Theaterworks Inc
- Assets
- $5.7m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 107
- Location
- Hartford, CT
- Founding
- 02/1987
- Data as of
- 08/2024
- EIN
- 06-1172413
Organization Overview
Theaterworks Inc is located in Hartford, CT. The organization was established in 1987. According to its NTEE Classification (A65) the organization is classified as: Theater, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 08/2024, Theaterworks Inc employed 107 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Theaterworks 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 08/2024, Theaterworks Inc generated $2.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $3.2m during the year ending 08/2024. While expenses have increased by 4.5% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO PRODUCE HIGH QUALITY, CONTEMPORARY THEATER THAT IS RELEVANT TO OUR AUDIENCE, ENGAGES A DIVERSE COMMUNITY, AND PROVIDES INSIGHT INTO THE HUMAN EXPERIENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COMPANY'S ARTISTIC QUALITY AND RECORD OF ACHIEVEMENT ARE EMBODIED IN ITS HISTORY OF GROWTH AND ACCOMPLISHMENT. ITS SEASON WAS PROGRAMMED WITH 4 PRODUCTIONS TO MAKE UP A SUBSCRIPTION PACKAGE, A HOLIDAY SHOW. TWH SOLD 2,600 SUBSCRIPTIONS/MEMBERSHIPS FOR THE 23-24 SEASON, MEMBERSHIPS RANGED IN PRICE FROM 175 TO 220.
THEATERWORKS CONTINUES TO REBUILD ITS EDUCATION PROGRAM POST PANDEMIC. THERE WERE 25 UNPAID INTERNS USED AS PART OF SHOW RUN CREWS. THESE LOCAL HIGH SCHOOL AND COLLEGE STUDENTS PRIMARILY COME FROM THE UNIVERSITY OF HARTFORD AND HARTFORD PUBLIC SCHOOLS AND USE INTERNSHIPS AT THEATERWORKS TO SUPPLEMENT THEIR EDUCATION. BEING AT THEATERWORKS TO SEE HOW A PROFESSIONAL THEATER RUNS BEHIND THE SCENES IS INVALUABLE TO THEM - REAL WORLD EXPERIENCE BEFORE HITTING THE REAL WORLD. ADDITIONALLY, THEATERWORKS BROUGHT BACK A NUMBER OF ALL-FREE STUDENT MATINEES THROUGHOUT THE SEASON. THE MATINEES ARE PRIMARILY AVAILABLE TO HARTFORD PUBLIC SCHOOLS WHO HAVE LIMITED RESOURCES FOR ARTS EDUCATION WITH THE MAJORITY OF STUDENTS HAVING NEVER BEEN EXPOSED TO LIVE THEATER. WITH RECENT GRANT FUNDING, THEATERWORKS CONTINUES TO BE ABLE TO PROVIDE FREE BUS TRANSPORTATION IN ADDITION TO THE FREE ADMISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rob Ruggiero Artistic Dir | Officer | 40 | $111,982 |
Griffin Jeff Payne Managing Dir | Officer | 40 | $1,514 |
Michael G Albano Co-President | OfficerTrustee | 1 | $0 |
Justis Bolding Director | Trustee | 1 | $0 |
Jennifer Dibella Asst Secreta | OfficerTrustee | 1 | $0 |
Fernando Ferro Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $81,523 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,166,287 |
| Noncash contributions included in lines 1a–1f | $26,358 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,247,810 |
| Total Program Service Revenue | $1,311,486 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $113,618 |
| 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 | $2,682,254 |
| 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. | $111,982 |
| Compensation of current officers, directors, key employees. | $89,586 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,229,308 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $283,722 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $37,540 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $67,482 |
| Advertising and promotion | $44,510 |
| Office expenses | $122,074 |
| Information technology | $31,506 |
| Royalties | $0 |
| Occupancy | $111,313 |
| Travel | $58,804 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,391 |
| Interest | $4,666 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $448,510 |
| Insurance | $24,058 |
| All other expenses | $84,351 |
| Total functional expenses | $3,231,764 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $564,797 |
| Pledges and grants receivable | $217,235 |
| Accounts receivable, net | $0 |
| 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 | $44,210 |
| Net Land, buildings, and equipment | $4,822,858 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $73,195 |
| Other assets | $22,811 |
| Total assets | $5,745,106 |
| Accounts payable and accrued expenses | $109,951 |
| Grants payable | $0 |
| Deferred revenue | $483,892 |
| 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 | $142,842 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $73,387 |
| Total liabilities | $810,072 |
| Net assets without donor restrictions | $4,701,251 |
| Net assets with donor restrictions | $233,783 |
| 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 | $5,745,106 |