Civic Intelligence

Prospect Theater Company Inc

EIN 58-2400427 • 501(c)3 • New York, NY

Profile

Prospect is dedicated to fostering and showcasing today's new voices shaping tomorrow's musicals. We develop and produce new works, envisioned and implemented by emerging artists. Prospect creates educational and training opportunities, sustains a supportive network within the field, and provides a forum for artists and audiences to connect and learn from each other.

520 Eighth Ave 3 FLNew York, NY 10018

www.prospecttheater.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

64th percentile

0.09x

Higher debt load relative to assets than 64% of similar nonprofits.

NTEE A • $500k-$1M nonprofits • Source year 2025

Liabilities / Revenue

48th percentile

0.02x

Higher debt load relative to revenue than 48% of similar nonprofits.

NTEE A • $500k-$1M nonprofits • Source year 2025

Net Margin

14th percentile

-24%

Higher net margin than 14% of similar nonprofits.

NTEE A • $500k-$1M nonprofits • Source year 2025

Top Officer Pay

64th percentile

$47,703

Higher top officer pay than 64% of similar nonprofits.

Top officer pay equals 8.3% of source-year revenue.

NTEE A • $500k-$1M nonprofits • Source year 2025

Asset Growth

3rd percentile

-60%

Faster asset growth than 3% of similar nonprofits.

NTEE A • $500k-$1M nonprofits • Annualized from 2024 to 2025

Revenue Growth

15th percentile

-24%

Faster revenue growth than 15% of similar nonprofits.

NTEE A • $500k-$1M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets64th percentile

Assets

Down

$149,249

Down $227,199 (-60%) from 2024

Liabilities

Down

$13,853

Down $91,383 (-87%) from 2024

Net Assets

Down

$135,396

Down $135,816 (-50%) from 2024

Operations
Liabilities / Revenue48th percentileNet Margin14th percentile

Revenue

Down

$574,696

Down $185,478 (-24%) from 2024

Expenses

Up

$710,512

Up $222,839 (+46%) from 2024

Net Income

Down

-$135,816

Down $408,317 (-150%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth3rd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$400K$200K$0-$200KAssets 2011: $69,271Liabilities 2011: $136,2182011Assets 2012: $83,021Liabilities 2012: $104,756Net Assets 2012: -$21,7352012Assets 2013: $145,578Liabilities 2013: $93,929Net Assets 2013: $51,6492013Assets 2014: $134,664Liabilities 2014: $81,526Net Assets 2014: $53,1382014Assets 2015: $42,767Liabilities 2015: $101,325Net Assets 2015: -$58,5582015Assets 2016: $35,968Liabilities 2016: $103,905Net Assets 2016: -$67,9372016Assets 2017: $206,435Liabilities 2017: $68,979Net Assets 2017: $137,4562017Assets 2018: $106,960Liabilities 2018: $23,010Net Assets 2018: $83,9502018Assets 2019: $185,427Liabilities 2019: $6,589Net Assets 2019: $178,8382019Assets 2020: $235,247Liabilities 2020: $71,677Net Assets 2020: $163,5702020Assets 2021: $267,229Liabilities 2021: $66,174Net Assets 2021: $201,0552021Assets 2022: $167,991Liabilities 2022: $11,308Net Assets 2022: $156,6832022Assets 2023: $57,456Liabilities 2023: $58,745Net Assets 2023: -$1,2892023Assets 2024: $376,448Liabilities 2024: $105,236Net Assets 2024: $271,2122024Assets 2025: $149,249Liabilities 2025: $13,853Net Assets 2025: $135,3962025

Highlighted filing

2025

Assets$149,249
Liabilities$13,853
Net Assets$135,396
Open 2025 Filing

Operations Trend

Revenue Growth15th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KRevenue 2011: $187,349Expenses 2011: $198,862Net Income 2011: -$11,5132011Revenue 2012: $554,230Expenses 2012: $509,018Net Income 2012: $45,2122012Revenue 2013: $649,774Expenses 2013: $527,880Net Income 2013: $121,8942013Revenue 2014: $452,510Expenses 2014: $451,021Net Income 2014: $1,4892014Revenue 2015: $364,222Expenses 2015: $475,918Net Income 2015: -$111,6962015Revenue 2016: $326,196Expenses 2016: $335,575Net Income 2016: -$9,3792016Revenue 2017: $415,658Expenses 2017: $210,265Net Income 2017: $205,3932017Revenue 2018: $594,661Expenses 2018: $648,167Net Income 2018: -$53,5062018Revenue 2019: $827,270Expenses 2019: $732,382Net Income 2019: $94,8882019Revenue 2020: $584,533Expenses 2020: $599,801Net Income 2020: -$15,2682020Revenue 2021: $386,586Expenses 2021: $349,101Net Income 2021: $37,4852021Revenue 2022: $516,430Expenses 2022: $560,802Net Income 2022: -$44,3722022Revenue 2023: $494,227Expenses 2023: $652,199Net Income 2023: -$157,9722023Revenue 2024: $760,174Expenses 2024: $487,673Net Income 2024: $272,5012024Revenue 2025: $574,696Expenses 2025: $710,512Net Income 2025: -$135,8162025

