Prologue Theatre

What it reported doing in 2024

In 2024, Prologue Theatre produced two full length productions. Marjorie Prime at the Atlas Performing Arts Center in Washington, D.C. and The Horse and Carriage at Prologue's office and rehearsal space in Arlington, VA. Full-length productions require sets, costumes, props, lights, and sound as well as the theatre artists (actors, director, designers, stage manager, and over-hire staff) to create the piece in addition to advertising and marketing for each play and lobby materials for the audience. In addition, for our New Works Program, foreword, we brought together a group of artists to devise and adapt Emil and the Detectives. After conducting the first week of development at Prologue in February, the piece was workshopped at The Kennedy Center for a week in June as a part of their Local Theatre Residency Program and was asked to come back in August for the Local Theatre Festival to present a reading of the piece to an audience. Artist time in June and August as well as puppets and props created for the piece were funded by The Kennedy Center grants. This will likely be a one-time only experience as the programs were discontinued in 2025. Prologue Theatre has continued to experience challenges of filling seats for performances. Although the potential audience size was less, producing on a smaller scale in Arlington in December gave us full control over our own ticket sales as well as realizing the full value of tickets sold less fees (something we do not have when we rent space at Atlas; they control ticket sales and take 10% of the ticket value as part of the rental). Despite it being among our largest costs, we have continued to prioritize maintaining the space we rent in Arlington, VA as appropriate and available commercial space for theatre usage remains virtually nonexistent in our area. Other small theatres recognize the potential we offer in the community and supported us this year with marketing swaps and donations, in addition to grants received from The SHARE Fund, The Lange Foundation, Morgan Stanley GIFT, and Schwab Charitable.

Financial Efficiency

• Mission deployment rate: 82.2%; rating input score 82
• Program expense ratio: 78%; rating input score 78
• Fundraising efficiency: $6.87 raised per $1 spent on fundraising; rating input score 29; 29th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 64th 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: 5 of 7 controls in place; rating input score 71
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • 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: -5.4%; rating input score 29; 29th percentile among comparable filings
• Total-asset coverage ratio: 0.07; rating input score 5; 5th percentile among comparable filings
• Liabilities to assets ratio: 0.7; rating input score 8; 8th percentile among comparable filings
• Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

• Program expense growth: 3.9% per year; rating input score 100; 49th percentile among comparable filings
• Revenue growth: 2% per year; rating input score 100; 35th percentile among comparable filings
• Asset growth: 3.9% per year; rating input score 100; 42nd percentile among comparable filings