Odeum Corporation
- Assets
- $2.7m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 13
- Location
- East Greenwich, RI
- Founding
- 12/1991
- Data as of
- 12/2023
- EIN
- 22-3115053
Organization Overview
Odeum Corporation is located in East Greenwich, RI. The organization was established in 1991. 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 12/2023, Odeum Corporation employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Odeum Corporation 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 12/2023, Odeum Corporation generated $1.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $1.6m during the year ending 12/2023. While expenses have increased by 17.1% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP AND OPERATE A CULTURAL CENTER FOR THE ARTS WHICH FEATURES RESIDENT AND TOURING PROFESSIONALS, EDUCATIONAL PROGRAMS IN THE ARTS, AND LOCAL AMATEUR TALENT, BY MAINTAINING A HISTORICALLY SIGNIFICANT THEATER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ORGANIZATION PROVIDES THEATER SPACE IN THE HISTORIC DISTRICT OF EAST GREENWICH RI. THE 420-SEAT THEATER, BUILT IN 1926, PLAYS HOST TO A WIDE-ARRAY OF ENTERTAINMENT FOR ALL AGE GROUPS, SUCH AS CONCERTS, COMEDY SHOWS, THEATERICAL PRODUCTIONS, MOVIES, AND OTHER COMMUNITY-DRIVEN EVENTS. IN 2014, THE THEATER BEGAN A MULTI-PHASE REHABILITATION PROJECT, MOSTLY FUNDED BY LOCAL CULTURAL GRANTS, THAT INCLUDED UPDATES TO ENSURE ADA AND FIRE-CODE COMPLIANCE, AS WELL AS TO REPAIR THE FAILING FA ADE AND IMPROVE THE THEATER'S COMMON AREAS. THE THEATER IS CURRENTLY IN THE FINAL PHASE OF THIS MULIT-PHASED PROJECT. LOCALLY, THE THEATER IS SEEN AS AN "ANCHOR" ON MAIN STREET EAST GREENWICH, BRINGING OVER 15,000 PATRONS TO THE DOWNTOWN AREA EACH YEAR, PROVIDING A BOOST IN SALES TO LOCAL RESTAURANTS AND SMALL BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dan Speca President | OfficerTrustee | 20 | $0 |
Jeffrey Gladstone Director | Trustee | 0.5 | $0 |
Steven Feinberg Vice President | OfficerTrustee | 2 | $0 |
Joe Madden Director | Trustee | 0.5 | $0 |
Roger Sokolosky Director | Trustee | 0.5 | $0 |
Christopher Musella Treasurer | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $21,600 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $40,491 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $62,091 |
| Total Program Service Revenue | $1,371,462 |
| Investment income | $249 |
| 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 | $94,168 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,527,970 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $206,403 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $20,283 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $52,490 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $55,770 |
| Office expenses | $4,362 |
| Information technology | $4,145 |
| Royalties | $0 |
| Occupancy | $53,055 |
| Travel | $1,364 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $13,775 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $77,714 |
| Insurance | $24,902 |
| All other expenses | $113,183 |
| Total functional expenses | $1,592,333 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,664 |
| Savings and temporary cash investments | $475,697 |
| Pledges and grants receivable | $0 |
| 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 | $8,977 |
| Prepaid expenses and deferred charges | $6,328 |
| Net Land, buildings, and equipment | $2,216,146 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,024 |
| Other assets | $0 |
| Total assets | $2,734,836 |
| Accounts payable and accrued expenses | $94,255 |
| Grants payable | $0 |
| Deferred revenue | $311,201 |
| 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 | $347,846 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $48,518 |
| Total liabilities | $801,820 |
| Net assets without donor restrictions | $1,903,016 |
| Net assets with donor restrictions | $30,000 |
| 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 | $2,734,836 |