Civic Intelligence

Palace Theatre Trust

990 • Fiscal year 2019 • EIN 23-7356019

Jul 01, 2018 to Jun 30, 2019 • Filed on May 11, 2020

80 Hanover StreetManchester, NH 03101

(603) 668-5588

Siviq Scores

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

Liabilities / Assets

49th percentile

0.19x

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

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

61st percentile

0.36x

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

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

70th percentile

12%

Higher net margin than 70% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

52nd percentile

$182,500

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 3.1% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

79th percentile

16%

Faster asset growth than 79% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

9th percentile

-32%

Faster revenue growth than 9% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Up

$10,856,560

Up $1,506,887 (+16%) from 2018

Net Assets

Up

$8,741,417

Up $802,753 (+10%) from 2018

Liabilities

Up

$2,115,143

Up $704,134 (+50%) from 2018

Revenue

Down

$5,852,391

Down $2,809,435 (-32%) from 2018

Expenses

Up

$5,161,343

Up $304,548 (+6.3%) from 2018

Net Income

Down

$691,048

Down $3,113,983 (-82%) from 2018

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2013: $3,305,264Liabilities 2013: $516,560Net Assets 2013: $2,788,7042013Assets 2014: $3,961,960Liabilities 2014: $316,377Net Assets 2014: $3,645,5832014Assets 2015: $4,239,886Liabilities 2015: $493,622Net Assets 2015: $3,746,2642015Assets 2016: $4,333,460Liabilities 2016: $506,553Net Assets 2016: $3,826,9072016Assets 2017: $4,934,282Liabilities 2017: $854,231Net Assets 2017: $4,080,0512017Assets 2018: $9,349,673Liabilities 2018: $1,411,009Net Assets 2018: $7,938,6642018Assets 2019: $10,856,560Liabilities 2019: $2,115,143Net Assets 2019: $8,741,4172019Assets 2020: $12,127,067Liabilities 2020: $3,599,775Net Assets 2020: $8,527,2922020Assets 2021: $14,377,565Liabilities 2021: $4,400,060Net Assets 2021: $9,977,5052021Assets 2022: $15,190,873Liabilities 2022: $3,214,661Net Assets 2022: $11,976,2122022Assets 2023: $17,432,567Liabilities 2023: $4,465,414Net Assets 2023: $12,967,1532023Assets 2024: $19,516,975Liabilities 2024: $5,810,285Net Assets 2024: $13,706,6902024

Highlighted filing

2019

Assets$10,856,560
Liabilities$2,115,143
Net Assets$8,741,417

Operations Trend

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

$10M$5.0M$0-$5.0MExpenses 2013: $2,954,8452013Revenue 2014: $4,297,623Expenses 2014: $3,517,289Net Income 2014: $780,3342014Revenue 2015: $3,804,777Expenses 2015: $3,712,271Net Income 2015: $92,5062015Revenue 2016: $4,076,702Expenses 2016: $3,979,201Net Income 2016: $97,5012016Revenue 2017: $4,359,783Expenses 2017: $4,171,391Net Income 2017: $188,3922017Revenue 2018: $8,661,826Expenses 2018: $4,856,795Net Income 2018: $3,805,0312018Revenue 2019: $5,852,391Expenses 2019: $5,161,343Net Income 2019: $691,0482019Revenue 2020: $4,561,211Expenses 2020: $4,707,793Net Income 2020: -$146,5822020Revenue 2021: $3,596,163Expenses 2021: $3,391,471Net Income 2021: $204,6922021Revenue 2022: $8,795,217Expenses 2022: $5,959,202Net Income 2022: $2,836,0152022Revenue 2023: $6,859,427Expenses 2023: $6,470,757Net Income 2023: $388,6702023Revenue 2024: $6,885,318Expenses 2024: $7,072,176Net Income 2024: -$186,8582024

Highlighted filing

2019

Revenue$5,852,391
Expenses$5,161,343
Net Income$691,048
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 11, 2020
Return Version
2018v3.2
Gross Receipts
$6,464,498
Mission and Program Overview

