Sheridan Arts Foundation

Nonprofit profile at a glance

EIN
841166423
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Telluride, CO, USA
Phone
9707286363
Rating
88
Verdict
STRONG
Rating confidence
Moderate
Sector
Performing Arts Organizations

Official website

Reported finances

Revenue
$1,595,588
Expenses
$1,553,968
Assets
$2,804,315
Liabilities
$651,382

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

Leadership & pay

8 people listed

Executive titles in this filing

  • JAMES GALLAGHER (VICE PRESIDENT)
  • STEVEN PALAMAR (PRESIDENT)
  • RONATTA PALAMAR (EXECUTIVE DIRECTOR)

Highest reported compensation

  • RONATTA PALAMAR (EXECUTIVE DIRECTOR): $136,900 total reported compensation
  • STEVEN PALAMAR (PRESIDENT): $129,980 total reported compensation

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

Overview

Mission

Restore and preserve the historic sheridan opera house as an arts and cultural resource for the telluride community; bring quality arts and cultural events to telluride; provide local and national youth with access and exposure to the arts through education

What it reported doing in 2024

Young people's theater is a diverse and flourishing center for young thespians that has an enrollment of over 200 children between ages 2 and 18 each year. The program fees are based on financial ability. Several classes are held throughout the year. Four full length musicals were presented over 13 shows at the opera house. 2,250 people attended the shows.

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.
  • 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: 86
  • Transparency & Controls: 92
  • Accountability: 95
  • Sustainability: 44
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 82.8%; rating input score 83
  • Fundraising efficiency: $6.82 raised per $1 spent on fundraising; rating input score 26; 26th 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: 7 of 8 controls in place; rating input score 88
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 2.6%; rating input score 44; 44th percentile among comparable filings
  • Total-asset coverage ratio: 1.8; rating input score 61; 61st percentile among comparable filings
  • Liabilities to assets ratio: 0.23; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 17.2%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: 1.8% per year; rating input score 100; 26th percentile among comparable filings
  • Revenue growth: 2.9% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: 5.3% per year; rating input score 100; 40th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 82.8% of spending went to programs
  • Governance: 6 of 6 board members independent · 7 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $1.3M in reported program spending
  • Leadership: top reported pay $137K · 8 people listed
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 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.

  • High — Financial Efficiency: Fundraising efficiency scored 26/100.
  • Moderate — Sustainability: Operating margin scored 44/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • High — Sustainability: Officer compensation ratio scored 19/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.