Civic Intelligence

Corsicanas Palace Theatre

EIN 04-3736523 • 501(c)3 • Corsicana, TX

Profile

The palace theatre offers to the public on an annual basis a variety of professional musical artists in an early 1920s style theatre. All types of vocalists, instrumentals and musicals are presented

P O Box 408Corsicana, TX 75151

corsicanapalace.com

Siviq Scores

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

Liabilities / Assets

95th percentile

1.57x

Higher debt load relative to assets than 95% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Liabilities / Revenue

89th percentile

0.28x

Higher debt load relative to revenue than 89% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Net Margin

68th percentile

14%

Higher net margin than 68% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • <$500k nonprofits • Source year 2024

Asset Growth

79th percentile

26%

Faster asset growth than 79% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

64th percentile

10%

Faster revenue growth than 64% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets95th percentile

Assets

Up

$54,503

Up $11,131 (+26%) from 2023

Liabilities

Down

$85,421

Down $31,356 (-27%) from 2023

Net Assets

Up

-$30,918

Up $42,487 (+58%) from 2023

Operations
Liabilities / Revenue89th percentileNet Margin68th percentile

Revenue

Up

$303,922

Up $27,726 (+10%) from 2023

Expenses

Down

$261,435

Down $203,006 (-44%) from 2023

Net Income

Up

$42,487

Up $230,732 (+123%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth79th percentile

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

$200K$100K$0-$100KAssets 2011: $50,508Liabilities 2011: $74,126Net Assets 2011: -$23,6182011Assets 2012: $24,201Liabilities 2012: $25,126Net Assets 2012: -$9252012Assets 2013: $29,862Liabilities 2013: $55,969Net Assets 2013: -$26,1072013Assets 2014: $77,134Liabilities 2014: $25,483Net Assets 2014: $51,6512014Assets 2015: $44,842Liabilities 2015: $26,400Net Assets 2015: $18,4422015Assets 2016: $61,311Liabilities 2016: $0Net Assets 2016: $61,3112016Assets 2017: $73,310Liabilities 2017: $32,014Net Assets 2017: $41,2962017Assets 2018: $99,132Liabilities 2018: $23,974Net Assets 2018: $75,1582018Assets 2019: $127,540Liabilities 2019: $40,744Net Assets 2019: $86,7962019Assets 2020: $174,075Liabilities 2020: $1,845Net Assets 2020: $172,2302020Assets 2021: $97,845Liabilities 2021: $420Net Assets 2021: $97,4252021Assets 2022: $132,805Liabilities 2022: $17,965Net Assets 2022: $114,8402022Assets 2023: $43,372Liabilities 2023: $116,777Net Assets 2023: -$73,4052023Assets 2024: $54,503Liabilities 2024: $85,421Net Assets 2024: -$30,9182024

Highlighted filing

2024

Assets$54,503
Liabilities$85,421
Net Assets-$30,918
Open 2024 Filing

Operations Trend

Revenue Growth64th percentile

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

$600K$400K$200K$0-$200KRevenue 2011: $221,600Expenses 2011: $253,873Net Income 2011: -$32,2732011Revenue 2012: $283,359Expenses 2012: $260,666Net Income 2012: $22,6932012Revenue 2013: $221,462Expenses 2013: $246,644Net Income 2013: -$25,1822013Revenue 2014: $317,178Expenses 2014: $239,420Net Income 2014: $77,7582014Revenue 2015: $242,673Expenses 2015: $275,882Net Income 2015: -$33,2092015Revenue 2016: $302,599Expenses 2016: $259,730Net Income 2016: $42,8692016Revenue 2017: $271,909Expenses 2017: $291,924Net Income 2017: -$20,0152017Revenue 2018: $356,229Expenses 2018: $322,367Net Income 2018: $33,8622018Revenue 2019: $331,003Expenses 2019: $319,365Net Income 2019: $11,6382019Revenue 2020: $332,890Expenses 2020: $247,456Net Income 2020: $85,4342020Revenue 2021: $227,204Expenses 2021: $302,009Net Income 2021: -$74,8052021Revenue 2022: $426,643Expenses 2022: $409,228Net Income 2022: $17,4152022Revenue 2023: $276,196Expenses 2023: $464,441Net Income 2023: -$188,2452023Revenue 2024: $303,922Expenses 2024: $261,435Net Income 2024: $42,4872024

