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Nonprofiteer
← WORLD TRADE CENTER PERFORMING ARTS CENTER INC

Form 990 for tax year 2022

Filed by WORLD TRADE CENTER PERFORMING ARTS CENTER INC.

Totals

Total revenue
$79,386,586
Total expenses
$8,927,388
Contributions and grants received
$73,978,694
Grants paid
$0
Program service revenue
$0
Investment income
-$362,163
Other revenue
$5,770,055
Total assets, end of year
$588,355,179
Total liabilities, end of year
$38,205,515
Net assets or fund balances, end of year
$550,149,664
Program services expenses (Part IX)
$4,607,304
Management and general expenses
$2,627,223
Fundraising expenses
$1,692,861
Program service expenses (Part III)
$4,607,304

Program services were 51.6% 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.

  • 1e · Government grants (contributions)

    $31,086,799

  • 1f · All other contributions, gifts and grants

    $42,891,895

  • 1g · Noncash contributions included above

    $6,485,012

  • 3 · Investment income

    total $16,488 · excluded $16,488

  • 7a · Gross sales of assets other than inventory

    securities $5,613,477

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

    securities $5,992,128

  • 7c · Gain or loss

    securities -$378,651

  • 7d · Net gain or loss

    total -$378,651 · excluded -$378,651

  • 11a · Other revenue: GAIN ON MORTGAGE SWAP

    total $5,770,055 · excluded $5,770,055

  • 11e · Other revenue, total

    $5,770,055

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,002,553 · program services $963,370 · management and general $37,952 · fundraising $1,231

  • 7 · Other salaries and wages

    total $1,793,838 · program services $767,268 · management and general $421,397 · fundraising $605,173

  • 8 · Pension plan contributions

    total $37,616 · program services $24,141 · management and general $1,317 · fundraising $12,158

  • 9 · Other employee benefits

    total $190,017 · program services $119,674 · management and general $19,497 · fundraising $50,846

  • 10 · Payroll taxes

    total $135,910 · program services $74,322 · management and general $28,168 · fundraising $33,420

  • 11b · Fees: legal

    total $333,808 · program services $333,808

  • 11c · Fees: accounting

    total $92,160 · management and general $92,160

  • 11e · Fees: professional fundraising services

    total $288,000 · fundraising $288,000

  • 11g · Fees: other

    total $1,982,295 · program services $1,228,744 · management and general $338,917 · fundraising $414,634

  • 12 · Advertising and promotion

    total $141,681 · fundraising $141,681

  • 13 · Office expenses

    total $268,995 · program services $156,094 · management and general $77,531 · fundraising $35,370

  • 14 · Information technology

    total $111,487 · program services $64,631 · management and general $32,243 · fundraising $14,613

  • 16 · Occupancy

    total $18,180 · program services $10,539 · management and general $5,258 · fundraising $2,383

  • 17 · Travel

    total $67,648 · program services $42,798 · management and general $10,378 · fundraising $14,472

  • 20 · Interest

    total $833,563 · management and general $833,563

  • 22 · Depreciation, depletion and amortization

    total $484,849 · program services $330,148 · management and general $80,057 · fundraising $74,644

  • 23 · Insurance

    total $27,515 · program services $18,736 · management and general $4,543 · fundraising $4,236

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $644,242 · management and general $644,242

  • 24b · Other expenses: COMMISSIONING COSTS

    total $472,685 · program services $472,685

  • 24c · Other expenses: STAFF DEVELOPMENT

    total $346 · program services $346

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $55,604,844 · end of year $18,089,884

  • 2 · Savings and temporary cash investments

    beginning of year $1,010,228 · end of year $1,012,602

  • 3 · Pledges and grants receivable

    beginning of year $74,857,886 · end of year $73,685,883

  • 9 · Prepaid expenses and deferred charges

    beginning of year $34,462 · end of year $121,468

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

    $475,758

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

    $475,758

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $374,358,392 · end of year $495,445,342

