Civic Intelligence

Fiasco Theater Ltd

990 • Fiscal year 2019 • EIN 26-3105037

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 02, 2020

320 West 38th StreetNew York, NY 10018

(917) 494-4923

Siviq Scores

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

Liabilities / Assets

56th percentile

0.07x

Higher debt load relative to assets than 56% of similar nonprofits.

2019 filings • NTEE A65 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

61st percentile

0.05x

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

2019 filings • NTEE A65 • <$500k nonprofits • Source year 2019

Net Margin

83rd percentile

23%

Higher net margin than 83% of similar nonprofits.

2019 filings • NTEE A65 • <$500k nonprofits • Source year 2019

Top Officer Pay

90th percentile

$39,393

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 10.9% of source-year revenue.

2019 filings • NTEE A65 • <$500k nonprofits • Source year 2019

Asset Growth

75th percentile

51%

Faster asset growth than 75% of similar nonprofits.

2019 filings • NTEE A65 • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

77th percentile

40%

Faster revenue growth than 77% of similar nonprofits.

2019 filings • NTEE A65 • <$500k nonprofits • Annualized from 2018 to 2019

Assets

Up

$260,355

Up $87,855 (+51%) from 2018

Net Assets

Up

$242,649

Up $83,487 (+52%) from 2018

Liabilities

Up

$17,706

Up $4,368 (+33%) from 2018

Revenue

Up

$360,156

Up $102,717 (+40%) from 2018

Expenses

Up

$276,669

Up $17,041 (+6.6%) from 2018

Net Income

Up

$83,487

Up $85,676 (+3914%) from 2018

Historical Trend

Balance Sheet Trend

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

$800K$600K$400K$200K$0Assets 2013: $234,203Liabilities 2013: $78,500Net Assets 2013: $155,7032013Assets 2014: $121,788Liabilities 2014: $9,346Net Assets 2014: $112,4422014Assets 2016: $167,274Liabilities 2016: $55,244Net Assets 2016: $112,0302016Assets 2018: $172,500Liabilities 2018: $13,338Net Assets 2018: $159,1622018Assets 2019: $260,355Liabilities 2019: $17,706Net Assets 2019: $242,6492019Assets 2020: $286,134Liabilities 2020: $10,735Net Assets 2020: $275,3992020Assets 2021: $387,960Liabilities 2021: $14,086Net Assets 2021: $373,8742021Assets 2022: $392,295Liabilities 2022: $30,440Net Assets 2022: $361,8552022Assets 2025: $693,768Liabilities 2025: $38,067Net Assets 2025: $655,7012025

Highlighted filing

2019

Assets$260,355
Liabilities$17,706
Net Assets$242,649

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2013: $187,086Expenses 2013: $150,344Net Income 2013: $36,7422013Revenue 2014: $451,450Expenses 2014: $494,711Net Income 2014: -$43,2612014Revenue 2016: $401,155Expenses 2016: $452,600Net Income 2016: -$51,4452016Revenue 2018: $257,439Expenses 2018: $259,628Net Income 2018: -$2,1892018Revenue 2019: $360,156Expenses 2019: $276,669Net Income 2019: $83,4872019Revenue 2020: $284,609Expenses 2020: $251,859Net Income 2020: $32,7502020Revenue 2021: $433,804Expenses 2021: $335,329Net Income 2021: $98,4752021Revenue 2022: $228,212Expenses 2022: $240,231Net Income 2022: -$12,0192022Revenue 2025: $765,890Expenses 2025: $418,638Net Income 2025: $347,2522025

Highlighted filing

2019

Revenue$360,156
Expenses$276,669
Net Income$83,487
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 2, 2020
Return Version
2019v5.1
Gross Receipts
$360,156
Mission and Program Overview