Mission

To enrich the region's cultural life and serve as a community resource through its stewardship of the historic palace theatre. It does so by providing a broad range of live, high quality, professional and community performances, as well as educational opportunities for performers and audiences of all ages.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$4,055,311$4,340,745▲ $285,434
Land, Buildings, and Equipment, Net$2,778,925$3,122,455▲ $343,530
Savings and Temporary Cash Investments$925,495$1,462,179▲ $536,684
Cash and Non-Interest-Bearing Accounts$252,987$213,968▼ $39,019
Pledges and Grants Receivable$156,612$80,986▼ $75,626
Inventories for Sale or Use$21,215$13,073▼ $8,142
Accounts Receivable$15,489$5,985▼ $9,504
Total Assets$9,349,673$10,856,560▲ $1,506,887
Other Assets Total$1,143,639$1,617,169▲ $473,530
Liabilities
Mortgage Notes Payable Secured by Investment Property$761,501$742,350▼ $19,151
Other Liabilities-$714,241-
Deferred Revenue$319,997$390,902▲ $70,905
Accounts Payable and Accrued Expenses$309,511$247,650▼ $61,861
Unsecured Notes Loans Payable$20,000$20,000→ $0
Total Liabilities$1,411,009$2,115,143▲ $704,134
Net Assets / Fund Balance
Permanently Rstr Net Assets$4,556,701$4,802,056▲ $245,355
Unrestricted Net Assets$3,252,794$3,760,823▲ $508,029
Temporarily Rstr Net Assets$129,169$178,538▲ $49,369
Total Net Assets Fund Balance$7,938,664$8,741,417▲ $802,753
Total Liabilities and Net Assets / Fund Balance$9,349,673$10,856,560▲ $1,506,887

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,692,252$2,015,068$4,707,320
Equipment$391,320$710,710$1,102,030
Land$38,883-$38,883
Other Assets Org$6,868--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$4,055,311$149,483▲ $135,951-$4,340,745
2017$827,655$3,192,894▲ $34,762-$4,055,311
2016-$828,655-$1,000$827,655
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Peter RamseyCEOFT$162,500$20,000$182,500

Highest Paid Contractors

ContractorServicesLocationCompensation
Cornerstone Pdc LLCConstruction42 WEST BROOK STREET, Manchester, NH 03101$514,032
Revenue and Support

Revenue Composition

Contributions and Grants
$1,035,390
Program Service Revenue
$4,352,115
Investment Income
$70,861
Other Revenue
$394,025
All Other Contributions
$1,015,390
Change in Net Assets
$691,048

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,820,417
Revenue Not Reported on Financial Statements
$31,974
Revenue Not Reported on Form 990
$195,821
Total Revenue per Audited Statements
$6,016,238
Total Revenue per Form 990
$5,852,391
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,265,284
Salaries, Compensation, and Employee Benefits$1,896,059
Total Fundraising Expense$377,554
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$978,550$334,568$223,901$1,537,019
Occupancy$203,148$96,658$46,482$346,288
All Other Expenses$188,145$27,110$19,539$234,794
Advertising$214,152--$214,152
Depreciation Depletion$168,826$30,211-$199,037
Fees for Services Other$100,789$47,955$23,061$171,805
Payroll Taxes$83,365$39,665$19,075$142,105
Current Officers, Directors, Trustees, and Key Employees-$131,025-$131,025
Other Expenses$76,685-$20,465$97,150
Other Employee Benefits$38,666$18,397$8,847$65,910
Insurance$37,520$17,852$8,585$63,957
Fees for Services Accounting$21,478$10,219$4,915$36,612
Fees for Service Investment Mgmnt Fees-$31,974-$31,974
Interest-$29,796-$29,796
Pension Plan Contributions$11,733$5,583$2,684$20,000
Total Functional Expenses$3,962,776$821,013$377,554$5,161,343

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,213,485
Total Expenses per Form 990$5,161,343
Expenses per Audited Statements$5,129,369
Expenses Not Reported on Form 990$84,116
Expenses Not Reported on Financial Statements$31,974
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
Yes
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$114,880
Gaming Gross Income$73,251
Fundraising Direct Expenses$31,437
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Kitchen Tour$51,275$51,275$4,882$46,393
Golf Tournament$30,195$30,195$14,420$15,775
Total Events$107,420$107,420$26,773$80,647
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Construction Lease Payable$714,241
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 11B

The form 990 gets reviewed by the finance committee of the board prior to submission.

