Playhouse Square Foundation
- Assets
- $326.1m
- Revenue
- $24.7m
- Investments
- $0.0
- Employees
- 491
- Location
- Cleveland, OH
- Founding
- 09/1973
- Data as of
- 06/2021
- EIN
- 23-7304942
Organization Overview
Playhouse Square Foundation is located in Cleveland, OH. The organization was established in 1973. 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, Playhouse Square Foundation employed 491 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Playhouse Square Foundation 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 06/2021, Playhouse Square Foundation generated $24.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (13.4%) each year. All expenses for the organization totaled $32.8m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (7.5%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO OPERATE AND SUSTAIN A PERFORMING ARTS AND ENTERTAINMENT CENTER TO ENHANCE AND DEVELOP THE "PLAYHOUSE SQUARE" DISTRICT BY RESTORING, RENOVATING, AND OPERATING THEATERS AND OTHER RELATED PROPERTIES, AND TO PROVIDE ARTS EDUCATION.
Describe the Organization's Program Activity:
AREA DEVELOPMENT AND REAL ESTATE MANAGEMENT SERVICES TO RETAIN AND ATTRACT TENANTS TO THE DISTRICT.
THEATER OCCUPANCY COSTS - THESE OVERHEAD EXPENSES WERE ASSOCIATED WITH MAINTAINING AND OPERATING THE FACILITIES TO ALLOW FOR THE VARIETY OF EVENTS PRESENTED BY THE FOUNDATION AND SERVICES PROVIDED TO THE GUESTS.
THEATER DEPRECIATION INCLUDES DEPRECIATION OF THEATERS, THEATER EQUIPMENT, AND IMPROVEMENTS, AS WELL AS DEPRECIATION ON ADMINISTRATIVE OFFICES AND AMORTIZATION OF LOAN FEES.
OTHER THEATRICAL ACTIVITES & DEBT FORGIVENESS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Art J Falco Senior Advisor | Officer | 40 | $533,301 |
Gina Vernaci President/ceo | OfficerTrustee | 40 | $451,138 |
Patricia Gaul VP Finance & General Admin | Officer | 40 | $307,980 |
Michelle Ryan Stewart VP Development | 40 | $230,550 | |
Timothy Luli President Psf Management | 40 | $226,792 | |
Timothy Birch VP Sales & Technology | 40 | $200,433 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Brewer Garrett Company Hvac Services | 6/29/21 | $1,251,320 |
Hines Contract/management | 6/29/21 | $645,733 |
Benesch Legal | 6/29/21 | $146,749 |
Turner Construction General Contractor | 6/29/21 | $357,936 |
Gilbane Building Company General Contractor | 6/29/21 | $402,019 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $85,384 |
| Related organizations | $0 |
| Government grants | $8,834,687 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,607,543 |
| Noncash contributions included in lines 1a–1f | $1,026,816 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,527,614 |
| Total Program Service Revenue | $2,886,267 |
| Investment income | $42,369 |
| 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 | $21,603 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,719,658 |
| 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. | $759,118 |
| Compensation of current officers, directors, key employees. | $759,118 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,868,618 |
| Pension plan accruals and contributions | $501,685 |
| Other employee benefits | $1,173,404 |
| Payroll taxes | $692,435 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $202,039 |
| Fees for services: Accounting | $113,287 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $597,951 |
| Advertising and promotion | $254,653 |
| Office expenses | $535,028 |
| Information technology | $94,651 |
| Royalties | $0 |
| Occupancy | $1,660,038 |
| Travel | $22,617 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,675,344 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,695,134 |
| Insurance | $580,375 |
| All other expenses | $0 |
| Total functional expenses | $32,842,939 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,379,899 |
| Savings and temporary cash investments | $60,481,165 |
| Pledges and grants receivable | $12,546,594 |
| Accounts receivable, net | $6,895,206 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $7,344 |
| Prepaid expenses and deferred charges | $2,455,882 |
| Net Land, buildings, and equipment | $75,635,989 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $127,904,947 |
| Intangible assets | $2,058,242 |
| Other assets | $2,720,612 |
| Total assets | $326,085,880 |
| Accounts payable and accrued expenses | $7,039,860 |
| Grants payable | $0 |
| Deferred revenue | $31,526,750 |
| Tax-exempt bond liabilities | $74,055,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $17,199,281 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,438,771 |
| Total liabilities | $132,259,662 |
| Net assets without donor restrictions | $168,396,479 |
| Net assets with donor restrictions | $25,429,739 |
| 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 | $326,085,880 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Playhouse Square Foundation has recieved totaling $64,600.
| Awarding Organization | Amount |
|---|---|
Sandor Foundation Chagrin Falls, OH PURPOSE: GENERAL FUND | $50,000 |
William M Weiss Foundation Russell Twp, OH PURPOSE: CHARITABLE | $9,000 |
Ruth & Elmer Babin Foundation Beachwood, OH PURPOSE: CHARITABLE | $5,000 |
Luciano Family Foundation Independence, OH PURPOSE: GENERAL | $600 |
Endowment Analysis
| Beg. Balance | $29,902,530 |
| Earnings | $12,097,283 |
| Ending Balance | $41,999,813 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Playhouse Square Foundation Cleveland, OH | $326,085,880 | $24,719,658 |
Mann Center For The Performing Arts Philadelphia, PA | $32,818,014 | $23,395,696 |
Columbus Association For The Performing Arts Inc Columbus, OH | $47,823,383 | $16,173,985 |
Victoria Theatre Association Dayton, OH | $35,834,057 | $28,922,737 |
Broadway Grand Rapids Grand Rapids, MI | $2,343,299 | $13,547,749 |
Detroit Opera Detroit, MI | $46,812,293 | $9,178,032 |
Cincinnati Arts Association Cincinnati, OH | $56,926,622 | $8,741,930 |
Strand-Capitol Performing Arts Center Inc York, PA | $13,276,794 | $10,332,110 |
Luther F Carson Four Rivers Center Inc Paducah, KY | $59,072,684 | $5,458,266 |
Music Hall Center For The Performing Arts Inc Detroit, MI | $3,982,183 | $5,279,340 |
State Theatre Center For The Arts Inc Easton, PA | $9,301,794 | $4,832,518 |
Embassy Theatre Foundation Inc Fort Wayne, IN | $19,673,626 | $5,039,603 |