Playhouse Square Foundation EIN 23-7304942 Form 990 (PDF) Claim this org

Playhouse Square Foundation

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Operates and restores a performing arts center to revitalize its surrounding district while providing diverse arts education programs for students and adults across Ohio. For fiscal year 2024 it reported $89.1M in revenue, $94.1M in expenses, and $214.7M in net assets.Pt I

Founded
1973
Type
Public charity (501(c)(3)) · Arts & Culture
Location
Cleveland, OH
Website
www.playhousesquare.org
Filings
5 on file (2020–2024)
Revenue
$89.1MFY2024
Expenses
$94.1M
Net assets
$214.7M
People
69
Filings
5
Updates
0
More identity details & actions ⌄
EIN  23-7304942 Public charity (501(c)(3)) Cleveland, OH Founded 1973
Form 990 (PDF)
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Figures match the IRS filing checked 7/7/26 · see original: IRS
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Size
$10–100M
What they do
Operates and restores a performing arts center to revitalize its surrounding district while providing diverse arts education programs for students and adults across Ohio.
Leadership
Craig Hassall · President/CEO · $854K
Money in and out
$89.1M revenue, $94.1M expenses
Bottom line
88% program efficiency
Where the money goes · FY2024
Total revenue
$89.1M
Pt VIII · Ln 12
Total expenses
$94.1M
Pt IX · Ln 25
Net assets
$214.7M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$5.0M
Where spending went · Part IX cols B–D
Program services $0.88 Management & general $0.09 Fundraising $0.02
Program efficiency
88%
of spending reaches programs+0.4% vs prior filing year
Operating runway
10.6mo
months of highly liquid reserves at operating expense rate▼ -26% vs prior filing year
Surplus margin
-6%
revenue over expenses, this year▼ -538% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$89.1M
FY2024▲ +7%
Expenses
$94.1M
FY2024▲ +15%
Total assets
$343.0M
FY2024▼ -1.0%
Total liabilities
$128.3M
FY2024▼ -5%
Total revenue
$89.1M
Pt VIII · Ln 12
Total expenses
$94.1M
Pt IX · Ln 25
Net assets
$214.7M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$5.0M
Total assetsPt X · Ln 16$343.0M
Program-expense ratioPt IX · col B88%
Voting members of governing bodyPt I · Ln 360
Independent voting membersPt I · Ln 459

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CPlayhouse Square Foundation
EINHdr · item D23-7304942
Principal addressHdr · item CCleveland, OH
WebsiteHdr · item Jwww.playhousesquare.org
Year of formationHdr · item L1973
State of legal domicileHdr · item MOH
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A610)
Ruling yearIRS BMFSep 1973

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a60
Independent voting membersPt VI · Ln 1b59
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President/CEO
$854,402Pt VII · Sec A
Interim COO (until 6/25)
$548,686Pt VII · Sec A
Senior VP Development
$350,825Pt VII · Sec A
Senior VP Programming
$321,011Pt VII · Sec A
Senior VP Ticket Sales & Marketing
$313,245Pt VII · Sec A
VP Facilities (until 12/24)
$234,692Pt VII · Sec A
Director Ticket Sales & Svc
$212,481Pt VII · Sec A
$182,056Pt VII · Sec A

Craig Hassall’s $854K as President/CEO is at the 97th percentile of top reported officer pay among 749 $10–100M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Art J Falco$175,909$222,954$523,597$533,301$930,503
Craig Hassall$854,402$739,427
Gina Vernaci$278,696$686,715$849,364$451,138$618,659
Patricia Gaul$548,686$584,180$561,553$513,954$307,980$370,706
Michelle Ryan Stewart$350,825$362,642$339,910$373,756$230,550$289,538
Timothy Birch$298,505$333,625$200,433$246,214
Autumn Kiser$313,245$315,666$297,348$332,468$199,299$236,151
Timothy Luli$325,281$226,792$284,423

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

3 program services account for $83.3M of program spending, described in the organization's own filed words · FY2024.
01

The Foundation's purpose is to operate and sustain on a financially viable basis a performing arts center presenting and producing works of artistic excellence for the benefit of all citizens. The Foundation presented 1,208 performances in Fiscal Year 25, which were attended by approximately 1.1 million guests.

$71.9Mprogram expense
02

The Foundation is committed in its actions to enhance and develop that portion of downtown Cleveland known as "Playhouse Square" by not only operating the theaters as discussed in 4(a), but also by renovating and developing complementary commercial, residential and retail properties in the Playhouse Square District.

$9.1Mprogram expense
03

The Foundation is committed to offer a variety of educational activities that develop new audiences and enhance connections with existing audiences within Northeast Ohio region. Over 400,000 students and adults were engaged by the education department and approximately 184,000 individuals participated in education workshops and classes.

$2.2Mprogram expense

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Statement of Revenue

Part VIII
Program service revenue$71.2M · 80%
Contributions & grants$14.7M · 17%
Investment income$1.6M · 2%
Other revenue$1.7M · 2%
Program service revenue80%$71.2M
Contributions & grants17%$14.7M
Investment income2%$1.6M
Other revenue2%$1.7M
— government grantsLn 1e$1.8M
Total revenueLn 12$89.1M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.88 Management & general $0.09 Fundraising $0.02
Program services88%$83.3M
Management & general9%$8.6M
Fundraising2%$2.2M
Total functional expensesLn 25$94.1M

Balance Sheet

Part X · end of year
CashLn 1$82.8M
Total assetsLn 16$343.0M
Total liabilitiesLn 26$128.3M
Total net assetsLn 32$214.7M
Months of cash on handcomputed10.6

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $82.8M · Operating expenses (Pt IX) $94.1M · Less non-cash grants $86K · Cash operating expenses/yr $94.0M
10.6 months
Where the money goes
Program services
Program services $83.3M · Total expenses $94.1M
88%
Management & General
Management & general $8.6M · Total expenses $94.1M
9%
Fundraising
Fundraising $2.2M · Total expenses $94.1M
2%
Cost to raise $1
Fundraising expense (3-yr avg) $2.3M · Solicited contributions (3-yr avg) $12.3M
$0.19 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $14.7M · Total revenue $89.1M
17%
Government reliance
Government grants $1.8M · Total revenue $89.1M
2%
Earned-income share
Program service revenue $71.2M · Total revenue $89.1M
80%
Investment reliance
Investment income $1.6M · Total revenue $89.1M
+2%
Program self-sufficiency
Program service revenue $71.2M · Total expenses $94.1M
76%
Growth & trend
Revenue growth (YoY)
This year $89.1M · Prior year $83.1M
+7%
Revenue CAGR
FY2019 $62.9M · FY2024 $89.1M
+7%
Net-asset trend (YoY)
End of year $214.7M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $89.1M · Expenses $94.1M
-6%
Liabilities-to-Assets
Total liabilities — · Total assets $343.0M
Net-asset ratio
Net assets $214.7M · Total assets $343.0M
63%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $343.0M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Craig Hassall · Reported title President/CEO · Highest reported compensation $854K · Total expenses $94.1M
0.9%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $21.6M · Total expenses $94.1M
23%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 88%
Overhead ratio 9%
Fundraising cost ratio 15%
Revenue growth 7%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2025
See all 9 funders →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$83.1M revenue · ⤓ 990 PDF
FY2023$97.2M revenue · ⤓ 990 PDF
FY2022$68.0M revenue · ⤓ 990 PDF
FY2021$24.7M revenue · ⤓ 990 PDF
FY2020$62.9M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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