Paramount Arts Center Inc
- Assets
- $6.3m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 13
- Location
- Ashland, KY
- Founding
- 12/1990
- Data as of
- 06/2022
- EIN
- 61-1181883
Organization Overview
Paramount Arts Center Inc is located in Ashland, KY. The organization was established in 1990. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 06/2022, Paramount Arts Center Inc employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Paramount Arts Center 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 06/2022, Paramount Arts Center Inc generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.7% each year . All expenses for the organization totaled $4.1m during the year ending 06/2022. While expenses have increased by 14.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PARAMOUNT ARTS CENTER, INC. MAINTAINS AND OPERATIONS A PERFORMING ARTS THEATER TO PROVIDE FOR, PROMOTE AND ENCOURAGE APPRECIATION, PARTICIPATION AND EDUCATION IN THE FINE ARTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PARAMOUNT ARTS CENTER, INC. MAINTAINS AND OPERATIONS A PERFORMING ARTS THEATER TO PROVIDE FOR, PROMOTE AND ENCOURAGE APPRECIATION, PARTICIPATION AND EDUCATION IN THE FINE ARTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rocky Adkins Director | Trustee | $0 | |
Bill Boykin Director | Trustee | $0 | |
Leon Briggs Director | Trustee | $0 | |
Josh Blanton Director | Trustee | $0 | |
Chuck Charles Director | Trustee | $0 | |
John Clark Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $63,975 |
| Government grants | $733,798 |
| All other contributions, gifts, grants, and similar amounts not included above | $475,883 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,273,656 |
| Total Program Service Revenue | $2,539,416 |
| Investment income | $2,129 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $75,190 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $196,365 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,086,756 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $396,737 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $64,742 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $43,879 |
| Advertising and promotion | $156,620 |
| Office expenses | $19,219 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $148,135 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $666 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $280,903 |
| Insurance | $19,329 |
| All other expenses | $311,636 |
| Total functional expenses | $4,074,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $314,979 |
| Savings and temporary cash investments | $25,863 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $77,372 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $23,200 |
| Prepaid expenses and deferred charges | $312,217 |
| Net Land, buildings, and equipment | $5,225,319 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $45,290 |
| Other assets | $317,167 |
| Total assets | $6,341,407 |
| Accounts payable and accrued expenses | $131,162 |
| Grants payable | $0 |
| Deferred revenue | $534,289 |
| 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 | $1,682,402 |
| Total liabilities | $2,347,853 |
| Net assets without donor restrictions | $3,642,493 |
| Net assets with donor restrictions | $351,061 |
| 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 | $6,341,407 |