Steppenwolf Theatre Company

What it reported doing in 2024

In support of our core artistic tenets, we seek to 1) serve as an artistic home for our ensemble and a launching pad for bold, new work; 2) amplify the voices of chicago teens and cultivate future generations of artists and enthusiasts; and 3) provide a collaborative space for independent artists and companies to promote a stronger, sustainable, and vibrant arts community. Steppenwolf produces hundreds of performances and events in its three spaces: the 500-seat downstairs theater; the 400-seat ensemble theater; and the 80-seat 1700 theater. Artistic programming includes a main season of produced new work and reimagined plays; presentations of cabaret, comedy and multi-disciplinary artists; live performances and education programming for teen audiences; and lookout, a multi-genre performance series. (continued on schedule o) in fiscal year 2025, steppenwolf's post-pandemic recovery strategic plan continued for its second year. This followed an initial reduction in force and tuning of programmatic scope for the institution in the previous season that reduced overall expenses year over year. This effort also put an emphasis on evolved programing, increased audience engagement and new strategies for earned revenue. Over the course of the season, five plays were produced alongside limited engagements that resulted in 400 performances. Total attendance numbers reached 100,000 across the course of the season. Marketing strategies shifted from packaged sales (subscriptions) to single ticket acquisition. Programming in the education and engagement area reached nearly 15,000 teens, educators and community members across chicago's 77 neighborhoods. Four of the theater's professional productions anchored this work through live performances offered as field trips as well as wraparound curriculum developed for schools. The young adult council, comprised of 30 passionate high school aged teens with an interest in theater, represented schools and neighborhoods across chicago as they advised on teen program and curriculum development for the season. The suite of education programs, in schools and across our artistic campus, were rooted in an ethos of accessibility and barrier-free programming. Beyond partnership with teens and schools, steppenwolf invested in meaningful relationships with community organizations and ensured that the principles that guide our work both align with and provide added value to our partners. We collaborated with myriad partners across the literacy space, community development, social services, libraries and park districts of chicago. Steppenwolf's multi-genre performance series, lookout, presented the work of a wide variety of chicago-based independent artists and companies on a year-round basis. Lookout produced approximately 110 performances of 30 works, featuring 300 artists and engaging 7,500 audience members. The resulting revenue provided more than $100,000 to local artists. To support the strategic plan, steppenwolf continued a fundraising campaign (launched at the conclusion of the 2024 fiscal year). The $35 million goal is two-fold: to generate funds to safeguard the theater's mission-driven work on stage and in community, and to pay down the existing debt associated with the campus expansion project that added a new performance venue (the company now operates a three theater campus) and workshop spaces to support education and engagement programming.

Financial Efficiency

• Mission deployment rate: 57.3%; rating input score 57
• Program expense ratio: 69.1%; rating input score 69
• Fundraising efficiency: $8.26 raised per $1 spent on fundraising; rating input score 33; 33rd percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • 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: 96.2%; rating input score 96; 30th 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: 23.7%; rating input score 85; 85th percentile among comparable filings
• Total-asset coverage ratio: 5.58; rating input score 86; 86th percentile among comparable filings
• Liabilities to assets ratio: 0.36; rating input score 40; 40th percentile among comparable filings
• Officer compensation ratio: 7.8%; rating input score 31; 31st percentile among comparable filings

Growth

• Program expense growth: 1.8% per year; rating input score 100; 18th percentile among comparable filings
• Revenue growth: 2.7% per year; rating input score 100; 23rd percentile among comparable filings
• Asset growth: 8.6% per year; rating input score 100; 58th percentile among comparable filings