Palace Performing Arts Center Inc
- Assets
- $7.9m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 68
- Location
- Albany, NY
- Founding
- 10/1989
- Data as of
- 06/2022
- EIN
- 14-1708151
Organization Overview
Palace Performing Arts Center Inc is located in Albany, NY. The organization was established in 1989. 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 06/2022, Palace Performing Arts Center Inc employed 68 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palace Performing Arts Center 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 Performing Arts Center Inc generated $5.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $3.4m during the year ending 06/2022. 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
TO OPERATE THE PALACE THEATER AND UTILIZE ITS FULL POTENTIAL AS A CULTURAL AND ENTERTAINMENT CENTER IN ALBANY, NY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE THE PALACE THEATER AND UTILIZE ITS FULL POTENTIAL AS A CULTURAL AND ENTERTAINMENT CENTER IN ALBANY, NY.
TO OPERATE THE PALACE THEATER AND FULLY UTILIZE ITS CULTURAL AND CIVIC VALUE TO THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julia Elbaum Director Of | Officer | 40 | $133,726 |
Danny Taylor General Mana | 40 | $109,179 | |
Kevin Johnson Executive Di | Officer | 40 | $59,740 |
Stephen P Baboulis Chairman | OfficerTrustee | 0.5 | $0 |
John Bennett MD Vice Chairma | OfficerTrustee | 0.25 | $0 |
Jeffrey Stone Treasurer | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,204,208 |
| All other contributions, gifts, grants, and similar amounts not included above | $405,408 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,609,616 |
| Total Program Service Revenue | $3,690,573 |
| Investment income | $1,155 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $5,301,344 |
| 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. | $316,676 |
| Compensation of current officers, directors, key employees. | $316,676 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $629,091 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $70,358 |
| Payroll taxes | $87,096 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,000 |
| Fees for services: Accounting | $10,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,485 |
| Advertising and promotion | $5,288 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $46,711 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $78,344 |
| Insurance | $80,794 |
| All other expenses | $361,049 |
| Total functional expenses | $3,421,648 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,179,489 |
| Savings and temporary cash investments | $4,159,903 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $75,101 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $20,591 |
| Prepaid expenses and deferred charges | $72,362 |
| Net Land, buildings, and equipment | $2,345,113 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $7,429 |
| Other assets | $0 |
| Total assets | $7,859,988 |
| Accounts payable and accrued expenses | $1,722,200 |
| Grants payable | $0 |
| Deferred revenue | $83,792 |
| 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 | $1,181,428 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,987,420 |
| Net assets without donor restrictions | $4,527,818 |
| Net assets with donor restrictions | $344,750 |
| 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 | $7,859,988 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Palace Performing Arts Center Inc has recieved totaling $90,672.
| Awarding Organization | Amount |
|---|---|
The Community Foundation For The Greater Capital Region Inc Albany, NY PURPOSE: FOR THE MARQUEE PROJECT | $35,000 |
Wsb Family Foundation Albany, NY PURPOSE: DONATION | $25,000 |
Upstate Theater Coalition For A Fairgame Inc Schenectady, NY PURPOSE: SUPPORT OF THE ARTS | $11,667 |
Mvp Health Plan Inc Schenectady, NY PURPOSE: MARQUEE INITIATIVE DONATION | $10,000 |
Albany Food And Wine Festival Inc Albany, NY PURPOSE: GENERAL SUPPORT | $9,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mann Center For The Performing Arts Philadelphia, PA | $32,818,014 | $23,395,696 |
Horace Bushnell Memorial Hall Corporation Hartford, CT | $69,994,331 | $15,110,595 |
Mccarter Theatre Company Princeton, NJ | $28,336,036 | $11,621,825 |
Count Basie Theatre Inc Red Bank, NJ | $61,930,466 | $14,783,970 |
Rochester Broadway Theatre League Inc Rochester, NY | $14,097,725 | $11,757,109 |
Celebrity Series Of Boston Boston, MA | $21,295,635 | $11,486,131 |
Arts Center And Theater Of Schenectady Inc Schenectady, NY | $59,537,808 | $17,534,824 |
Saratoga Springs Performing Arts Center Inc Saratoga Springs, NY | $31,890,328 | $10,810,263 |
Tremont Theatre Inc Boston, MA | $4,028,653 | $4,834,729 |
Stamford Center For The Arts Inc Stamford, CT | $18,714,807 | $7,026,118 |
Palace Theater Group Inc Waterbury, CT | $7,137,767 | $7,444,031 |
Strand-Capitol Performing Arts Center Inc York, PA | $13,276,794 | $10,332,110 |