Mission

The mission of fiasco theater is to offer dynamic, joyful, actor- driven productions of classic and new plays, and to offer high-level theatrical training through class & workshops.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$168,026$205,923▲ $37,897
Pledges and Grants Receivable-$51,000-
Prepaid Expenses and Deferred Charges$2,294$2,105▼ $189
Land, Buildings, and Equipment, Net$980$327▼ $653
Total Assets$172,500$260,355▲ $87,855
Other Assets Total$1,200$1,000▼ $200
Liabilities
Accounts Payable and Accrued Expenses$13,338$14,706▲ $1,368
Deferred Revenue-$3,000-
Total Liabilities$13,338$17,706▲ $4,368
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$159,162$162,649▲ $3,487
Net Assets With Donor Restrictions-$80,000-
Total Net Assets Fund Balance$159,162$242,649▲ $83,487
Total Liabilities and Net Assets / Fund Balance$172,500$260,355▲ $87,855

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$327$4,632$4,959
Land$0--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Noah D BrodyCo-artistic Director/presidentPT$39,393$39,393
Jessie D AustrianCo-artistic Director/board MemberPT$35,450$35,450
Benjamin SteinfeldCo-artistic Director/treasurerPT$24,900$24,900

Board Members and Trustees

NameTitle
Derek MclaneBoard Member
Joanna ColeBoard Member
Robert L MacdonaldBoard Member
Hope Sarah GoldsteinSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$193,293
Program Service Revenue
$155,800
Investment Income
$0
Other Revenue
$11,063
All Other Contributions
$186,293
Change in Net Assets
$83,487

Audited Revenue Reconciliation

Revenue per Audited Statements
$360,156
Total Revenue per Audited Statements
$360,156
Total Revenue per Form 990
$360,156
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$141,190
Other Expenses$99,479
Total Fundraising Expense$47,955
Professional Fundraising Fees$36,000
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$77,118$24,000$0$101,118
Fees for Services Professional Fundraising--$36,000$36,000
Office Expenses$32,876$1,476$465$34,817
Other Salaries and Wages$10,199$8,750$8,750$27,699
Fees for Services Other$17,350$4,800$500$22,650
Occupancy$11,730$4,090$1,093$16,913
Fees for Services Accounting$0$14,651$0$14,651
Payroll Taxes$7,820$3,769$784$12,373
Insurance$3,028$1,136$303$4,467
Conferences and Meetings$2,320$952$16$3,288
Fees for Services Legal$0$1,850$0$1,850
Depreciation Depletion$443$166$44$653
Travel$150$40$0$190
Total Functional Expenses$163,034$65,680$47,955$276,669

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$276,669
Total Expenses per Audited Statements$276,669
Total Expenses per Form 990$276,669
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$36,000
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
Business relationship with 35% controlled entity
No
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
Filing and Contact Details

Filer

Filer Name
Fiasco Theater Ltd Co Mara Isaacs
EIN
26-3105037
Phone
9174944923
Address
320 WEST 38TH STREET, NEW YORK, NY 10018

Signing Officer

Name
Noah Brody
Title
President
Phone
9174944923
Signed
2020-11-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Noah Brody
Formed
2009
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
4
Employees
7
Volunteers
2

Preparer

Firm
Rich and Bander Llp
Address
79 Madison Avenue 2nd Floor, New York, NY 10016
Preparer
Jonathan a Bander
Phone
2126842470
Supplemental Narrative

Additional Explanations

Pt VI, Line 2

Family relationship: noah d. Brody and jessie d. Austrian are married.

Pt VI, Line 8B

The governing body is comprised of seven board members. The organization does not have committees at the present time.

Pt VI, Line 11B

Draft of form 990 is provided to all the board members for review and comments.

Pt VI, Line 12C

The organization requests that all board members sign an annual conflict of interest policy certification. In addition, board members are requested to complete an annual form 990 disclosure, which requests disclosure of any interests that could give rise to conflicts.

Pt VI, Line 15A

Compensation is discussed and approved by the board.

Pt VI, Line 15B

Compensation is discussed and approved by the board.

Pt VI, Line 19

All documents are available upon request.

Pt XII, Line 2C

The board has oversight over the audit.

