First State Ballet Theatre Inc

Nonprofit profile at a glance

EIN
510394850
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Wilmington, DE, USA
Phone
3026331577
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Official website

Reported finances

Revenue
$998,554
Expenses
$1,017,186
Assets
$1,002,076
Liabilities
$0

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

Leadership & pay

12 people listed

Executive titles in this filing

  • KRISTINA KAMBALOV (EXECUTIVE DIRECTOR, EX OFF)
  • FRANK O'BARA (PRESIDENT)
  • MICHELE HUNTER (VICE PRESIDENT)

Highest reported compensation

  • KRISTINA KAMBALOV (EXECUTIVE DIRECTOR, EX OFF): $76,141 total reported compensation
  • PASHA KAMBALOV (ARTISTIC DIRECTOR, EX OFFI): $73,238 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 present ballet boldly to Delaware, to enrich our community with live professional performances, to inspire and educate dancers and audiences of the future, and to connect local youth with a creative, inclusive movement experience.

What it reported doing in 2024

Education, training and outreach: the school of first state ballet theatre is Delaware's leader in classical ballet training, with locations in wilmington and middletown. Each year, we bring internationally-recognized artists to Delaware to teach our acclaimed programs. In 2019, fsbt created the national ballet competition, which awards thousands of dollars in scholarships for aspiring dancers to prestigious summer programs around the country. Fsbt's outreach programs serve thousands of delawareans with low-cost or free dance instruction and lecture-demonstrations in schools and community centers statewide.

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 97% 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: 94
  • Accountability: 86
  • Sustainability: 40
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.8%; rating input score 90
  • Program expense ratio: 87.8%; rating input score 88
  • Fundraising efficiency: $12.05 raised per $1 spent on fundraising; rating input score 44; 44th 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: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 19th 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: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -1.9%; rating input score 30; 30th percentile among comparable filings
  • Total-asset coverage ratio: 0.99; rating input score 42; 42nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 14.7%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: 6.9% per year; rating input score 100; 51st percentile among comparable filings
  • Revenue growth: 7.5% per year; rating input score 100; 57th percentile among comparable filings
  • Asset growth: 17.8% per year; rating input score 100; 78th percentile among comparable filings

Details

  • Where the money goes: 89.8% of revenue deployed · 87.8% of spending went to programs
  • Governance: 10 of 12 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $893K in reported program spending
  • Leadership: top reported pay $76K · 12 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • 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.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 44/100.
  • Moderate — Sustainability: Operating margin scored 30/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.