Theaterworks Inc

Analysis

Theaterworks Inc is a registered charity in United States, based in Hartford, CT. It received its IRS tax-exemption ruling in February 1987, 39 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 2024, Theaterworks Inc reported income of $2.7m and spending of $3.2m, spending 120% of what it took in. Across the 5 years on record, from August 2020 to August 2024, income fell from $2.9m to $2.7m (-7.2%), an average of -1.8% a year. The sharpest change came in the year to August 2022, when income dropped by 19%. Over the whole period it spent 111% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Theaterworks Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within CT. Charities of a similar size with the same main cause include Actors Theatre of Louisville Inc ($2.7m), San Luis Obispo Repertory Theatre ($2.7m) and New Earth Organization ($2.7m).

On its Form 990 for the period ending August 2024, revenue came from contributions and grants 47% and program service revenue 49% of the total. Compensation of current officers, directors and key employees was $112k (3.5% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $5.7m against liabilities of $810k, net assets of $4.9m. It reported 107 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.