Civic Intelligence

The Palace Performing Arts Center Inc

990 • Fiscal year 2016 • EIN 14-1708151

Jul 01, 2015 to Jun 30, 2016 • Filed on Jan 31, 2017

Organization ProfileWWW.PALACEALBANY.COM
19 Clinton AvenueAlbany, NY 12207

(518) 465-3334

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

90th percentile

0.61x

Higher debt load relative to assets than 90% of similar nonprofits.

2016 filings • NTEE A • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

79th percentile

0.41x

Higher debt load relative to revenue than 79% of similar nonprofits.

2016 filings • NTEE A • $1M-$5M nonprofits • Source year 2016

Net Margin

44th percentile

0.5%

Higher net margin than 44% of similar nonprofits.

2016 filings • NTEE A • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

87th percentile

$142,535

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 3.5% of source-year revenue.

2016 filings • NTEE A • $1M-$5M nonprofits • Source year 2016

Asset Growth

18th percentile

-6.6%

Faster asset growth than 18% of similar nonprofits.

2016 filings • NTEE A • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

32nd percentile

-9.2%

Faster revenue growth than 32% of similar nonprofits.

2016 filings • NTEE A • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets90th percentile

Assets

Down

$2,689,234

Down $191,335 (-6.6%) from 2015

Net Assets

Up

$1,052,916

Up $21,085 (+2.0%) from 2015

Liabilities

Down

$1,636,318

Down $212,420 (-11%) from 2015

Revenue And Expenses
Liabilities / Revenue79th percentileNet Margin44th percentile

Revenue

Down

$4,015,903

Down $408,575 (-9.2%) from 2015

Expenses

Down

$3,994,818

Down $80,390 (-2.0%) from 2015

Net Income

Down

$21,085

Down $328,185 (-94%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth18th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $895,895Liabilities 2011: $389,869Net Assets 2011: $506,0262011Assets 2012: $1,312,704Liabilities 2012: $789,581Net Assets 2012: $523,1232012Assets 2013: $1,270,094Liabilities 2013: $693,734Net Assets 2013: $576,3602013Assets 2014: $2,120,208Liabilities 2014: $1,437,647Net Assets 2014: $682,5612014Assets 2015: $2,880,569Liabilities 2015: $1,848,738Net Assets 2015: $1,031,8312015Assets 2016: $2,689,234Liabilities 2016: $1,636,318Net Assets 2016: $1,052,9162016Assets 2017: $2,690,877Liabilities 2017: $1,417,993Net Assets 2017: $1,272,8842017Assets 2018: $5,037,058Liabilities 2018: $2,845,095Net Assets 2018: $2,191,9632018Assets 2019: $4,036,097Liabilities 2019: $2,837,835Net Assets 2019: $1,198,2622019Assets 2020: $3,613,053Liabilities 2020: $2,629,673Net Assets 2020: $983,3802020Assets 2021: $5,400,849Liabilities 2021: $2,407,977Net Assets 2021: $2,992,8722021Assets 2022: $7,859,988Liabilities 2022: $2,987,420Net Assets 2022: $4,872,5682022Assets 2023: $7,460,484Liabilities 2023: $2,441,587Net Assets 2023: $5,018,8972023Assets 2025: $7,845,212Liabilities 2025: $2,096,456Net Assets 2025: $5,748,7562025

Highlighted filing

2016

Assets$2,689,234
Liabilities$1,636,318
Net Assets$1,052,916
Open 2016 Filing

Operations Trend

Revenue Growth32nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2011: $944,712Expenses 2011: $1,175,177Net Income 2011: -$230,4652011Expenses 2012: $1,234,3812012Expenses 2013: $2,418,8822013Revenue 2014: $2,933,580Expenses 2014: $2,827,379Net Income 2014: $106,2012014Revenue 2015: $4,424,478Expenses 2015: $4,075,208Net Income 2015: $349,2702015Revenue 2016: $4,015,903Expenses 2016: $3,994,818Net Income 2016: $21,0852016Revenue 2017: $5,381,781Expenses 2017: $5,161,813Net Income 2017: $219,9682017Revenue 2018: $6,480,438Expenses 2018: $5,561,359Net Income 2018: $919,0792018Revenue 2019: $6,455,762Expenses 2019: $7,449,463Net Income 2019: -$993,7012019Revenue 2020: $3,467,210Expenses 2020: $3,682,092Net Income 2020: -$214,8822020Revenue 2021: $3,087,630Expenses 2021: $1,078,138Net Income 2021: $2,009,4922021Revenue 2022: $5,301,344Expenses 2022: $3,421,648Net Income 2022: $1,879,6962022Revenue 2023: $4,216,101Expenses 2023: $4,067,894Net Income 2023: $148,2072023Revenue 2025: $4,944,005Expenses 2025: $4,589,133Net Income 2025: $354,8722025

Highlighted filing

2016

Revenue$4,015,903
Expenses$3,994,818
Net Income$21,085
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Jan 31, 2017
Return Version
2015v3.0
Gross Receipts
$4,060,309
Mission and Program Overview

