Civic Intelligence

Playhouse Square Foundation

990 • Fiscal year 2017 • EIN 23-7304942

Jul 01, 2016 to Jun 30, 2017 • Filed on May 14, 2018

1501 Euclid Ave No 200Cleveland, OH 44115-2197

(216) 771-4444

Siviq Scores

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

Liabilities / Assets

49th percentile

0.30x

Higher debt load relative to assets than 49% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

73rd percentile

1.05x

Higher debt load relative to revenue than 73% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Net Margin

65th percentile

8.6%

Higher net margin than 65% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

65th percentile

$660,172

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Asset Growth

66th percentile

9.6%

Faster asset growth than 66% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

71st percentile

12%

Faster revenue growth than 71% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Assets

Up

$232,619,386

Up $20,401,442 (+9.6%) from 2016

Net Assets

Up

$163,368,548

Up $15,925,495 (+11%) from 2016

Liabilities

Up

$69,250,838

Up $4,475,947 (+6.9%) from 2016

Revenue

Up

$66,091,082

Up $7,336,610 (+12%) from 2016

Expenses

Up

$60,387,479

Up $8,075,826 (+15%) from 2016

Net Income

Down

$5,703,603

Down $739,216 (-11%) from 2016

Historical Trend

Balance Sheet Trend

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

$400M$300M$200M$100M$0Assets 2010: $109,913,482Liabilities 2010: $36,224,489Net Assets 2010: $73,688,9932010Assets 2011: $147,437,942Liabilities 2011: $58,390,963Net Assets 2011: $89,046,9792011Assets 2012: $156,582,367Liabilities 2012: $59,911,490Net Assets 2012: $96,670,8772012Assets 2013: $153,914,276Liabilities 2013: $54,637,008Net Assets 2013: $99,277,2682013Assets 2014: $179,614,022Liabilities 2014: $68,416,239Net Assets 2014: $111,197,7832014Assets 2015: $199,687,289Liabilities 2015: $58,687,055Net Assets 2015: $141,000,2342015Assets 2016: $212,217,944Liabilities 2016: $64,774,891Net Assets 2016: $147,443,0532016Assets 2017: $232,619,386Liabilities 2017: $69,250,838Net Assets 2017: $163,368,5482017Assets 2018: $332,866,462Liabilities 2018: $140,798,399Net Assets 2018: $192,068,0632018Assets 2019: $313,630,834Liabilities 2019: $132,943,786Net Assets 2019: $180,687,0482019Assets 2020: $319,310,731Liabilities 2020: $134,310,893Net Assets 2020: $184,999,8382020Assets 2021: $326,085,880Liabilities 2021: $132,259,662Net Assets 2021: $193,826,2182021Assets 2022: $324,662,531Liabilities 2022: $137,751,542Net Assets 2022: $186,910,9892022Assets 2023: $341,341,429Liabilities 2023: $138,640,647Net Assets 2023: $202,700,7822023Assets 2024: $346,396,690Liabilities 2024: $135,028,839Net Assets 2024: $211,367,8512024

Highlighted filing

2017

Assets$232,619,386
Liabilities$69,250,838
Net Assets$163,368,548

Operations Trend

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

$100M$50M$0-$50MExpenses 2010: $41,533,5542010Expenses 2011: $41,602,8772011Expenses 2012: $39,363,7932012Expenses 2013: $41,792,7962013Revenue 2014: $72,810,115Expenses 2014: $56,002,290Net Income 2014: $16,807,8252014Revenue 2015: $77,712,685Expenses 2015: $47,910,234Net Income 2015: $29,802,4512015Revenue 2016: $58,754,472Expenses 2016: $52,311,653Net Income 2016: $6,442,8192016Revenue 2017: $66,091,082Expenses 2017: $60,387,479Net Income 2017: $5,703,6032017Revenue 2018: $94,572,549Expenses 2018: $69,746,068Net Income 2018: $24,826,4812018Revenue 2019: $95,421,271Expenses 2019: $81,911,168Net Income 2019: $13,510,1032019Revenue 2020: $62,949,274Expenses 2020: $58,949,064Net Income 2020: $4,000,2102020Revenue 2021: $24,719,658Expenses 2021: $32,842,939Net Income 2021: -$8,123,2812021Revenue 2022: $68,025,435Expenses 2022: $65,477,731Net Income 2022: $2,547,7042022Revenue 2023: $97,192,730Expenses 2023: $91,593,985Net Income 2023: $5,598,7452023Revenue 2024: $83,107,929Expenses 2024: $82,051,178Net Income 2024: $1,056,7512024

