Florida Studio Theatre Inc
Nonprofit profile at a glance
- EIN
- 237362760
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Sarasota, FL, USA
- Phone
- 9413087595
- Rating
- 80
- Verdict
- STRONG
- Rating confidence
- Standard
- Sector
- Theater
Reported finances
- Revenue
- $14,619,685
- Expenses
- $11,837,985
- Assets
- $71,428,021
- Liabilities
- $4,447,008
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
12 people listed
Executive titles in this filing
- DENNIS MCGILLICUDDY (President)
- RICHARD HOPKINS (Vice President)
Highest reported compensation
- REBECCA HOPKINS (Managing Director): $230,329 total reported compensation
- JILL ZAKRZEWSKI (General Manager): $117,719 total reported compensation
- RICHARD HOPKINS (Vice President): $115,250 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Florida Studio Theatre holds the following mission: To make theatre affordable and accessible to as many people as possible; to present theatre that challenges with as much gusto as it entertains; to create a public forum for the issues of our day that will foster positive change in our community and beyond; to operate within and for the public trust.
What it reported doing in 2024
Education and Touring: The Write a Play touring program impacts students in grades K-12, with a special emphasis on underserved youth throughout Florida. During the course of a school year, FST's tours inspire 47,000 children and teens to write their own original plays through the Write a Play arts in education initiative each year. FST's education program offers children and adults a wealth of opportunities to discover their creativity. Classes are offered each week to students aged 5-95 in theatre, dance and music. Accessibility is ensured through programming for financially disadvantaged, physically and mentally challenged youth and adults. FST's "Children's Scholarship Program" provides about 15% of youth with full or partial tuition waivers, and adult work/scholarships in which prices are reduced in exchange for volunteer hours with the theatre, and are available to those with a need.
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.
Rating breakdown
- Financial Efficiency: 72
- Transparency & Controls: 79
- Accountability: 94
- Sustainability: 80
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 70.7%; rating input score 71
- Program expense ratio: 85.3%; rating input score 85
- Fundraising efficiency: $10.47 raised per $1 spent on fundraising; rating input score 40; 40th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Pass
- 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: 90%; rating input score 90; 22nd percentile among comparable filings
- Governance controls: 9 of 9 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: 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: 19%; rating input score 81; 81st percentile among comparable filings
- Total-asset coverage ratio: 6.03; rating input score 87; 87th percentile among comparable filings
- Liabilities to assets ratio: 0.06; rating input score 81; 81st percentile among comparable filings
- Officer compensation ratio: 3.9%; rating input score 60; 60th percentile among comparable filings
Growth
- Program expense growth: 6.5% per year; rating input score 100; 53rd percentile among comparable filings
- Revenue growth: 7.9% per year; rating input score 100; 64th percentile among comparable filings
- Asset growth: 11.6% per year; rating input score 100; 71st percentile among comparable filings
Details
- Where the money goes: 70.7% of revenue deployed · 85.3% of spending went to programs
- Governance: 9 of 10 board members independent · 9 of 9 filing controls reported
- Programs: 4 filed program accomplishments · $10.1M in reported program spending
- Leadership: top reported pay $230K · 12 people listed · 2 of 6 pay-setting controls reported
- Highest-paid contractors: 3 contractors listed · $552K reported
- Consistency: 33 of 33 current checks pass
- Schedules: 5 filed schedules · includes major donors and executive pay
- Filing history: 15 filing years from 2009 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.
- Moderate — Financial Efficiency: Fundraising efficiency scored 40/100.