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

The board approves annual spending to certain related businesses, provided that the transactions occur at arms length and the compensation for such goods/services does not exceed market value of smiliar goods/services. In addition, on an annual basis, the ceo reports on the amounts paid to the related entities and seeks board approval for the upcoming fiscal year. A public notice of such transactions is published in the local newpaper(s).

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

The organization compares salaries to executive directors of other theatres on a periodic basis.

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

The organization compares salaries to other comparable positions on a periodic basis.

Form 990, Page 6, Part VI, Line 19

The organization keeps all governing documents, policies and financial statements at its headquarters, and makes them available for public inspection upon request of interested parties.

Filing and Contact Details

Filer

Filer Name
Palace Theatre Trust
EIN
23-7356019
Phone
6036685588
Address
80 HANOVER STREET, MANCHESTER, NH 03101

Signing Officer

Name
Peter Ramsey
Title
CEO
Phone
6036685588
Signed
2020-05-11

Organization Details

Principal Officer
Peter Ramsey
Formed
1974
Legal Domicile
Nh
Voting Board Members
23
Independent Board Members
22
Employees
102
Volunteers
290

Preparer

Firm
Hession & Pare Pc
Address
62 STARK STREET, MANCHESTER, NH 03101-1970
Preparer
Jennifer Webb CPA
Phone
6036695477
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

To enrich the region's cultural life and serve as a community resource through its stewardship of the historic palace theatre. It does so by providing a broad range of live, high quality, professional and community performances, as well as educational opportunities for performers and audiences of all ages.

Form 990, Page 2, Part III, Line 4A

Enriching the region's cultural life and offering a diverse selection of extremely high quality live performances and educational opportunities for patrons, artists, children and people of all ages defines the palace theatre. From in-house produced live professional musical theatre, top name presenting entertainment, other non-profit fundraising events and rentals for many community events are all part of what defines the palace theatre. Approximately 159,000 patrons attended with over 514 performances and events. Youth performing arts programs are an integral part of the palace theatre/forever emma studios youth initiatives with over 23,000 children experiencing theatrical productions through participation in vacatio camps, specialized acting companies and vocal, dancing or acting classes. Additionally, more than 1,300 youth, 8-18 years of age performed in a palace production.

Form 990, Part XI, Line 9

Merchandise sales - expenses 84,116 change in endowment fund receivable 11,425 merchandise sales - expenses -84,116 total 11,425

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

The fund shall be maintained as a capital fund, with net income distributed annually for the production of performances.

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

Merchandise sales - expenses 84,116 change in endowment fund receivable 11,425

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

Merchandise sales - expenses 84,116

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.5$5.81$13.7$6.89$7.07$0.19
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17.4$4.47$13.0$6.86$6.47$0.39
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.2$3.21$12.0$8.80$5.96$2.84
2021Detailed filing. Detailed filing data is available for this year.$14.4$4.40$9.98$3.60$3.39$0.20
2020Detailed filing. Detailed filing data is available for this year.$12.1$3.60$8.53$4.56$4.71$0.15
2019Detailed filing. Detailed filing data is available for this year.$10.9$2.12$8.74$5.85$5.16$0.69
2018Detailed filing. Detailed filing data is available for this year.$9.35$1.41$7.94$8.66$4.86$3.81
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.93$0.85$4.08$4.36$4.17$0.19
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.33$0.51$3.83$4.08$3.98$0.10
2015Detailed filing. Detailed filing data is available for this year.$4.24$0.49$3.75$3.80$3.71$0.09
2014Detailed filing. Detailed filing data is available for this year.$3.96$0.32$3.65$4.30$3.52$0.78
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.31$0.52$2.79$2.95
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)3 • $10M-$25M nonprofits