Civic Intelligence

The Palace Theater Group Inc

EIN 02-0620399 • 501(c)3 • Waterbury, CT

Pub. 78 Eligible

Profile

The palace theater group's mission is to generate a positive artistic, cultural, educational,social and financial impact in the greater waterbury connecticut area by maintaining the palace theater. To preserve and operate the historic palace theater as a performing arts center and community gathering place that provides a focal point of cultural activity and educational outreach for diverse audiences.

100 East Main StreetWaterbury, CT 06702

www.palacetheaterct.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

54th percentile

0.15x

Higher debt load relative to assets than 54% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

56th percentile

0.20x

Higher debt load relative to revenue than 56% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

19th percentile

-10%

Higher net margin than 19% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

79th percentile

$225,555

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 4.0% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Asset Growth

19th percentile

-5.4%

Faster asset growth than 19% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

17th percentile

-16%

Faster revenue growth than 17% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Assets

Down

$7,655,913

Down $436,702 (-5.4%) from 2024

Liabilities

Down

$1,159,658

Down $36,037 (-3.0%) from 2024

Net Assets

Down

$6,496,255

Down $400,665 (-5.8%) from 2024

Revenue

Down

$5,708,031

Down $1,069,203 (-16%) from 2024

Expenses

Down

$6,304,446

Down $555,025 (-8.1%) from 2024

Net Income

Down

-$596,415

Down $514,178 (-625%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$10M$5.0M$0Assets 2010: $3,969,900Liabilities 2010: $1,168,532Net Assets 2010: $2,801,3682010Assets 2011: $4,380,310Liabilities 2011: $1,289,263Net Assets 2011: $3,091,0472011Assets 2012: $4,213,723Liabilities 2012: $1,290,725Net Assets 2012: $2,922,9982012Assets 2013: $4,548,804Liabilities 2013: $1,687,343Net Assets 2013: $2,861,4612013Assets 2014: $4,529,822Liabilities 2014: $955,842Net Assets 2014: $3,573,9802014Assets 2015: $4,268,405Liabilities 2015: $765,332Net Assets 2015: $3,503,0732015Assets 2016: $4,251,304Liabilities 2016: $999,104Net Assets 2016: $3,252,2002016Assets 2017: $5,282,151Liabilities 2017: $1,323,528Net Assets 2017: $3,958,6232017Assets 2018: $4,684,998Liabilities 2018: $865,321Net Assets 2018: $3,819,6772018Assets 2019: $4,251,191Liabilities 2019: $830,542Net Assets 2019: $3,420,6492019Assets 2020: $4,128,643Liabilities 2020: $972,640Net Assets 2020: $3,156,0032020Assets 2021: $5,172,365Liabilities 2021: $1,121,496Net Assets 2021: $4,050,8692021Assets 2022: $7,137,767Liabilities 2022: $931,426Net Assets 2022: $6,206,3412022Assets 2023: $7,806,972Liabilities 2023: $1,244,233Net Assets 2023: $6,562,7392023Assets 2024: $8,092,615Liabilities 2024: $1,195,695Net Assets 2024: $6,896,9202024Assets 2025: $7,655,913Liabilities 2025: $1,159,658Net Assets 2025: $6,496,2552025

Highlighted filing

2025

Assets$7,655,913
Liabilities$1,159,658
Net Assets$6,496,255

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $5,039,4172010Revenue 2011: $5,012,697Expenses 2011: $4,876,778Net Income 2011: $135,9192011Expenses 2012: $4,676,7002012Revenue 2013: $4,397,700Expenses 2013: $4,541,215Net Income 2013: -$143,5152013Revenue 2014: $4,493,682Expenses 2014: $4,540,613Net Income 2014: -$46,9312014Revenue 2015: $4,822,681Expenses 2015: $4,927,608Net Income 2015: -$104,9272015Revenue 2016: $3,991,093Expenses 2016: $4,252,945Net Income 2016: -$261,8522016Revenue 2017: $5,793,018Expenses 2017: $5,241,162Net Income 2017: $551,8562017Revenue 2018: $5,537,019Expenses 2018: $5,851,801Net Income 2018: -$314,7822018Revenue 2019: $4,478,641Expenses 2019: $4,981,537Net Income 2019: -$502,8962019Revenue 2020: $4,080,784Expenses 2020: $4,432,476Net Income 2020: -$351,6922020Revenue 2021: $1,652,838Expenses 2021: $1,433,664Net Income 2021: $219,1742021Revenue 2022: $7,444,031Expenses 2022: $4,652,409Net Income 2022: $2,791,6222022Revenue 2023: $4,864,444Expenses 2023: $4,770,377Net Income 2023: $94,0672023Revenue 2024: $6,777,234Expenses 2024: $6,859,471Net Income 2024: -$82,2372024Revenue 2025: $5,708,031Expenses 2025: $6,304,446Net Income 2025: -$596,4152025