Other

Part iii, line 1 - the mission of fiasco theater is to offer dynamic, joyful, actor-driven productions of classic and new plays, and to offer high-level theatrical training through classes and workshops. Our goal is to create a new model of fiscal sustainability whereby we renumerate our artists for their valuable work and offer our performances and training at low or no cost to our audiences and students.

Other

Part iii, line 4a - productions/partnerships: since our founding, fiasco has built a reputation amongst major not-for-profit theaters as a company that is highly adept at developing imaginative interpretations of existing works. That reputation has allowed us to create an innovative business model in which partner theaters commit to a fiasco production before its development even begins. This method allows us to explore our work in-depth through discussion and experimentation, and to investigate the text and its themes more fully than otherwise possible during a standard rehearsal period. By partnering with established theaters for our productions, we alleviate the weight of administrative costs, and these partnerships help us reach new audiences who then recognize and follow our work. This unique model also allows us to fairly compensate our company members and collaborators for their contributions to both the development of shows and their full productions. Once productions are placed at a larger not-for-profit theater, fiasco negotiates salaries above minimum for our company members under favored nations agreements, ensuring competitive wages for all involved artists. Fiasco takes on the cost of our development workshops, offering competitive salaries, health insurance, and pensions according to equity codes, while our partner institutions absorb the larger expenses of payroll and design. This allows us to minimize costs while maximizing the amount we pay our artists, all while making work of exceptional quality. The best example of how we thrive in partnerships is our ongoing appointment as company-in-residence at roundabout theatre company. In partnership with roundabout, beginning in 2016, we were honored to develop our esteemed production of into the woods with stephen sondheim himself; the show's subsequent run and national tour were seminal and transformative for fiasco as an organization. In 2018, with roundabout's dedicated support, we help several fruitful workshops of sondheim's merrily we roll along, and premiered the new production in a critically-acclaimed run from january 12 - april 14, 2019. Merrily we roll along was nominated for two drama desk awards, an off-broadway alliance award, a lortel award, and chita rivera award. Production development: fiasco theater has a roster of works in development year-round, investing more time than is typical in the development and rehearsal process of a work. We have developed work at a wide range of respected institutions, including the new victory/labworks, sundance institute, the orchard project and the shakespeare society. Fiasco has previously been in residence at duke university, marquette university, and louisiana state university, and in addition to our ongoing residency at roundabout, we have maintained a residency at new york university's gallatin school of individualized study since 2011. Readings & workshops: fiasco's ongoing free reading series allows us to bring more work to our audiences, increase our development capacity by offering more cultivation touchpoints, and consider more shows for fully staged productions in the future. Created in 2018, the series is curated by fiasco company members, with each reading taking place publicly for over 60 audience members. Select readings also include a talkback component for additional audience engagement. In 2019, we held a public reading of donald margulies' sight unseen and workshopped way of the world by william congrave at roundabout theatre. Training: each year, fiasco offers educational programs that provide exemplary classical training while also giving actors agency in a traditionally hierarchical system. Chief among these activities is our free training initiative (fti). Launched in 2008, the fti is a three-week, conservatory-level classical acting intensive for professional performers. In the first week, we focus on a monologue of the student's choosing; in the second week, students are assigned a two-per

