Park Theater Trust
- Assets
- $4.5m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Lafayette, CA
- Founding
- 02/2020
- Data as of
- 12/2021
- EIN
- 84-3216944
Organization Overview
Park Theater Trust is located in Lafayette, CA. The organization was established in 2020. According to its NTEE Classification (A65) the organization is classified as: Theater, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Park Theater Trust is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE PARK THEATER TRUST IS TO REFURBISH AND OPERATE LAFAYETTES ICONIC PARK THEATER BUILDING, AND TO REVITALIZE IT INTO AN ACCESSIBLE AND INCLUSIVE, COMMUNITY-CENTERED CINEMA, ARTS AND CULTURE HUB WITH PROGRAMMING THAT INCLUDES CRITICALLY ACCLAIMED (SEE PAGE 2)
Describe the Organization's Program Activity:
Part 3 - Line 4a
INITIALLY CALLED TOGETHER AS A VOLUNTEER TASK FORCE BY THE CITY OF LAFAYETTE, THE PARK THEATER TRUST (TPPT) IS A 501(C)(3) PUBLIC BENEFIT CORPORATION. IN APRIL 2019, WE WERE AWARDED SEED MONIES BY THE LAFAYETTE COMMUNITY FOUNDATION (LCF), AND IN FEBRUARY 2020, WE RECEIVED OUR FORMAL DETERMINATION LETTER FROM THE IRS CONFIRMING OUR TAX-EXEMPT STATUS. TPTT HAS SINCE BEEN THE RECIPIENT OF TWO ADDITIONAL EXCELLENCE GRANTS BY LCF. PRIMARILY DUE TO PRIVATE DONATIONS AND GRANTS FROM FAMILY FOUNDATIONS, LCF AND OTHER INSTITUTIONS INCLUDING THE CITY OF LAFAYETTE, TPTT RAISED THE $3 MILLION REQUIRED TO PURCHASE THE PARK THEATER PROPERTY FOR THE COMMUNITY, AND CLOSED ESCROW IN DECEMBER 2021.
REOPENING THE PARK THEATER CONSISTENTLY RANKS IN THE TOP FOUR COMMUNITY CONCERNS A PRIORITY OF CITIZENS, LOCAL BUSINESS, AND THE CITY. AS AN ANCHOR OF A REVITALIZED TOWN CENTER, THE PARK WILL BECOME A MAGNET A CENTER FOR NEWLY RELEASED HOLLYWOOD MOVIES AND CLASSICS, INDEPENDENT AND FOREIGN FILMS, AND CREATIVE PROGRAMMING TO APPEAL TO ALL AGES. THE TIME IS NOW FOR THE PARK THEATER TO RESUME ITS RIGHTFUL PLACE IN THIS NEWLY VIBRANT SCENE AND SHINE AGAIN IN THE ROLE FOR WHICH IT WAS CREATED: ENTERTAINING AND ENGAGING THE ENTIRE LAFAYETTE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jana Corey President | OfficerTrustee | 4.5 | $0 |
Kathy Bowles Secretary | OfficerTrustee | 4 | $0 |
Tracey Farrell Treasurer | OfficerTrustee | 4 | $0 |
Awais Mughal Director | Trustee | 3 | $0 |
Larry Haydon Director | Trustee | 3 | $0 |
Angela Ferrif Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,307,280 |
| Noncash contributions included in lines 1a–1f | $484,704 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,307,280 |
| Total Program Service Revenue | $0 |
| Investment income | $25,056 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,869 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,334,205 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $435 |
| Fees for services: Accounting | $1,636 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,000 |
| Advertising and promotion | $11,690 |
| Office expenses | $3,390 |
| Information technology | $5,583 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $617 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $671 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $377 |
| All other expenses | $0 |
| Total functional expenses | $44,332 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $394,901 |
| Savings and temporary cash investments | $201 |
| Pledges and grants receivable | $1,065,200 |
| Accounts receivable, net | $49,875 |
| 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 |
| Net Land, buildings, and equipment | $3,004,915 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,055 |
| Total assets | $4,540,147 |
| Accounts payable and accrued expenses | $0 |
| 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 | $700,671 |
| Unsecured mortgages and notes payable | $20,000 |
| Other liabilities | $507,500 |
| Total liabilities | $1,228,171 |
| Net assets without donor restrictions | $3,311,976 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,540,147 |