Civic Intelligence

Paramount Arts Center Inc.

990 • Fiscal year 2021 • EIN 61-1181883

Jul 01, 2020 to Jun 30, 2021 • Filed on Apr 04, 2022

Organization ProfilePARAMOUNTARTSCENTER.COM

View Organization Page

PO Box 1546Ashland, KY 41105-1546

(606) 324-2175

Siviq Scores

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

Liabilities / Assets

74th percentile

0.39x

Higher debt load relative to assets than 74% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

92nd percentile

2.94x

Higher debt load relative to revenue than 92% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

4th percentile

-68%

Higher net margin than 4% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

24th percentile

-0.0%

Faster asset growth than 24% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

5th percentile

-45%

Faster revenue growth than 5% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets74th percentile

Assets

Down

$6,501,760

Down $1,457 (-0.0%) from 2020

Net Assets

Down

$3,984,603

Down $507,456 (-11%) from 2020

Liabilities

Up

$2,517,157

Up $505,999 (+25%) from 2020

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin4th percentile

Revenue

Down

$855,969

Down $709,716 (-45%) from 2020

Expenses

Down

$1,433,826

Down $512,897 (-26%) from 2020

Net Income

Down

-$577,857

Down $196,819 (-52%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth24th percentile

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

$10M$5.0M$0Assets 2011: $8,352,649Liabilities 2011: $1,718,939Net Assets 2011: $6,633,7102011Assets 2012: $8,788,834Liabilities 2012: $2,442,900Net Assets 2012: $6,345,9342012Assets 2013: $8,569,303Liabilities 2013: $2,451,839Net Assets 2013: $6,117,4642013Assets 2014: $7,999,576Liabilities 2014: $2,327,128Net Assets 2014: $5,672,4482014Assets 2015: $7,613,634Liabilities 2015: $2,372,166Net Assets 2015: $5,241,4682015Assets 2016: $7,334,361Liabilities 2016: $2,251,715Net Assets 2016: $5,082,6462016Assets 2017: $7,317,127Liabilities 2017: $2,221,277Net Assets 2017: $5,095,8502017Assets 2018: $7,038,152Liabilities 2018: $2,017,338Net Assets 2018: $5,020,8142018Assets 2019: $6,733,756Liabilities 2019: $1,864,410Net Assets 2019: $4,869,3462019Assets 2020: $6,503,217Liabilities 2020: $2,011,158Net Assets 2020: $4,492,0592020Assets 2021: $6,501,760Liabilities 2021: $2,517,157Net Assets 2021: $3,984,6032021Assets 2022: $6,341,407Liabilities 2022: $2,347,853Net Assets 2022: $3,993,5542022Assets 2023: $5,902,007Liabilities 2023: $2,476,050Net Assets 2023: $3,425,9572023Assets 2024: $5,594,538Liabilities 2024: $1,710,826Net Assets 2024: $3,883,7122024

Highlighted filing

2021

Assets$6,501,760
Liabilities$2,517,157
Net Assets$3,984,603
Open 2021 Filing

Operations Trend

Revenue Growth5th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $2,009,7022011Expenses 2012: $2,001,6002012Revenue 2013: $1,767,519Expenses 2013: $1,992,004Net Income 2013: -$224,4852013Revenue 2014: $1,645,573Expenses 2014: $2,114,776Net Income 2014: -$469,2032014Revenue 2015: $1,885,863Expenses 2015: $2,316,942Net Income 2015: -$431,0792015Revenue 2016: $1,471,684Expenses 2016: $1,624,618Net Income 2016: -$152,9342016Revenue 2017: $1,673,680Expenses 2017: $1,687,537Net Income 2017: -$13,8572017Revenue 2018: $1,629,565Expenses 2018: $1,722,189Net Income 2018: -$92,6242018Revenue 2019: $1,534,243Expenses 2019: $1,698,375Net Income 2019: -$164,1322019Revenue 2020: $1,565,685Expenses 2020: $1,946,723Net Income 2020: -$381,0382020Revenue 2021: $855,969Expenses 2021: $1,433,826Net Income 2021: -$577,8572021Revenue 2022: $4,086,756Expenses 2022: $4,074,276Net Income 2022: $12,4802022Revenue 2023: $3,220,738Expenses 2023: $3,821,065Net Income 2023: -$600,3272023Revenue 2024: $4,233,376Expenses 2024: $3,787,291Net Income 2024: $446,0852024

