Millwald Theatre Inc
- Assets
- $5.1m
- Revenue
- $2.0m
- Investments
- $843.5k
- Employees
- 9
- Location
- Wytheville, VA
- Founding
- 06/2018
- Data as of
- 12/2022
- EIN
- 82-3878677
Organization Overview
Millwald Theatre Inc is located in Wytheville, VA. The organization was established in 2018. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Millwald Theatre Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Millwald Theatre 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 12/2022, Millwald Theatre Inc generated $2.0m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 23.5% each year . All expenses for the organization totaled $265.0k during the year ending 12/2022. 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
TO PURCHASE, RENOVATE AND OPERATE THE HISTORICAL MILLWALD THEATRE AS A MULTIPURPOSE ENTERTAINMENT AND EDUCATION VENUE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION CONCENTRATED ITS EFFORTS TOWARD ITS MISSION OF COMPLETING THE RESTORATION AND OPENING THE THEATER. MID-SUMMER SAW THE HIRING AND TRAINING OF STAFF. CONSTRUCTION WAS ONGOING THROUGHOUT THE YEAR WITH SUBSTANTIAL COMPLETION IN NOVEMBER. THE GRAND OPENING OCCURRED ON DECEMBER 9, 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark J Bloomfield Chairman | OfficerTrustee | 3 | $0 |
Russell T Jones Vice-Chair | OfficerTrustee | 3 | $0 |
Rebecca James Secretary | OfficerTrustee | 3 | $0 |
Bruce Stephens Treasurer | OfficerTrustee | 3 | $0 |
Cm Walters Board Member | Trustee | 2 | $0 |
Teresa Hagee Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,440,596 |
| All other contributions, gifts, grants, and similar amounts not included above | $342,193 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,782,789 |
| Total Program Service Revenue | $50,788 |
| Investment income | $30,426 |
| 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 | -$4,376 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,956,145 |
| 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 | $123,861 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $136 |
| Payroll taxes | $9,520 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,475 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,836 |
| Office expenses | $5,013 |
| Information technology | $625 |
| Royalties | $0 |
| Occupancy | $3,731 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,852 |
| Interest | $8,005 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,704 |
| Insurance | $8,690 |
| All other expenses | $0 |
| Total functional expenses | $264,979 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $414,692 |
| Savings and temporary cash investments | $269,079 |
| Pledges and grants receivable | $319,018 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,034,400 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,453 |
| Net Land, buildings, and equipment | $223,848 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $843,460 |
| Investments—program-related | $0 |
| Intangible assets | $17,858 |
| Other assets | $0 |
| Total assets | $5,123,808 |
| Accounts payable and accrued expenses | $440,406 |
| Grants payable | $0 |
| Deferred revenue | $4,807 |
| 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 | $1,547,488 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,992,701 |
| Net assets without donor restrictions | $2,799,505 |
| Net assets with donor restrictions | $331,602 |
| 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 | $5,123,808 |