  • 17 · Accounts payable and accrued expenses

    beginning of year $25,801,287 · end of year $15,105,515

  • 19 · Deferred revenue

    beginning of year $0 · end of year $100,000

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $23,000,000

  • 27 · Net assets without donor restrictions

    beginning of year $373,785,486 · end of year $417,117,996

  • 28 · Net assets with donor restrictions

    beginning of year $106,279,039 · end of year $133,031,668

Mission and programs · 2022

Mission

THE PERELMAN PERFORMING ARTS CENTER CREATES CONNECTIONS BY CULTIVATING BONDS BETWEEN EXTRAORDINARY ARTISTS AND COMMUNITIES WITH EXEMPLARY PERFORMANCES IN ACTIVE DIALOGUE ACROSS THE ARTS IN OUR FLEXIBLE INTIMATE SPACES, INVITING CONVERSATION AND NEW RELATIONSHIPS. OUR ART AND OUR AUDIENCES REFLECT THE DYNAMIC ENERGY OF ALL FIVE BOROUGHS OF NEW YORK CITY. OUR WORK ASKS ALL OF US TO CONSIDER AND EMBRACE THE COMPLEXITIES OF SOCIETY. TOGETHER, WE WELCOME THE ENTIRE WORLD. THE PERELMAN PERFORMING ARTS CENTER IS WHERE THE WORLD TRADES IDEAS.

Activities or mission (Part I)

THE PERFORMING ARTS CENTER (PAC) WILL CONTRIBUTE TO THE REVITALIZATION OF LOWER MANHATTAN BY WELCOMING A DIVERSE PUBLIC AND PRODUCING AND PRESENTING THEATER, DANCE, MUSIC, AND OTHER PERFORMING ARTS.

  • ARTISTIC AND PROGRAM:THE PAC'S INAUGURAL ARTISTIC DIRECTOR BILL RAUCH, HAS BEEN FULLY ENGAGED IN PLANNING FUTURE SEASONS, WORKING WITH ARTISTS AND OTHER CULTURAL ORGANIZATIONS TO DEVELOP AND PRESENT PROJECTS. THE PERELMAN WILL HAVE A RICH, DIVERSE PROGRAM OF PERFORMING ARTS.

    Expenses $3,071,825

  • ORGANIZATION DEVELOPMENT AND PLANNING:MANAGEMENT IS FOCUSED ON PREPARING AND PLANNING FOR ALL ASPECTS OF THE ORGANIZATION'S FUTURE, INCLUDING GOVERNANCE, MANAGEMENT BUSINESS PLANNING, MARKETING AND OPERATIONS. IN OCTOBER, 2022 KHADY KAMARA WAS APPOINTED BY THE BOARD TO BE THE ORGANIZATION'S FIRST EXECUTIVE DIRECTOR.

    Expenses $1,290,001

  • CONSTRUCTION MANAGEMENT, DESIGN AND FACILITIES PLANNING:SCIAME CONSTRUCTION, SERVING AS CONSTRUCTION MANAGER, IS CONTINUING CONSTRUCTION ACTIVITIES AT THE SITE. FACADE INSTALLATION AND BUILDING ENVELOPE WORK COMPLETE. SITE WORK IN PROGRESS. INTERIOR FIT-OUT OF THEATER AND FRONT OF THE HOUSE SPACES SUBSTANTIALLY COMPLETE. THEATER COMMISSIONING IS UNDERWAY. PROJECT MANAGEMENT, DESIGN AND CONSTRUCTION COSTS OF $122,509,375 WERE INCURRED IN 2022 AND CAPITALIZED AS CONSTRUCTION IN PROGRESS.