Highlighted filing

2024

Revenue$303,922
Expenses$261,435
Net Income$42,487
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$54,503
Liabilities
$85,421
Net assets
-$30,918
Revenue
$303,922
Expenses
$261,435
Net income
$42,487
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.55$0.85$0.31$3.04$2.61$0.42
2023Detailed filing. Detailed filing data is available for this year.$0.43$1.17$0.73$2.76$4.64$1.88
2022Detailed filing. Detailed filing data is available for this year.$1.33$0.18$1.15$4.27$4.09$0.17
2021Detailed filing. Detailed filing data is available for this year.$0.98$0.00$0.97$2.27$3.02$0.75
2020Detailed filing. Detailed filing data is available for this year.$1.74$0.02$1.72$3.33$2.47$0.85
2019Detailed filing. Detailed filing data is available for this year.$1.28$0.41$0.87$3.31$3.19$0.12
2018Detailed filing. Detailed filing data is available for this year.$0.99$0.24$0.75$3.56$3.22$0.34
2017Detailed filing. Detailed filing data is available for this year.$0.73$0.32$0.41$2.72$2.92$0.20
2016Detailed filing. Detailed filing data is available for this year.$0.61$0.00$0.61$3.03$2.60$0.43
2015Detailed filing. Detailed filing data is available for this year.$0.45$0.26$0.18$2.43$2.76$0.33
2014Detailed filing. Detailed filing data is available for this year.$0.77$0.25$0.52$3.17$2.39$0.78
2013Summary only. Only limited summary data is available for this year.$0.30$0.56$0.26$2.21$2.47$0.25
2012Summary only. Only limited summary data is available for this year.$0.24$0.25$0.01$2.83$2.61$0.23
2011Summary only. Only limited summary data is available for this year.$0.51$0.74$0.24$2.22$2.54$0.32
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 8, 2025
Return Version
2024v5.1
Gross Receipts
$401,509
Mission and Program Overview

Mission

The palace theatre offers to the public on an annual basis a variety of professional musical artists in an early 1920s style theatre. All types of vocalists, instrumentals and musicals are presented

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$22,238$36,728▲ $14,490
Land, Buildings, and Equipment, Net$20,350$10,275▼ $10,075
Prepaid Expenses and Deferred Charges-$7,500-
Savings and Temporary Cash Investments$784--
Total Assets$43,372$54,503▲ $11,131
Liabilities
Unsecured Notes Loans Payable$75,000$50,000▼ $25,000
Deferred Revenue$39,615$27,496▼ $12,119
Accounts Payable and Accrued Expenses$2,162$7,925▲ $5,763
Total Liabilities$116,777$85,421▼ $31,356
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-73,405$-30,918▲ $42,487
Total Net Assets Fund Balance$-73,405$-30,918▲ $42,487
Total Liabilities and Net Assets / Fund Balance$43,372$54,503▲ $11,131

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$10,275$103,119-
Compensation and Service Providers
Top Officer Pay81st percentile

Board Members and Trustees

NameTitle
Malinda VeldmanPresident
Liz KingmanVice President
David TimmermanDirector
Jason ManningDirector
Kay CookDirector
Loren PageDirector
Sandra HuffmanDirector
Tim BradyDirector
Ashton KantorExecutive Director
Kristin Maupin HaysSecretary
Fred BiltzTreasurer
Laura OsieckiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$190,574
Program Service Revenue
$129,098
Investment Income
$2
Other Revenue
$-15,752
Change in Net Assets
$42,487
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$261,435
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$122,448--$122,448
Fees for Services Management$23,333$10,000-$33,333
Occupancy$32,931--$32,931
Depreciation Depletion$10,075--$10,075
Fees for Services Accounting-$9,948-$9,948
Insurance$9,802--$9,802
Interest$6,714--$6,714
Fees for Services Other$6,710--$6,710
Advertising$4,631--$4,631
All Other Expenses$4,359--$4,359
Office Expenses-$2,728-$2,728
Travel$2,341--$2,341
Total Functional Expenses$238,759$22,676$0$261,435
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
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
No
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 governing body review Part VI line 11

“The tax return is reviewed by the board president or treasurer before it is authorized for electronic filing.”

Governing documents etc available to public Part VI line 19

“Part vi, section c, line 19the palace makes its governing documents, policies and financial statements available to the public upon request. The public may make a request either in person or in writing and the documents will be made available within a ten day time frame.”

Filing and Contact Details

Filer

Filer Name
Corsicanas Palace Theatre
EIN
04-3736523
In Care Of
% MALINDA VELDMAN
Address
P O BOX 408, CORSICANA, TX 75151

Signing Officer

Name
Malinda Veldman
Title
President
Signed
2025-05-08
Discuss with paid preparer
Yes

Organization Details

Formed
2003
Legal Domicile
TX
Voting Board Members
11
Independent Board Members
11
Employees
0

Preparer

Firm
Sharon L Mahoney CPA
Address
114 WEST 5TH AVENUE, CORSICANA, TX 75110
Preparer
Sharon L Mahoney
Phone
9038747428
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IRS990/MissionDesc0THE PALACE THEATRE OFFERS TO THE PUBLIC ON AN ANNUAL BASIS A VARIETY OF PROFESSIONAL MUSICAL ARTISTS IN AN EARLY 1920S STYLE THEATRE. ALL TYPES OF VOCALISTS, INSTRUMENTALS AND MUSICALS ARE PRESENTED
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE TAX RETURN IS REVIEWED BY THE BOARD PRESIDENT OR TREASURER BEFORE IT IS AUTHORIZED FOR ELECTRONIC FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PART VI, SECTION C, LINE 19THE PALACE MAKES ITS GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE PUBLIC MAY MAKE A REQUEST EITHER IN PERSON OR IN WRITING AND THE DOCUMENTS WILL BE MADE AVAILABLE WITHIN A TEN DAY TIME FRAME.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Governing documents etc available to public Part VI line 19
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