Virginia Musical Theatre Inc

Nonprofit profile at a glance

EIN
541588760
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Virginia Beach, VA, USA
Phone
7573405446
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Music

Official website

Reported finances

Revenue
$1,500,419
Expenses
$1,343,371
Assets
$479,503
Liabilities
$790,867

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

Leadership & pay

15 people listed

Executive titles in this filing

  • KIM MELNYK (PRESIDENT)

Highest reported compensation

  • MARK HUDGINS (MANAGING DIR): $83,526 total reported compensation

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

Overview

Mission

Leading theatre company dedicated to nurturing artists in a creative environment. Vmt is driven by an innovative spirit that constantly seeks new management and artistic models. Current hallmarks of its management are resourcefulness and collaboration. In addition to producing musical theatre revivals and new works, vmt prides itself on a wide variety of community outreach initiatives and educational programs.

What it reported doing in 2024

Directly support and expand the arts while providing training and education for aspiring performers. The organization also strives to increase art awareness.

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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 92
  • Accountability: 84
  • Sustainability: 40
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77.2%; rating input score 77
  • Program expense ratio: 85.9%; rating input score 86
  • Fundraising efficiency: Limited

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: 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 10.5%; rating input score 62; 62nd percentile among comparable filings
  • Total-asset coverage ratio: 0.36; rating input score 17; 17th percentile among comparable filings
  • Liabilities to assets ratio: 1.65; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 6.2%; rating input score 50; 50th percentile among comparable filings

Growth

  • Program expense growth: 7.6% per year; rating input score 100; 54th percentile among comparable filings
  • Revenue growth: 6.9% per year; rating input score 100; 54th percentile among comparable filings
  • Asset growth: 26.3% per year; rating input score 100; 88th percentile among comparable filings

Details

  • Where the money goes: 77.2% of revenue deployed · 85.9% of spending went to programs
  • Governance: 15 of 15 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.2M in reported program spending
  • Leadership: top reported pay $84K · 15 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 12 filing years from 2011 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 17/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.
  • Review — Sustainability: Officer compensation ratio scored 50/100.