World Trade Center Performing Arts Center Inc
- Assets
- $505.9m
- Revenue
- $148.5m
- Investments
- $0.0
- Employees
- 13
- Location
- New York, NY
- Founding
- 03/2014
- Data as of
- 12/2021
- 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 12/2021, Ronald O Perelman Center For The Performing Arts Center employed 13 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 12/2021, Ronald O Perelman Center For The Performing Arts Center generated $148.5m in total revenue. All expenses for the organization totaled $3.9m during the year ending 12/2021. While expenses have increased by 19.3% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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.
CONSTRUCTION MANAGEMENT, DESIGN AND FACILITIES PLANNING:SCIAME CONSTRUCTION, SERVING AS CONSTRUCTION MANAGER, IS CONTINUING CONSTRUCTION ACTIVITIES AT THE SITE. STRUCTURAL STEEL AND CONCRETE WORK IS COMPLETE. EXTERIOR FACADE FABRICATION AND INSTALLATION SUBSTANTIALLY COMPLETE. ROOFING, ELEVATOR, THEATER AND LOBBY MILLWORK FABRICATION AND THEATER DOOR AND THEATER RIGGING INSTALLATION WORK IN PROGRESS. PROJECT MANAGEMENT, DESIGN AND CONSTRUCTION COSTS OF $137,281,158 WERE INCURRED IN 2021 AND CAPITALIZED AS CONSTRUCTION IN PROGRESS. THE PRESIDENT IS ACTIVELY INVOLVED IN ALL ASPECTS OF CONSTRUCTION AND DESIGN, WITH EXTENSIVE INPUT FROM THE ARTISTIC DIRECTOR ON DESIGN OF THEATERS AND PUBLIC SPACES.
ORGANIZATION DEVELOPMENT AND PLANNING:THE PRESIDENT, LESLIE KOCH, IS FOCUSED ON PREPARING AND PLANNING FOR ALL ASPECTS OF THE ORGANIZATION'S FUTURE, INCLUDING GOVERNANCE, MANAGEMENT BUSINESS PLANNING, MARKETING AND OPERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Rauch Artistic Director | Officer | 40 | $985,681 |
Leslie Koch President & CEO | Officer | 40 | $576,616 |
Warren Elliott Elghanayan VP Of Construction | Officer | 40 | $508,887 |
Frank Lapera Sir. Dir Of Project Development | 40 | $311,292 | |
Christopher Gateau Senior Project Manager | 40 | $299,441 | |
Maxim Semiglazov Comptroller | 40 | $172,141 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Davis Brody Bond Architectural Services | 12/30/21 | $2,976,802 |
Charcoalblue Llc Theater Consulting Services | 12/30/21 | $229,230 |
Rex Architectural Services | 12/30/21 | $696,837 |
Sciame Construction Llc Construction Services | 12/30/21 | $121,260,211 |
Bureau Veritas North America Inc Construction Services | 12/30/21 | $663,683 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $26,123,198 |
| All other contributions, gifts, grants, and similar amounts not included above | $122,344,285 |
| Noncash contributions included in lines 1a–1f | $373,094 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $148,467,483 |
| Total Program Service Revenue | $0 |
| Investment income | $32,188 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,526 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $148,493,145 |
| 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. | $1,366,979 |
| Compensation of current officers, directors, key employees. | $561,777 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $565,290 |
| Pension plan accruals and contributions | $29,656 |
| Other employee benefits | $87,072 |
| Payroll taxes | $72,515 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $45,361 |
| Fees for services: Accounting | $144,476 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $314,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $374,467 |
| Advertising and promotion | $71,914 |
| Office expenses | $31,205 |
| Information technology | $41,992 |
| Royalties | $0 |
| Occupancy | $22,809 |
| Travel | $5,263 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $193,982 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $484,849 |
| Insurance | $27,654 |
| All other expenses | $0 |
| Total functional expenses | $3,949,124 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $55,604,844 |
| Savings and temporary cash investments | $1,010,228 |
| Pledges and grants receivable | $74,857,886 |
| 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 | $34,462 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $374,358,392 |
| Total assets | $505,865,812 |
| Accounts payable and accrued expenses | $25,801,287 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $25,801,287 |
| Net assets without donor restrictions | $373,785,486 |
| Net assets with donor restrictions | $106,279,039 |
| 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 | $505,865,812 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that World Trade Center Performing Arts Center Inc has recieved totaling $97,177,134.
| Awarding Organization | Amount |
|---|---|
Bloomberg Family Foundation Inc New York, NY PURPOSE: CAPITAL PROJECT | $90,000,000 |
Goldman Sachs Charitable Gift Fund New York, NY PURPOSE: COMMUNITY OUTREACH & ENRICHMENT PROGRAMS | $1,434,467 |
The Zegar Family Foundation New York, NY PURPOSE: GENERAL PURPOSE CONTRIBUTION | $1,000,000 |
The@macmillan Family Foundation Inc New York, NY PURPOSE: GENERAL PURPOSE | $1,000,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $1,000,000 |
Secunda Family Foundation Inc New York, NY PURPOSE: GENERAL PURPOSE CONTRIBUTION | $1,000,000 |
Endowment Analysis
| Beg. Balance | $1,009,708 |
| Earnings | $520 |
| Ending Balance | $1,010,228 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
South Street Theater Co Inc Morristown, NJ | $25,009,095 | $16,372,684 |
Bric Arts Media Bklyn Inc Brooklyn, NY | $22,086,824 | $12,315,164 |
The Apollo Theater Foundation Inc New York, NY | $69,978,827 | $33,324,849 |
New Haven Center For Performing Arts Inc Waterbury, CT | $12,801,705 | $9,109,828 |
Performing Arts Consultants Inc Brick, NJ | $2,328,922 | $7,486,685 |
Shen Yun Performing Arts Inc Cuddebackville, NY | $196,627,077 | $30,836,971 |
Foundation For Contemporary Arts Inc New York, NY | $44,020,214 | $7,582,108 |
National Comedy Center Operator Inc Jamestown, NY | $24,581,570 | $2,926,105 |
World Trade Center Performing Arts Center Inc New York, NY | $505,865,812 | $148,493,145 |
Associated Production Services Inc Trevose, PA | $3,216,743 | $4,781,597 |
The Mattress Factory Pittsburgh, PA | $6,739,687 | $2,768,754 |
Rosies Theater Kids Inc New York, NY | $7,813,636 | $2,330,340 |