The North Carolina Theatre

Nonprofit profile at a glance

EIN
561072874
IRS 990 coverage
2016–2022
Forms available
Form 990 2022
Location
Raleigh, NC, USA
Phone
9198316941
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$3,493,103
Expenses
$4,331,424
Assets
$1,771,256
Liabilities
$2,723,308

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

18 people listed

Executive titles in this filing

  • ELIZABETH DORAN (PRESIDENT & CEO)

Highest reported compensation

  • ELIZABETH DORAN (PRESIDENT & CEO): $187,435 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To strengthen the cultural vitality of the region and cultivate musical theatre appreciation by producing outstanding professional broadway musicals and developing the next generation of artists through youth training, performance, and outreach programs.

What it reported doing in 2022

Nct conservatory includes year-round productions of professional theatre programming such as musicals and plays.

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

SUPPORTED - 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: 82
  • Transparency & Controls: 74
  • Accountability: 100
  • Sustainability: 13
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 96.8%; rating input score 97
  • Program expense ratio: 78.4%; rating input score 78
  • Fundraising efficiency: $5.77 raised per $1 spent on fundraising; rating input score 19; 19th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • 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: 100%; rating input score 100; 64th 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: -24%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 0.41; rating input score 13; 13th percentile among comparable filings
  • Liabilities to assets ratio: 1.54; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 4.3%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: -0.1% per year; rating input score 0; 18th percentile among comparable filings
  • Revenue growth: -7.8% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: -14.2% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 96.8% of revenue deployed · 78.4% of spending went to programs
  • Governance: 18 of 18 board members independent · 8 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $3.4M in reported program spending
  • Leadership: top reported pay $187K · 18 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 6 filing years from 2016 to 2022
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Financial Efficiency: Fundraising efficiency scored 19/100.
  • High — Sustainability: Operating margin scored 6/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 13/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.