECRETARY, CAO, DEPUTY GENERAL DIRECTOR 40.0 X 536324 0 49858 VINCENTE MILIANTI ASST TREASURER & CFOO 40.0 X 332145 0 41013 BRADLEY DUNN VICE PRESIDENT, MARKETING & COMMUNICATIONS 40.0 X 211127 0 34790 JENNIFER BOYD VICE PRESIDENT, PEOPLE & CULTURE 40.0 X 258004 0 27451 KATHLEEN SHEEHAN VICE PRESIDENT FOR PRINCIPAL GIFTS/UNTIL DEC 2024 40.0 X 269468 0 22454 MATTHEW OZAWA CHIEF ARTISTIC OFFICER 40.0 X 295690 0 39717 MICHAEL BLACK CHORUS DIRECTOR & HEAD OF MUSIC 40.0 X 287345 0 1145 DREW LANDMESSER FORMER CHIEF OPERATING OFFICER & DEPUTY GENERAL DIRECTOR 15.0 X 159600 0 0 4278543 0 262295 109 true true false J and L Food Services Inc 1639 W Walnut St Chicago IL 60612 Catering 1191849 Allied Integrated Marketing 55 Cambridge Parkway Suite 200 Cambridge MA 02142 Advertising Agency 1081051 Hamill Partners Inc 8501 W Higgins Rd Suite 160 Chicago IL 60631 Janitorial Services 564643 Anchor Mechanical Inc 255 N California Ave Chicago IL 60612 Construction 494175 Bulley rews Concrete Restoration LLC 1755 W ARMITAGE AVENUE Chicago IL 60622 Construction 460613 29 1499921 626676 44922076 1922209 47048673 TICKET SALES 711190 14177527 14177527 TICKET HANDLING/EXCHANGE FEES 711190 750874 750874 PRODUCTION RENTALS/CO-PRODUCTION INCOME 711190 121608 121608 FACILITIES EVENTS FEES 900099 20059 20059 0 0 0 0 15070068 3776640 110321 3666319 5152524 2806456 2346068 0 2346068 2346068 72333450 407438 60561689 424693 11771761 -17255 11754507 11754507 584619 1499921 1163092 -578473 -578473 1793841 907810 886031 22247 863784 PARTY RECEPTION INCOME 900099 384756 384756 0 MISCELLANEOUS 900099 119276 19361 99915 COAT CHECK REVENUE 900099 15662 0 15662 2940 0 2940 0 522634 80826148 15089429 520264 18167782 2627651 712793 1333535 581323 32751424 27708046 2480911 2562467 2938274 2737854 85986 114434 5893272 5268802 273189 351281 3167750 2662328 273272 232150 374206 180113 194093 253037 253037 74129 74129 2600371 2598469 1902 4606139 3790319 684830 130990 1794136 1678902 31508 83726 1709700 1142131 395809 171760 1208231 53796 1146625 7810 228061 228061 2788241 2465083 241341 81817 784432 500718 76099 207615 46404 25788 10698 9918 2952923 2807982 129511 15430 4218132 4088238 129894 1068666 831403 233413 3850 PRODUCTION COSTS 2819061 2819061 CHARGE CARD FEES 519922 456618 63304 CATERING 427583 54446 34878 338259 Training 120077 7979 112028 70 811456 516990 204101 90365 76783278 60737451 10923227 5122600 13051567 5113016 930145 976178 16126663 34177388 358187 1110604 0 0 0 0 0 0 10194 30153 3881639 4872065 129139795 92426963 38370248 36712832 46729889 44481206 146792153 157892228 0 0 0 0 47690 266250685 285413360 6029541 6588114 0 0 7713379 11133785 65539086 65603000 0 0 0 0 0 0 0 0 2024145 2238276 81306151 85563175 X 77396071 70964946 107548463 128885239 0 0 0 0 0 0 184944534 199850185 266250685 285413360 X 4042870 11577428 -714647 X false true true false X 33854022 56174395 33366098 35509671 47048673 205952859 0 0 33854022 56174395 33366098 35509671 47048673 205952859 19719604 186233255 1980287 3469729 3809316 7101047 8929164 25289543 0 62224 116264 37493 913 216894 102179 188569 161069 156955 115577 724349 232183645 62921347 0.80209 0.84753 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - OTHER, COLUMN A - 102179.0, COLUMN B - 188569.0, COLUMN C - 161069.0, COLUMN D - 156955.0, COLUMN E - 115577.0, COLUMN F - 724349.