    Expenses $245,478

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

Listed in Part VII

  • Michael R Bloomberg

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Dominic Casserley

    VICE-CHAIR AND TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Peter H Darrow

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Ed Henry

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Christine Taylor

    SECRETARY THRU SEPT 2022

    Total calculated
    $0
    Hours/week
    1

  • Frank Bisignano

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ric Clark

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Steven M Cohen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Stephen Daldry

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Anna Deavere Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Douglas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Earls

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ari Emanuel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Harold Ford Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patricia E Harris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Reverend Phillip A Jackson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Van Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Martha Livingston

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Zenia Mucha

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Hon Ellen Nachtigall Biben

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mary Kathryn Nagle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Indra Nooyi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Greg Olafson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Blessing Omakwu

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ian Osborne

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ronald O Perelman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Scott Rechler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Larry A Silverstein

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Barbra Streisand

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Susan Stroman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mary Ann Tighe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Maria Torres-Springer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Leslie Koch

    PRESIDENT & CEO

    Total calculated
    $577,563
    From this org
    $556,002
    From related orgs
    $0
    Other
    $21,561
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $548,478
    Bonus
    $0
    Other
    $7,524
    Deferred
    $4,181
    Nontaxable benefits
    $17,380
    Filer's total
    $577,563

  • William Rauch

    ARTISTIC DIRECTOR

    Total calculated
    $1,162,485
    From this org
    $1,090,397
    From related orgs
    $0
    Other
    $72,088
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $556,786
    Bonus
    $0
    Other
    $533,611
    Deferred
    $18,300
    Nontaxable benefits
    $53,788
    Filer's total
    $1,162,485

  • Warren Elliott Elghanayan

    VP OF CONSTRUCTION

    Total calculated
    $616,605
    From this org
    $545,898
    From related orgs
    $0
    Other
    $70,707
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $455,276
    Bonus
    $88,000
    Other
    $2,622
    Deferred
    $18,300
    Nontaxable benefits
    $52,407
    Filer's total
    $616,605

  • James Connors

    DIRECTOR OF OPERATIONS

    Total calculated
    $364,447
    From this org
    $352,321
    From related orgs
    $0
    Other
    $12,126
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $346,144
    Bonus
    $0
    Other
    $6,177
    Deferred
    $9,902
    Nontaxable benefits
    $2,224
    Filer's total
    $364,447

  • Frank Lapera

    SIR. DIR OF PROJECT DEVELOPMENT

    Total calculated
    $355,273
    From this org
    $328,610
    From related orgs
    $0
    Other
    $26,663
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $275,921
    Bonus
    $52,000
    Other
    $689
    Deferred
    $10,250
    Nontaxable benefits
    $16,413
    Filer's total
    $355,273

  • Christopher Gateau

    SENIOR PROJECT MANAGER

    Total calculated
    $354,760
    From this org
    $317,037
    From related orgs
    $0
    Other
    $37,723
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $266,551
    Bonus
    $50,000
    Other
    $486
    Deferred
    $16,221
    Nontaxable benefits
    $21,502
    Filer's total
    $354,760

  • George Cooper

    DIRECTOR OF DESIGN

    Total calculated
    $292,755
    From this org
    $281,619
    From related orgs
    $0
    Other
    $11,136
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,515
    Bonus
    $45,000
    Other
    $1,104
    Deferred
    $0
    Nontaxable benefits
    $11,136
    Filer's total
    $292,755

  • Beronica Salazar

    SENIOR PROGRAM MANAGER

    Total calculated
    $256,593
    From this org
    $228,744
    From related orgs
    $0
    Other
    $27,849
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,324
    Bonus
    $20,000
    Other
    $420
    Deferred
    $12,345
    Nontaxable benefits
    $15,504
    Filer's total
    $256,593

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

  • 1a · Tax indemnification and gross-up payments
  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE ORGANIZATION PROVIDED FOR HOUSING EXPENSE AND ASSOCIATED TAX GROSS UP TO THE ARTISTIC DIRECTOR. THESE BENEFITS WERE TREATED AS TAXABLE COMPENSATION.
PART I, LINE 7
CERTAIN INDIVIDUALS INCLUDED IN SCHEDULE J, PART II RECEIVED A DISCRETIONARY BONUS DURING CALENDAR YEAR 2022 WHICH WAS INCLUDED IN COLUMN B(II) HEREIN AND IN THEIR 2022 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES.

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
2022
Filed
13 December 2023
IRS schema version
2022v5.0
Source object
202313479349301526

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