Palace Theatre Trust
- Assets
- $12.1m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 81
- Location
- Manchester, NH
- Founding
- 05/1999
- Data as of
- 06/2020
- EIN
- 23-7356019
Organization Overview
Palace Theatre Trust is located in Manchester, NH. The organization was established in 1999. 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 06/2021, Palace Theatre Trust employed 81 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palace Theatre Trust 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 06/2020, Palace Theatre Trust generated $4.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $4.7m during the year ending 06/2020. While expenses have increased by 2.8% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO ENRICH THE REGION'S CULTURAL LIFE AND SERVE AS A COMMUNITY RESOURCE THROUGH ITS STEWARDSHIP OF THE HISTORIC PALACE THEATRE. IT DOES SO BY PROVIDING A BROAD RANGE OF LIVE, HIGH QUALITY, PROFESSIONAL AND COMMUNITY PERFORMANCES, AS WELL AS EDUCATIONAL OPPORTUNITIES FOR PERFORMERS AND AUDIENCES OF ALL AGES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENRICHING THE REGION'S CULTURAL LIFE AND OFFERING A DIVERSE SELECTION OF EXTREMELY HIGH QUALITY LIVE PERFORMANCES AND EDUCATIONAL OPPORTUNITIES FOR PATRONS, ARTISTS, CHILDREN AND PEOPLE OF ALL AGES DEFINES THE PALACE THEATRE. FROM IN-HOUSE PRODUCED LIVE PROFESSIONAL MUSICAL THEATRE, TOP NAME PRESENTING ENTERTAINMENT, OTHER NON-PROFIT FUNDRAISING EVENTS AND RENTALS FOR MANY COMMUNITY EVENTS ARE ALL PART OF WHAT DEFINES THE PALACE THEATRE. APPROXIMATELY 120,000 PATRONS ATTENDED WITH OVER 252 PERFORMANCES AND EVENTS. YOUTH PERFORMING ARTS PROGRAMS ARE AN INTEGRAL PART OF THE PALACE THEATRE/FOREVER EMMA STUDIOS YOUTH INITIATIVES WITH OVER 19,000 CHILDREN EXPERIENCING THEATRICAL PRODUCTIONS THROUGH PARTICIPATION IN VACATIO CAMPS, SPECIALIZED ACTING COMPANIES AND VOCAL, DANCING OR ACTING CLASSES. ADDITIONALLY, MORE THAN 900 YOUTH, GRADES 2-12 PERFORMED IN A PALACE PRODUCTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Ramsey CEO | OfficerTrustee | 40 | $129,470 |
Atty Jennifer Parent Chair | OfficerTrustee | 1 | $0 |
Mark Laprade Treasurer | OfficerTrustee | 1 | $0 |
Doug Blais Secretary | OfficerTrustee | 1 | $0 |
J Michael Perrella Vice Chair | OfficerTrustee | 1 | $0 |
Robert Baines Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $978,407 |
| Investment income | $99,837 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,450 |
| Net Gain/Loss on Asset Sales | -$9,996 |
| Net Income from Fundraising Events | $16,277 |
| Net Income from Gaming Activities | $63,034 |
| Net Income from Sales of Inventory | $166,583 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,561,211 |
| Statement of Expenses | |
|---|---|
| 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. | $135,589 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,317,505 |
| Pension plan accruals and contributions | $20,000 |
| Other employee benefits | $82,106 |
| Payroll taxes | $113,396 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $51,297 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,813 |
| Fees for services: Other | $115,694 |
| Advertising and promotion | $159,227 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $389,143 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $52,587 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $307,822 |
| Insurance | $70,992 |
| All other expenses | $0 |
| Total functional expenses | $4,707,793 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $81,714 |
| Savings and temporary cash investments | $1,901,348 |
| Pledges and grants receivable | $187,274 |
| Accounts receivable, net | $5,723 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $4,262,893 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $807,110 |
| Total assets | $12,127,067 |
| Accounts payable and accrued expenses | $238,630 |
| Grants payable | $0 |
| Deferred revenue | $588,028 |
| 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 | $722,833 |
| Unsecured mortgages and notes payable | $20,000 |
| Other liabilities | $2,030,284 |
| Total liabilities | $3,599,775 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $8,527,292 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Palace Theatre Trust has recieved totaling $2,500.
| Awarding Organization | Amount |
|---|---|
Lynch Fam Charitable Foundation Hopkinton, NH PURPOSE: GENERAL OPERATING SUPPORT | $2,500 |
Endowment Analysis
| Beg. Balance | $4,262,893 |
| Earnings | $1,221,313 |
| Other Expense | $151,000 |
| Ending Balance | $5,333,206 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Celebrity Series Of Boston Boston, MA | $21,295,635 | $11,486,131 |
Tremont Theatre Inc Boston, MA | $4,028,653 | $4,834,729 |
Palace Theatre Trust Manchester, NH | $12,127,067 | $4,561,211 |
Friends Of The Music Hall Portsmouth, NH | $11,111,524 | $6,060,196 |
Cabot Performing Arts Center Inc Beverly, MA | $9,302,777 | $5,349,464 |
Boston Center For The Arts Inc Boston, MA | $29,580,802 | $3,268,105 |
The Wang Center For The Performing Arts Inc Boston, MA | $34,395,056 | $6,359,659 |
Worcester County Mechanics Association Worcester, MA | $9,068,606 | $3,158,410 |
South Shore Playhouse Associates Inc Cohasset, MA | $13,347,958 | $641,064 |
Greater Boston Stage Company Stoneham, MA | $1,456,357 | $2,040,521 |
Colonial Theatre Group Inc Keene, NH | $16,858,663 | $2,169,937 |
Paramount Center Inc Rutland, VT | $4,350,370 | $2,634,651 |