Civic Intelligence

Playhouse Square Foundation

990 • Fiscal year 2021 • EIN 23-7304942

Jul 01, 2020 to Jun 30, 2021 • Filed on May 16, 2022

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

61st percentile

0.41x

Higher debt load relative to assets than 61% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Liabilities / Revenue

93rd percentile

5.35x

Higher debt load relative to revenue than 93% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Net Margin

4th percentile

-33%

Higher net margin than 4% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Top Officer Pay

38th percentile

$575,347

Higher top officer pay than 38% of similar nonprofits.

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

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Asset Growth

18th percentile

2.1%

Faster asset growth than 18% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Revenue Growth

2nd percentile

-61%

Faster revenue growth than 2% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Assets

Up

$326,085,880

Up $6,775,149 (+2.1%) from 2020

Net Assets

Up

$193,826,218

Up $8,826,380 (+4.8%) from 2020

Liabilities

Down

$132,259,662

Down $2,051,231 (-1.5%) from 2020

Revenue

Down

$24,719,658

Down $38,229,616 (-61%) from 2020

Expenses

Down

$32,842,939

Down $26,106,125 (-44%) from 2020

Net Income

Down

-$8,123,281

Down $12,123,491 (-303%) from 2020

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

2021

Assets$326,085,880
Liabilities$132,259,662
Net Assets$193,826,218

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

2021

Revenue$24,719,658
Expenses$32,842,939
Net Income-$8,123,281
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 16, 2022
Return Version
2020v4.2
Gross Receipts
$24,771,569
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$94,239,618$127,904,947▲ $33,665,329
Land, Buildings, and Equipment, Net$78,020,585$75,635,989▼ $2,384,596
Savings and Temporary Cash Investments$46,541,043$60,481,165▲ $13,940,122
Other Notes and Loans Receivable, Net$47,253,332$0▼ $47,253,332
Cash and Non-Interest-Bearing Accounts$29,072,985$35,379,899▲ $6,306,914
Pledges and Grants Receivable$14,118,380$12,546,594▼ $1,571,786
Accounts Receivable$5,358,144$6,895,206▲ $1,537,062
Prepaid Expenses and Deferred Charges$2,689,824$2,455,882▼ $233,942
Intangible Assets$2,009,155$2,058,242▲ $49,087
Inventories for Sale or Use$7,665$7,344▼ $321
Total Assets$319,310,731$326,085,880▲ $6,775,149
Other Assets Total$0$2,720,612▲ $2,720,612
Liabilities
Tax Exempt Bond Liabilities$74,880,000$74,055,000▼ $825,000
Deferred Revenue$30,076,625$31,526,750▲ $1,450,125
Mortgage Notes Payable Secured by Investment Property$21,896,335$17,199,281▼ $4,697,054
Accounts Payable and Accrued Expenses$5,507,810$7,039,860▲ $1,532,050
Other Liabilities$0$2,438,771▲ $2,438,771
Unsecured Notes Loans Payable$1,950,123$0▼ $1,950,123
Total Liabilities$134,310,893$132,259,662▼ $2,051,231
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$162,400,098$168,396,479▲ $5,996,381
Net Assets With Donor Restrictions$22,599,740$25,429,739▲ $2,829,999
Total Net Assets Fund Balance$184,999,838$193,826,218▲ $8,826,380
Total Liabilities and Net Assets / Fund Balance$319,310,731$326,085,880▲ $6,775,149

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$47,208,120$64,089,800$111,297,920
Equipment$12,663,889$12,560,258$25,224,147
Land$7,914,850-$7,914,850
Other Land Buildings$7,849,130-$7,849,130
Investment Program Related Org$127,904,947--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$29,902,530-▲ $12,097,283-$41,999,813
2019$28,472,732$300,000▲ $1,129,798-$29,902,530
2018$27,262,564-▲ $1,210,168-$28,472,732
2017$24,081,098$326,703▲ $2,854,763-$27,262,564
2016$20,442,088-▲ $3,639,010-$24,081,098
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Art J FalcoSenior AdvisorFT$533,301$42,046$575,347
Gina VernaciPresident/CEOFT$451,138$42,384$493,522
Patricia GaulVP Finance & General AdminFT$307,980$31,715$339,695
Michelle Ryan StewartVP DevelopmentFT$230,550$38,139$268,689
Timothy LuliPresident PSF ManagementFT$226,792$37,224$264,016
Autumn KiserVP Ticket Sales & MarketingFT$199,299$25,311$224,610
Timothy BirchVP Sales & TechnologyFT$200,433$14,971$215,404
Renee BoernerDirector of Ticket SalesFT$105,695$96,859$202,554