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 76213419 422478 11108801 3112056 1070965 83561677 67707897 2909296 10242629 3903938 742465 76213419 62627889 1168514 7481700 3169699 400507 67707897 68051058 5161427 -7039532 2551173 993891 62627889 52197208 4364692 14419253 2405839 524256 68051058 0.0 0.51 0.49 true false 696577 696577 104407780 77635834 26771946 23239272 14791129 8448143 796166 0 796166 36712832 Closely-held equity interests Financial derivatives Hedged Equities- Non-Publicly 10326886 F Absolute Return- Non-Publicly Traded 17215884 F Equities- Non-Publicly Traded 94514036 F Real Assets- Non-Publicly Traded 30038809 F Assets Held in Trust 5796613 F 157892228 Federal Income Taxes Annuities Payable Interest Rate Swap Contract Annuities Payable 296716 Interest Rate Swap Contract 1941560 2238276 X 91988084 11577428 2065295 -477323 596907 13762307 78225777 2600371 0 2600371 80826148 77082433 2065295 834231 2899526 74182907 2600371 0 2600371 76783278 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, 2025 and June 30, 2024. 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 COST OF GOODS SOLD - 907810 DISPOSAL OF FIXED ASSET - 17255 FUNDRAISING ACTIVITIES - -44930 UNREALIZED LOSS ON INTEREST RATE SWAP - -283228 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 COST OF GOODS SOLD - 907810 DISPOSAL OF FIXED ASSET - 17255 FUNDRAISING EXPENSES - -44930 CHANGE IN SEVERANCE PLAN'S VALUATION - -45904 Central America and the Caribbean 0 0 Investments N/A 21099045 Europe (Including Iceland and Greenland) 0 0 Program Services Artistic/Production Costs 1045955 Europe (Including Iceland and Greenland) 0 0 Investments N/A 2485911 Europe (Including Iceland and Greenland) 0 0 Fundraising N/A 110421 North America (Canada & Mexico only) 0 0 Fundraising N/A 31616 North America (Canada & Mexico only) 0 0 Program Services ARTISTIC/PRODUCTION COSTS 115532 North America (Canada & Mexico only) 0 0 Management & General - Information Technology Costs N/A 65259 Russia and Neighboring States 0 0 Program Services ARTISTIC/PRODUCTION COSTS 92120 Europe (Including Iceland and Greenland) 0 0 Management & General - Information Technology Costs N/A 23844 East Asia and the Pacific 0 0 Program Services ARTISTIC/PRODUCTION COSTS 110415 0 0 0 0 0 0 25180118 0 25180118 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; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual; RUSSIA AND NEIGHBORING STATES-Accrual X X X X X X X true SD&A Teleservices Inc 5757 W Century Blvd Suite 300 Los Angeles CA 90045 Telefundraising false 127333 74129 53204 127333 74129 53204 CA IL IN NY Opening Night 1370477 1296247 74230 22275 109280 14184 169562 Ryan Opera Center Gala 215061 168764 46297 2840 54363 2000 43184 8 487962 34910 453052 5464 185179 74619 480141 2073500 1499921 573579 30579 348822 90803 692887 1163091 -589512 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. Approximately $1.5 Million of charitable contributions were collected (Schedule G, Part II line 2) for a true net income of approximately $900,000 collected at these events. X X X X true false false false false false false false false ANTHONY FREUD GENERAL DIRECTOR, PRESIDENT & CEO/UNTIL AUG 2024 452861 0 200000 0 508587 0 20431 0 15366 0 1197245 0 0 0 JOHN MANGUM GENERAL DIRECTOR, PRESIDENT & CEO/BEG OCT 2024 145443 0 0 0 85 0 4370 0 5700 0 155598 0 0 0 ENRIQUE MAZZOLA VICE-CHAIR & MUSIC DIRECTOR 621864 0 0 0 0 0 0 0 0 0 621864 0 0 0 DREW LANDMESSER FORMER CHIEF OPERATING OFFICER & DEPUTY GENERAL DIRECTOR 159600 0 0 0 0 0 0 0 0 0 159600 0 0 0 ELIZABETH HURLEY ASST SECRETARY, CAO, DEPUTY GENERAL DIRECTOR 512008 0 0 0 24316 0 20432 0 29426 0 586182 0 0 0 VINCENTE MILIANTI ASST TREASURER & CFOO 331857 0 0 0 288 0 17895 0 23118 0 373158 0 0 0 MICHAEL BLACK CHORUS DIRECTOR & HEAD OF MUSIC 286519 0 0 0 826 0 0 0 1145 0 288490 0 0 0 MATTHEW OZAWA CHIEF ARTISTIC OFFICER 295498 0 0 0 192 0 16491 0 23226 0 335407 0 0 0 JENNIFER BOYD VICE PRESIDENT, PEOPLE & CULTURE 242709 0 15000 0 295 0 13450 0 14001 0 285455 0 0 0 KATHLEEN SHEEHAN VICE PRESIDENT FOR PRINCIPAL GIFTS/UNTIL DEC 2024 227993 0 0 0 41475 0 11972 0 10482 0 291922 0 0 0 BRADLEY DUNN VICE PRESIDENT, MARKETING & COMMUNICATIONS 210686 0 0 0 441 0 11553 0 23237 0 245917 0 0 0 Schedule J, Part I, Line 4a Severance or change-of-control payment Due to a confidentiality