Raymond F Kravis Center For The Performing Arts Inc
- Assets
- $194.9m
- Revenue
- $43.0m
- Investments
- $0.0
- Employees
- 255
- Location
- West Palm Beach, FL
- Founding
- 09/1983
- Data as of
- 06/2020
- EIN
- 59-2245054
Organization Overview
Raymond F Kravis Center For The Performing Arts Inc is located in West Palm Beach, FL. The organization was established in 1983. 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, Raymond F Kravis Center For The Performing Arts Inc employed 255 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Raymond F Kravis Center For The Performing Arts Inc 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, Raymond F Kravis Center For The Performing Arts Inc generated $43.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 10.0% each year. All expenses for the organization totaled $36.5m during the year ending 06/2020. While expenses have increased by 4.2% 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
PRESENT A DIVERSE SCHEDULE OF PERFORMING ARTISTS, FOSTER ARTS EDUCATION, AND SUPPORT TOURISM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DUE TO THE COVID PANDEMIC THE CENTER SHUT DOWN ITS PROGRAMMING ACTIVITIES IN MARCH 2020. DURING THE YEAR ENDED JUNE 30, 2021, THE CENTER HAD SOME VERY LIMITED SOCIALLY DISTANCED PROGRAMMING IN ITS SMALLER VENUES (RINKER PLAYHOUSE AND PERSSON HALL) - 5 ARTISTS PERFORMANCES.
THE CENTER ALSO OFFERED SOME VIRTUAL EDUCATIONAL OFFERINGS TO BOTH SCHOOL AGE CHILDREN AND ADULTS DURING THE FISCAL YEAR ENDED JUNE 30, 2021, INCLUSIVE OF VIRTUAL CAMPS, CLASSROOM CONNECTION ZOOM CLASSES AND KRAVIS AT HOME WEB-BASED ENTERTAINMENT.
DURING THE FISCAL YEAR ENDED JUNE 30, 2021 THE CENTER RETAINED ALL OF ITS FULL TIME STAFF (INCLUSIVE OF THOSE IN THE AREAS OF BOX OFFICE, MARKETING, BACKSTAGE TECHNICAL STAFF, FRONT OF HOUSE STAFF AND ITS PROGRAMMATIC AND EDUCATIONAL DEPARTMENTS) - THE BALANCE OF THE PROGRAM SERVICE EXPENSES CONSIST OF THOSE STAFF, AND AN ALLOCATION OF OVERALL ORGANIZATION EXPENSES TO THAT SEGMENT OF THE CENTER'S OPERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Judith A Mitchell CEO | Officer | 40 | $1,065,351 |
Kyle Roberts-Ruge CFO | Officer | 40 | $338,331 |
James Mitchell Chief Operations Officer | Officer | 40 | $291,574 |
Lee Bell Senior Director Of Program | Officer | 40 | $264,544 |
Diane Bergner Senior Director Of Develop | Officer | 40 | $230,660 |
Andrew Segaloff Senior Director | 40 | $159,479 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Weitz Company Construction Services | 6/29/20 | $13,725,075 |
Bronx Touring Llc Artist Fee | 6/29/20 | $486,124 |
Angelica Tour Artist Fee | 6/29/20 | $6,505,943 |
Sai Touring Llc Artist Fee | 6/29/20 | $562,629 |
Theatrical Payroll Service Florida Inc Stage Labor | 6/29/20 | $852,391 |
Sai Touring Llc Artist Fee | 6/29/20 | $562,629 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,742,742 |
| Investment income | $2,716,066 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $663,100 |
| Net Income from Fundraising Events | -$341,198 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $37,269 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,975,938 |
| 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. | $1,629,245 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,504,101 |
| Pension plan accruals and contributions | $300,560 |
| Other employee benefits | $1,198,285 |
| Payroll taxes | $578,874 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $31,894 |
| Fees for services: Accounting | $92,898 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $35,662 |
| Fees for services: Investment Management | $285,148 |
| Fees for services: Other | $243,826 |
| Advertising and promotion | $1,404,792 |
| Office expenses | $410,776 |
| Information technology | $110,261 |
| Royalties | $0 |
| Occupancy | $1,494,543 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,245,538 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,634,078 |
| Insurance | $316,401 |
| All other expenses | $0 |
| Total functional expenses | $36,530,954 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,245 |
| Savings and temporary cash investments | $3,164,595 |
| Pledges and grants receivable | $25,066,170 |
| Accounts receivable, net | $120 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $57,808 |
| Prepaid expenses and deferred charges | $483,442 |
| Investments—publicly traded securities | $74,419,522 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $309,268 |
| Total assets | $194,889,253 |
| Accounts payable and accrued expenses | $1,637,525 |
| Grants payable | $0 |
| Deferred revenue | $4,642,764 |
| Tax-exempt bond liabilities | $56,270,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,098,146 |
| Total liabilities | $65,648,435 |
| 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 | $129,240,818 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Raymond F Kravis Center For The Performing Arts Inc has recieved totaling $42,000.
| Awarding Organization | Amount |
|---|---|
Ann And Robert Fromer Charitable Foundation Inc Palm Beach, FL PURPOSE: GENERAL | $35,000 |
Madeline And Arnold Schuster Foundation Inc Palm Beach, FL PURPOSE: GENERAL PURPOSE | $2,500 |
Barry And Oblio Wish Family Foundation Pearl River, NY PURPOSE: GENERALOPERATIONS | $2,500 |
Norman & Myra Ricken Trust Charitable Trust West Palm Beach, FL PURPOSE: GENERAL | $2,000 |
Endowment Analysis
| Beg. Balance | $85,150,791 |
| Earnings | $14,151,085 |
| Net Contributions | $648,177 |
| Other Expense | $2,747,592 |
| Ending Balance | $97,202,461 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Raymond F Kravis Center For The Performing Arts Inc West Palm Beach, FL | $194,889,253 | $42,975,938 |
Artis-Naples Inc Naples, FL | $210,241,611 | $50,262,823 |
Ruth Eckerd Hall Inc Clearwater, FL | $58,649,898 | $27,197,367 |
Tampa Bay Performing Arts Center Tampa, FL | $46,297,228 | $24,294,667 |
The Florida Theatre Performing Arts Jacksonville, FL | $15,331,113 | $12,957,631 |
Maxwell C King Center For The Performing Arts Inc Cocoa, FL | $10,137,230 | $8,368,626 |
Rivercenter Inc Columbus, GA | $5,489,865 | $4,501,265 |
Maltz Jupiter Theatre Inc Jupiter, FL | $40,833,845 | $12,006,025 |
Opera Orlando Inc Orlando, FL | $507,305 | $2,036,240 |
Emerald Coast Theatre Company Miramar Beach, FL | $848,624 | $1,713,398 |
Zoetic Stage Inc Miami, FL | $319,976 | $861,527 |
Princess Theatre Center For The Performing Arts Decatur, AL | $709,862 | $747,473 |