Odeum Corporation

Nonprofit profile at a glance

EIN
223115053
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
East Greenwich, RI, USA
Phone
4018854000
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Performing Arts Centers

Reported finances

Revenue
$1,650,278
Expenses
$1,722,012
Assets
$2,575,339
Liabilities
$714,057

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

Leadership & pay

9 people listed

Executive titles in this filing

  • DAN SPECA (PRESIDENT)
  • STEVEN FEINBERG (VICE PRESIDENT)

People named in this filing

  • DAN SPECA (PRESIDENT)
  • JEFFREY GLADSTONE (DIRECTOR)
  • STEVEN FEINBERG (VICE PRESIDENT)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To develop and operate a cultural center for the arts which features resident and touring professionals, educational programs in the arts, and local amateur talent, by maintaining a historically significant theater.

What it reported doing in 2024

Organization provides theater space in the historic district of east greenwich ri. The 420-seat theater, built in 1926, plays host to a wide-array of entertainment for all age groups, such as concerts, comedy shows, theaterical productions, movies, and other community-driven events. In 2014, the theater began a multi-phase rehabilitation project, mostly funded by local cultural grants, that included updates to ensure ada and fire-code compliance, as well as to repair the failing fa ade and improve the theater's common areas. The theater is currently in the final phase of this mulit-phased project. Locally, the theater is seen as an "anchor" on main street east greenwich, bringing over 15,000 patrons to the downtown area each year, providing a boost in sales to local restaurants and small businesses.

Operating model

Revenue model
Other-operating. 96% of the money available for current operations came from other operating 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.

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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 92
  • Accountability: 82
  • Sustainability: 41
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 91%; rating input score 91
  • Fundraising efficiency: $2.42 raised per $1 spent on fundraising; rating input score 7; 7th 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: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -4.3%; rating input score 25; 25th percentile among comparable filings
  • Total-asset coverage ratio: 1.5; rating input score 56; 56th percentile among comparable filings
  • Liabilities to assets ratio: 0.28; rating input score 26; 26th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 17.9% per year; rating input score 100; 80th percentile among comparable filings
  • Revenue growth: 12.3% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 12.1% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 91% of spending went to programs
  • Governance: 9 of 9 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.6M in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 12 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • 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 7/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Sustainability: Operating margin scored 25/100.
  • Review — Sustainability: Total-asset coverage ratio scored 56/100.
  • High — Sustainability: Liabilities to assets ratio scored 26/100.