agreement, Lyric 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 II, Column (B)(iii) Other reportable compensation Anthony Freud contributed to a supplemental non-qualified retirement plan during his employment. This amount represents a 2024 distribution from the organization's section 457(b) plan, attributable to amounts deferred and vested in prior years and reported as taxable compensation in the year of payment. X 1 Market value 52 1890010 Market value X Video Recording 1 21452 Market value X Catering, Food, & Beverage 4 10745 Market value X Pianoforte 1 1 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 - Video Recording - Number of contributions Other - Catering, Food, & Beverage Number of contributions Other - Pianoforte - Number of contributions Clothing and household goods - Dress - Number of contributions Form 990, Part VI, Line 1a Delegate broad authority to a committee The Board of Directors shall designate not more than 30 Directors to constitute an Executive Committee. The Executive Committee shall have all of the authority of the Board in the management of the Corporation except with regard to matters on which the Board has acted and except further the Executive Committee shall not: (a) Adopt a plan for the distribution of the assets of the Corporation, or for dissolution; (b) Approve or recommend to Members any act the Illinois General Not For Profit Corporation Act of 1986 requires to be approved by Members; (c) Fill vacancies on the Board or on any of its committees; (d) Elect, appoint or remove any officer or Director or member of any committee, or fix the compensation of any member of a committee; (e) Adopt, amend, or repeal the Bylaws or the Articles of Incorporation; (f) Adopt a plan of merger or adopt a plan of consolidation with another corporation, or authorize the sale, lease, exchange or mortgage of all or substantially all of the property or assets of the Corporation; or (g) Amend, alter, repeal or take action inconsistent with any resolution or action of the Board of Directors when the resolution or action of the Board of Directors provides by its terms that it shall not be amended, altered or repealed by action of a committee. The delegation herein of authority to the Executive Committee shall not operate to relieve the Board of Directors, or any individual Director, of any responsibility imposed upon it, him, or her by law. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Scott Santi and Nancy Santi - Family relationship Form 990, Part VI, Line 6 Classes of members or stockholders Each person, firm or corporation donating $500 or more to the Corporation in any 10-month period from July 1 of any calendar year through April 30 of the following calendar year shall become a Member for the 12-month period beginning on the May 1 immediately following the end of such 10-month period and ending on the following April 30. Each person, firm or corporation donating $500 or more to the Corporation in any 2-month period beginning on the July 1 immediately following the end of such 2-month period and ending on the following June 30. The General Director or Executive Committee shall designate each Member as Aria, Platinum, Grand, Golden Grand, Silver Grand, Premier Benefactor, Bravo Circle, Impresario, Friend, Sustainer or such other designation as the General Director or Executive Committee shall determine based upon amount of contribution. The General Director or Executive Committee shall set and increase or decrease, from time to time, the respective amounts required for each designation. The various designations shall not affect the voting and other legal rights of Members under the Illinois General Not For Profit Corporation Act of 1986. