Playhouse Square Foundation
- Assets
- $324.7m
- Revenue
- $68.0m
- Investments
- $0.0
- Employees
- 651
- Location
- Cleveland, OH
- Founding
- 09/1973
- Data as of
- 06/2022
- EIN
- 23-7304942
Organization Overview
Playhouse Square Foundation is located in Cleveland, OH. The organization was established in 1973. 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, Playhouse Square Foundation employed 651 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Playhouse Square Foundation 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, Playhouse Square Foundation generated $68.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $65.5m during the year ending 06/2022. While expenses have increased by 3.3% per year over the past 7 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE AND SUSTAIN A PERFORMING ARTS AND ENTERTAINMENT CENTER TO ENHANCE AND DEVELOP THE "PLAYHOUSE SQUARE" DISTRICT BY RESTORING, RENOVATING, AND OPERATING THEATERS AND OTHER RELATED PROPERTIES, AND TO PROVIDE ARTS EDUCATION.
Describe the Organization's Program Activity:
THE FOUNDATION'S PURPOSE IS TO OPERATE AND SUSTAIN ON A FINANCIALLY VIABLE BASIS A PERFORMING ARTS CENTER PRESENTING AND PRODUCING WORKS OF ARTISTIC EXCELLENCE FOR THE BENEFIT OF ALL CITIZENS. THE FOUNDATION STARTED PRESENTING PERFORMANCES IN FISCAL YEAR 2022 AFTER THE STATE OF OHIO LIFTED THE PUBLIC GATHERING BAN IN JUNE OF 2021. THE FOUNDATION PRESENTED 980 PERFORMANCES WHICH WERE ATTENDED BY APPROXIMATELY 661,000 GUESTS. OVER 17,000 STUDENTS AND TEACHERS ATTENDED CHILDREN'S THEATER PERFORMANCES. THE FOUNDATION OPERATES OVER 11 PERFORMANCE SPACES WITH A CAPACITY OF NEARLY 10,000.
THE FOUNDATION IS COMMITTED IN ITS ACTIONS TO ENDHANCE AND DEVELOP THAT PORTION OF DOWNTOWN CLEVELAND KNOWN AS "PLAYHOUSE SQUARE" BY NOT ONLY OPERATING THE THEATERS AS DISCUSSED IN 4(A), BUT ALSO BY RENOVATING AND DEVELOPING COMPLIMENTARY COMMERCIAL, RESIDENTIAL AND RETAIL PROPERTIES IN THE PLAYHOUSE SQUARE DISTRICT.
THE FOUNDATION IS COMMITTED TO OFFER A VARIETY OF EDUCATIONAL ACTIVITIES THAT DEVELOP NEW AUDIENCES AND ENHANCE CONNECTIONS WITH EXISTING AUDIENCES WITHIN NORTHEAST OHIO REGION. OVER 200,000 STUDENTS AND ADULTS FROM OVER 26 OHIO COUNTIES WERE ENGAGED IN VARIOUS EDUCATIONAL AND OUTREACH PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gina Vernaci President/ceo | OfficerTrustee | 40 | $849,364 |
Amy G Brady Chair | OfficerTrustee | 0.5 | $0 |
Rick Buoncore Vice Chair, Advancement | OfficerTrustee | 0.5 | $0 |
Mark Ross Vice Chair, Finance | OfficerTrustee | 0.5 | $0 |
Margaret M Judd Vice Chair Community Engagement & Education | OfficerTrustee | 0.5 | $0 |
Paul J Dolan Vice Chair, Government Affairs | OfficerTrustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Turner Construction General Contractor | 6/29/22 | $3,238,617 |
Brewer-garrett Company Hvac Services | 6/29/22 | $856,279 |
Jani-king Janitorial Services | 6/29/22 | $350,197 |
Benesch Legal Services | 6/29/22 | $152,524 |
Bakerhostetler Legal Services | 6/29/22 | $105,673 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $95,788 |
| Related organizations | $0 |
| Government grants | $11,914,443 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,095,364 |
| Noncash contributions included in lines 1a–1f | $330,491 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $23,105,595 |
| Total Program Service Revenue | $44,144,584 |
| Investment income | $23,566 |
| 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 | $751,690 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $68,025,435 |
| 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. | $1,363,318 |
| Compensation of current officers, directors, key employees. | $1,363,318 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,747,358 |
| Pension plan accruals and contributions | $643,052 |
| Other employee benefits | $1,586,086 |
| Payroll taxes | $1,052,540 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $156,143 |
| Fees for services: Accounting | $117,226 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,224,772 |
| Advertising and promotion | $3,103,594 |
| Office expenses | $946,949 |
| Information technology | $153,214 |
| Royalties | $0 |
| Occupancy | $1,764,987 |
| Travel | $23,839 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,838,665 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,649,192 |
| Insurance | $581,931 |
| All other expenses | $0 |
| Total functional expenses | $65,477,731 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $45,636,016 |
| Savings and temporary cash investments | $49,533,345 |
| Pledges and grants receivable | $7,943,766 |
| Accounts receivable, net | $14,856,217 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $7,342 |
| Prepaid expenses and deferred charges | $2,374,590 |
| Net Land, buildings, and equipment | $80,430,761 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $121,730,632 |
| Intangible assets | $1,986,271 |
| Other assets | $163,591 |
| Total assets | $324,662,531 |
| Accounts payable and accrued expenses | $8,606,100 |
| Grants payable | $0 |
| Deferred revenue | $38,210,022 |
| Tax-exempt bond liabilities | $73,185,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $17,586,829 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $163,591 |
| Total liabilities | $137,751,542 |
| Net assets without donor restrictions | $170,454,236 |
| Net assets with donor restrictions | $16,456,753 |
| 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 | $324,662,531 |