Highlighted filing

2021

Revenue$855,969
Expenses$1,433,826
Net Income-$577,857
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Apr 4, 2022
Return Version
2020v4.0
Gross Receipts
$887,903
Mission and Program Overview

Mission

The paramount arts center, inc. Maintains and operations a performing arts theater to provide for, promote and encourage appreciation, participation and education in the fine arts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,701,772$5,458,939▼ $242,833
Cash and Non-Interest-Bearing Accounts$298,256$436,058▲ $137,802
Prepaid Expenses and Deferred Charges$135,766$179,047▲ $43,281
Intangible Assets$50,059$47,675▼ $2,384
Savings and Temporary Cash Investments$25,781$25,820▲ $39
Inventories for Sale or Use$15,699$18,090▲ $2,391
Accounts Receivable$24,871$15,815▼ $9,056
Total Assets$6,503,217$6,501,760▼ $1,457
Other Assets Total$251,013$320,316▲ $69,303
Liabilities
Other Liabilities$1,489,215$1,703,385▲ $214,170
Deferred Revenue$442,586$720,189▲ $277,603
Accounts Payable and Accrued Expenses$79,357$93,583▲ $14,226
Total Liabilities$2,011,158$2,517,157▲ $505,999
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,090,621$3,633,542▼ $457,079
Net Assets With Donor Restrictions$401,438$351,061▼ $50,377
Total Net Assets Fund Balance$4,492,059$3,984,603▼ $507,456
Total Liabilities and Net Assets / Fund Balance$6,503,217$6,501,760▼ $1,457

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,036,181$5,921,085$10,957,266
Equipment$272,758$408,742$681,500
Land$150,000-$150,000

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$325,657$34▲ $81,390$81,840$325,241
2019$319,938-▲ $8,151$2,432$325,657
2018$310,066$500▲ $17,187$7,815$319,938
2017$297,930$2,805▲ $21,905$12,574$310,066
2016$269,094$50▲ $28,786-$297,930
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Stuart WebbPresident
Alicia EldridgeDirector
April PerryDirector
Bill BoykinDirector
Blake GillumDirector
Brett MattisonDirector
Brooke SeasorDirector
Chris PullenDirector
Chuck CharlesDirector
Dr Kim KefferDirector
Howard HarrisonDirector
James KingDirector
Jason CampDirector
Jason PruittDirector
John ClarkDirector
John StewartDirector
Josh BlantonDirector
Lance MccomisDirector
Leon BriggsDirector
Lloyd HudsonDirector
Mark StrotherDirector
Mary Kay Mcginnis-ruarkDirector
Michael CantyDirector
Rannie CooperDirector
Rocky AdkinsDirector
Roger HallDirector
Sydney KeetonDirector
Tamme GrubbDirector
Michael HobbsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$399,458
Program Service Revenue
$341,346
Investment Income
$11,479
Other Revenue
$103,686
All Other Contributions
$108,900
Change in Net Assets
$-577,857

Audited Revenue Reconciliation

Revenue per Audited Statements
$855,969
Revenue Not Reported on Form 990
$102,336
Total Revenue per Audited Statements
$958,305
Total Revenue per Form 990
$855,969
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,067,021
Salaries, Compensation, and Employee Benefits$366,805
Total Fundraising Expense$3,920
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages-$311,308-$311,308
Depreciation Depletion$264,360$2,383-$266,743
Occupancy$77,122--$77,122
All Other Expenses$26,856$29,251$3,920$60,027
Insurance$56,999--$56,999
Other Employee Benefits-$55,497-$55,497
Other Expenses$9,708$43,195-$52,903
Interest-$52,422-$52,422
Fees for Services Other-$30,018-$30,018
Advertising$26,055--$26,055
Office Expenses$1,205$16,212-$17,417
Total Functional Expenses$824,750$605,156$3,920$1,433,826

