Carolina Theatre of Greensboro Inc

Nonprofit profile at a glance

EIN
043781645
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Greensboro, NC, USA
Phone
3363332600
Rating
88
Verdict
STRONG
Rating confidence
Moderate
Sector
Performing Arts Centers

Official website

Reported finances

Revenue
$1,586,064
Expenses
$1,949,466
Assets
$7,068,288
Liabilities
$289,570

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

Leadership & pay

27 people listed

Executive titles in this filing

  • BRIAN GRAY (OUTGOING EXECUTIVE DIRECTOR)
  • ALEXANDRA ARPAJIAN (INCOMING EXECUTIVE DIRECTOR)

Highest reported compensation

  • ALEXANDRA ARPAJIAN (INCOMING EXECUTIVE DIRECTOR): $147,708 total reported compensation
  • BRIAN GRAY (OUTGOING EXECUTIVE DIRECTOR): $147,707 total reported compensation

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

Overview

Mission

Presenting arts - preserving history - promoting community. Our purpose: the carolina theatre provides a cutting-edge performance, film, and rental venue, housed within a century-old vaudeville theater. We work tirelessly to preserve our unique and architecturally significant building while also providing performers and audiences with a state-of-the-art entertainment facility. We partner with community organizations to provide diverse programming and valuable educational opportunities. We are committed to enhancing downtown greensboro by offering incredible performing arts programming while, at the same time, serving as stewards of our landmark building.

What it reported doing in 2024

Carolina theatre is a fully functioning performing arts facility. It presents a variety of live performances by local performing arts groups and celebrity entertainers. During the year, a total of 294 events were held by the organization as part of its program service activities.

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.

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: 84
  • Transparency & Controls: 92
  • Accountability: 100
  • Sustainability: 36
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 80.5%; rating input score 80
  • Fundraising efficiency: $3.76 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: Limited
  • 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 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -22.9%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 3.63; rating input score 79; 79th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 54; 54th percentile among comparable filings
  • Officer compensation ratio: 15.2%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: 2.8% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: 1.6% per year; rating input score 100; 22nd percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 25th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 80.5% of spending went to programs
  • Governance: 25 of 25 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.6M in reported program spending
  • Leadership: top reported pay $148K · 27 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 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.

  • High — Financial Efficiency: Fundraising efficiency scored 12/100.
  • High — Sustainability: Operating margin scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.
  • Review — Sustainability: Liabilities to assets ratio scored 54/100.