Ballet Tech Foundation Inc
- Assets
- $33.1m
- Revenue
- $6.1m
- Investments
- $4.3m
- Employees
- 112
- Location
- New York, NY
- Founding
- 02/1974
- Data as of
- 06/2023
- EIN
- 13-2773475
Organization Overview
Ballet Tech Foundation Inc is located in New York, NY. The organization was established in 1974. According to its NTEE Classification (A63) the organization is classified as: Ballet, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2023, Ballet Tech Foundation Inc employed 112 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ballet Tech Foundation 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 06/2023, Ballet Tech Foundation Inc generated $6.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (14.8%) each year. All expenses for the organization totaled $4.8m during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
BALLET TECH FOUNDATION, INC. OPERATES A TUITION-FREE DANCE SCHOOL. THE SCHOOL IDENTIFIES TALENTED CHILDREN IN THE NYC PUBLIC SCHOOL SYSTEM AND PROVIDES THEM WITH TUITION-FREE PROFESSIONAL BALLET TRAINING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BALLET TECH FOUNDATION, INC. OPERATES THE BALLET TECH SCHOOL, AND SUPPORTS THE CREATION AND PRESENTATION OF NEW BALLETS. THE ORGANIZATION IS COMMITTED TO INTRODUCING NEW YORK CITY PUBLIC SCHOOL CHILDREN TO THE BEAUTY, INTEGRITY, AND JOY OF DANCE. ANNUALLY, THE ORGANIZATION PROVIDES THE RIGOROUS DANCE TRAINING NECESSARY TO FULFILL AND NURTURE STUDENTS' INTRINSIC DANCE TALENTS, ALL TUITION FREE. DURING THE YEAR ENDED JUNE 30, 2023, BALLET TECH PRESENTED A ONE WEEK SEASON IN THE SPRING OF 2023. THE SEASON - AT THE JOYCE THEATER - WAS ATTENDED BY 1875 PEOPLE. THE SCHOOL AUDITIONED 7127 STUDENTS, WORKED WITH 49 COOPERATING PUBLIC SCHOOLS THROUGHOUT NEW YORK CITY, AND SELECTED A TOTAL OF 335 STUDENTS. 226 BEGINNERS TOOK INTRODUCTORY BALLET CLASSES FOR BETWEEN 6 AND 10 WEEKS. 116 STUDENTS IN GRADES 4 THROUGH 8 ATTENDED AN ON-SITE NEW YORK CITY PUBLIC SCHOOL PROGRAM CREATED TO PROVIDE THEM WITH A CHALLENGING ACADEMIC CURRICULUM ALONGSIDE THEIR INTENSIVE DANCE PROGRAM. THE ACADEMIC PROGRAM - WHICH TAKES PLACE AT 890 BROADWAY - IS A COLLABORATION BETWEEN THE ORGANIZATION AND THE NEW YORK CITY DEPARTMENT OF EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jilian Cahan Gersten Chairperson | OfficerTrustee | 5 | $0 |
Carol Zerbe Hurford Vice President | OfficerTrustee | 3 | $0 |
Jenny Gersten Treasurer | OfficerTrustee | 1 | $0 |
Karen Levinson Secretary | OfficerTrustee | 3 | $0 |
Philip Aarons Board Member | Trustee | 1 | $0 |
Warren Adams Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $242,220 |
| All other contributions, gifts, grants, and similar amounts not included above | $831,674 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,073,894 |
| Total Program Service Revenue | $2,276,659 |
| Investment income | $628,027 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,115,067 |
| 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 | $6,093,647 |
| 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. | $435,133 |
| Compensation of current officers, directors, key employees. | $56,795 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,763,000 |
| Pension plan accruals and contributions | $36,445 |
| Other employee benefits | $165,390 |
| Payroll taxes | $196,646 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $99,042 |
| Fees for services: Accounting | $33,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $253,647 |
| Advertising and promotion | $4,468 |
| Office expenses | $75,637 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $849,075 |
| Travel | $176,763 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $271,019 |
| Insurance | $36,402 |
| All other expenses | $11,876 |
| Total functional expenses | $4,752,362 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $121,806 |
| Savings and temporary cash investments | $15,208,208 |
| Pledges and grants receivable | $122,595 |
| Accounts receivable, net | $2,179,026 |
| 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 | $52,770 |
| Net Land, buildings, and equipment | $8,946,116 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,308,228 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,192,262 |
| Total assets | $33,131,011 |
| Accounts payable and accrued expenses | $313,308 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $288,106 |
| Total liabilities | $601,414 |
| Net assets without donor restrictions | $31,241,342 |
| Net assets with donor restrictions | $1,288,255 |
| 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 | $33,131,011 |