Highlighted filing

2017

Revenue$66,091,082
Expenses$60,387,479
Net Income$5,703,603
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 14, 2018
Return Version
2016v3.0
Gross Receipts
$66,884,942
Mission and Program Overview

Mission

Playhouse Square Foundation is a not-for-profit performing arts center whose mission is presenting and producing a wide variety of quality performing arts, advancing arts education, and creating a theater district that is a superior location for entertainment, business, and housing, thereby strengthening the economic vitality of the region.

To operate and sustain a performing arts and entertainment center to enhance and develop the "playhouse square" district by restoring, renovating, and operating theaters and other related properties, and to provide arts education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$84,139,417$81,762,274▼ $2,377,143
Land, Buildings, and Equipment, Net$52,730,757$51,120,318▼ $1,610,439
Savings and Temporary Cash Investments$20,639,955$44,903,310▲ $24,263,355
Pledges and Grants Receivable$32,042,703$32,071,378▲ $28,675
Accounts Receivable$14,698,519$11,564,136▼ $3,134,383
Cash and Non-Interest-Bearing Accounts$4,028,390$7,854,300▲ $3,825,910
Prepaid Expenses and Deferred Charges$3,568,830$2,706,231▼ $862,599
Intangible Assets$308,323$564,373▲ $256,050
Inventories for Sale or Use$61,050$73,066▲ $12,016
Total Assets$212,217,944$232,619,386▲ $20,401,442
Liabilities
Deferred Revenue$22,438,262$29,198,481▲ $6,760,219
Tax Exempt Bond Liabilities$26,319,988$25,199,980▼ $1,120,008
Accounts Payable and Accrued Expenses$10,833,626$8,994,543▼ $1,839,083
Mortgage Notes Payable Secured by Investment Property$5,183,015$5,857,834▲ $674,819
Total Liabilities$64,774,891$69,250,838▲ $4,475,947
Net Assets / Fund Balance
Unrestricted Net Assets$108,804,556$125,686,069▲ $16,881,513
Temporarily Rstr Net Assets$33,851,509$32,895,491▼ $956,018
Permanently Rstr Net Assets$4,786,988$4,786,988→ $0
Total Net Assets Fund Balance$147,443,053$163,368,548▲ $15,925,495
Total Liabilities and Net Assets / Fund Balance$212,217,944$232,619,386▲ $20,401,442

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$25,465,255$46,250,508$71,715,763
Equipment$16,751,386$9,422,481$26,173,867
Land$7,804,850-$7,804,850
Other Land Buildings$1,098,827-$1,098,827
Investment Program Related Org$81,762,274--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$20,442,088-▲ $3,639,010-$24,081,098
2015$21,550,135-▼ $608,047$500,000$20,442,088
2014$18,827,702$2,000,000▲ $722,433-$21,550,135
2013$15,684,692$60,000▲ $3,083,010-$18,827,702
2012$13,642,351$60,000▲ $1,982,341-$15,684,692
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Art J FalcoPresident and CEOFT$414,618$245,554$660,172
Gina VernaciVP TheatricalFT$224,477$138,712$363,189
Patricia GaulVP Finance & General AdministrationFT$235,078$110,225$345,303
Allen WiantVP Strategic DevelopmentFT$213,924$110,981$324,905
Timothy LuliPresident Psf ManagementFT$228,816$71,726$300,542
Michelle Ryan StewartVP DevelopmentFT$157,737$109,514$267,251
Timothy BirchVP Sales and TechnologyFT$152,733$80,334$233,067
Autumn KiserVP Ticket Sales & MarketingFT$148,413$53,821$202,234