Highlighted filing

2025

Revenue$5,708,031
Expenses$6,304,446
Net Income-$596,415

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$7.66$1.16$6.50$5.71$6.30$0.60
2024Detailed filing. Detailed filing data is available for this year.$8.09$1.20$6.90$6.78$6.86$0.08
2023Detailed filing. Detailed filing data is available for this year.$7.81$1.24$6.56$4.86$4.77$0.09
2022Detailed filing. Detailed filing data is available for this year.$7.14$0.93$6.21$7.44$4.65$2.79
2021Detailed filing. Detailed filing data is available for this year.$5.17$1.12$4.05$1.65$1.43$0.22
2020Detailed filing. Detailed filing data is available for this year.$4.13$0.97$3.16$4.08$4.43$0.35
2019Detailed filing. Detailed filing data is available for this year.$4.25$0.83$3.42$4.48$4.98$0.50
2018Detailed filing. Detailed filing data is available for this year.$4.68$0.87$3.82$5.54$5.85$0.31
2017Detailed filing. Detailed filing data is available for this year.$5.28$1.32$3.96$5.79$5.24$0.55
2016Detailed filing. Detailed filing data is available for this year.$4.25$1.00$3.25$3.99$4.25$0.26
2015Detailed filing. Detailed filing data is available for this year.$4.27$0.77$3.50$4.82$4.93$0.10
2014Detailed filing. Detailed filing data is available for this year.$4.53$0.96$3.57$4.49$4.54$0.05
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.55$1.69$2.86$4.40$4.54$0.14
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.21$1.29$2.92$4.68
2011Summary only. Only limited summary data is available for this year.$4.38$1.29$3.09$5.01$4.88$0.14
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.97$1.17$2.80$5.04
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Mar 6, 2026
Return Version
2024v5.0
Gross Receipts
$6,638,878
Mission and Program Overview

Mission

The palace theater group's mission is to generate a positive artistic, cultural, educational,social and financial impact in the greater waterbury connecticut area by maintaining the palace theater. To preserve and operate the historic palace theater as a performing arts center and community gathering place that provides a focal point of cultural activity and educational outreach for diverse audiences.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$3,871,523$3,976,241▲ $104,718
Savings and Temporary Cash Investments$3,474,540$2,679,037▼ $795,503
Land, Buildings, and Equipment, Net$380,240$673,342▲ $293,102
Accounts Receivable$101,490$216,101▲ $114,611
Prepaid Expenses and Deferred Charges$223,410$76,731▼ $146,679
Inventories for Sale or Use$16,192$15,897▼ $295
Cash and Non-Interest-Bearing Accounts$9,740$9,740→ $0
Total Assets$8,092,615$7,655,913▼ $436,702
Other Assets Total$15,480$8,824▼ $6,656
Liabilities
Deferred Revenue$926,208$897,658▼ $28,550
Accounts Payable and Accrued Expenses$254,007$217,676▼ $36,331
Other Liabilities$15,480$44,324▲ $28,844
Total Liabilities$1,195,695$1,159,658▼ $36,037
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,635,769$6,228,875▼ $406,894
Net Assets With Donor Restrictions$261,151$267,380▲ $6,229
Total Net Assets Fund Balance$6,896,920$6,496,255▼ $400,665
Total Liabilities and Net Assets / Fund Balance$8,092,615$7,655,913▼ $436,702

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$335,654$651,645$987,299
Equipment$337,688$610,354$948,042
Other Land Buildings-$49,060$49,060

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$3,679,238-▲ $418,439$180,298$3,917,379
2023$3,322,780-▲ $528,810$172,352$3,679,238
2022$3,119,715-▲ $373,211$170,146$3,322,780
2021$3,775,995$862▼ $502,999$154,143$3,119,715
2020$3,154,594$4,460▲ $765,044$148,103$3,775,995
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Frank TaveraChief Exec.FT$225,555-$225,555
Frank TaveraChief Exec. Officer-$225,555-$225,555
Sandra RosaFinance OffiFT$92,590$9,471$102,061

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,000,277
Program Service Revenue
$4,169,093
Investment Income
$336,381
Other Revenue
$202,280
All Other Contributions
$633,447
Change in Net Assets
$-596,415