Mission

To operate the palace theater and utilize its full potential as a cultural and entertainment center in albany, ny.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$541,340$1,298,921▲ $757,581
Savings and Temporary Cash Investments$1,652,022$792,406▼ $859,616
Cash and Non-Interest-Bearing Accounts$460,676$263,775▼ $196,901
Accounts Receivable$76,735$215,217▲ $138,482
Prepaid Expenses and Deferred Charges$92,888$62,394▼ $30,494
Intangible Assets$42,442$32,204▼ $10,238
Inventories for Sale or Use$14,466$24,317▲ $9,851
Total Assets$2,880,569$2,689,234▼ $191,335
Liabilities
Accounts Payable and Accrued Expenses$1,598,692$960,958▼ $637,734
Mortgage Notes Payable Secured by Investment Property$165,439$471,989▲ $306,550
Deferred Revenue$84,607$203,371▲ $118,764
Total Liabilities$1,848,738$1,636,318▼ $212,420
Net Assets / Fund Balance
Unrestricted Net Assets$1,031,831$1,052,916▲ $21,085
Total Net Assets Fund Balance$1,031,831$1,052,916▲ $21,085
Total Liabilities and Net Assets / Fund Balance$2,880,569$2,689,234▼ $191,335

Asset Categories

AssetBook ValueDepreciationBasis
Land$625,822-$625,822
Leasehold Improvements$351,124$112,399$463,523
Equipment$200,886$192,458$393,344
Other Land Buildings$121,089$508$121,597
Compensation and Service Providers
Top Officer Pay87th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Holly BrownExecutive DiFT$132,830$9,705$142,535

Board Members and Trustees

NameTitle
Alan GoldbergPresident
Dominick PurnomoBoard Member
George R Hearst IiiBoard Member
Jeffrey StoneBoard Member
John Bennett MdBoard Member
KEVIN O'CONNORBoard Member
Marilyn PendergastBoard Member
Mark EaganBoard Member
Michele L VennardBoard Member
Phil CalderoneBoard Member
Stephen JanackBoard Member
Steve BaboulisBoard Member
THOMAS D'AMBRABoard Member
Walt BorisenokBoard Member
Steven N FischerTreasurer
Jeff SperberVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$278,910
Program Service Revenue
$3,650,342
Investment Income
$1,327
Other Revenue
$85,324
All Other Contributions
$270,910
Change in Net Assets
$21,085

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,888,010
Revenue Not Reported on Financial Statements
$127,893
Revenue Not Reported on Form 990
$44,406
Other Revenue Adjustments
$127,893
Total Revenue per Audited Statements
$3,932,416
Total Revenue per Form 990
$4,015,903
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,559,097
Salaries, Compensation, and Employee Benefits$1,435,721
Total Fundraising Expense$378,563
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$552,370$244,792$270,438$1,067,600
All Other Expenses$198,440$113,808$42,808$355,056
Other Expenses$196,440--$196,440
Other Employee Benefits$75,527$37,018$31,612$144,157
Current Officers, Directors, Trustees, and Key Employees$93,750$31,250-$125,000
Payroll Taxes$56,190$19,255$23,519$98,964
Depreciation Depletion$37,539$17,469-$55,008
Advertising$48,910--$48,910
Fees for Services Accounting-$31,395-$31,395
Fees for Services Other$17,428$4,750$1,613$23,791
Conferences and Meetings$7,337$3,008$8,573$18,918
Insurance$7,951$6,297-$14,248
Interest$3,679$5,118-$8,797
Fees for Services Legal-$2,852-$2,852
Travel-$995-$995
Total Functional Expenses$3,098,248$518,007$378,563$3,994,818

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,994,818
Total Expenses per Audited Statements$3,911,331
Expenses per Audited Statements$3,866,925
Expenses Not Reported on Financial Statements$127,893
Other Expense Adjustments$127,893
Expenses Not Reported on Form 990$44,406
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$128,881
Fundraising Direct Expenses$44,406
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$128,881$128,881$44,406$84,475
Total Events$128,881$128,881$44,406$84,475
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
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
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 2

“Albany cty. Conven. & visitors bur. Palace theatre president e.d./officer ed of palace is on bd of accvb”

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

“The 990 is presented to the treasurer for approval and discussed with the board of directors.”

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

“Board members are required to fill out annual questionnaires to monitor and enforce compliance with the conflict of interest policy.”

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

“The palace utilized an outside firm to conduct the search for an executive director. The board of directors, with the help of the search firm, determined an appropriate level of compensation.”

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

“SAME AS IN 15A.”

