The Byrd Theatre Foundation
Nonprofit profile at a glance
- EIN
- 311806232
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Richmond, VA, USA
- Phone
- 8046485008
- Rating
- 75
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Performing Arts Centers
Reported finances
- Revenue
- $1,609,968
- Expenses
- $1,406,194
- Assets
- $2,854,934
- Liabilities
- $1,255,976
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
12 people listed
Executive titles in this filing
- Ben Cronly (Executive Director)
Highest reported compensation
- Ben Cronly (Executive Director): $84,100 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 preserve the landmark byrd theatre while providing unique experiences for all with a vision to establish the byrd theatre as a premier destination for our visitors to encounter exceptional experiences that engage, educate, motivate, and inspire.
What it reported doing in 2024
Restoration and improvements to the theatre: listed on the state and national registers of historic landmarks, the byrd theatre opened ninety-six years ago on december 24, 1928. It has remained operational and nearly unchanged since the day construction was completed. In 2011, the byrd theatre foundation launched a bold initiative to raise the first $1,800,000 for phase one restoration projects, mortgage reduction and capacity building. Significant achivements included replacement of the roof, replacements of the theatre's heating and cooling systems, installation of a digital server, installation of a new state-of-the-art 4k projector, ongoing maintenance and repairs on the mighty wurlitzer orgran. More recent work has included repair and restoration of the theatre's plasterwork, installation of a point-of-sale system at the theatre, replacemnet of the theatre's center section of seats in the main auditorium, creation of a wheelchair accessible seating area and construction of an ada family restroom on the first floor of the theatre. This past year, the foundation raised the necessary funds and replacaed its hvac chiller unit as well as installing a new building automation system controls which will be used to control the heating and cooling system remotely.
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.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 57
- Transparency & Controls: 92
- Accountability: 84
- Sustainability: 58
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 61.6%; rating input score 62
- Program expense ratio: 64.8%; rating input score 65
- Fundraising efficiency: $3.84 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: 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 8 controls in place; rating input score 62
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Fail
- 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: 12.7%; rating input score 66; 66th percentile among comparable filings
- Total-asset coverage ratio: 2.03; rating input score 65; 65th percentile among comparable filings
- Liabilities to assets ratio: 0.44; rating input score 18; 18th percentile among comparable filings
- Officer compensation ratio: 6%; rating input score 50; 50th percentile among comparable filings
Growth
- Program expense growth: 21.6% per year; rating input score 100; 84th percentile among comparable filings
- Revenue growth: 18.2% per year; rating input score 100; 83rd percentile among comparable filings
- Asset growth: 4.3% per year; rating input score 100; 35th percentile among comparable filings
Details
- Where the money goes: 61.6% of revenue deployed · 64.8% of spending went to programs
- Governance: 11 of 11 board members independent · 5 of 8 filing controls reported
- Programs: 3 filed program accomplishments · $911K in reported program spending
- Leadership: top reported pay $84K · 12 people listed
- Consistency: 27 of 27 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- 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.
- Review — Accountability: Governance controls: 3 of 8 not reported.
- High — Sustainability: Liabilities to assets ratio scored 18/100.
- Review — Sustainability: Officer compensation ratio scored 50/100.