Walnut Street Theatre Corp
- Assets
- $36.0m
- Revenue
- $14.9m
- Investments
- $0.0
- Employees
- 309
- Location
- Philadelphia, PA
- Founding
- 10/1969
- Data as of
- 06/2022
- 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 06/2022, Walnut Street Theatre Corp employed 309 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 06/2022, Walnut Street Theatre Corp generated $14.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $12.4m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (3.7%) per year over the past 7 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
2022
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 2021-2022 SEASON, OUR THEATRE SCHOOL WORKED WITH 27 TEACHERS AND 601 STUDENTS. TOURING OUTREACH SERVED 21 DISTRICTS, 176 SCHOOLS AND 88,000 STUDENTS HAD ACCESS TO OUR VIRTUAL TOURING OUTREACH PRODUCTION OF THE P-FUNK POSSE. THIS OUTREACH EFFORT INCLUDED ALL PHILADELPHIA PUBLIC K-8 SCHOOLS. ADOPT-A-SCHOOL PROGRAM SERVED TWO PHILADELPHIA SCHOOLS THIS PAST YEAR. THROUGH THIS INITIATIVE, FOUR OF OUR WST TEACHING ARTISTS TAUGHT 1,928 STUDENTS. OUR RESIDENCY PROGRAM HAD 11 WST TEACHING ARTISTS SERVING 13 SCHOOLS AND REACHING 1,427 TOTAL STUDENTS. WALNUT STREET THEATRE KIDS SERIES HAD 23 STUDENTS FROM WALNUT STREET THEATRE SCHOOL AND FOUR ARTISTIC STAFF MOUNTED A FULLY STAGED ADAPTATION OF DISNEY'S MOANA JR. 7,823 ATTENDEES CAME TO THE PERFORMANCES. DISNEY MUSICALS IN SCHOOLS HAD FOUR WST TEACHING ARTISTS AND THE WST EDUCATIONAL STAFF SERVED TWO SCHOOLS, AND 80 STUDENTS WERE ABLE TO PARTICIPATE IN THE DISNEY MUSICAL IN SCHOOLS PROGRAM.
MAINSTAGE PRODUCTIONS - DURING THE 2021-2022 SEASON, WALNUT STREET THEATRE'S MAINSTAGE PRODUCTIONS WELCOMED 159,437 ATTENDEES, INCLUDING 22,869 SUBSCRIBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bernard Havard President And Producing Artistic Director | OfficerTrustee | 60 | $889,313 |
Scott Rankin Board Chair | OfficerTrustee | 2 | $0 |
Francis Mirabello Vice Chair | OfficerTrustee | 2 | $0 |
Ramona Gwynn Vice Chair / Secretary | OfficerTrustee | 2 | $0 |
Robert L Harman Treasurer | OfficerTrustee | 2 | $0 |
Jeffrey L Ferro Chair Audit Committee | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $864 |
| Membership dues | $0 |
| Fundraising events | $189,669 |
| Related organizations | $0 |
| Government grants | $5,352,757 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,228,855 |
| Noncash contributions included in lines 1a–1f | $82,710 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,772,145 |
| Total Program Service Revenue | $7,661,291 |
| Investment income | $45,628 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $155,535 |
| Net Gain/Loss on Asset Sales | $40,840 |
| Net Income from Fundraising Events | $7,826 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $243,750 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,927,015 |
| 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. | $1,396,986 |
| Compensation of current officers, directors, key employees. | $353,977 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,207,090 |
| Pension plan accruals and contributions | $78,350 |
| Other employee benefits | $992,135 |
| Payroll taxes | $713,677 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $59,190 |
| Fees for services: Accounting | $49,340 |
| Fees for services: Lobbying | $48,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,109 |
| Fees for services: Other | $303,150 |
| Advertising and promotion | $794,108 |
| Office expenses | $198,451 |
| Information technology | $0 |
| Royalties | $344,750 |
| Occupancy | $234,892 |
| Travel | $160,264 |
| 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 | $329,620 |
| Insurance | $125,068 |
| All other expenses | $564,017 |
| Total functional expenses | $12,355,034 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,102,632 |
| Savings and temporary cash investments | $3,967,811 |
| Pledges and grants receivable | $502,695 |
| 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 | $12,657 |
| Prepaid expenses and deferred charges | $442,786 |
| Net Land, buildings, and equipment | $7,063,288 |
| Investments—publicly traded securities | $6,910,839 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $36,002,708 |
| Accounts payable and accrued expenses | $1,227,767 |
| Grants payable | $0 |
| Deferred revenue | $3,204,273 |
| 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 | $936,740 |
| Total liabilities | $5,368,780 |
| Net assets without donor restrictions | $24,146,101 |
| Net assets with donor restrictions | $6,487,827 |
| 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 | $36,002,708 |