TOTAL REVENUE - FISCAL 2025
$80,826,148
Up 41.5% from $57,126,433 in fiscal 2024.
Lyric Opera of Chicago
Chicago, Illinois - EIN 36-6008929 - Latest filing: fiscal 2025 (Jul 1, 2024 - Jun 30, 2025)
HOW TO READ THIS PAGE
How to read this page: every figure below is from the fiscal-2025 Form 990, filed May 11, 2026. People named below are shown as reported on the fiscal-2025 Form 990, filed May 11, 2026 - the filing is a snapshot of that fiscal year, not a list of current officeholders.
THE FILING IN ONE PARAGRAPH
Lyric Opera of Chicago reported $80,826,148 in revenue and $76,783,278 in expenses in fiscal 2025, a surplus of $4,042,870 for the year. Program services took $60,737,451 of expenses, or 79.1%. The organization closed the year with $199,850,185 in net assets - about 31.2 months of expenses at the fiscal-2025 spending level.
At a Glance - Fiscal 2025
All values are fiscal 2025 unless a tile says otherwise.
TOTAL EXPENSES - FISCAL 2025
$76,783,278
Revenue minus expenses: $4,042,870 in fiscal 2025.
PROGRAM EXPENSE SHARE - FISCAL 2025
79.1%
$60,737,451 of $76,783,278 went to program services.
NET ASSETS - END OF FISCAL 2025
$199,850,185
Total assets $285,413,360 minus total liabilities $85,563,175.
TOP EXECUTIVE PAY - FISCAL 2025
$1,197,245
Anthony Freud, General Director, President & Ceo/until Aug 2024, as reported on the fiscal-2025 Form 990, filed May 11, 2026. Total across all compensation columns.
PEOPLE REPORTED - FISCAL 2025
990 Employees
Plus 756 volunteers reported on the fiscal-2025 Form 990.
Money In, Money Out - Fiscal 2025
Revenue and expenses as reported on the fiscal-2025 Form 990, filed May 11, 2026. Donated goods are separated from cash so food and supply donations do not read as cash income.
Where the Money Went - Fiscal 2025
Management and general is the figure reported on the filing (Part IX total); where a filing does not carry it, it is computed as the residual of total expenses minus program and fundraising expenses. Cost to raise a dollar in fiscal 2025: $0.11 - $5,122,600 in fundraising expenses divided by $47,048,673 in total contributions. On cash contributions only: $0.11.
Where the Money Came From - Fiscal 2025
| Source | Fiscal 2025 |
|---|---|
| Total Contributions | $47,048,673 |
| Of Which Cash Contributions | $45,126,464 |
| Of Which Donated Goods (Noncash) | $1,922,209 |
| Fundraising Events | $1,499,921 |
| Government Grants | $626,676 |
| All Other Contributions | $44,922,076 |
| Program Service Revenue | $15,070,068 |
| Investment Income | $15,531,147 |
| Other Revenue | $3,176,260 |
| Total Revenue (All Sources) | $80,826,148 |
Reserves and Balance Sheet - Fiscal 2025
Reserves and Runway
31.2 Months
of reserves - $199,850,185 in net assets at the end of fiscal 2025, divided by average monthly expenses of about $6,398,606 in fiscal 2025.
Net assets can include donor-restricted funds, buildings and other assets that cannot be spent like cash. Treat months of reserves as a scale measure, not as cash in the bank.