Board Members and Trustees

NameTitle
Amy G BradyChair
Thomas StevensNational Trustee/Former Chair
Oliver C Henkel JrTrustee for Life/Former Chair
Rick BuoncoreVice Chair, Advancement
Heather LennoxVice Chair, Finance
Paul J DolanVice Chair, Government Affairs
Brent D BallardVice Chair, Nominating & Goverance
Neil C WeinbergerVice Chair, Real Estate Development
Sara Ellen StashowerVice Chair, Sales & Marketing
Kurt C TreuVice Chair, Strategic Planning
AJ HylandTrustee
Alex Johnson PhDTrustee
Amy J HeldTrustee
Andrea HogbenTrustee
Bill CosgroveTrustee
Christopher M ConnorTrustee
Daniel I Simon MDTrustee
Daniel P Walsh JrTrustee
Darrell A YoungTrustee
David B SewellTrustee
David JacobsTrustee
David S GoodmanTrustee
Debra A WertTrustee
Denise G WellsTrustee
Dominic A VisconsiTrustee
Doug SpikerTrustee
Edward J LargentTrustee
Gina BeredoTrustee
Harlan SandsTrustee
Heath MonesmithTrustee
Himanshu AminTrustee
James A RatnerTrustee
James GrahamTrustee
James R PenderTrustee
Jeffrey J WildTrustee
Jim MerlinoTrustee
John G Chapman SrTrustee
Jon H OutcaltTrustee
Julien L McCallTrustee
KK SullivanTrustee
Kevin SteinTrustee
Lawrence H HatchTrustee
Leila L VespoliTrustee
Louis G JosephTrustee
Luci ScheyTrustee
Monte RepaskyTrustee
Paul H CarletonTrustee
Rajiv K PrasadTrustee
Scott ChaikinTrustee
Sean RichardsonTrustee
Terry AdelmanTrustee
Thomas W AdlerTrustee
Uleto FuentesTrustee
Warren E AndersonTrustee
William R SeelbachTrustee
John F LewisTrustee until 10/11/20
David J StraussTrustee until 12/31/20
Forrest D HayesTrustee until 2/24/21
Dr Glenn R BrownTrustee until 5/16/21
Margaret M Judd Vice ChairCommunity Engagement & Education
Mark RossSecretary/Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Brewer Garrett CompanyHVAC Services6800 Eastland Road, Middleburg Heights, OH 44130$1,251,320
HinesContract/ManagementOne South Dearborn Street Suite 20, Chicago, IL 60603$645,733
Gilbane Building CompanyGeneral Contractor950 Main Ave 1410, Cleveland, OH 44113$402,019
Turner ConstructionGeneral Contractor1301 East Ninth Street Suite 1400, Cleveland, OH 44114$357,936
BeneschLegal200 Public Square 2300, Cleveland, OH 44114$146,749
Revenue and Support

Revenue Composition

Contributions and Grants
$19,527,614
Program Service Revenue
$2,886,267
Investment Income
$42,369
Other Revenue
$2,263,408
All Other Contributions
$10,607,543
Change in Net Assets
$-8,123,281

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 Traded24$1,026,816Stock Price
Total Noncash Contributions24$1,026,816-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$21,847,679
Salaries, Compensation, and Employee Benefits$10,995,260
Total Fundraising Expense$1,387,441
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,365,404$2,470,431$1,032,783$7,868,618
Depreciation Depletion$5,695,134--$5,695,134
Interest$4,675,344--$4,675,344
Occupancy$1,262,481$397,557-$1,660,038
Other Employee Benefits$729,336$302,820$141,248$1,173,404
Current Officers, Directors, Trustees, and Key Employees-$759,118-$759,118
Payroll Taxes$322,075$271,801$98,559$692,435
Fees for Services Other$357,105$240,846-$597,951
Insurance$510,207$70,168-$580,375
Office Expenses$320,361$200,907$13,760$535,028
Pension Plan Contributions$267,785$165,028$68,872$501,685
Advertising$217,388$8,978$28,287$254,653
Fees for Services Legal-$202,039-$202,039
Fees for Services Accounting-$113,287-$113,287
Information Technology$28,093$64,248$2,310$94,651
Other Expenses$37,506$39,095$1,622$78,223
Travel$22,617--$22,617
Total Functional Expenses$26,149,175$5,306,323$1,387,441$32,842,939
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$28,220
Fundraising Gross Income$28,220
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf$57,860$25,720$566$25,154
Virtual JBB$55,744$2,500-$2,500
Total Events$113,604$28,220$28,220$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 $1,251,320 for HVAC services.No$1,251,320
-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 $689,010 for insurance services.No$689,010
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Obligations$2,438,771

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACleveland Cuyahoga County Port Authority2018-06-15$80,203,322Refinance Series 2014 Bonds & Construction of Residence Tower

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$80,203,322$24,114,218$825,000$1,559,031

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
No
Corrective action procedures
Yes
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
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 A, line 1

The Executive Committee is comprised of Trustees of the Foundation and consists of all the chairman of the other committees and several at large trustees. The Executive Committee can act with all of the powers of the trustees between Trustee Meetings. All of the action taken by the Executive Committee must be reported to the Trustees.

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
Interim COO
Phone
2167714444
Signed
2022-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patricia Gaul
Formed
1973
Legal Domicile
Oh
Voting Board Members
58
Independent Board Members
57
Employees
491
Volunteers
1,450

Preparer

Firm
Rsm US Llp
Address
6 S Patterson Blvd, Dayton, OH 45402
Preparer
Karen O Crim
Phone
9372980201
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

Change in Fair Value of Swap 1,829,348.

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, 2021 and 2020, 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.

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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt570

Document Assets

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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