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Nonprofiteer
← FARGO THEATRE MANAGEMENT CORPORATION

Form 990 for tax year 2022

Filed by FARGO THEATRE MANAGEMENT CORPORATION.

Totals

Total revenue
$553,691
Total expenses
$692,782
Contributions and grants received
$151,955
Grants paid
$0
Program service revenue
$342,385
Investment income
$6,306
Other revenue
$53,045
Total assets, end of year
$1,739,444
Total liabilities, end of year
$378,361
Net assets or fund balances, end of year
$1,361,083
Program services expenses (Part IX)
$421,095
Management and general expenses
$173,292
Fundraising expenses
$98,395
Program service expenses (Part III)
$421,095

Program services were 60.8% 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.

  • 1b · Membership dues

    $48,289

  • 1e · Government grants (contributions)

    $19,499

  • 1f · All other contributions, gifts and grants

    $84,167

  • 2a · Program service revenue: Film Revenue

    total $111,766 · related or exempt $111,766

  • 2b · Program service revenue: Theatre Rent

    total $111,200 · related or exempt $111,200

  • 2c · Program service revenue: Event Revenue

    total $74,809 · related or exempt $74,809

  • 2d · Program service revenue: Technical Fees

    total $37,109 · related or exempt $37,109

  • 2f · All other program service revenue

    total $7,501 · related or exempt $7,501

  • 3 · Investment income

    total $6,306 · excluded $6,306

  • 10a · Gross sales of inventory

    $168,633

  • 10b · Cost of goods sold

    $115,588

  • 10c · Net income from sales of inventory

    total $53,045 · related or exempt $53,045

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $85,022 · program services $16,612 · management and general $35,186 · fundraising $33,224

  • 7 · Other salaries and wages

    total $149,675 · program services $105,672 · management and general $24,943 · fundraising $19,060

  • 9 · Other employee benefits

    total $8,476 · program services $6,372 · management and general $1,534 · fundraising $570

  • 10 · Payroll taxes

    total $25,172 · program services $15,953 · management and general $4,964 · fundraising $4,255

  • 11c · Fees: accounting

    total $11,776 · management and general $11,776

  • 12 · Advertising and promotion

    total $4,883 · program services $4,215 · fundraising $668

  • 13 · Office expenses

    total $47,410 · program services $28,708 · management and general $14,721 · fundraising $3,981

  • 16 · Occupancy

    total $107,685 · program services $75,108 · management and general $32,577

  • 20 · Interest

    total $17,202 · program services $12,901 · management and general $4,301

  • 22 · Depreciation, depletion and amortization

    total $125,679 · program services $90,489 · management and general $35,190

  • 23 · Insurance

    total $13,888 · program services $6,897 · management and general $6,991

  • 24a · Other expenses: Film Rental and Freight

    total $56,526 · program services $56,526

  • 24b · Other expenses: Event Expenses

    total $36,637 · fundraising $36,637

  • 24c · Other expenses: Amortization

    total $1,196 · program services $861 · management and general $335

  • 24d · Other expenses: Bad Debts

    total $781 · program services $781

  • 24e · All other expenses

    total $774 · management and general $774

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $530,495 · end of year $478,466