Financial Statement Notes

Pt X, Line 2

The organization believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FAMILY RELATIONSHIP: NOAH D. BRODY AND JESSIE D. AUSTRIAN ARE MARRIED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE GOVERNING BODY IS COMPRISED OF SEVEN BOARD MEMBERS. THE ORGANIZATION DOES NOT HAVE COMMITTEES AT THE PRESENT TIME.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DRAFT OF FORM 990 IS PROVIDED TO ALL THE BOARD MEMBERS FOR REVIEW AND COMMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION REQUESTS THAT ALL BOARD MEMBERS SIGN AN ANNUAL CONFLICT OF INTEREST POLICY CERTIFICATION. IN ADDITION, BOARD MEMBERS ARE REQUESTED TO COMPLETE AN ANNUAL FORM 990 DISCLOSURE, WHICH REQUESTS DISCLOSURE OF ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4COMPENSATION IS DISCUSSED AND APPROVED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5COMPENSATION IS DISCUSSED AND APPROVED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6ALL DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE BOARD HAS OVERSIGHT OVER THE AUDIT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8PART III, LINE 1 - THE MISSION OF FIASCO THEATER IS TO OFFER DYNAMIC, JOYFUL, ACTOR-DRIVEN PRODUCTIONS OF CLASSIC AND NEW PLAYS, AND TO OFFER HIGH-LEVEL THEATRICAL TRAINING THROUGH CLASSES AND WORKSHOPS. OUR GOAL IS TO CREATE A NEW MODEL OF FISCAL SUSTAINABILITY WHEREBY WE RENUMERATE OUR ARTISTS FOR THEIR VALUABLE WORK AND OFFER OUR PERFORMANCES AND TRAINING AT LOW OR NO COST TO OUR AUDIENCES AND STUDENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9PART III, LINE 4A - PRODUCTIONS/PARTNERSHIPS: SINCE OUR FOUNDING, FIASCO HAS BUILT A REPUTATION AMONGST MAJOR NOT-FOR-PROFIT THEATERS AS A COMPANY THAT IS HIGHLY ADEPT AT DEVELOPING IMAGINATIVE INTERPRETATIONS OF EXISTING WORKS. THAT REPUTATION HAS ALLOWED US TO CREATE AN INNOVATIVE BUSINESS MODEL IN WHICH PARTNER THEATERS COMMIT TO A FIASCO PRODUCTION BEFORE ITS DEVELOPMENT EVEN BEGINS. THIS METHOD ALLOWS US TO EXPLORE OUR WORK IN-DEPTH THROUGH DISCUSSION AND EXPERIMENTATION, AND TO INVESTIGATE THE TEXT AND ITS THEMES MORE FULLY THAN OTHERWISE POSSIBLE DURING A STANDARD REHEARSAL PERIOD. BY PARTNERING WITH ESTABLISHED THEATERS FOR OUR PRODUCTIONS, WE ALLEVIATE THE WEIGHT OF ADMINISTRATIVE COSTS, AND THESE PARTNERSHIPS HELP US REACH NEW AUDIENCES WHO THEN RECOGNIZE AND FOLLOW OUR WORK. THIS UNIQUE MODEL ALSO ALLOWS US TO FAIRLY COMPENSATE OUR COMPANY MEMBERS AND COLLABORATORS FOR THEIR CONTRIBUTIONS TO BOTH THE DEVELOPMENT OF SHOWS AND THEIR FULL PRODUCTIONS. ONCE PRODUCTIONS ARE PLACED AT A LARGER NOT-FOR-PROFIT THEATER, FIASCO NEGOTIATES SALARIES ABOVE MINIMUM FOR OUR COMPANY MEMBERS UNDER FAVORED NATIONS AGREEMENTS, ENSURING COMPETITIVE WAGES FOR ALL INVOLVED ARTISTS. FIASCO TAKES ON THE COST OF OUR DEVELOPMENT