Carolina Ballet Inc

Nonprofit profile at a glance

EIN
561445383
IRS 990 coverage
2018–2024
Forms available
Form 990 2024, Form 990-T 2020
Location
Raleigh, NC, USA
Phone
9197190800
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Official website

Reported finances

Revenue
$7,590,512
Expenses
$9,527,083
Assets
$6,430,546
Liabilities
$3,025,260

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

Leadership & pay

20 people listed

Executive titles in this filing

  • ZALMAN GRINBERG (ARTISTIC DIRECTOR/CEO)

Highest reported compensation

  • ZALMAN GRINBERG (ARTISTIC DIRECTOR/CEO): $170,958 total reported compensation
  • AJI TOURAY (CHIEF FINANCIAL OFFICER): $108,823 total reported compensation
  • ADAM SCHIFFER (CHIEF OPERATING OFFICER): $100,304 total reported compensation

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

Overview

Mission

Carolina ballet's mission is to perform world-class professional ballet, entertaining and enlightening audiences in raleigh, the triangle region, the state of North Carolina, and beyond. Carolina ballet works to accomplish this mission by (cont. On sch. O)1) attracting, developing enlightening dancers and artistic personnel combined with a fiscally responsible management team and board of directors; 2) commissioning new works by innovative choreographers; 3) presenting traditional ballets of legendary masters; and 4) educating current and future audiences through programs for school children & young adults and other performance outreach activities.

What it reported doing in 2024

Carolina ballet offers classical works, traditional story ballets, and innovative new choreography, as well as an annual nutcracker program. We perform approximately 75-80 times each season. Each year, we donate over 2,500 tickets to community service nonprofits and perform a "free" nutcracker community performance in december. Since 1998, we have presented approximately 1,150 performances to more than 1m people.the ballet has reached more than 100,000 children (pre-k to high school) through various outreach and education programs. Such as dancers in schools which presents hands-on ballet demonstrations by professional dancers in elementary schools.continued on schedule owe continue to train and engage young and emerging dancers through our ruth s. Shur summer intensive, one of the top-rated summer ballet training programs in the country. Our school of carolina ballet (scb) offers professional dance training after school for ages 6 and up. Scb provides scholarships for economically disadvantaged students, regardless of race or gender.carolina ballet is proud of our organization's resilience, adaptability, and flexibility throughout the pandemic. We recently celebrated our 25th anniversary during fy 2022-2023, marking an important milestone in our journey. In addition to our core programs, our artistic director/ceo demonstrates a personal commitment to the community by teaching at the women's homeless shelter and leading classes for the wake county foster program here at our studios, expanding our reach and impact beyond the stage.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

STRONG - 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: 87
  • Transparency & Controls: 79
  • Accountability: 95
  • Sustainability: 20
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 83.2%; rating input score 83
  • Fundraising efficiency: $9.2 raised per $1 spent on fundraising; rating input score 35; 35th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • 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: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -25.5%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 0.67; rating input score 25; 25th percentile among comparable filings
  • Liabilities to assets ratio: 0.47; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 4%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 10.8% per year; rating input score 100; 67th percentile among comparable filings
  • Revenue growth: 12.6% per year; rating input score 100; 76th percentile among comparable filings
  • Asset growth: 17.5% per year; rating input score 100; 80th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 83.2% of spending went to programs
  • Governance: 16 of 16 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $7.9M in reported program spending
  • Leadership: top reported pay $171K · 20 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $107K reported
  • Consistency: 35 of 35 current checks pass
  • Schedules: 8 filed schedules · includes major donors and executive pay
  • Filing history: 7 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 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.

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.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 35/100.
  • High — Sustainability: Operating margin scored 5/100.
  • High — Sustainability: Total-asset coverage ratio scored 25/100.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.