Walnut Street Theatre Corp
- Assets
- $35.9m
- Revenue
- $7.4m
- Investments
- $0.0
- Employees
- 195
- Location
- Philadelphia, PA
- Founding
- 10/1969
- Data as of
- 06/2021
- EIN
- 23-1715152
Organization Overview
Walnut Street Theatre Corp is located in Philadelphia, PA. The organization was established in 1969. 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 06/2021, Walnut Street Theatre Corp employed 195 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Walnut Street Theatre Corp 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, Walnut Street Theatre Corp generated $7.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (12.4%) each year. All expenses for the organization totaled $4.7m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (18.6%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUSTAIN THE TRADITION OF PROFESSIONAL THEATRE AND CONTRIBUTE TO ITS FUTURE VIABILITY AND VITALITY.
Describe the Organization's Program Activity:
THEATRE SCHOOL - DURING THE 2020-2021 SEASON, OUR THEATRE SCHOOL ADAPTED TO THE NEEDS OF THE COMMUNITY THROUGH A HYBRID OF VIRTUAL AND IN-PERSON ACTIVITIES. OUR TOURING PRODUCTION BECAME AN ORIGINAL VIRTUAL PRODUCTION. THE ME I FORESEE HAD 123 PERFORMANCES IN 53 SCHOOLS SERVING 31,800 STUDENTS AND FACULTY. OUR ADOPT-A-SCHOOL PROGRAM FOCUSED ON ACCESSIBILITY AND PROVIDED 30-MINUTE VIRTUAL (FACEBOOK AND INSTAGRAM) LESSONS FOR EIGHT WEEKS ON SOCIAL MEDIA. WE CONTINUED TO PROVIDE THESE VITAL SERVICES WITH AN ADDITIONAL 30 WEEKS OF VIRTUAL INSTRUCTION FOR THE CURRENT SCHOOL YEAR, WHERE WE REACHED 2,811 STUDENTS, WHILE PROVIDING FACULTIES WITH LESSON PLANS, STUDY GUIDES, AND TEACHER TRAINING MODULES TO HELP IMPLEMENT ARTS-BASED CURRICULUM INTO THE CLASSROOM. THE THEATRE SCHOOL BUILT VIRTUAL CLASSES FOR BOTH CHILDREN AND ADULTS, FACILITATED DAILY VIRTUAL INSTRUCTION, AND CONTINUED LIMITED IN PERSON AND VIRTUAL CLASSES THROUGHOUT THE SUMMER, FALL AND SPRING SEMESTERS. CAMP WALNUT RAN SUCCESSFULLY IN JULY OF 2020. WE WELCOMED CAMPERS THROUGH THREE DIVISIONS. WE WERE ABLE TO COMPLETE MULTIPLE RESIDENCIES AS WE PIVOTED TO A VIRTUAL LEARNING MODEL. SEVEN SITES, 16 DIVISIONS, WITH HUNDREDS OF STUDENTS SERVED.
MAINSTAGE PRODUCTION COSTS - DURING THE 2020-2021 SEASON, WALNUT STREET THEATRE'S MAINSTAGE AND CHILDREN'S SERIES PRODUCTIONS WERE POSTPONED DUE TO THE PANDEMIC.
