Troy Savings Bank Music Hall Corporation
- Assets
- $2.1m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 33
- Location
- Troy, NY
- Founding
- 12/1979
- Data as of
- 06/2022
- EIN
- 22-2270512
Organization Overview
Troy Savings Bank Music Hall Corporation is located in Troy, NY. The organization was established in 1979. 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 06/2022, Troy Savings Bank Music Hall Corporation employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Troy Savings Bank Music Hall Corporation 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, Troy Savings Bank Music Hall Corporation generated $2.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $2.0m during the year ending 06/2022. While expenses have increased by 7.0% 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 MISSION OF THE TROY SAVINGS BANK MUSIC HALL CORPORATION IS TO FOSTER THE DEVELOPMENT IN THE COMMUNITY OF,AND APPRECIATION OF, THE MUSICAL ARTS, TO PROVIDE FOR CONCERTS AND OTHER MUSICAL PROGRAMS, TO INCULCATE IN THE POPULATION A KNOWLEDGE AND APPRECIATION OF MUSIC, TO ENCOURAGE ASSOCIATION BETWEEN PERSONS INTERESTED IN MUSIC; TO ENCOURAGE AND PROMOTE THE DRAMATIC AND PERFORMING ARTS, THE GRAPHIC ARTS AND OTHER FINE ARTS IN ORDER TO ENHANCE THE INTELLECTUAL, CULTURAL AND AESTHETIC APPRECIATION OF THE POPULATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESENTATIONS - THE TROY SAVINGS BANK MUSIC HALL CORPORATION PRESENTS CONCERTS AND OTHER ENTERTAINMENT ACTIVITIES, INCLUDING MANY ANNUAL AND FREE EVENTS, IN A WIDE RANGE OF GENRES IN THE COMMUNITY AND AT THE HISTORIC TROY SAVINGS BANK MUSIC HALL.
RENTALS AND RECORDINGS - THE TROY SAVINGS BANK MUSIC HALL CORPORATION ACTS AS A COMMUNITY RESOURCE BY RENTING THE MUSIC HALL AND PROVIDING PRODUCTION SUPPORT SERVICES TO COMMUNITY GROUPS, PERFORMING ARTS ENTITIES, AND ARTISTS FOR PERFORMANCES AND RECORDING SESSIONS.
COMMUNITY PROGRAMMING - THE TROY SAVINGS BANK MUSIC HALL CORPORATION PARTNERS WITH THE LOCAL SCHOOL SYSTEM TO PROVIDE ARTS IN EDUCATION PROGRAMMING TO THE STUDENT POPULATION IN THE REGION AND PROVIDES ADMINISTRATIVE AND PROGRAMMING SUPPORT SERVICES FOR ARTS BASED COMMUNITY GROUPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jon Elbaum Executive Di | Officer | 40 | $101,812 |
Stacey Bridge Associate Di | Officer | 40 | $68,179 |
Dori Mcdannold Vice Preside | OfficerTrustee | 1 | $0 |
Scott Sauer President | OfficerTrustee | 1 | $0 |
Martha Nielsen Treasurer | OfficerTrustee | 1 | $0 |
Paul Fahey Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $61,957 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,102,686 |
| All other contributions, gifts, grants, and similar amounts not included above | $223,893 |
| Noncash contributions included in lines 1a–1f | $7,101 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,388,536 |
| Total Program Service Revenue | $1,048,435 |
| Investment income | $1,004 |
| 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 | $2,615,236 |
| 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. | $171,830 |
| Compensation of current officers, directors, key employees. | $60,140 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $346,906 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $37,556 |
| Payroll taxes | $45,538 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,020 |
| Fees for services: Accounting | $7,994 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $44,628 |
| Advertising and promotion | $0 |
| Office expenses | $3,008 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $13,750 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,047 |
| Insurance | $62,762 |
| All other expenses | $345,462 |
| Total functional expenses | $2,011,314 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,586 |
| Savings and temporary cash investments | $1,496,127 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,420 |
| 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 | $12,640 |
| Net Land, buildings, and equipment | $518,295 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,058 |
| Total assets | $2,088,126 |
| Accounts payable and accrued expenses | $157,808 |
| Grants payable | $0 |
| Deferred revenue | $130,276 |
| 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 | $500,000 |
| Other liabilities | $30,058 |
| Total liabilities | $818,142 |
| Net assets without donor restrictions | $1,211,984 |
| Net assets with donor restrictions | $58,000 |
| 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 | $2,088,126 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Troy Savings Bank Music Hall Corporation has recieved totaling $50,245.
| Awarding Organization | Amount |
|---|---|
Upstate Theater Coalition For A Fairgame Inc Schenectady, NY PURPOSE: SUPPORT OF THE ARTS | $11,667 |
The Community Foundation For The Greater Capital Region Inc Albany, NY PURPOSE: FOR UNRESTRICTED USE | $11,000 |
Mccarthy Charities Inc Troy, NY PURPOSE: GENERAL OPERATING SUPPORT | $10,000 |
The Bender Family Foundation Albany, NY PURPOSE: TROY MUSIC HALL RESTART | $5,000 |
Review Foundation Inc Albany, NY PURPOSE: CHARITABLE PURPOSE | $5,000 |
Mccarthy Charities Inc Troy, NY PURPOSE: GENERAL OPERATING SUPPORT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mann Center For The Performing Arts Philadelphia, PA | $32,818,014 | $23,395,696 |
Horace Bushnell Memorial Hall Corporation Hartford, CT | $69,994,331 | $15,110,595 |
Mccarter Theatre Company Princeton, NJ | $28,336,036 | $11,621,825 |
Count Basie Theatre Inc Red Bank, NJ | $61,930,466 | $14,783,970 |
Rochester Broadway Theatre League Inc Rochester, NY | $14,097,725 | $11,757,109 |
Celebrity Series Of Boston Boston, MA | $21,295,635 | $11,486,131 |
Arts Center And Theater Of Schenectady Inc Schenectady, NY | $59,537,808 | $17,534,824 |
Saratoga Springs Performing Arts Center Inc Saratoga Springs, NY | $31,890,328 | $10,810,263 |
Tremont Theatre Inc Boston, MA | $4,028,653 | $4,834,729 |
Stamford Center For The Arts Inc Stamford, CT | $18,714,807 | $7,026,118 |
Palace Theater Group Inc Waterbury, CT | $7,137,767 | $7,444,031 |
Strand-Capitol Performing Arts Center Inc York, PA | $13,276,794 | $10,332,110 |