Theaterworks Inc
Nonprofit profile at a glance
- EIN
- 061172413
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Hartford, CT, USA
- Phone
- 8609867460
- Rating
- 84
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Theater
Reported finances
- Revenue
- $3,010,039
- Expenses
- $3,443,586
- Assets
- $5,618,148
- Liabilities
- $1,116,661
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
23 people listed
Executive titles in this filing
- DINA PLAPLER (CO-PRESIDENT)
- MICHAEL G ALBANO (CO-PRESIDENT)
Highest reported compensation
- ROB RUGGIERO (ARTISTIC DIRECTOR): $132,954 total reported compensation
- GRIFFIN JEFF PAYNE (MANAGING DIRECTOR): $111,402 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Theaterworks' mission is to share intimate stories that engage all audiences. It creates exceptional contemporary theater that entertains, celebrates new voices, and invites meaningful conversations. Its vision is to inspire a more meaningful connection to each other and to our community.
What it reported doing in 2024
Theaterworks continues to rebuild its education program post pandemic. There were 16 unpaid interns used as part of show run crews. These local high school and college students primarily come from the university of hartford and hartford public schools and use internships at theaterworks to supplement their education. Being at theaterworks to see how a professional theater runs behind the scenes is invaluable to their career readiness. Additionally, theaterworks continues to offer all-free student matinees throughout the season. The matinees are primarily available to hartford public schools who have limited resources for arts education with the majority of students having never been exposed to live theater. With recent grant funding, theaterworks continues to be able to provide free bus transportation in addition to the free admission.
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: 77
- Transparency & Controls: 92
- Accountability: 95
- Sustainability: 31
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 88.5%; rating input score 88
- Program expense ratio: 77.3%; rating input score 77
- Fundraising efficiency: $5.31 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: 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: NotApplicable
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -14.4%; rating input score 10; 10th percentile among comparable filings
- Total-asset coverage ratio: 1.63; rating input score 55; 55th percentile among comparable filings
- Liabilities to assets ratio: 0.2; rating input score 44; 44th percentile among comparable filings
- Officer compensation ratio: 7.1%; rating input score 41; 41st percentile among comparable filings
Growth
- Program expense growth: 6.4% per year; rating input score 100; 47th percentile among comparable filings
- Revenue growth: 4.5% per year; rating input score 100; 37th percentile among comparable filings
- Asset growth: 8.8% per year; rating input score 100; 54th percentile among comparable filings
Details
- Where the money goes: 88.5% of revenue deployed · 77.3% of spending went to programs
- Governance: 18 of 18 board members independent · 7 of 8 filing controls reported
- Programs: 2 filed program accomplishments · $2.7M in reported program spending
- Leadership: top reported pay $133K · 23 people listed
- Consistency: 32 of 32 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Related organizations: Filed and resolved organization relationships.
- 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 19/100.
- High — Sustainability: Operating margin scored 10/100.
- Review — Accountability: Governance controls: Other executive compensation review process not reported.
- Review — Sustainability: Total-asset coverage ratio scored 55/100.
- Moderate — Sustainability: Officer compensation ratio scored 41/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 44/100.