Balance Sheet - End of Fiscal 2025
| Total Assets | $285,413,360 |
| Total Liabilities | $85,563,175 |
| Liabilities as Share of Assets | 30.0% |
| Net Assets | $199,850,185 |
Leadership Pay - Fiscal 2025
Pay is the summed total across all compensation columns on the Form 990 - pay from the organization, pay from related organizations, and other compensation. People are shown as reported on the fiscal-2025 Form 990, filed May 11, 2026.
| Name and Title, as Reported | Total Pay - Fiscal 2025 | Share of Expenses |
|---|---|---|
| Anthony Freud - General Director, President & Ceo/until Aug 2024 | $1,197,245 | 1.56% |
| Enrique Mazzola - Vice-Chair & Music Director | $621,864 | 0.81% |
| Elizabeth Hurley - Asst Secretary, Cao, Deputy General Director | $586,182 | 0.76% |
| Vincente Milianti - Asst Treasurer & Cfoo | $373,158 | 0.49% |
| Matthew Ozawa - Chief Artistic Officer | $335,407 | 0.44% |
| Kathleen Sheehan - Vice President For Principal Gifts/until Dec 2024 | $291,922 | 0.38% |
| Michael Black - Chorus Director & Head Of Music | $288,490 | 0.38% |
| Jennifer Boyd - Vice President, People & Culture | $285,455 | 0.37% |
| Bradley Dunn - Vice President, Marketing & Communications | $245,917 | 0.32% |
| Drew Landmesser - Former Chief Operating Officer & Deputy General Director | $159,600 | 0.21% |
| John Mangum - General Director, President & Ceo/beg Oct 2024 | $155,598 | 0.20% |
The full Part VII table lists every officer, director, trustee and key employee named on the filing, with hours and the same summed total. Compensation is reported for the calendar year ending within the fiscal year, per the Form 990.
Board and Governance - Fiscal 2025
Board and policy answers as reported on the fiscal-2025 Form 990, filed May 11, 2026.
Board Roster - as Reported on the Fiscal-2025 Form 990
84 voting members, 82 independent - independence count as reported on the fiscal-2025 Form 990.
| Name, as Reported | Role, as Reported |
|---|---|
| Anthony Freud | General Director, President & Ceo/until Aug 2024 |
| Enrique Mazzola | Vice-Chair & Music Director |
| Elizabeth Hurley | Asst Secretary, Cao, Deputy General Director |
| Vincente Milianti | Asst Treasurer & Cfoo |
| Matthew Ozawa | Chief Artistic Officer |
| Kathleen Sheehan | Vice President For Principal Gifts/until Dec 2024 |
| Michael Black | Chorus Director & Head Of Music |
| Jennifer Boyd | Vice President, People & Culture |
| Bradley Dunn | Vice President, Marketing & Communications |
| Drew Landmesser | Former Chief Operating Officer & Deputy General Director |
| John Mangum | General Director, President & Ceo/beg Oct 2024 |
| Dan Grossman | Treasurer |
| David Ormesher | Executive Committee Chair |
| Donna Van Eekeren | Secretary |
| Eric S Smith | Vice-Chair |
| James L Alexander | Vice-Chair |
| Shirley W Ryan | Vice-Chair |
| Sylvia Neil | Chair |
| Allan B Muchin | Trustee/until May 2025 |
| Allan Drebin | Trustee/until Dec 2024 |
| Allan E Bulley III | Trustee |
| Amy Carbone | Trustee |
| Anna Paglia | Trustee |
| Blythe J McGarvie | Trustee |
| Brenda M Shapiro | Trustee |
| Brenda Robinson | Trustee |
| Bruce Braun | Trustee |
| Bryan Traubert | Trustee |
| Charles Droege | Trustee |
| Chaz Ebert | Trustee |
| Cherryl Thomas | Trustee |
| Christine Schyvinck | Trustee |
| Craig C Martin | Trustee |
| Dan Draper | Trustee |
| Denise Gardner | Trustee |
| Don M Randel | Trustee |
| Dorri McWhorter | Trustee |
| Ethel C Gofen | Trustee |
| Francesca Cornelli | Trustee |
| Frank B Modruson | Trustee |