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,463,378
Total Expenses per Form 990$1,433,826
Expenses per Audited Statements$1,431,443
Expenses Not Reported on Form 990$31,935
Expenses Not Reported on Financial Statements$2,383
Other Expense Adjustments$2,383
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$96,484
Fundraising Direct Expenses$31,934
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Festival of Tre$75,497$75,497$19,405$56,092
Golf Scramble$18,566$18,566$6,907$11,659
Total Events$94,063$94,063$26,312$67,751
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Lease Obligation$1,230,000
Note Payable$242,579
Other Liabilities$159,215
Line of Credit$71,591
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
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
No
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 is reviewed by an officer of the board and the executive director prior to filing.”

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

“The organization has a written conflict of interest policy. Conflicts of interest are reported on a situational basis and are consistently monitored and enforced in regards to the policy.”

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

“All compensation is reviewed and approved by the board of directors and the executive director.”

Form 990, Page 6, Part VI, Line 19

“The organization makes governing documents, policies, and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
Paramount Arts Center Inc
EIN
61-1181883
Phone
6063242175
Address
PO BOX 1546, ASHLAND, KY 41105-1546

Signing Officer

Name
Michael Hobbs
Title
Treasurer
Phone
6063243175
Signed
2022-04-04

Organization Details

Principal Officer
Michael Hobbs
Formed
1989
Legal Domicile
Ky
Voting Board Members
29
Independent Board Members
29
Employees
11
Volunteers
100

Preparer

Firm
Kelley Galloway Smith Goolsby Psc
Address
1200 CORPORATE COURT PO BOX 990, ASHLAND, KY 41105-0990
Preparer
Lori F Dearfield CPA
Phone
6063291811
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

“Volunteers help the paramount with fundraising events through committee work, event coordnation, paramount woman's association. The paramount also has several volunteers that work as ushers during entertainment events in the theater.”

Form 990, Part XI, Line 9

“Net change in beneficial interest in assets held b 70,401”

Financial Statement Notes

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

“Special event expenses included in net special events 31,935 net change in beneficial interest in assets held by others 70,401”

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

“Special events expense included in revenue 31,935”

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

“Book / tax depreciation difference 2,383”

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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/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,501,760
Liabilities
$2,517,157
Net assets
$3,984,603
Revenue
$855,969
Expenses
$1,433,826
Net income
-$577,857
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.59$1.71$3.88$4.23$3.79$0.45
2023Summary only. Only limited summary data is available for this year.$5.90$2.48$3.43$3.22$3.82$0.60
2022Summary only. Only limited summary data is available for this year.$6.34$2.35$3.99$4.09$4.07$0.01
2021Detailed filing. Detailed filing data is available for this year.$6.50$2.52$3.98$0.86$1.43$0.58
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.50$2.01$4.49$1.57$1.95$0.38
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.73$1.86$4.87$1.53$1.70$0.16
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.04$2.02$5.02$1.63$1.72$0.09
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.32$2.22$5.10$1.67$1.69$0.01
2016Detailed filing. Detailed filing data is available for this year.$7.33$2.25$5.08$1.47$1.62$0.15
2015Summary only. Only limited summary data is available for this year.$7.61$2.37$5.24$1.89$2.32$0.43
2014Detailed filing. Detailed filing data is available for this year.$8.00$2.33$5.67$1.65$2.11$0.47
2013Summary only. Only limited summary data is available for this year.$8.57$2.45$6.12$1.77$1.99$0.22
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.79$2.44$6.35$2.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.35$1.72$6.63$2.01