Worcester Center For Performing Arts Inc
- Assets
- $9.5m
- Revenue
- $7.4m
- Investments
- $0.0
- Employees
- 232
- Location
- Worcester, MA
- Founding
- 10/2002
- Data as of
- 06/2021
- EIN
- 05-0521735
Organization Overview
Worcester Center For Performing Arts Inc, operating under the name The Hanover Theatre, is located in Worcester, MA. The organization was established in 2002. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Hanover Theatre employed 232 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hanover Theatre 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 06/2021, Hanover Theatre generated $7.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $3.5m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (11.4%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE HANOVER THEATRE SEEKS TO IGNITE AND NURTURE A PASSION FOR THE PERFORMING ARTS IN AUDIENCES AND ARTISTS OF TODAY AND TOMORROW. IN DOING SO WE WILL PARTICIPATE FULLY IN THE REVITALIZATION OF DOWNTOWN WORCESTER BY BRINGING VISTIORS TO THE CITY AND BUILDING THE PERCEPTION OF WORCESTER AS A DESTINATION FOR ENTERTAINMENT AND CULTURE. BASED ON EXTENSIVE RESEARCH OF SUCCESSFUL VENUES NATIONWIDE, THE HANOVER THEATRE ESTIMATES ITS ECONOMIC IMPACT TO THE CITY OF WORCESTER AT APPROXIMATELY $40 MILLION ANNUALLY, IN DIRECT AND INDIRECT SPENDING, JOBS, PROPERTY VALUES AND TAXES. THE HANOVER THEATRE'S CONSERVATORY PROGRAMS REACH MORE THAN 500 YOUNG PEOPLE EACH YEAR WITH CLASSES AND PROGRAMS IN THEATRE, TECHNICAL THEATRE AND DANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORCESTER CENTER FOR PERFORMING ARTS PROMOTED AND/OR HOSTED 150 PERFORMANCES ADVERTISED AND AVAILABLE TO THE PUBLIC AT VARYING TICKET PRICES; APPROXIMATELY 200,000 PEOPLE ATTENDED PERFORMANCES OR FUNCTIONS DURING THE YEAR. THE HANOVER THEATRE CONSERVATORY REACHED MORE THAN 500 STUDENTS IN THEATRE, TECHNICAL THEATRE AND DANCE CLASSES AND SUMMER PROGRAMS. IN ADDITION TO PROVIDING A VENUE FOR BROADWAY SHOWS AND OTHER WORLD-CLASS PERFORMANCES PREVIOUSLY UNAVAILABLE IN OUR REGION, THE THEATRE HAS GREATLY INCREASED THE VISIBILITY OF WORCESTER AS A CULTURAL DESTINATION AND HAS CATALYZED PROFOUND CHANGE IN ITS DOWNTOWN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Francesco Cesareo Director | Trustee | 1 | $0 |
Marie Angelini Director | Trustee | 1 | $0 |
Tracy Barlok Director | Trustee | 1 | $0 |
Tom Bartholomew Director | Trustee | 1 | $0 |
Maureen Binienda Director | Trustee | 1 | $0 |
Sandra Tassi Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,986,846 |
| Investment income | $4,548 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $51,688 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,443,487 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,875,866 |
| Pension plan accruals and contributions | $58,600 |
| Other employee benefits | $223,832 |
| Payroll taxes | $152,373 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $93,661 |
| Advertising and promotion | $127,262 |
| Office expenses | $67,738 |
| Information technology | $0 |
| Royalties | $13,200 |
| Occupancy | $456,180 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,250 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $97,623 |
| Insurance | $113,560 |
| All other expenses | $0 |
| Total functional expenses | $3,504,558 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $210,425 |
| Savings and temporary cash investments | $8,268,344 |
| Pledges and grants receivable | $84,629 |
| Accounts receivable, net | $107,264 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $156,167 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,482,034 |
| Accounts payable and accrued expenses | $209,979 |
| Grants payable | $0 |
| Deferred revenue | $2,754,222 |
| 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 | $925,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $999,045 |
| Total liabilities | $4,888,246 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $4,593,788 |