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Nonprofiteer
← PALACE PERFORMING ARTS CENTER INC

Form 990 for tax year 2024

Filed by PALACE PERFORMING ARTS CENTER INC.

Totals

Total revenue
$4,944,005
Total expenses
$4,589,133
Contributions and grants received
$484,238
Grants paid
$0
Program service revenue
$4,266,772
Investment income
$190,702
Other revenue
$2,293
Total assets, end of year
$7,845,212
Total liabilities, end of year
$2,096,456
Net assets or fund balances, end of year
$5,748,756
Program services expenses (Part IX)
$3,538,857
Management and general expenses
$1,014,616
Fundraising expenses
$35,660
Program service expenses (Part III)
$3,538,857

Program services were 77.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $88,119

  • 1e · Government grants (contributions)

    $300,000

  • 1f · All other contributions, gifts and grants

    $96,119

  • 2a · Program service revenue: PROGRAM REVENUE

    total $4,045,149 · related or exempt $4,045,149

  • 2b · Program service revenue: ADVERTISING

    total $190,758 · related or exempt $190,758

  • 2c · Program service revenue: CONTRACT SERVICE REVEN

    total $30,865 · related or exempt $30,865

  • 3 · Investment income

    total $190,702 · excluded $190,702

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $2,293 · related or exempt $2,293

  • 11e · Other revenue, total

    $2,293

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,026,336 · program services $373,925 · management and general $631,488 · fundraising $20,923

  • 9 · Other employee benefits

    total $135,989 · program services $40,493 · management and general $93,230 · fundraising $2,266

  • 10 · Payroll taxes

    total $85,963 · program services $40,371 · management and general $43,333 · fundraising $2,259

  • 11a · Fees: management

    total $3,823 · management and general $3,823

  • 11b · Fees: legal

    total $770 · management and general $770

  • 11c · Fees: accounting

    total $15,362 · management and general $15,362

  • 11g · Fees: other

    total $16,089 · management and general $16,089

  • 12 · Advertising and promotion

    total $14,946 · management and general $14,946

  • 13 · Office expenses

    total $8,849 · management and general $8,849

  • 22 · Depreciation, depletion and amortization

    total $92,071 · program services $73,656 · management and general $18,415

  • 23 · Insurance

    total $202,179 · program services $133,716 · management and general $68,463

  • 24a · Other expenses: DIRECT EVENT EXPENSES

    total $2,546,169 · program services $2,546,169

  • 24b · Other expenses: UTILITIES

    total $117,700 · program services $100,045 · management and general $17,655

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $99,418 · program services $97,831 · management and general $1,587

  • 24d · Other expenses: INTEREST & BANK FEES

    total $54,222 · program services $27,041 · management and general $27,181

  • 24e · All other expenses

    total $169,247 · program services $105,610 · management and general $53,425 · fundraising $10,212

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $112,223 · end of year $77,762

  • 2 · Savings and temporary cash investments

    beginning of year $2,706,659 · end of year $2,392,539

  • 4 · Accounts receivable

    beginning of year $201,734 · end of year $367,617

  • 8 · Inventories for sale or use

    beginning of year $37,533 · end of year $44,826

  • 9 · Prepaid expenses and deferred charges

    beginning of year $63,622 · end of year $41,438

  • 10a · Land, buildings and equipment: cost or other basis

    $3,272,825

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,003,203

  • 10c · Land, buildings and equipment, net

    beginning of year $2,345,124 · end of year $2,269,622

  • 12 · Investments: other securities

    beginning of year $2,528,044 · end of year $2,651,408

  • 14 · Intangible assets

    beginning of year $1,026 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $543,141 · end of year $241,291

  • 19 · Deferred revenue

    beginning of year $1,458,896 · end of year $1,255,165

  • 23 · Secured mortgages and notes payable

    beginning of year $600,000 · end of year $600,000

  • 27 · Net assets without donor restrictions

    beginning of year $5,393,928 · end of year $5,748,756

Mission and programs · 2024

Mission

TO OPERATE THE HISTORIC PALACE THEATER A 2,800-SEAT CULTURAL AND ENTERTAINMENT FACILITY THAT IS LOCATED IN ALBANY, NY. THE ORGANIZATION WORKS TO ORGANIZE CULTURAL AND ENTERTAINMENT EVENTS PRESENTING AFFORDABLE, DIVERSE, QUALITY, POPULAR PERFORMING ARTS FOR PEOPLES OF ALL AGES, ETHNICITIES AND MEANS.

  • TO OPERATE THE PALACE THEATER AND UTILIZE ITS FULL POTENTIAL AS A CULTURAL AND ENTERTAINMENT CENTER IN ALBANY, NY.

    Expenses $3,538,857 · Revenue $4,269,065

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • STEPHEN BABOULIS

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • JOHN BENNETT MD

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • JAMES BARBA

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • THOMAS E D'AMBRA PHD

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • GEORGE R HEARST III

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • MARILYN PENDERGAST

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • DOMINICK PURNOMO

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • HONORABLE RANDOLPH F TREECE

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • WADLER ST JEAN

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • LEOLA EDELIN

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • MARK EAGAN

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • DAN MCCOY

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • HONORABLE KATHY M SHEEHAN

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • ALAN P GOLDBERG

    CHAIRMAN EMERITUS

    Total calculated
    $0
    Hours/week
    2

  • JONATHAN SCHERZER

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • APRIL J ULRICH

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • CHARLES PINCKNEY

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • CHRISTINE C VAUGHAN

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JULIA ELBAUM

    DIRECTOR OF FINANCE

    Total calculated
    $203,454
    From this org
    $161,000
    From related orgs
    $0
    Other
    $42,454
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,000
    Bonus
    $0
    Other
    $0
    Deferred
    $5,147
    Nontaxable benefits
    $37,307
    Filer's total
    $203,454

  • KEVIN JOHNSON

    EXECUTIVE DIRECTOR

    Total calculated
    $206,829
    From this org
    $177,400
    From related orgs
    $0
    Other
    $29,429
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,400
    Bonus
    $0
    Other
    $0
    Deferred
    $5,917
    Nontaxable benefits
    $23,512
    Filer's total
    $206,829

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
3 November 2025
IRS schema version
2024v5.2
Source object
202543179349308004

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