Board Members and Trustees

NameTitle
James a RatnerChair
Uleto FuentesVice Chair, Comm. Engagement
Amy G BradyVice Chair, Development
Monte RepaskyVice Chair, Finance
P Kelly TompkinsVice Chair, Government Affairs
Warren E AndersonVice Chair, Nominating & Governance
Daniel P Walsh JrVice Chair, Real Estate Development
Christopher M ConnorVice Chair, Sales & Marketing
David S GoodmanVice Chair, Strategic Planning
Aj HylandTrustee
Alex Johnson PhdTrustee
Amy J HeldTrustee
Brent D BallardTrustee
Daniel I Simon MdTrustee
Darrell L McnairTrustee
Darrell a YoungTrustee
David J StraussTrustee
David JacobsTrustee
Deborah ReadTrustee
Debra a WertTrustee
Denise G WellsTrustee
Dominic a VisconsiTrustee
Edward J LargentTrustee
Gwenay ConiglioTrustee
Heather LennoxTrustee
Himanshu AminTrustee
James R PenderTrustee
John D AndricaTrustee
John G Chapman SrTrustee
Jon H OutcaltTrustee
Kk SullivanTrustee
Lawrence H HatchTrustee
Leila L VespoliTrustee
Louis G JosephTrustee
Luci Schey SpringTrustee
Margaret M JuddTrustee
Mark RossTrustee
Mary Lynn LaughlinTrustee
Mort WeisbergTrustee
Neil C WeinbergerTrustee
Paul H CarletonTrustee
Paul J DolanTrustee
Paul MancinoTrustee
Richard H FearonTrustee
Rick BuoncoreTrustee
Robert J TomsichTrustee
Ronald M Berkman PhdTrustee
Sara Ellen StashowerTrustee
Scott ChaikinTrustee
Sean RichardsonTrustee
Terry AdelmanTrustee
Thomas W AdlerTrustee
Vanessa L WhitingTrustee
William R SeelbachTrustee
Dale F KloseTrustee Through February 2017
Marjorie M CarlsonTrustee Through October 2016
Kurt C TreuSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Turner ConstructionGeneral Contractor Services1301 EAST NINTH STREET SUITE 1400, Cleveland, OH 44114$1,653,431
Brewer Garrett CompanyHvac Services6800 EASTLAND ROAD, Middleburg Heights, OH 44130$787,363
HinesContract/management ServicesONE SOUTH DEARBORN STREET SUITE 20, Chicago, IL 60603$231,549
AbmJanitorial Services1501 EUCLID AVE SUITE 320, Cleveland, OH 44115$227,835
The Coniglio CompanyConstruction Services1422 EUCLID AVENUE SUITE 1510, Cleveland, OH 44115$208,650
Revenue and Support

Revenue Composition

Contributions and Grants
$18,259,460
Program Service Revenue
$44,853,968
Investment Income
$454,736
Other Revenue
$2,522,918
All Other Contributions
$15,647,861
Change in Net Assets
$5,703,603

