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← PARAMOUNT THEATRE FOR THE PERFORMING ARTS INC

Form 990 for tax year 2024

Filed by PARAMOUNT THEATRE FOR THE PERFORMING ARTS INC.

Totals

Total revenue
$1,776,170
Total expenses
$85,498
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$414
Other revenue
$1,775,756
Total assets, end of year
$14,449,023
Total liabilities, end of year
$11,893
Net assets or fund balances, end of year
$14,437,130
Program services expenses (Part IX)
$85,498
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$85,498

Program services were 100.0% 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.

  • 3 · Investment income

    total $122 · excluded $122

  • 7a · Gross sales of assets other than inventory

    securities $292

  • 7b · Less cost or other basis and sales expenses

    securities $0

  • 7c · Gain or loss

    securities $292

  • 7d · Net gain or loss

    total $292 · excluded $292

  • 10a · Gross sales of inventory

    $2,083,411

  • 10b · Cost of goods sold

    $307,655

  • 10c · Net income from sales of inventory

    total $1,775,756 · related or exempt $1,775,756

Functional expenses

Part IX, the statement of functional expenses.

  • 24a · Other expenses: CREDIT CARD EXPENSES

    total $84,445 · program services $84,445

  • 24b · Other expenses: BANK FEES

    total $1,053 · program services $1,053

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $99,960 · end of year $44,137

  • 8 · Inventories for sale or use

    beginning of year $28,625 · end of year $38,084

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

    $3,952,997

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

    $3,592,875

  • 10c · Land, buildings and equipment, net

    beginning of year $360,122 · end of year $360,122

  • 15 · Other assets

    beginning of year $12,273,635 · end of year $14,006,680

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,333 · end of year $11,893

  • 27 · Net assets without donor restrictions

    beginning of year $12,735,608 · end of year $14,425,867

  • 28 · Net assets with donor restrictions

    beginning of year $10,401 · end of year $11,263

Mission and programs · 2024

Mission

WE'RE HERE TO INSPIRE GENERATIONS. WE CONNECT PEOPLE AND STRENGTHEN COMMUNITY BY SHOWCASING UNFORGETTABLE PERFORMANCES ACROSS GENRES, PROVIDING LIFE-CHANGING ARTS EDUCATION PROGRAMS, AND DREAMING UP MAGICAL EXPERIENCES IN ICONIC VENUES THAT ANCHOR AND DEFINE DOWNTOWN AUSTIN.

  • ORIGINALLY OPENED AS A VAUDEVILLE HOUSE IN 1915, THE HISTORIC PARAMOUNT THEATRE HAS BEEN A SECOND HOME FOR GENERATIONS OF AUSTINITES TO GATHER, CONNECT, AND GET INSPIRED. THE THEATRE IS STILL A CORNERSTONE OF THE AUSTIN ARTS SCENE TODAY. THIS ARCHITECTURAL TREASURE OFFERS STUNNING ORIGINAL FEATURES STILL INTACT AND IN USE, INCREDIBLE ACOUSTICS FOR LIVE PERFORMANCE, AND CAPABILITIES TO SCREEN FILMS IN DIGITAL, 70MM, AND 35MM. WHILE HUNDREDS OF SHOWS ARE PRESENTED HERE EVERY YEAR, THE THEATRE IS SO MUCH MORE THAN A VENUE. OVER 15,000 CENTRAL TEXAS STUDENTS VISIT THE THEATRE ANNUALLY THROUGH PARAMOUNT EDUCATION PROGRAMS; THE ATA PRODUCED MOONTOWER JUST FOR LAUGHS FESTIVAL IS HELD HERE EVERY APRIL, ONE OF THE LARGEST COMEDY FESTIVALS IN THE NATION; IT HOSTS THE STAR-STUDDED WORLD PREMIERES OF SXSW, AUSTIN FILM FESTIVAL, AND BEYOND; PROGRAMS THE SUMMER CLASSIC FILM SERIES, NOW IN ITS 49TH YEAR; PARTNERS WITH 100+ LOCAL ORGANIZATIONS TO REMOVE ECONOMIC BARRIERS TO ACCESSING THE ARTS THROUGH COMMUNITY PROGRAMS; AND WORKS WITH EXPERTS TO ENSURE THE CAREFUL PRESERVATION OF AUSTIN HISTORY. THE PARAMOUNT IS ONE OF ONLY 20 THEATRES LEFT IN THE COUNTRY OVER 100 YEARS OLD AND STILL IN USE AS A VENUE.

    Expenses $85,498 · Revenue $1,775,756

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

Listed in Part VII

  • Hal Katz

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Sharon Francia

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Bob Ellis

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • H James Ritts III

    EXECUTIVE DIRECTOR

    Total calculated
    $393,650
    From this org
    $0
    From related orgs
    $373,100
    Other
    $20,550
    Hours/week
    5 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $302,027 related
    Bonus
    $0 + $71,073 related
    Other
    $0
    Deferred
    $0 + $10,350 related
    Nontaxable benefits
    $0 + $10,200 related
    Filer's total
    $0 + $393,650 related

  • Sandra Hill

    CHIEF FINANCIAL OFFICER

    Total calculated
    $220,039
    From this org
    $0
    From related orgs
    $203,632
    Other
    $16,407
    Hours/week
    5 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $186,132 related
    Bonus
    $0 + $17,500 related
    Other
    $0
    Deferred
    $0 + $6,193 related
    Nontaxable benefits
    $0 + $10,214 related
    Filer's total
    $0 + $220,039 related

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

The filer's explanations (Part III)

PART I, LINE 3
PROCESS USED BY RELATED ORGANIZATION TO ESTABLISH THE COMPENSATION OF THE RELATED ORGANIZATION'S CEO/EXECUTIVE DIRECTOR: THE PRESIDENT OF THE AUSTIN THEATRE ALLIANCE (ATA) BOARD AND ITS EXECUTIVE COMMITTEE REVIEW EVALUATIONS COMPLETED BY THE BOARD MEMBERS AND KEY MANAGEMENT PRIOR TO MAKING RECOMMENDATIONS THAT ARE SUBJECT TO APPROVAL BY THE FULL ATA BOARD.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
6 August 2026
IRS schema version
2024v5.5
Source object
202632199349300018

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