Highlighted filing

2025

Revenue$574,696
Expenses$710,512
Net Income-$135,816
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$149,249
Liabilities
$13,853
Net assets
$135,396
Revenue
$574,696
Expenses
$710,512
Net income
-$135,816
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.49$0.14$1.35$5.75$7.11$1.36
2024Detailed filing. Detailed filing data is available for this year.$3.76$1.05$2.71$7.60$4.88$2.73
2023Detailed filing. Detailed filing data is available for this year.$0.57$0.59$0.01$4.94$6.52$1.58
2022Detailed filing. Detailed filing data is available for this year.$1.68$0.11$1.57$5.16$5.61$0.44
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.67$0.66$2.01$3.87$3.49$0.37
2020Detailed filing. Detailed filing data is available for this year.$2.35$0.72$1.64$5.85$6.00$0.15
2019Detailed filing. Detailed filing data is available for this year.$1.85$0.07$1.79$8.27$7.32$0.95
2018Detailed filing. Detailed filing data is available for this year.$1.07$0.23$0.84$5.95$6.48$0.54
2017Detailed filing. Detailed filing data is available for this year.$2.06$0.69$1.37$4.16$2.10$2.05
2016Detailed filing. Detailed filing data is available for this year.$0.36$1.04$0.68$3.26$3.36$0.09
2015Detailed filing. Detailed filing data is available for this year.$0.43$1.01$0.59$3.64$4.76$1.12
2014Detailed filing. Detailed filing data is available for this year.$1.35$0.82$0.53$4.53$4.51$0.01
2013Summary only. Only limited summary data is available for this year.$1.46$0.94$0.52$6.50$5.28$1.22
2012Summary only. Only limited summary data is available for this year.$0.83$1.05$0.22$5.54$5.09$0.45
2011Summary only. Only limited summary data is available for this year.$0.69$1.36$1.87$1.99$0.12
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Sep 1, 2024 to Aug 31, 2025
Signed
Jan 30, 2026
Return Version
2024v5.2
Gross Receipts
$649,117
Mission and Program Overview

Mission

Prospect is dedicated to fostering and showcasing todays new voices shaping tomorrows musicals. We develop and produce new works, envisioned and implemented by emerging artists. Prospect creates educational and training opportunities, sustains a supportive network within the field, and provides a forum for artists and audiences to connect and learn from each other.

See part iii, line 1 on next page.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$242,003$86,322▼ $155,681
Pledges and Grants Receivable$61,562$12,095▼ $49,467
Prepaid Expenses and Deferred Charges$32,866$10,025▼ $22,841
Land, Buildings, and Equipment, Net-$7,349-
Total Assets$376,448$149,249▼ $227,199
Other Assets Total$40,017$33,458▼ $6,559
Liabilities
Other Liabilities$50,260$0▼ $50,260
Deferred Revenue$17,375--
Accounts Payable and Accrued Expenses$37,601$13,853▼ $23,748
Total Liabilities$105,236$13,853▼ $91,383
Net Assets / Fund Balance
Net Assets With Donor Restrictions$206,728--
Net Assets Without Donor Restrictions$64,484$135,396▲ $70,912
Total Net Assets Fund Balance$271,212$135,396▼ $135,816
Total Liabilities and Net Assets / Fund Balance$376,448$149,249▼ $227,199

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$7,349$780$8,129
Land$0--
Other Assets Org$33,458--
Compensation and Service Providers
Top Officer Pay64th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Cara ReichelBoard Member/producing Artistic DirectorFT$47,703$47,703
Melissa HuberBoard Member/managing DirectorPT$31,100$31,100
Peter MillsBoard MemberPT$4,000$4,000

