Cabot Performing Arts Center Inc

Nonprofit profile at a glance

EIN
471431634
IRS 990 coverage
2015–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Beverly, MA, USA
Phone
9789273100
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Performing Arts Centers

Official website

Reported finances

Revenue
$7,896,172
Expenses
$7,833,043
Assets
$11,670,330
Liabilities
$2,868,796

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

28 people listed

Executive titles in this filing

  • JOHN C SOWARD (EXECUTIVE DIRECTOR)
  • MARK JAFFE (PRESIDENT/CHAIR/DIRECTOR)

Highest reported compensation

  • JOHN C SOWARD (EXECUTIVE DIRECTOR): $281,962 total reported compensation
  • AMY JAROMIN (DIRECTOR OF FINANCE & ADMI): $141,047 total reported compensation
  • JILL DAVIDSON-MOFFIE (DIRECTOR, CONCERT & EVENT): $139,063 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To preserve our historic theater and bring vibrancy to the community through diverse programming that entertains, educates, and inspires.

What it reported doing in 2024

We had over 130 live events and 100 movies with attendance greater than 100,000 combined. We continue to give back to the community with both the in focus film education program and community conversations. There were 60 students enrolled in the in focus program through the school year and we held 10 community conversations with attendance greater than 1,000.off cabot and events is venue seating approximately 120 patrons. Located down the street from the cabot theatre, off cabot further compliments the mission of the cabot theatre by bringing live comedy and cultural events in an intimate setting. Off cabot had over 200 events showcasing diversity and other cultural genres.

Operating model

Revenue model
Earned-program. 68% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 70
  • Accountability: 95
  • Sustainability: 40
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.4%; rating input score 86
  • Program expense ratio: 79.2%; rating input score 79
  • Fundraising efficiency: $3.85 raised per $1 spent on fundraising; rating input score 12; 12th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0.8%; rating input score 37; 37th percentile among comparable filings
  • Total-asset coverage ratio: 1.49; rating input score 51; 51st percentile among comparable filings
  • Liabilities to assets ratio: 0.25; rating input score 39; 39th percentile among comparable filings
  • Officer compensation ratio: 10.5%; rating input score 28; 28th percentile among comparable filings

Growth

  • Program expense growth: 11.4% per year; rating input score 100; 69th percentile among comparable filings
  • Revenue growth: 10.5% per year; rating input score 100; 70th percentile among comparable filings
  • Asset growth: 15.3% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 86.4% of revenue deployed · 79.2% of spending went to programs
  • Governance: 23 of 23 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $6.2M in reported program spending
  • Leadership: top reported pay $282K · 28 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $132K reported
  • Consistency: 35 of 35 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Financial Efficiency: Fundraising efficiency scored 12/100.
  • Moderate — Sustainability: Operating margin scored 37/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 51/100.
  • High — Sustainability: Officer compensation ratio scored 28/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 39/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.