| Gary Haase | Trustee |
| Gregory J O'Leary | Trustee |
| Gregory Jones | Trustee |
| H Gael Neeson | Trustee |
| James E Fellowes | Trustee |
| Jane Chu | Trustee |
| Jane Direnzo Pigott | Trustee |
| Jeffrey C Neal | Trustee |
| Jennie Huang Bennett | Trustee |
| Jodi Hochberger Rubenstein | Trustee/until Jun 2025 |
| John E Butler | Trustee |
| John Robak | Trustee |
| Jonathan Lewis | Trustee/until Jun 2025 |
| Jose L Prado | Trustee |
| Josef Lakonishok | Trustee |
| Joseph Rubinelli Jr | Trustee |
| Karen Freeman-Wilson | Trustee |
| Karen Z Gray-Krehbiel | Trustee |
| Katherine A Abelson | Trustee |
| Kevin Smith | Trustee |
| Kip Kelley II | Trustee |
| Laura Defelice | Trustee |
| Lester Crown | Trustee |
| Linda K Myers | Trustee |
| Lois Eisen | Trustee |
| Lori A Komisar | Trustee |
| Louise Bernard | Trustee |
| Maria Green | Trustee |
| Marion Cameron-Gray | Trustee |
| Marsha Cruzan | Trustee/until Jun 2025 |
| Marsha Serlin | Trustee |
| Mary Stowell | Trustee/beg May 2025 |
| Matthew A Fisher | Trustee |
| Matthew J Parr | Trustee |
| Melvin Gray | Trustee |
| Mimi Mitchell | Trustee |
| Nancy Santi | Trustee |
| Nancy Searle | Trustee |
| Nasrin Thierer | Trustee |
| Neil Kawashima | Trustee |
| Olivia Tyrrell | Trustee |
| Olufunmilayo I Olopade MD | Trustee |
| Orit Carpenter | Trustee |
| Penelope R Steiner | Trustee |
| Phil Lumpkin | Trustee |
| Ralph Hasbun | Trustee/until Jun 2025 |
| Richard Ryan | Trustee |
| Richard W Colburn | Trustee |
| Richard W Shepro | Trustee |
| Robert B Ford | Trustee/until Jun 2025 |
| Robert J McCullen | Trustee |
| Roberta L Washlow | Trustee |
| Samir Mayekar | Trustee |
| Santino Bibbo | Trustee |
| Sarah Garvey | Trustee |
| Scott Santi | Trustee |
| Sharon F Oberlander | Trustee |
| Stephen Kaplan | Trustee/until May 2025 |
| Steven L Fradkin | Trustee |
| Tanya Polsky | Trustee |
| Vikram Karnani | Trustee/until Jun 2025 |
| Vinay Couto | Trustee |
Governance Policy Flags - Fiscal 2025
Conflict of Interest PolicyYes - Reported
Whistleblower PolicyYes - Reported
Document Retention PolicyYes - Reported
Audited Financial StatementsYes - Reported
Audit CommitteeYes - Reported
Board Size and Independence84 voting / 82 independent
Flags report what the organization answered on the Form 990. A Yes means the policy was reported on the filing; it is not an outside review of how the policy works in practice.
Grants - Fiscal 2025
Grants Made - Fiscal 2025
This organization reported $0 in grants paid and filed no Schedule I for fiscal 2025. The page states that directly instead of leaving a blank grants section. Grantmaking organizations show a full recipient list in this section - recipient name, amount and stated purpose, as reported.
Trend - Revenue
Years are shown only where a filing is held. Missing years are absent, never filled in.
| Fiscal Year | Revenue | Change |
|---|---|---|
| Fiscal 2024 (Prior-Year Column on the Fiscal-2025 Filing) | $57,126,433 | - |
| Fiscal 2025 | $80,826,148 | +41.5% |
This table grows to a 10-year view (revenue, expenses, net assets and top pay) as earlier filings for this organization are added to the record. Missing years are absent, never filled in.
Filings on Record
| Tax Period | Form | Status | Source |
|---|---|---|---|
| Jul 1, 2024 - Jun 30, 2025 | Form 990 | In Force - Filed May 11, 2026 | Original Filing at the IRS |
If an amended return is filed, the newest amended return supersedes the earlier one and the table marks which filing is in force.