Civic Intelligence

Studio Players Inc.

990 • Fiscal year 2022 • EIN 31-0987123

Jul 01, 2021 to Jun 30, 2022 • Filed on Nov 18, 2022

PO Box 54737Lexington, KY 40555-4737

(859) 312-4894

Siviq Scores

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

Liabilities / Assets

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

6th percentile

-60%

Higher net margin than 6% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$950

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

30th percentile

-5.3%

Faster asset growth than 30% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

94th percentile

196%

Faster revenue growth than 94% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Assets

Down

$538,192

Down $29,924 (-5.3%) from 2021

Net Assets

Down

$538,192

Down $29,924 (-5.3%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue

Up

$53,339

Up $35,300 (+196%) from 2021

Expenses

Up

$85,204

Up $46,789 (+122%) from 2021

Net Income

Down

-$31,865

Down $11,489 (-56%) from 2021

Historical Trend

Balance Sheet Trend

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

$600K$400K$200K$0Assets 2021: $568,116Liabilities 2021: $0Net Assets 2021: $568,1162021Assets 2022: $538,192Liabilities 2022: $0Net Assets 2022: $538,1922022Assets 2023: $552,359Liabilities 2023: $0Net Assets 2023: $552,3592023Assets 2024: $568,077Liabilities 2024: $0Net Assets 2024: $568,0772024Assets 2025: $592,889Liabilities 2025: $0Net Assets 2025: $592,8892025

Highlighted filing

2022

Assets$538,192
Liabilities$0
Net Assets$538,192

Operations Trend

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

$150K$100K$50K$0-$50KRevenue 2021: $18,039Expenses 2021: $38,415Net Income 2021: -$20,3762021Revenue 2022: $53,339Expenses 2022: $85,204Net Income 2022: -$31,8652022Revenue 2023: $109,665Expenses 2023: $95,498Net Income 2023: $14,1672023Revenue 2024: $125,964Expenses 2024: $114,002Net Income 2024: $11,9622024Revenue 2025: $140,991Expenses 2025: $116,179Net Income 2025: $24,8122025

Highlighted filing

2022

Revenue$53,339
Expenses$85,204
Net Income-$31,865
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Nov 18, 2022
Return Version
2021v4.0
Gross Receipts
$53,339
Mission and Program Overview

Mission

Studio Players Inc. is a non- profit organization with the following mission: To entertain our community with high quality live theatre; with a variety of shows from classic to contemporary playwrights; and to provide those willing to volunteer with the organization opportunities to participate in all aspects of live theatre.

Non-profit community theatre

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$284,656$232,223▼ $52,433
Land, Buildings, and Equipment, Net$200,000$200,000→ $0
Cash and Non-Interest-Bearing Accounts$65,602$88,006▲ $22,404
Investments Other Securities$16,808$16,893▲ $85
Investments in Publicly Traded Securities$1,050$1,070▲ $20
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$568,116$538,192▼ $29,924
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$568,116$538,192▼ $29,924
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$568,116$538,192▼ $29,924
Total Liabilities and Net Assets / Fund Balance$568,116$538,192▼ $29,924

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$200,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steve MeadowsTrusteePT$950-$950
Sam Jenkins SmithPresidentPT$700$200$900
Gary McCormickPresident ElectPT$750-$750
David BratcherTreasurerPT-$400$400
Kathryn VelonisTrusteePT-$100$100

Board Members and Trustees

NameTitle
Carly PrestonPast President
Marcus RolandTrustee
Rob MaddoxTrustee
Robert KinstleTrustee
Vacant positionTrustee
Ellen HellardSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$8,068
Program Service Revenue
$43,782
Investment Income
$1,489
Other Revenue
$0
All Other Contributions
$8,018
Change in Net Assets
$-31,865
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$82,104
Salaries, Compensation, and Employee Benefits$3,100
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$21,114$0$0$21,114
Royalties$6,985$0$0$6,985
Advertising$5,710$0$0$5,710
Insurance$4,718$646$0$5,364
Current Officers, Directors, Trustees, and Key Employees$3,100$0$0$3,100
All Other Expenses$508$1,854$0$2,362
Office Expenses$1,433$0$0$1,433
Information Technology$438$0$0$438
Total Functional Expenses$82,704$2,500$0$85,204
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Part VI, Section B, Line 1

