Palace Theater Group Inc
- Assets
- $7.1m
- Revenue
- $7.4m
- Investments
- $0.0
- Employees
- 267
- Location
- Waterbury, CT
- Founding
- 07/2004
- Data as of
- 06/2022
- EIN
- 02-0620399
Organization Overview
Palace Theater Group Inc is located in Waterbury, CT. The organization was established in 2004. According to its NTEE Classification (A61) the organization is classified as: Performing Arts Centers, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2023, Palace Theater Group Inc employed 267 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palace Theater Group Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Palace Theater Group Inc generated $7.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $4.7m during the year ending 06/2022. While expenses have increased by 1.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PALACE THEATER GROUP'S MISSION IS TO GENERATE A POSITIVE ARTISTIC, CULTURAL, EDUCATIONAL,SOCIAL AND FINANCIAL IMPACT IN THE GREATER WATERBURY CONNECTICUT AREA BY MAINTAINING THE PALACE THEATER. TO PRESERVE AND OPERATE THE HISTORIC PALACE THEATER AS A PERFORMING ARTS CENTER AND COMMUNITY GATHERING PLACE THAT PROVIDES A FOCAL POINT OF CULTURAL ACTIVITY AND EDUCATIONAL OUTREACH FOR DIVERSE AUDIENCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESENTATION OF VARIOUS PLAYS AND SHOWS TO PROMOTE INTEREST IN THE THEATRE ARTS IN THE GREATER WATERBURY CONNECTICUT AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Tavera Chief Exec. | Officer | 37.5 | $217,777 |
Sandra Rosa Finance Offi | Officer | 37.5 | $90,251 |
Vanessa Aguilar Director | Trustee | 0.5 | $0 |
Shae Apland Marketing Co | OfficerTrustee | 0.5 | $0 |
Dora Bennett Secretary | OfficerTrustee | 0.5 | $0 |
Kathleen Brochhausen Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $101,203 |
| Related organizations | $0 |
| Government grants | $3,665,752 |
| All other contributions, gifts, grants, and similar amounts not included above | $710,593 |
| Noncash contributions included in lines 1a–1f | $10,755 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,477,548 |
| Total Program Service Revenue | $2,766,574 |
| Investment income | $39,489 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$16,751 |
| Net Gain/Loss on Asset Sales | $85,273 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $90,424 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,444,031 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $295,116 |
| Compensation of current officers, directors, key employees. | $158,244 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $629,568 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $152,208 |
| Payroll taxes | $95,827 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,600 |
| Fees for services: Accounting | $23,400 |
| Fees for services: Lobbying | $21,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $90,229 |
| Office expenses | $48,889 |
| Information technology | $47,018 |
| Royalties | $0 |
| Occupancy | $353,690 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,500 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $81,208 |
| Insurance | $55,163 |
| All other expenses | $78,667 |
| Total functional expenses | $4,652,409 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,740 |
| Savings and temporary cash investments | $3,190,466 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $69,427 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $12,448 |
| Prepaid expenses and deferred charges | $38,013 |
| Net Land, buildings, and equipment | $526,980 |
| Investments—publicly traded securities | $3,290,693 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,137,767 |
| Accounts payable and accrued expenses | $259,529 |
| Grants payable | $0 |
| Deferred revenue | $671,897 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $931,426 |
| Net assets without donor restrictions | $6,004,697 |
| Net assets with donor restrictions | $201,644 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,137,767 |