Palace Performing Arts Center Inc
- Assets
- $7.5m
- Revenue
- $4.2m
- Investments
- $964.4k
- Employees
- 99
- Location
- Albany, NY
- Founding
- 10/1989
- Data as of
- 06/2023
- EIN
- 14-1708151
Organization Overview
Palace Performing Arts Center Inc is located in Albany, NY. The organization was established in 1989. 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 06/2023, Palace Performing Arts Center Inc employed 99 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palace Performing 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 06/2023, Palace Performing Arts Center Inc generated $4.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $4.1m during the year ending 06/2023. While expenses have increased by 0.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE THE PALACE THEATER AND UTILIZE ITS FULL POTENTIAL AS A CULTURAL AND ENTERTAINMENT CENTER IN ALBANY, NY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE THE PALACE THEATER AND UTILIZE ITS FULL POTENTIAL AS A CULTURAL AND ENTERTAINMENT CENTER IN ALBANY, NY.
TO OPERATE THE PALACE THEATER AND FULLY UTILIZE ITS CULTURAL AND CIVIC VALUE TO THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen P Baboulis Chairman | OfficerTrustee | 0.5 | $0 |
John Bennett MD Vice Chairma | OfficerTrustee | 0.25 | $0 |
Jeffrey Stone Treasurer | OfficerTrustee | 0.5 | $0 |
James Barba Board Member | Trustee | 0.25 | $0 |
Philip Calderone Board Member | Trustee | 0.25 | $0 |
Thomas E D'ambra Board Member | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $50,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $62,760 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $112,760 |
| Total Program Service Revenue | $3,839,923 |
| Investment income | $104,296 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $4,216,101 |
| 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. | $154,518 |
| Compensation of current officers, directors, key employees. | $154,518 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $879,361 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $82,857 |
| Payroll taxes | $85,227 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $44,342 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,685 |
| Fees for services: Other | $3,354 |
| Advertising and promotion | $16,129 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $57,163 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $95,470 |
| Insurance | $156,286 |
| All other expenses | $431,174 |
| Total functional expenses | $4,067,894 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $378,053 |
| Savings and temporary cash investments | $3,608,232 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $74,861 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $28,063 |
| Prepaid expenses and deferred charges | $38,871 |
| Net Land, buildings, and equipment | $2,363,825 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $964,351 |
| Investments—program-related | $0 |
| Intangible assets | $4,228 |
| Other assets | $0 |
| Total assets | $7,460,484 |
| Accounts payable and accrued expenses | $1,342,813 |
| Grants payable | $0 |
| Deferred revenue | $105,000 |
| 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 | $993,774 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,441,587 |
| Net assets without donor restrictions | $5,018,897 |
| 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 | $7,460,484 |