Studio Players Articles of incorporation call for 11 members of a board of Trustees consisting 5 Officers: President; Past President; President Elect; Secretary; and Treasurer; plus six Trustees. Officers serve one year terms although the Secretary and Treasurer may be elected to subsequent one-year terms. Trustees serve staggered three-year terms and may serve one more consecutive term. They may serve as Trustees again after having been out of office for a year after a six year term. Because of issues related to Covid 19 closure one of the Trustee positions remained unfilled for the 2021-2022 tax year. There is an advisory board consisting of individuals who participate in board meetings but do not have a vote in board decisions. Often these are persons who are active volunteers at Studio but may prefer not to be on the board. Studio Players Articles of Incorporation require approval of trustees and officers by the Members of Studio Players. These individuals pay a $10 membership fee for which they receive a free ticket to a Studio Players show and also attend the annual meeting of the organization where they formally approve board trustees and officers. Many members have been associated with Studio Players for over twenty years and sometimes will volunteer as ushers or assist with costumes or set painting decoration. Many also have been Season Ticket holders and donors to Studio Players. The Articles of Incorporation intended to establish Studio Players as a community theatre not only to provide entertainment to the local area but also to create a "communuity" of supporters who would become part of a larger Studio Players family. Perhaps this is why Studio has been able to last for nearly 70 years.

Part VI, Line 7B

The organization's Articles of Incorporation require that the dues-paying members at their annual meeting vote to elect officers and trustees of the corporation. Member votes also would be required in the event of the termination of the corporation. Officers and directors names are presented to the members for their approval but nominations from the floor are also requested. Because of the Covid lockdown there was no annual meeting in June 2021. Instead members were asked to approve the nominations electronically via email.

Part VI, Line 11B

The board is notified Form 990 has been prepared and is available for review. Information regarding a lot of the information in the 990 form also is provided throughout the year in the treasurer's monthly financial report. The board's monthly meeting often occurs after the return has been prepared however and arrangements can be made to meet in those situations. Members of the public are welcome to review the completed form upon request by contacting the corporation's Treasurer through Studio Players web site or by calling the Treasurer.

Part VI, Line 18

Members of the public are welcome to review the form upon request by making contact through Studio Players web site or by directly calling the organization' s Treasurer.

Part VI, Line 19

Because of Studio Player's 70-year existence as Lexington's community theatre the board attempts to make sure the community receives information regarding the organization. We use direct email to send a monthly newsletter to interested parties as well as a Facebook page and website the get the word out about not just our shows but also members of our theatre community. Typically if someone has a concern regarding a matter at the theatre a board member will call and if necessary meet with that individual to address the concern. Also we have a list of policies that is given to every board member and every volunteer involved in Studio Players activities particularly as it relates to behavior and our expectations of how these individuals present themselves to our larger community.

Filing and Contact Details

Filer

Filer Name
Studio Players Inc
EIN
31-0987123
In Care Of
% David Bratcher
Phone
8593124894
Address
PO BOX 54737, LEXINGTON, KY 40555-4737

Signing Officer

Name
David W Bratcher
Title
Treasurer
Signed
2022-11-18
Discuss with paid preparer
No

Organization Details

Principal Officer
David Bratcher
Formed
1952
Legal Domicile
Ky
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
55
Supplemental Narrative

Additional Explanations

Item B - Amended Return

failed to sign and date Signature of Office and date line in Part II of form 990

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IRS990/Desc0Studio Players Inc. has one Program Service: To provide quality theatrical performances to our community at an affordable price point. Studio Players Inc. along with many other theatre groups suffered significant difficulties in the 18 months that followed our March 2020 closure due to the Covid pandemic. Fortunately unlike many organizations we were able to maintain a presence with performances on-line and information provided through our web site and other on--line programs. We elected to reopen in September 2020 but with seating limited to 70% of capacity and strong encouragement for patrons to wear face masks. We rarely sold all of the 76 seats available so our revenues were significantly lower than they had been in the last full season in 2018-2019. The organization did open with all 110 seats available in the 2021-2022 season. Attendance continued to be sporadic but continued to grow through the season. Total attendance for the season was 2,397 an average of 48 attendees per performance. Even in the current 2022-2023 season attendance while continuing to improve is below the 2018-2019 level. But the organization has survived - a major accomplishment significantly based on our reliance on volunteers for a lot of our activities. We are at a point where our ticket sales are just about covering the costs of show production. There still remain costs just to keep the doors open however and we have been able to cover those with funds reserved over the years just for this purpose. We continue to reach out to the community to attract new volunteers and offer high quality entertainment at very reasonable prices. We believe these efforts will lead to Increased attendance and donations will help us to improve our overall financial condition.
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IRS990/MissionDesc0Studio Players Inc. is a non- profit organization with the following mission: To entertain our community with high quality live theatre; with a variety of shows from classic to contemporary playwrights; and to provide those willing to volunteer with the organization opportunities to participate in all aspects of live theatre.
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