Sarasota Performing Arts Center Foundation Inc

Nonprofit profile at a glance

EIN
592807055
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Sarasota, FL, USA
Phone
9412714186
Rating
87
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$2,801,721
Expenses
$6,388,399
Assets
$16,971,860
Liabilities
$608,973

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

Leadership & pay

19 people listed

Executive titles in this filing

  • TANIA CASTROVERDE MOSKALENKO (CEO)
  • SHANNON RODDY (VICE PRESIDENT)
  • KELLI MALDONADO (EXECUTIVE DIRECTOR)

Highest reported compensation

  • TANIA CASTROVERDE MOSKALENKO (CEO): $426,752 total reported compensation
  • SHANNON RODDY (VICE PRESIDENT): $223,873 total reported compensation
  • KELLI MALDONADO (EXECUTIVE DIRECTOR): $172,201 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 create and sustain a vibrant performing arts center, advance education, and enrich communities by inspiring minds through the power of the arts.

What it reported doing in 2024

On september 6, 2018, the sarasota city commission approved the bayfront master plan with a new performing arts center at the heart of the bay park that will become the nexus of performing arts in our region for generations to come. The foundation and the city of sarasota have had a thriving cultural partnership for over three decades. On april 4, 2022, the foundation's partnership role expanded with the sarasota city commission approving the execution of a partnership agreement for the planning, financing, design, and construction of the new sarasota performing arts center. Together, both parties have laid the necessary groundwork-surveys, feasibility studies, engineering studies, and cost estimates. The new performing arts center will be more than a building. As a financially robust, year-round civic asset, sarasota performing arts center will enhance sarasota's reputation as a regional, national, and international cultural destination. The building program is committed to accessibility and universal design that can be used by everyone and will include a 2,200 -seat main stage including center aisle(s), 300-seat flexible multipurpose space, education and lifelong learning spaces .

Operating model

Revenue model
Donor-supported. 75% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 89% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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: 83
  • Transparency & Controls: 91
  • Accountability: 100
  • Sustainability: 32
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 77.3%; rating input score 77
  • Fundraising efficiency: $3.95 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: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • 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: -128%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 2.66; rating input score 70; 70th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 74; 74th percentile among comparable filings
  • Officer compensation ratio: 12.9%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: 17.8% per year; rating input score 100; 82nd percentile among comparable filings
  • Revenue growth: 9.1% per year; rating input score 100; 65th percentile among comparable filings
  • Asset growth: 12.6% per year; rating input score 100; 68th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 77.3% of spending went to programs
  • Governance: 16 of 16 board members independent · 8 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $4.9M in reported program spending
  • Leadership: top reported pay $427K · 19 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $1.6M reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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 0/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.