Penobscot Theatre Company

Analysis

Penobscot Theatre Company is a registered charity in United States, based in Bangor, ME. It received its IRS tax-exemption ruling in August 1984, 42 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Penobscot Theatre Company reported income of $1.3m and spending of $2.1m, spending 162% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income fell from $1.9m to $1.3m (-29%), an average of -8.1% a year. The sharpest change came in the year to August 2021, when income rose by 94%. Over the whole period it spent 95% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Penobscot Theatre Company sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 80th percentile within ME. Charities of a similar size with the same main cause include Clockshop ($1.3m), Pedernales Creative Arts Alliance Inc ($1.3m) and Pensacola Opera Inc ($1.3m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 39% and program service revenue 56% of the total. Compensation of current officers, directors and key employees was $71k (3.3% of expenses). Other salaries and wages came to $1.1m. It paid $13k in professional fundraising fees. At year end it held assets of $2.6m against liabilities of $983k, net assets of $1.6m. It reported 63 employees.