Civic Intelligence

The Palace Performing Arts Center Inc

990 • Fiscal year 2017 • EIN 14-1708151

Jul 01, 2016 to Jun 30, 2017 • Filed on May 08, 2018

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

0.53x

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

2017 filings • NTEE A • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

74th percentile

0.26x

Higher debt load relative to revenue than 74% of similar nonprofits.

2017 filings • NTEE A • $5M-$10M nonprofits • Source year 2017

Net Margin

51st percentile

4.1%

Higher net margin than 51% of similar nonprofits.

2017 filings • NTEE A • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

57th percentile

$124,972

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2017 filings • NTEE A • $5M-$10M nonprofits • Source year 2017

Asset Growth

32nd percentile

0.1%

Faster asset growth than 32% of similar nonprofits.

2017 filings • NTEE A • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

78th percentile

34%

Faster revenue growth than 78% of similar nonprofits.

2017 filings • NTEE A • $5M-$10M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets90th percentile

Assets

Up

$2,690,877

Up $1,643 (+0.1%) from 2016

Net Assets

Up

$1,272,884

Up $219,968 (+21%) from 2016

Liabilities

Down

$1,417,993

Down $218,325 (-13%) from 2016

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin51st percentile

Revenue

Up

$5,381,781

Up $1,365,878 (+34%) from 2016

Expenses

Up

$5,161,813

Up $1,166,995 (+29%) from 2016

Net Income

Up

$219,968

Up $198,883 (+943%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth32nd 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

2017

Assets$2,690,877
Liabilities$1,417,993
Net Assets$1,272,884
Open 2017 Filing

Operations Trend

Revenue Growth78th 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

2017

Revenue$5,381,781
Expenses$5,161,813
Net Income$219,968
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 8, 2018
Return Version
2016v3.1
Gross Receipts
$5,424,996
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$1,298,921$1,374,154▲ $75,233
Savings and Temporary Cash Investments$792,406$692,730▼ $99,676
Cash and Non-Interest-Bearing Accounts$263,775$266,720▲ $2,945
Accounts Receivable$215,217$208,463▼ $6,754
Prepaid Expenses and Deferred Charges$62,394$70,987▲ $8,593
Intangible Assets$32,204$55,381▲ $23,177
Inventories for Sale or Use$24,317$22,442▼ $1,875
Total Assets$2,689,234$2,690,877▲ $1,643
Liabilities
Accounts Payable and Accrued Expenses$960,958$821,814▼ $139,144
Mortgage Notes Payable Secured by Investment Property$471,989$413,753▼ $58,236
Deferred Revenue$203,371$182,426▼ $20,945
Total Liabilities$1,636,318$1,417,993▼ $218,325
Net Assets / Fund Balance
Unrestricted Net Assets$1,052,916$1,272,884▲ $219,968
Total Net Assets Fund Balance$1,052,916$1,272,884▲ $219,968
Total Liabilities and Net Assets / Fund Balance$2,689,234$2,690,877▲ $1,643

Asset Categories

AssetBook ValueDepreciationBasis
Land$625,822-$625,822
Leasehold Improvements$342,581$126,402$468,983
Equipment$171,512$229,190$400,702
Other Land Buildings$234,239$1,525$235,764
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseTotal
SARI O'CONNORExec. Oper.-$124,972$124,972
Holly BrownExecutive DiFT$124,642$124,642

Board Members and Trustees

NameTitle
Alan GoldbergBoard Chairm
Dominick PurnomoBoard Member
George R Hearst IiiBoard Member
Jeffrey StoneBoard Member
John Bennett MdBoard Member
KEVIN O'CONNORBoard Member
Kathy M SheehanBoard Member
Marilyn PendergastBoard Member
Mark EaganBoard Member
Phil CalderoneBoard Member
Randolph F TreeceBoard Member
THOMAS D'AMBRABoard Member
Walt BorisenokBoard Member
Michele L VennardSecretary
Steven N FischerTreasurer
Steve BaboulisVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$338,766
Program Service Revenue
$4,928,495
Investment Income
$79
Other Revenue
$114,441
All Other Contributions
$330,766
Change in Net Assets
$219,968

