San Francisco Opera Association: $85.3M Revenue, $98.4M Expenses

San Francisco Opera Association pulls a D on the efficiency rubric. The composite of 39/100 reflects below-median performance on the bundle of factors — typically driven by thin operating reserves, volatile revenue, or outsized officer compensation relative to organizational size.

At $85.3M in 2023 revenue, San Francisco Opera Association sits in the mid-range of the U.S. nonprofit distribution. Most organizations of this scale operate regionally or focus on a single program area. Reserves are the limiting factor: San Francisco Opera Association carries relatively few months of operating expenses on its balance sheet, which can leave an organization exposed if a major funding source pauses.

Revenue has been roughly stable over the five-year filing window. The pattern is normal for established organizations operating in a mature program area. Compensation for current officers and key employees runs $2.5M against $85.3M in revenue — within the band third-party charity raters typically consider reasonable for an organization of this size and complexity. This is an aggregate across all listed officers, not a single executive's salary. San Francisco Opera Association sits in the cultural-nonprofit sector (Arts, Culture & Humanities). Museum, performing-arts, and cultural organizations carry distinctive financial patterns — earned revenue from ticket sales and admissions, plus a heavy reliance on endowment income and major donor cycles.