World Trade Center Performing Arts Center Inc
- Assets
- $588.4m
- Revenue
- $79.4m
- Investments
- $0.0
- Employees
- 72
- Location
- New York, NY
- Founding
- 03/2014
- Data as of
- 12/2022
- EIN
- 45-5316035
Organization Overview
World Trade Center Performing Arts Center Inc, operating under the name Ronald O Perelman Center For The Performing Arts Center, is located in New York, NY. The organization was established in 2014. According to its NTEE Classification (A60) the organization is classified as: Performing Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Ronald O Perelman Center For The Performing Arts Center employed 72 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ronald O Perelman Center For The Performing Arts Center 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 12/2022, Ronald O Perelman Center For The Performing Arts Center generated $79.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 71.9% each year . All expenses for the organization totaled $8.9m during the year ending 12/2022. While expenses have increased by 29.2% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PERFORMING ARTS CENTER (PAC) WILL CONTRIBUTE TO THE REVITALIZATION OF LOWER MANHATTAN BY WELCOMING A DIVERSE PUBLIC AND PRODUCING AND PRESENTING THEATER, DANCE, MUSIC, AND OTHER PERFORMING ARTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ARTISTIC AND PROGRAM:THE PAC'S INAUGURAL ARTISTIC DIRECTOR BILL RAUCH, HAS BEEN FULLY ENGAGED IN PLANNING FUTURE SEASONS, WORKING WITH ARTISTS AND OTHER CULTURAL ORGANIZATIONS TO DEVELOP AND PRESENT PROJECTS. THE PERELMAN WILL HAVE A RICH, DIVERSE PROGRAM OF PERFORMING ARTS.
ORGANIZATION DEVELOPMENT AND PLANNING:MANAGEMENT IS FOCUSED ON PREPARING AND PLANNING FOR ALL ASPECTS OF THE ORGANIZATION'S FUTURE, INCLUDING GOVERNANCE, MANAGEMENT BUSINESS PLANNING, MARKETING AND OPERATIONS. IN OCTOBER, 2022 KHADY KAMARA WAS APPOINTED BY THE BOARD TO BE THE ORGANIZATION'S FIRST EXECUTIVE DIRECTOR.
CONSTRUCTION MANAGEMENT, DESIGN AND FACILITIES PLANNING:SCIAME CONSTRUCTION, SERVING AS CONSTRUCTION MANAGER, IS CONTINUING CONSTRUCTION ACTIVITIES AT THE SITE. FACADE INSTALLATION AND BUILDING ENVELOPE WORK COMPLETE. SITE WORK IN PROGRESS. INTERIOR FIT-OUT OF THEATER AND FRONT OF THE HOUSE SPACES SUBSTANTIALLY COMPLETE. THEATER COMMISSIONING IS UNDERWAY. PROJECT MANAGEMENT, DESIGN AND CONSTRUCTION COSTS OF $122,509,375 WERE INCURRED IN 2022 AND CAPITALIZED AS CONSTRUCTION IN PROGRESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael R Bloomberg Chair | OfficerTrustee | 2 | $0 |
Dominic Casserley Vice-Chair And Treasurer | OfficerTrustee | 2 | $0 |
Peter H Darrow Vice-Chair | OfficerTrustee | 2 | $0 |
Ed Henry Secretary | OfficerTrustee | 1 | $0 |
Christine Taylor Secretary Thru Sept 2022 | OfficerTrustee | 1 | $0 |
Frank Bisignano Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sciame Construction Llc Construction Services | 12/30/22 | $119,626,993 |
Sound Associates Inc Construction Services | 12/30/22 | $2,746,494 |
Rex Architectural Services | 12/30/22 | $1,264,716 |
Lj Duffy Inc Construction Services | 12/30/22 | $1,021,222 |
Davis Brody Bond Architectural Services | 12/30/22 | $2,446,810 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $31,086,799 |
| All other contributions, gifts, grants, and similar amounts not included above | $42,891,895 |
| Noncash contributions included in lines 1a–1f | $6,485,012 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $73,978,694 |
| Total Program Service Revenue | $0 |
| Investment income | $16,488 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$378,651 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $79,386,586 |
| 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. | $1,002,553 |
| Compensation of current officers, directors, key employees. | $37,952 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,793,838 |
| Pension plan accruals and contributions | $37,616 |
| Other employee benefits | $190,017 |
| Payroll taxes | $135,910 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $333,808 |
| Fees for services: Accounting | $92,160 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $288,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,982,295 |
| Advertising and promotion | $141,681 |
| Office expenses | $268,995 |
| Information technology | $111,487 |
| Royalties | $0 |
| Occupancy | $18,180 |
| Travel | $67,648 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $833,563 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $484,849 |
| Insurance | $27,515 |
| All other expenses | $0 |
| Total functional expenses | $8,927,388 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,089,884 |
| Savings and temporary cash investments | $1,012,602 |
| Pledges and grants receivable | $73,685,883 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $121,468 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $495,445,342 |
| Total assets | $588,355,179 |
| Accounts payable and accrued expenses | $15,105,515 |
| Grants payable | $0 |
| Deferred revenue | $100,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $23,000,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $38,205,515 |
| Net assets without donor restrictions | $417,117,996 |
| Net assets with donor restrictions | $133,031,668 |
| 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 | $588,355,179 |