Board Members and Trustees

NameTitle
Jason MaPresident
Jesse KearneyPresident (left December 2024)
Tira HarpazVice President
Caroline EberBoard Member
Elizabeth CasasolaBoard Member
Foxy SquireBoard Member
Julie MillerBoard Member
Karin KawamotoBoard Member
Robert GurmanBoard Member
Sophie GandlerBoard Member
Tony VallesBoard Member
Jane AbramsonSecretary
Kyle BurkhardtTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$512,737
Program Service Revenue
$59,493
Investment Income
$1,185
Other Revenue
$1,281
All Other Contributions
$257,334
Change in Net Assets
$-135,816
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$414,408
Salaries, Compensation, and Employee Benefits$296,104
Total Fundraising Expense$44,300
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$140,879$13,605$11,816$166,300
Fees for Services Other$137,730$0$0$137,730
Occupancy$104,779$23,811$0$128,590
Current Officers, Directors, Trustees, and Key Employees$32,598$25,104$22,088$79,790
All Other Expenses$14,396$7,377$1,628$23,401
Other Employee Benefits$15,463$3,450$3,022$21,935
Payroll Taxes$15,372$3,430$3,004$21,806
Advertising$9,340$4,709$0$14,049
Insurance$9,062$2,022$1,771$12,855
Travel$8,291$0$0$8,291
Other Expenses$6,334$0$0$6,334
Pension Plan Contributions$4,422$987$864$6,273
Fees for Services Accounting$0$6,082$0$6,082
Office Expenses$0$3,634$0$3,634
Depreciation Depletion$550$123$107$780
Royalties$651$0$0$651
Interest$0$153$0$153
Total Functional Expenses$560,068$106,144$44,300$710,512
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$74,421
Fundraising Gross Income$64,509
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fy25 Gala$119,724$59,959$757$59,202
Music of Mills$32,750$4,550$46$4,504
Total Events$152,474$64,509$74,421$-9,912
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advances From a Customer$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
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
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
Prospect Theater Company Inc
EIN
58-2400427
Phone
2125944476
Address
520 EIGHTH AVE 3 FL, NEW YORK, NY 10018
Doing Business As
Prospect Musicals

Signing Officer

Name
Melissa Huber
Title
Managing Director
Phone
2125944476
Signed
2026-01-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Melissa Huber
Formed
1998
Legal Domicile
Ny
Voting Board Members
15
Independent Board Members
12
Employees
27
Volunteers
4

Preparer

Firm
Rich and Bander Llp
Address
79 MADISON AVE 2ND FLOOR, NEW YORK, NY 10016
Preparer
Jonathan a Bander
Phone
2126842470
Supplemental Narrative

Additional Explanations

Pt VI, Line 2

“Cara reichel and peter mills are married.”

Pt VI, Line 11B

“The audit committee reviews the form 990 before filing.”

Pt VI, Line 15A

“The board approves compensation of executive leadership.”

Pt VI, Line 15B

“The board approves compensation of executive leadership.”

Pt VI, Line 19

“All governing documents and policies are available upon request.”

Pt VI, Line 12C

“Conflicts of interest are disclosed on an annual basis, as well as when they arise. Typically any new issues are discussed in depth as the budget approval process progresses in spring and summer. Three officers are also creators of new musical theater works. As such, contract negotiations to license their work are conducted by the managing director as is typical in the industry.”

Form 990, Part III, Line 4D

“Other program services included the Annual Musical Theater Lab: Jump Cut and Projects in Development. 84152. 0. 5436.”

Form 990, Part IX, Line 11G

“Artistic, music and other fees 137730. 137730. 0. 0.”

Financial Statement Notes

Pt X, Line 2

“The organization has evaluated its current tax positions and has concluded that as of august 31, 2025, the organization does not have any significant uncertain tax positions for which a reserve would be necessary.”

Raw XML AppendixShowing 400 of 584 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/Desc0THE OSCAR MICHEAUX PROJECT Music by ALPHONSO HORNE Co-Book & Co-Lyrics by JESSE L. KEARNEY, JR. Co-Lyrics and Additional Music by PETER MILLS Co-Book by CARA REICHEL Development of a new musical which included a staged reading in January 2025, demo recordings of songs from the show and a workshop production of a jazz musical theater work presented at the Baruch Performing Arts Center in June 2025. 6 performances 558 attendees
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IRS990/ProgSrvcAccomActy2Grp/Desc0IGNITE CONCERT FESTIVAL A series of concerts and special events presented March and April 2025 showcasing works in progress musical theater works including: Friday, March 28 2025 @ 7:30p: Marguerite, In Concert Saturday, March 29 2025 @ 7:30p: Broadway Barkada, In Concert Sunday, March 30 2025 @ 3p: Women of WICKED - Panel Discussion Wednesday, April 2 2025@ 7:30p: Cherry Orchard, In Concert Saturday April 5 2025 @ 7:30p & Sunday April 6 @ 3p: We Foxes, In Concert presented with Actor Therapy New Works & Very Intense Productions Thursday, April 10 2025 @ 7:30p: The Battle of Blythe Road, In Concert prpresented with On The Quays Sunday, April 13 2025 @ 2p: Amberland, In Concert presented with Ring of Keys 8 performances 1057 Attendees
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