STUDIO PRODUCTION COSTS - DURING THE 2020-2021 SEASON, THE THEATRE'S INDEPENDENCE STUDIO ON 3 SEASON WAS CANCELLED DUE TO THE PANDEMIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bernard Havard President And Producing Artistic Director | OfficerTrustee | 60 | $1,012,027 |
Mark Sylvester Managing Director | Officer | 60 | $623,078 |
Siobhan Ruane Director Of Production | 60 | $240,000 | |
Edward Gilchrist Director Of Marketing | 60 | $152,500 | |
Scott Rankin Board Chair | OfficerTrustee | 2 | $0 |
Francis Mirabello Vice Chair | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $6,501 |
| Membership dues | $0 |
| Fundraising events | $72,978 |
| Related organizations | $0 |
| Government grants | $6,030,134 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,037,477 |
| Noncash contributions included in lines 1a–1f | $88,509 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,147,090 |
| Total Program Service Revenue | $169,962 |
| Investment income | $29,557 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$593 |
| Net Gain/Loss on Asset Sales | $36,658 |
| Net Income from Fundraising Events | -$1,777 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,380,897 |
| 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. | $877,217 |
| Compensation of current officers, directors, key employees. | $386,312 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,981,121 |
| Pension plan accruals and contributions | $47,381 |
| Other employee benefits | $190,052 |
| Payroll taxes | $204,604 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,620 |
| Fees for services: Accounting | $49,070 |
| Fees for services: Lobbying | $48,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,620 |
| Fees for services: Other | $9,800 |
| Advertising and promotion | $8,154 |
| Office expenses | $122,612 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $154,097 |
| Travel | $41,785 |
| 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 | $320,135 |
| Insurance | $190,426 |
| All other expenses | $30,607 |
| Total functional expenses | $4,688,298 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,603,420 |
| Savings and temporary cash investments | $3,346,716 |
| Pledges and grants receivable | $5,317,845 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,000,000 |
| Inventories for sale or use | $17,655 |
| Prepaid expenses and deferred charges | $496,452 |
| Net Land, buildings, and equipment | $6,989,158 |
| Investments—publicly traded securities | $7,158,891 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $35,930,137 |
| Accounts payable and accrued expenses | $2,566,625 |
| Grants payable | $0 |
| Deferred revenue | $4,937,163 |
| 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 | $0 |
| Total liabilities | $7,503,788 |
| Net assets without donor restrictions | $21,740,974 |
| Net assets with donor restrictions | $6,685,375 |
| 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 | $35,930,137 |
Grants Recieved
Over the last fiscal year, we have identified 19 grants that Walnut Street Theatre Corp has recieved totaling $236,257.
| Awarding Organization | Amount |
|---|---|
Louis And Bessie Stein Foundation Fund 2 Haverford, PA PURPOSE: UNRESTRICTED | $100,000 |
Syde Hurdus Foundation Inc New York, NY PURPOSE: GENERAL CHARITABLE | $40,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $29,300 |
Hellendall Family Foundation Elkins Park, PA PURPOSE: PROGRAM SUPPORT | $15,000 |
Russell Lamon Irrev Tr Pittsburgh, PA PURPOSE: GENERAL SUPPORT | $13,538 |
Horace W Goldsmith Foundation New York, NY PURPOSE: GENERAL OPERATIONS | $12,500 |
Endowment Analysis
| Beg. Balance | $1,716,416 |
| Net Contributions | $3,543,229 |
| Other Expense | $205,710 |
| Ending Balance | $5,053,935 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vivian Beaumont Theater Inc New York, NY | $199,499,593 | $19,952,200 |
Signature Theatre Company New York, NY | $62,849,854 | $11,675,589 |
Playwrights Horizons Inc New York, NY | $27,151,743 | $13,749,281 |
Cincinnati Playhouse In The Park Cincinnati, OH | $58,282,641 | $17,194,907 |
Manhattan Theatre Club Inc New York, NY | $95,784,807 | $15,978,594 |
Stella Adler Studio Of Acting New York, NY | $5,616,573 | $9,953,377 |
Storyville Center For The Spoken Word Inc New York, NY | $12,362,100 | $12,256,751 |
Second Stage Theatre New York, NY | $62,708,833 | $8,654,071 |
Olney Theatre Corporation Olney, MD | $19,570,202 | $9,983,104 |
Atlantic Theater Company New York, NY | $26,591,945 | $8,396,675 |
Geva Theatre Center Inc Rochester, NY | $17,333,733 | $8,117,861 |
George Street Playhouse Inc New Brunswick, NJ | $6,896,308 | $6,837,551 |