Palace Theater Group Inc

Analysis

Palace Theater Group Inc is a registered charity in United States, based in Waterbury, CT. It received its IRS tax-exemption ruling in July 2004, 22 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Palace Theater Group Inc reported income of $4.9m and spending of $4.8m, spending 98% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $4.5m to $4.9m (+8.6%), an average of +2.1% a year. The sharpest change came in the year to June 2022, when income rose by 350%. Over the whole period it spent 90% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Palace Theater Group Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 90th percentile within CT. Charities of a similar size with the same main cause include Hoyt Sherman Place Foundation ($4.9m), The Everyman Theatre Incorporated ($4.9m) and National Center on Sexual Exploitation Inc ($4.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 32% and program service revenue 62% of the total. Compensation of current officers, directors and key employees was $316k (6.6% of expenses). Other salaries and wages came to $723k. At year end it held assets of $7.8m against liabilities of $1.2m, net assets of $6.6m. It reported 267 employees.