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,705,668
Revenue Not Reported on Financial Statements
$2,363
Revenue Not Reported on Form 990
$244,310
Other Revenue Adjustments
$2,363
Total Revenue per Audited Statements
$5,949,978
Total Revenue per Form 990
$5,708,031
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,742,816
Salaries, Compensation, and Employee Benefits$1,561,630
Total Fundraising Expense$349,940
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$696,040$115,141$129,574$940,755
Occupancy$369,826$64,450$45,359$479,635
Current Officers, Directors, Trustees, and Key Employees$75,888$176,803$75,888$328,579
Other Employee Benefits$147,612$25,154$17,703$190,469
Other Expenses$115,705--$115,705
All Other Expenses$87,704$19,922$6,871$114,497
Payroll Taxes$78,755$13,542$9,530$101,827
Depreciation Depletion$76,057$13,078$11,567$100,702
Advertising$93,750--$93,750
Information Technology$36,681$18,902$22,894$78,477
Insurance$57,444$9,878$6,951$74,273
Office Expenses$23,457$21,423$21,342$66,222
Fees for Services Accounting-$32,750-$32,750
Fees for Services Lobbying-$24,763-$24,763
Conferences and Meetings-$4,496$2,261$6,757
Fees for Services Legal-$3,600-$3,600
Total Functional Expenses$5,410,604$543,902$349,940$6,304,446

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,350,643
Total Expenses per Form 990$6,304,446
Expenses per Audited Statements$6,302,083
Expenses Not Reported on Form 990$48,560
Expenses Not Reported on Financial Statements$2,363
Other Expense Adjustments$2,363
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$91,091
Fundraising Gross Income$91,091
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Wine Dinner$157,414$65,460$65,460$0
Martinis & Mist$32,210$10,453$10,453$0
Total Events$255,367$91,091$91,091-
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advances$35,500
Lease Liabilities-operating$8,824
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The completed 990 is provided to the organizations audit committee for review. Upon review and approval by the audit committee, copies of the 990 are provided to all board of director members before the return is filed with the irs.

Form 990, Page 6, Part VI, Line 12C

The organization requires board members to disclose annually any conflicts of interest.

Form 990, Page 6, Part VI, Line 15A

The executive committee serves as the personnel committee to determine compensation for the ceo. As the ceo position is a contracted position, the compensation is usually determined by the length of the agreement. All other compensation of management staff is determined by the ceo with input from the executive committee.

Form 990, Page 6, Part VI, Line 19

This information is available for inspection upon request at the organizations place of business during normal business hours. Appointments for review of these documents must be made with the organization's finance officer in advance.

Filing and Contact Details

Filer

Filer Name
The Palace Theater Group Inc
EIN
02-0620399
Phone
2033462000
Address
100 EAST MAIN STREET, WATERBURY, CT 06702

Signing Officer

Name
Martin Morgado
Title
Chairman
Phone
2033462000
Signed
2026-03-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frank Tavera
Formed
2002
Legal Domicile
Ct
Voting Board Members
23
Independent Board Members
23
Employees
271
Volunteers
140

Preparer

Firm
Budwitz & Meyerjack Pc
Address
1122 HIGHLAND AVE, CHESHIRE, CT 06410-1654
Preparer
Daniel C Vollaro CPA
Phone
2032721621
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The palace theater group's mission is to generate a positive artistic, cultural, educational,social and financial impact in the greater waterbury connecticut area by maintaining the palace theater. To preserve and operate the historic palace theater as a performing arts center and community gathering place that provides a focal point of cultural activity and educational outreach for diverse audiences.

Form 990, Part XI, Line 9

Depreciation netted against revenue 0 on financial statements -2,363 depreciation netted against revenue 0 on financial statements 2,363

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

Use of endowment funds is determined annually by the board of directors to support operations as needed.

Schedule D, Page 3, Part X

Ptg has no unrecognized tax benefits at june 30,2025,2024 and 2023. Ptg's u.s. Federal information returns prior to fiscal year 2020 are closed and management continually evaluates expiring statues of limitations, audits, proposed settlements, changes in the law and new authorizative rulings. If ptg had unrelated business income taxes, it would recognize the income provision and include the accrued income tax liability in its statement of financial position.

Schedule D, Page 4, Part XI, Line 4B

Depreciation netted against revenue 0 on financial statements 2,363

Schedule D, Page 4, Part XII, Line 4B

Depreciation netted against revenue 0 on financial statements 2,363

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHIEF EXEC.
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IRS990/MissionDesc0THE PALACE THEATER GROUP'S MISSION IS TO GENERATE A POSITIVE ARTISTIC, CULTURAL, EDUCATIONAL,SOCIAL AND FINANCIAL IMPACT IN THE GREATER WATERBURY CONNECTICUT AREA BY MAINTAINING THE PALACE THEATER. TO PRESERVE AND OPERATE THE HISTORIC PALACE THEATER AS A PERFORMING ARTS CENTER AND COMMUNITY GATHERING PLACE THAT PROVIDES A FOCAL POINT OF CULTURAL ACTIVITY AND EDUCATIONAL OUTREACH FOR DIVERSE AUDIENCES.
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