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded31$345,612Stock Price
Total Noncash Contributions31$345,612-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$45,547,264
Salaries, Compensation, and Employee Benefits$14,840,215
Total Fundraising Expense$1,841,726
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$7,151,576$1,944,346$1,043,365$10,139,287
Depreciation Depletion$4,453,444--$4,453,444
Advertising$2,660,549$60,158$425,810$3,146,517
Other Employee Benefits$1,602,144$495,937$203,543$2,301,624
Occupancy$1,771,255$293,988-$2,065,243
Current Officers, Directors, Trustees, and Key Employees$290,077$772,096-$1,062,173
Office Expenses$725,244$310,447$25,450$1,061,141
Fees for Services Other$784,292$108,166-$892,458
Payroll Taxes$528,986$186,808$73,430$789,224
Pension Plan Contributions$359,677$133,907$54,323$547,907
Insurance$423,866$47,520-$471,386
Other Expenses$236,088$113,923$13,640$363,651
All Other Expenses$217,931$44,411-$262,342
Interest$212,802--$212,802
Information Technology$13,853$141,255$2,165$157,273
Fees for Services Accounting-$145,189-$145,189
Fees for Services Legal-$84,418-$84,418
Travel$57,658--$57,658
Total Functional Expenses$53,663,184$4,882,569$1,841,726$60,387,479
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$310,342
Fundraising Gross Income$310,342
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$414,625$177,505$33,611$143,894
Ball$271,747$111,653$29,732$81,921
Total Events$738,460$310,342$310,342$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Louis G. Joseph, Trustee, Is President & CEO at the Brewer-garrett CompanyLOUIS G. JOSEPH, TRUSTEE ON THE PLAYHOUSE BOARD, IS PRESIDENT AND CEO AT THE BREWER-GARRETT COMPANY. PLAYHOUSE PAID BREWER-GARRETT $664,799 FOR HVAC SERVICES.No$664,799
-Gwenay Coniglio, Trustee, Is President of the Coniglio CompanyGWENAY CONIGLIO, TRUSTEE ON THE PLAYHOUSE BOARD, IS PRESIDENT OF THE CONIGLIO COMPANY. PLAYHOUSE PAID THE CONIGLIO COMPANY $554,858 FOR CONSTRUCTION SERVICES.No$554,858
-David Jacobs, Trustee, Is President and Chief Operating Officer of OswaldDAVID JACOBS, TRUSTEE ON THE PLAYHOUSE BOARD, IS PRESIDENT AND CHIEF OPERATING OFFICER OF OSWALD. PLAYHOUSE PAID OSWALD $491,819 FOR INSURANCE SERVICES.No$491,819
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACleveland Cuyahoga County Port Authority2014-12-08$28,000,000REFINANCE DEBT

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$28,000,000$17,312,854$2,800,020$419,020

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The form 990 is prepared by the controller and reviewed by the chief financial officer and independent accountants. Each member of the governing body is provided a copy of the return for review prior to filing with the irs.

Form 990, Part VI, Section B, Line 12C

Conflict of interest questionnaires are distributed and collected annually by the assistant to the president and reviewed by the vice president of finance. All trustees are required to provide responses and the vice president of finance confirms compliance with the policy. Trustees do not vote on issues which relate to existing conflicts.

Form 990, Part VI, Section B, Line 15

Compensation for the president is determined by the compensation committee made up of independent members of the board. Annual salary surveys are utilized as well as reviews of compensation for similar organizations and form 990 of other organizations. The president and the compensation committee set compensation for key employees utilizing the same annual surveys and process. This compensation determination process is documented in the compensation committee's minutes.

Form 990, Part VI, Section C, Line 19

Documents are available upon request for the same period of time as set forth in irc section 6104(d).

Filing and Contact Details

Filer

Filer Name
Playhouse Square Foundation
EIN
23-7304942
Phone
2167714444
Address
1501 EUCLID AVE NO 200, CLEVELAND, OH 44115-2197

Signing Officer

Name
Patricia Gaul
Title
VP Finance & General Administration
Phone
2167714444
Signed
2018-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patricia Gaul
Formed
1973
Legal Domicile
Oh
Voting Board Members
56
Independent Board Members
52
Employees
841
Volunteers
1,700

Preparer

Firm
Rsm US Llp
Address
1001 LAKESIDE AVE SUITE 200, CLEVELAND, OH 44114-1152
Preparer
Shawna M Jimenez
Phone
2165231900
Supplemental Narrative

Financial Statement Notes

PART V, LINE 4:

Playhouse square foundation's ("psf") endowment consists of individual donor-restricted endowment funds established to support the mission of psf. Psf's endowment includes both donor-restricted endowment funds and funds designated by the board to function as endowments.