  • 3 · Pledges and grants receivable

    beginning of year $2,195 · end of year $2,100

  • 4 · Accounts receivable

    beginning of year $20,727 · end of year $12,300

  • 8 · Inventories for sale or use

    beginning of year $6,037 · end of year $5,162

  • 9 · Prepaid expenses and deferred charges

    beginning of year $944 · end of year $4,754

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

    $4,072,449

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

    $2,849,546

  • 10c · Land, buildings and equipment, net

    beginning of year $1,331,652 · end of year $1,222,903

  • 15 · Other assets

    beginning of year $0 · end of year $13,759

  • 17 · Accounts payable and accrued expenses

    beginning of year $40,752 · end of year $26,445

  • 23 · Secured mortgages and notes payable

    beginning of year $351,124 · end of year $337,978

  • 25 · Other liabilities

    beginning of year $0 · end of year $13,938

  • 27 · Net assets without donor restrictions

    beginning of year $1,497,979 · end of year $1,358,983

  • 28 · Net assets with donor restrictions

    beginning of year $2,195 · end of year $2,100

Mission and programs · 2022

Mission

To preserve the historic integrity of the Fargo Theatre while expanding the Theatre's ability to meet the artistic and entertainment needs of increasingly diverse audiences, performers and filmmakers.(Continued on Schedule O)To effectively maintain a state of the art screen and stage for critically acclaimed film and classic film, live theatre, special events and tours. To ensure a home for the mighty Wurlitzer theatre pipe organ. To serve as an anchor for a vital downtown. To honor our past providing an unbroken thread of common entertainment and educational experience for generations of Fargo-Moorhead residents and visitors.

Activities or mission (Part I)

To preserve the Theatre and promote the arts.

  • One of the missions of the Fargo Theatre is to meet the artists and entertainment needs of increasingly diverse audiences, performers, and filmmakers. A diverse slate of film and live events provides the community with a wide selection of arts programming. In Fiscal Year 22-23, the Fargo Theatre screened 42 new-release films, 12 classic films, and 21 specialty film festivals/series including Fargo Docs and the ND Human Rights Film Festival. The Theatre also hosted 57 live events including performances by local arts organizations and professional touring artists.The Theatre is open a minimum of six days a week, offering a variety of motion pictures and performances in a historic setting. The Theatre typically averages more than 67,000 audiences members a year. A variety of free or low-cost programming is also offered. These opportunities include the annual Martin Luther King Jr. Day Celebration and Holiday Pipes concerts (free admission) and the Kids' Flicks movie series ($3 admission). The Theatre also hosts a free monthly Film Club to build community and foster conversation. The Fargo Theatre's long-term objective is to continue to meet the artistic and entertain needs of the community as the city's population grows. Theatre programming staff and volunteer teams ensure that the slate of programming is inclusive and offers diverse artistic voices and representation.

    Expenses $379,029 · Revenue $342,385

  • The annual Fargo Film Festival receives films submissions from around the world to be juried by community volunteers. The goal of the festival is to celebrate film artistry while connecting local audiences to innovative, independent cinema and the artists responsible for creating it. The 2023 festival received 312 submissions from 26 countries. The juries selected 101 films to play in competition. Festival leaders programmed 6 films to play as invited selections and an additional 45 very short films played as a part of the festival's 2 Minute Movie Contest. Approximately 2,400 patrons attended throughout the festival's 5 days of screenings and events. Twenty-five film artists traveled to Fargo to attend their screenings and interact with audiences. These appearances also enabled formal educational opportunities including moderated interviews and guest academic lectures. There were also many informal opportunities for audience members and local filmmakers to socialize with visiting artists or ask them questions during Q&A sessions.The Fargo Film Festival's long-term objective is to continue providing an exhibition platform for independent filmmakers while giving local audiences educational opportunities and the change to see unique, original, and artistically relevant motion pictures.

    Expenses $42,066 · Revenue $53,045

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tom Speer

    President

    Total calculated
    $0
    Hours/week
    1

  • Amanda Booher

    Vice President

    Total calculated
    $0
    Hours/week
    1

  • Karen Stensrud

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Steve Wood

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Cody Schuler

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Janet Brandau

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Kendra O'Brien

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Veronica Michael

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Greg Carlson

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Julie Peterson-Klein

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Karla Hanson

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Trevor Mathew

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Kirsten Jensen

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Mark Kolstad

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Lisa Edison-Smith

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Emily Beck

    Executive Director

    Total calculated
    $65,144
    From this org
    $62,573
    From related orgs
    $0
    Other
    $2,571
    Hours/week
    40

  • Betsy Dreessen

    Finance Manager

    Total calculated
    $18,354
    From this org
    $18,354
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
4 April 2024
IRS schema version
2022v5.0
Source object
202440959349301804

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