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body Each Member shall be entitled to one vote at each Annual Meeting for the election of Directors and on such other matters as are submitted to a vote of the Members. Each Member shall have the right to vote in person, by proxy or by e-mail or other electronic means for as many persons as there are Directors to be elected. No cumulative voting shall be permitted. Form 990, Part VI, Line 11b Review of form 990 by governing body The Lyric Opera of Chicago Form 990 and Supplemental Schedules are prepared and reviewed by Lyric staff. A review is then performed by our Tax Advisor. The Form 990 and supplemental schedules are provided to the full Lyric Opera Audit Committee, along with the appropriate members of Lyric Opera staff, for their review prior to a meeting of the full audit committee where the Tax Advisor oversees the discussion and review of the Form 990. The audit committee then approves the filings prior to them being filed with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy Lyric Opera maintains a Conflict of Interest Policy which applies to all Directors, officers of auxiliary organizations authorized by the Opera, as well as senior management and other designated members of the staff. The Policy requires each person to whom the policy applies to complete an annual disclosure questionnaire which identifies a business or financial interest of that person which is planning to engage in a business transaction with the Opera, or has engaged in a business transaction with the Opera during the preceding year. The Policy forbids such individuals from voting on or using their personal influence in connection with such transactions. In the event the Opera does conduct business with a related party, the financial terms of those relationships are reported annually to the Audit Committee, whose members must be independent per the terms of its charter. The Opera requires each full-time non-union employee to conduct themselves in accordance with the Code of Business Conduct and Ethics, approved by the Opera's Board of Directors, and to sign an annual statement acknowledging their understanding of this Code. Form 990, Part VI, Line 15a Process to establish compensation of top management official The Compensation Committee, acting under its charter and composed of independent Board members, reviews and establishes objectives relevant to the compensation of the General Director, President, and Chief Executive Officer, evaluates performance in light of those objectives, and recommends compensation for approval by the authorized body. In 2024, following Anthony Freud's retirement, the Compensation Committee hired John Mangum as General Director, President, and Chief Executive Officer under a five-year contract. In determining compensation, the Committee reviewed comparability data from similarly situated opera and performing arts organizations, and the compensation decision was approved and contemporaneously documented. 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 independent Board members and an ex-officio member, reviewed the fiscal 2025 compensation arrangements in March 2024. 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 and most recent Form 990 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 11d Other Miscellaneous Revenue RENTAL SPACE - Total Revenue: 2940, Related or Exempt Function Revenue: , Unrelated Business Revenue: 2940, Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGE IN SEVERANCE PLANS' VALUATION - 45905; UNREALIZED GAIN - INTEREST RATE SWAP CONTRACT - -283229; UNCOLLECTIBLE DEBT - -477323; Total - -714647; FORM 990, PART VII, Section A Non-US Sourced income Enrique Mazzola received non-U.S. sourced income during the calendar year 2024. This income is not subject to U.S. tax reporting requirements and is not included in the compensation reported in Part VII, Section A of Form 990.