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,242,988
Revenue Not Reported on Financial Statements
$138,793
Revenue Not Reported on Form 990
$43,215
Other Revenue Adjustments
$138,793
Total Revenue per Audited Statements
$5,286,203
Total Revenue per Form 990
$5,381,781
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,716,366
Salaries, Compensation, and Employee Benefits$1,445,447
Total Fundraising Expense$328,938
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$668,713$157,337$244,657$1,070,707
All Other Expenses$258,191$143,869$28,602$430,662
Other Expenses$286,370--$286,370
Other Employee Benefits$96,047$28,229$30,819$155,095
Current Officers, Directors, Trustees, and Key Employees$93,750$31,250-$125,000
Payroll Taxes$63,204$11,160$20,281$94,645
Advertising$81,535--$81,535
Depreciation Depletion$43,109$20,265-$63,374
Fees for Services Accounting-$47,400-$47,400
Insurance$30,980$9,402-$40,382
Fees for Services Other$10,000$14,732$900$25,632
Interest$18,555$4,194-$22,749
Conferences and Meetings$7,970$2,800$3,679$14,449
Travel-$2,413-$2,413
Total Functional Expenses$4,359,824$473,051$328,938$5,161,813

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$5,161,813
Total Expenses per Audited Statements$5,066,235
Expenses per Audited Statements$5,023,020
Expenses Not Reported on Financial Statements$138,793
Other Expense Adjustments$138,793
Expenses Not Reported on Form 990$43,215
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$155,627
Fundraising Direct Expenses$43,215
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$155,627$155,627$43,215$112,412
Total Events$155,627$155,627$43,215$112,412
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
Jeffrey Stone
Title
Board Member
Phone
5184653334
Signed
2018-05-08
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
129
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 43,215 merchandise costs netted against revenue -138,793 fundraising expenses, net to revenue -43,215 merchandise costs netted against revenue 138,793”

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 or 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.”

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

“Fundraising expenses, net to revenue 43,215”

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

“Merchandise costs netted against revenue 138,793”

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

“Fundraising expenses, net to revenue 43,215”

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

“Merchandise costs netted against revenue 138,793”

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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/TitleTxt2VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt16EXECUTIVE DI
IRS990/Form990PartVIISectionAGrp/TitleTxt17EXEC. OPER.
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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.
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IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt030819
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt028229
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt096047
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0155095
IRS990/OtherExpensesGrp/Desc0ARTIST & PROMOTER FEES
IRS990/OtherExpensesGrp/Desc1OTHER EVENT EXPENSES
IRS990/OtherExpensesGrp/Desc2OUTSIDE LABOR
IRS990/OtherExpensesGrp/Desc3MEDIA & MARKETING
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IRS990/OtherExpensesGrp/ProgramServicesAmt11085714
IRS990/OtherExpensesGrp/ProgramServicesAmt2438339
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0157337
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IRS990/OtherSalariesAndWagesGrp/TotalAmt01070707
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt020281
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt011160
IRS990/PayrollTaxesGrp/ProgramServicesAmt063204
IRS990/PayrollTaxesGrp/TotalAmt094645
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt062394
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt070987
IRS990/PrincipalOfficerNm0ALAN GOLDBERG
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM REVENUE
IRS990/ProgramServiceRevenueGrp/Desc1ADVERTISING
IRS990/ProgramServiceRevenueGrp/Desc2CONTRACT SERVICE
IRS990/ProgramServiceRevenueGrp/Desc3EDUCATION SERVICE
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1331282
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2130933
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt346938
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0278910
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt01327
IRS990/PYOtherExpensesAmt02559097
IRS990/PYOtherRevenueAmt085324
IRS990/PYProgramServiceRevenueAmt03650342
IRS990/PYRevenuesLessExpensesAmt021085
IRS990/PYSalariesCompEmpBnftPaidAmt01435721
IRS990/PYTotalExpensesAmt03994818
IRS990/PYTotalRevenueAmt04015903
IRS990/QuidProQuoContributionsInd0true
IRS990/QuidProQuoContriDisclInd0true
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0219968
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt0792406
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0692730
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS REVENUE 5,610 NET INCOME FROM FUNDRAISING EVENTS 305,850
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,690,877
Liabilities
$1,417,993
Net assets
$1,272,884
Revenue
$5,381,781
Expenses
$5,161,813
Net income
$219,968
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
2017Detailed filing. Detailed filing data is available for this year.$2.69$1.42$1.27$5.38$5.16$0.22
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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