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Nonprofiteer
← PALACE PERFORMING ARTS CENTER INC

Form 990 for tax year 2022

Filed by PALACE PERFORMING ARTS CENTER INC.

Totals

Total revenue
$4,216,101
Total expenses
$4,067,894
Contributions and grants received
$112,760
Grants paid
$0
Program service revenue
$3,839,923
Investment income
$104,296
Other revenue
$159,122
Total assets, end of year
$7,460,484
Total liabilities, end of year
$2,441,587
Net assets or fund balances, end of year
$5,018,897
Program services expenses (Part IX)
$2,913,651
Management and general expenses
$1,131,351
Fundraising expenses
$22,892
Program service expenses (Part III)
$2,913,651

Program services were 71.6% 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)

    $50,000

  • 1f · All other contributions, gifts and grants

    $62,760

  • 2a · Program service revenue: PROGRAM REVENUE

    total $3,623,473 · related or exempt $3,623,473

  • 2b · Program service revenue: ADVERTISING

    total $188,647 · related or exempt $188,647

  • 2c · Program service revenue: CONTRACT SERVICE

    total $27,803 · related or exempt $27,803

  • 3 · Investment income

    total $104,296 · excluded $104,296

  • 11a · Other revenue: INSURANCE CLAIM PROCEEDS

    total $147,536 · related or exempt $147,536

  • 11b · Other revenue: MISCELLANEOUS REVENUE

    total $11,586 · related or exempt $11,586

  • 11e · Other revenue, total

    $159,122

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $154,518 · management and general $154,518

  • 7 · Other salaries and wages

    total $879,361 · program services $386,843 · management and general $492,518

  • 9 · Other employee benefits

    total $82,857 · program services $37,021 · management and general $45,836

  • 10 · Payroll taxes

    total $85,227 · program services $38,080 · management and general $47,147

  • 11c · Fees: accounting

    total $44,342 · management and general $44,342

  • 11f · Fees: investment management

    total $3,685 · management and general $3,685

  • 11g · Fees: other

    total $3,354 · management and general $3,354

  • 12 · Advertising and promotion

    total $16,129 · management and general $15,442 · fundraising $687

  • 20 · Interest

    total $57,163 · program services $26,016 · management and general $31,147

  • 22 · Depreciation, depletion and amortization

    total $95,470 · program services $92,269 · management and general $3,201

  • 23 · Insurance

    total $156,286 · management and general $156,286

  • 24a · Other expenses: ARTIST & PROMOTER FEES

    total $762,670 · program services $762,670

  • 24b · Other expenses: OTHER EVENT EXPENSES

    total $706,763 · program services $706,763

  • 24c · Other expenses: OUTSIDE LABOR

    total $301,650 · program services $301,650

  • 24d · Other expenses: REPAIRS & MAINTENANCE

    total $287,245 · program services $249,641 · management and general $37,604

  • 24e · All other expenses

    total $431,174 · program services $312,698 · management and general $96,271 · fundraising $22,205

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,179,489 · end of year $378,053

  • 2 · Savings and temporary cash investments

    beginning of year $4,159,903 · end of year $3,608,232

  • 4 · Accounts receivable

    beginning of year $75,101 · end of year $74,861

  • 8 · Inventories for sale or use

    beginning of year $20,591 · end of year $28,063

  • 9 · Prepaid expenses and deferred charges

    beginning of year $72,362 · end of year $38,871

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

    $3,168,787

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

    $804,962

  • 10c · Land, buildings and equipment, net

    beginning of year $2,345,113 · end of year $2,363,825

  • 12 · Investments: other securities

    end of year $964,351

  • 14 · Intangible assets

    beginning of year $7,429 · end of year $4,228

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,722,200 · end of year $1,342,813

  • 19 · Deferred revenue

    beginning of year $83,792 · end of year $105,000

  • 23 · Secured mortgages and notes payable

    beginning of year $1,181,428 · end of year $993,774

  • 27 · Net assets without donor restrictions

    beginning of year $4,527,818 · end of year $5,018,897

  • 28 · Net assets with donor restrictions

    beginning of year $344,750

Mission and programs · 2022

Mission

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

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

    Expenses $2,913,651 · Revenue $3,999,045

  • TO OPERATE THE PALACE THEATER AND FULLY UTILIZE ITS CULTURAL AND CIVIC VALUE TO THE COMMUNITY.

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

Listed in Part VII

  • STEPHEN P BABOULIS

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.5

  • JOHN BENNETT MD

    VICE CHAIRMA

    Total calculated
    $0
    Hours/week
    0.25

  • JEFFREY STONE

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • JAMES BARBA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • PHILIP CALDERONE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • THOMAS E D'AMBRA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • MARK EAGAN

    EX-OFFICIO B

    Total calculated
    $0
    Hours/week
    0.25

  • GEORGE R HEARST III

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • MARILYN PENDERGAST

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • DOMINICK PURNOMO

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • HON KATHY M SHEEHAN

    EX-OFFICIO B

    Total calculated
    $0
    Hours/week
    0.25

  • WADLER ST JEAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • HON RANDOLPH F TREECE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • ALAN GOLDBERG

    CHAIRMAN EME

    Total calculated
    $0
    Hours/week
    0.25

  • LEOLA EDELIN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • DANILE P MCCOY

    EX-OFFICIO B

    Total calculated
    $0
    Hours/week
    0.25

  • KEVIN JOHNSON

    EXECUTIVE DI

    Total calculated
    $176,834
    From this org
    $176,834
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,834
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $176,834

  • JULIA ELBAUM

    DIRECTOR OF

    Total calculated
    $138,054
    From this org
    $138,054
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • DANNY TAYLOR

    GENERAL MANA

    Total calculated
    $126,195
    From this org
    $126,195
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

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
2022
Filed
26 February 2024
IRS schema version
2022v5.0
Source object
202440939349301509

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