Form 990, Page 6, Part VI, Line 19

“The organization makes its governing documents and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
The Palace Performing Arts
EIN
14-1708151
Phone
5184653334
Address
19 CLINTON AVENUE, ALBANY, NY 12207

Signing Officer

Name
Steven N Fischer
Title
Treasurer
Phone
5184653334
Signed
2017-01-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alan Goldberg
Formed
1988
Legal Domicile
Ny
Voting Board Members
15
Independent Board Members
15
Employees
106
Volunteers
250

Preparer

Firm
MICHAEL A TOBIN & ASSOCIATES CPA'S PC
Address
40 BRITISH AMERICAN BLVD, LATHAM, NY 12110
Preparer
Michael a Tobin Ii
Phone
5187833100
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Fundraising expenses, net to revenue 44,406 merchandise costs netted against revenue -127,893 fundraising expenses, net to revenue -44,406 merchandise costs netted against revenue 127,893”

Financial Statement Notes

Schedule D, Page 3, Part X

“The palace has adopted fasb asc 740-10.25, accounting for uncertainty in income taxes. The palace files form 990 (return of organization exempt from income tax) annually. Form 990 is filed subject to examination by the internal revenue service up to three years from the extended due date of each return. The adoption of this standard resulted in no uncertain tax benefits of provisions identified and recorded as a liability or asset. The organization believes that there are no tax positions taken or expected to be taken that would significantly increase or decrease unrecognized tax benefits within 12 months of the reporting date. None of the palace's federal or state income tax returns are currently under examination by the internal revenue service or state authorities.”

Schedule D, Page 4, Part XI, Line 2D

“Fundraising expenses, net to revenue 44,406”

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

“Merchandise costs netted against revenue 127,893”

Schedule D, Page 4, Part XII, Line 2D

“Fundraising expenses, net to revenue 44,406”

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

“Merchandise costs netted against revenue 127,893”

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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/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
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IRS990/LocalChaptersInd0false
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0TO OPERATE THE PALACE THEATER AND UTILIZE ITS FULL POTENTIAL AS A CULTURAL AND ENTERTAINMENT CENTER IN ALBANY, NY.
IRS990/MoreThan5000KToIndividualsInd0false
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IRS990/NondeductibleContributionsInd0false
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt031612
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt037018
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt075527
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0144157
IRS990/OtherExpensesGrp/Desc0OTHER EVENT EXPENSES
IRS990/OtherExpensesGrp/Desc1ARTIST & PROMOTER FEES
IRS990/OtherExpensesGrp/Desc2OUTSIDE LABOR
IRS990/OtherExpensesGrp/Desc3MEDIA & MARKETING
IRS990/OtherExpensesGrp/ProgramServicesAmt0848100
IRS990/OtherExpensesGrp/ProgramServicesAmt1570477
IRS990/OtherExpensesGrp/ProgramServicesAmt2384110
IRS990/OtherExpensesGrp/ProgramServicesAmt3196440
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IRS990/OtherExpensesGrp/TotalAmt1570477
IRS990/OtherExpensesGrp/TotalAmt2384110
IRS990/OtherExpensesGrp/TotalAmt3196440
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt0270438
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0244792
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0552370
IRS990/OtherSalariesAndWagesGrp/TotalAmt01067600
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt023519
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt019255
IRS990/PayrollTaxesGrp/ProgramServicesAmt056190
IRS990/PayrollTaxesGrp/TotalAmt098964
IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt062394
IRS990/PrincipalOfficerNm0ALAN GOLDBERG
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM REVENUE
IRS990/ProgramServiceRevenueGrp/Desc1ADVERTISING
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt03381291
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1269051
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt03381291
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1269051
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IRS990/PYInvestmentIncomeAmt0-37120
IRS990/PYOtherExpensesAmt03085220
IRS990/PYOtherRevenueAmt034135
IRS990/PYProgramServiceRevenueAmt04264316
IRS990/PYRevenuesLessExpensesAmt0349270
IRS990/PYSalariesCompEmpBnftPaidAmt0989988
IRS990/PYTotalExpensesAmt04075208
IRS990/PYTotalRevenueAmt04424478
IRS990/QuidProQuoContributionsInd0true
IRS990/QuidProQuoContriDisclInd0true
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt021085
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt03381291
IRS990/SavingsAndTempCashInvstGrp/BOYAmt01652022
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0792406
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS REVENUE 3,581 NET INCOME FROM FUNDRAISING EVENTS 204,438
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt072642
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,689,234
Liabilities
$1,636,318
Net assets
$1,052,916
Revenue
$4,015,903
Expenses
$3,994,818
Net income
$21,085
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.85$2.10$5.75$4.94$4.59$0.35
2023Summary only. Only limited summary data is available for this year.$7.46$2.44$5.02$4.22$4.07$0.15
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.86$2.99$4.87$5.30$3.42$1.88
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.40$2.41$2.99$3.09$1.08$2.01
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.61$2.63$0.98$3.47$3.68$0.21
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.04$2.84$1.20$6.46$7.45$0.99
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.04$2.85$2.19$6.48$5.56$0.92
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.69$1.42$1.27$5.38$5.16$0.22
2016Detailed filing. Detailed filing data is available for this year.$2.69$1.64$1.05$4.02$3.99$0.02
2015Detailed filing. Detailed filing data is available for this year.$2.88$1.85$1.03$4.42$4.08$0.35
2014Detailed filing. Detailed filing data is available for this year.$2.12$1.44$0.68$2.93$2.83$0.11
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.27$0.69$0.58$2.42
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.31$0.79$0.52$1.23
2011Summary only. Only limited summary data is available for this year.$0.90$0.39$0.51$0.94$1.18$0.23