PART X, LINE 2:

The internal revenue service (irs) has determined the foundation to be exempt from federal income taxes under section 501(c)(3) of the internal revenue code. The foundation adopted the accounting for uncertainty in income taxes topic of the accounting standards codification (asc), which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under this guidance, the foundation may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. At june 30, 2017 and 2016, management has evaluated the foundation's tax positions and has concluded that the foundation has taken no uncertain tax positions that require adjustment to the consolidated financial statements to comply with provisions of this guidance. Tax returns filed by the foundation are subject to examination by the irs up to three years from the filing date of each return. Forms 990 and 990t filed by the foundation are no longer subject to examination for the years 2013 and prior.

Raw XML AppendixShowing 400 of 1,481 raw XML fields

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/ActivityOrMissionDesc0TO OPERATE AND SUSTAIN A PERFORMING ARTS AND ENTERTAINMENT CENTER TO ENHANCE AND DEVELOP THE "PLAYHOUSE SQUARE" DISTRICT BY RESTORING, RENOVATING, AND OPERATING THEATERS AND OTHER RELATED PROPERTIES, AND TO PROVIDE ARTS EDUCATION.
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IRS990/Desc0ENTERTAINMENT EXPENSES - THESE INCLUDE MARKETING AND PRESENTATION EXPENSES FOR THE VARIOUS PRESENTATIONS OFFERED DURING THE YEAR. THERE WERE 1,008 EVENTS AND APPROXIMATELY 1.1 MILLION GUESTS TO THE THEATERS DURING THE YEAR. OVER 20,000 STUDENTS AND TEACHERS ATTENDED CHILDREN'S THEATER PERFORMANCES DUE TO SUBSIDIZED BUSES OR TICKETS. 89,630 STUDENTS AND ADULTS PARTICIPATED IN VARIOUS PROGRAMS HOSTED BY PLAYHOUSE SQUARE FOUNDATION THROUGHOUT THE YEAR.
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IRS990/Form990PartVIISectionAGrp/PersonNm40SEAN RICHARDSON
IRS990/Form990PartVIISectionAGrp/PersonNm41MARK ROSS
IRS990/Form990PartVIISectionAGrp/PersonNm42WILLIAM R SEELBACH
IRS990/Form990PartVIISectionAGrp/PersonNm43DANIEL I SIMON MD
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IRS990/Form990PartVIISectionAGrp/PersonNm50DOMINIC A VISCONSI
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$346$135$211$83.1$82.1$1.06
2023Detailed filing. Detailed filing data is available for this year.$341$139$203$97.2$91.6$5.60
2022Detailed filing. Detailed filing data is available for this year.$325$138$187$68.0$65.5$2.55
2021Detailed filing. Detailed filing data is available for this year.$326$132$194$24.7$32.8$8.12
2020Detailed filing. Detailed filing data is available for this year.$319$134$185$62.9$58.9$4.00
2019Detailed filing. Detailed filing data is available for this year.$314$133$181$95.4$81.9$13.5
2018Detailed filing. Detailed filing data is available for this year.$333$141$192$94.6$69.7$24.8
2017Detailed filing. Detailed filing data is available for this year.$233$69.3$163$66.1$60.4$5.70
2016Detailed filing. Detailed filing data is available for this year.$212$64.8$147$58.8$52.3$6.44
2015Detailed filing. Detailed filing data is available for this year.$200$58.7$141$77.7$47.9$29.8
2014Detailed filing. Detailed filing data is available for this year.$180$68.4$111$72.8$56.0$16.8
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$154$54.6$99.3$41.8
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$157$59.9$96.7$39.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$147$58.4$89.0$41.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$110$36.2$73.7$41.5