WORKSHOPS, OFFERING COMPETITIVE SALARIES, HEALTH INSURANCE, AND PENSIONS ACCORDING TO EQUITY CODES, WHILE OUR PARTNER INSTITUTIONS ABSORB THE LARGER EXPENSES OF PAYROLL AND DESIGN. THIS ALLOWS US TO MINIMIZE COSTS WHILE MAXIMIZING THE AMOUNT WE PAY OUR ARTISTS, ALL WHILE MAKING WORK OF EXCEPTIONAL QUALITY. THE BEST EXAMPLE OF HOW WE THRIVE IN PARTNERSHIPS IS OUR ONGOING APPOINTMENT AS COMPANY-IN-RESIDENCE AT ROUNDABOUT THEATRE COMPANY. IN PARTNERSHIP WITH ROUNDABOUT, BEGINNING IN 2016, WE WERE HONORED TO DEVELOP OUR ESTEEMED PRODUCTION OF INTO THE WOODS WITH STEPHEN SONDHEIM HIMSELF; THE SHOW'S SUBSEQUENT RUN AND NATIONAL TOUR WERE SEMINAL AND TRANSFORMATIVE FOR FIASCO AS AN ORGANIZATION. IN 2018, WITH ROUNDABOUT'S DEDICATED SUPPORT, WE HELP SEVERAL FRUITFUL WORKSHOPS OF SONDHEIM'S MERRILY WE ROLL ALONG, AND PREMIERED THE NEW PRODUCTION IN A CRITICALLY-ACCLAIMED RUN FROM JANUARY 12 - APRIL 14, 2019. MERRILY WE ROLL ALONG WAS NOMINATED FOR TWO DRAMA DESK AWARDS, AN OFF-BROADWAY ALLIANCE AWARD, A LORTEL AWARD, AND CHITA RIVERA AWARD. PRODUCTION DEVELOPMENT: FIASCO THEATER HAS A ROSTER OF WORKS IN DEVELOPMENT YEAR-ROUND, INVESTING MORE TIME THAN IS TYPICAL IN THE DEVELOPMENT AND REHEARSAL PROCESS OF A WORK. WE HAVE DEVELOPED WORK AT A WIDE RANGE OF RESPECTED INSTITUTIONS, INCLUDING THE NEW VICTORY/LABWORKS, SUNDANCE INSTITUTE, THE ORCHARD PROJECT AND THE SHAKESPEARE SOCIETY. FIASCO HAS PREVIOUSLY BEEN IN RESIDENCE AT DUKE UNIVERSITY, MARQUETTE UNIVERSITY, AND LOUISIANA STATE UNIVERSITY, AND IN ADDITION TO OUR ONGOING RESIDENCY AT ROUNDABOUT, WE HAVE MAINTAINED A RESIDENCY AT NEW YORK UNIVERSITY'S GALLATIN SCHOOL OF INDIVIDUALIZED STUDY SINCE 2011. READINGS & WORKSHOPS: FIASCO'S ONGOING FREE READING SERIES ALLOWS US TO BRING MORE WORK TO OUR AUDIENCES, INCREASE OUR DEVELOPMENT CAPACITY BY OFFERING MORE CULTIVATION TOUCHPOINTS, AND CONSIDER MORE SHOWS FOR FULLY STAGED PRODUCTIONS IN THE FUTURE. CREATED IN 2018, THE SERIES IS CURATED BY FIASCO COMPANY MEMBERS, WITH EACH READING TAKING PLACE PUBLICLY FOR OVER 60 AUDIENCE MEMBERS. SELECT READINGS ALSO INCLUDE A TALKBACK COMPONENT FOR ADDITIONAL AUDIENCE ENGAGEMENT. IN 2019, WE HELD A PUBLIC READING OF DONALD MARGULIES' SIGHT UNSEEN AND WORKSHOPPED WAY OF THE WORLD BY WILLIAM CONGRAVE AT ROUNDABOUT THEATRE. TRAINING: EACH YEAR, FIASCO OFFERS EDUCATIONAL PROGRAMS THAT PROVIDE EXEMPLARY CLASSICAL TRAINING WHILE ALSO GIVING ACTORS AGENCY IN A TRADITIONALLY HIERARCHICAL SYSTEM. CHIEF AMONG THESE ACTIVITIES IS OUR FREE TRAINING INITIATIVE (FTI). LAUNCHED IN 2008, THE FTI IS A THREE-WEEK, CONSERVATORY-LEVEL CLASSICAL ACTING INTENSIVE FOR PROFESSIONAL PERFORMERS. IN THE FIRST WEEK, WE FOCUS ON A MONOLOGUE OF THE STUDENT'S CHOOSING; IN THE SECOND WEEK, STUDENTS ARE ASSIGNED A TWO-PER
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