Playhouse Square Foundation FY2021 filing

Tax-deductible

Cleveland, OH501(c)(3)Since 1973Arts & CultureEIN 23-7304942

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Playhouse Square Foundation is a not-for-profit performing arts center whose mission is presenting and producing a wide variety of quality performing arts, advancing arts education, and creating a theater district that is a superior location for entertainment, business, and housing, thereby strengthening the economic vitality of the region.

501(c)(3) charity; gifts are tax-deductible.
80¢ of each $1 spent went to programs.
$2.3M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $1.0M a year · 2% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.3M
to officers and key staff · 7% of spending
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
35 mo
of spending, in cash
Looks good: 35.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
9
named funders · $89K
Looks good: 9 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$132.3M
41% of total assets
Looks good: liabilities are 41% of assets; 50% or less.
Pt X · Ln 26
Independent board members
57
of 58 voting members
Looks good: 57 of 58 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$24.7M
-61% vs prior year
Spent
$32.8M
To programs
80%
Net assets
$193.8M
By yearFY2020–FY2024
Revenue
$24.7M
FY2021▼ -61%
Revenue by fiscal year
FY2020$62.9M
FY2021$24.7M
FY2022$68.0M
FY2023$97.2M
FY2024$83.1M
FY2024$89.1M
Expenses
$32.8M
FY2021▼ -44%
Expenses by fiscal year
FY2020$58.9M
FY2021$32.8M
FY2022$65.5M
FY2023$91.6M
FY2024$82.1M
FY2024$94.1M
Net assets
$193.8M
FY2021▲ +5%
Net assets by fiscal year
FY2020$185.0M
FY2021$193.8M
FY2022$186.9M
FY2023$202.7M
FY2024$211.4M
FY2024$214.7M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1973.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $26.1M Management & general 16% · $5.3M Fundraising 4% · $1.4M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

69 people listed on the 990; $2.3M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Senior Advisor
$533,301Pt VII · Sec A
President/CEO
$451,138Pt VII · Sec A
VP Finance & General Admin
$307,980Pt VII · Sec A
VP Development
$230,550Pt VII · Sec A
President Psf Management
$226,792Pt VII · Sec A
VP Sales & Technology
$200,433Pt VII · Sec A
VP Ticket Sales & Marketing
$199,299Pt VII · Sec A
Director of Ticket Sales
$178,695Pt 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.

See Playhouse Square Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Operates and restores a performing arts center to revitalize its surrounding district while providing diverse arts education programs for students and adults across Ohio.

Provided by the organization

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3 programs · $18.8M · in their own filed words · FY2020
01

Area development and real estate management services to retain and attract tenants to the district.

$7.0Mprogram expense
02

Theater Occupancy Costs

These overhead expenses were associated with maintaining and operating the facilities to allow for the variety of events presented by the foundation and services provided to the guests.

$6.2Mprogram expense
03

Theater depreciation includes depreciation of theaters, theater equipment, and improvements, as well as depreciation on administrative offices and amortization of loan fees.

$5.7Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

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

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$24.7M
Ln 12
Gifts and grantsLn 1h$19.5M
Fees for servicesLn 2g$2.9M
Other incomeLn 4–11$2.3M
Money outPt IX
$32.8M
Ln 25
Programscol B$26.1M
Managementcol C$5.3M
Fundraisingcol D$1.4M
Owns and owesPt X
$193.8M
net assets · Ln 32
Cash and savingsLn 1–2$95.9M
Total assetsLn 16$326.1M
LiabilitiesLn 26$132.3M
PeoplePt VI, VII
69
listed · VII A
PaidVII A8
Voting boardVI 1a58
IndependentVI 1b57
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$19.5M
Government grantsLn 1e$8.8M
Noncash giftsLn 1g$1.0M
Fundraising eventsLn 1c$85K
Fees for servicesLn 2g$2.9M
Investment incomeLn 3$42K
Other incomeLn 4–11$2.3M
Total revenueLn 12$24.7M
Assets in detailPt X, end of year
CashLn 1$35.4M
SavingsLn 2$60.5M
Cash and savings togetherLn 1–2$95.9M
InvestmentsLn 11–13$127.9M
Land, buildings, equipmentLn 10c$75.6M
Other assetsLn 15$2.7M
Total assetsLn 16$326.1M
LiabilitiesLn 26$132.3M
Net assetsLn 32$193.8M
OperationsPt I, VI
EmployeesI 5848
VolunteersI 62,000
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$75.6M$95.9M
InvestmentsLn 11–13$94.2M$127.9M
Land, buildings, equipmentLn 10c$78.0M$75.6M
Total assetsLn 16$319.3M$326.1M
LiabilitiesLn 26$134.3M$132.3M
Net assetsLn 32$185.0M$193.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$759K$759K
Other salaries and wagesLn 7$7.9M$4.4M$2.5M$1.0M
Pension plan contributionsLn 8$502K$268K$165K$69K
Other employee benefitsLn 9$1.2M$729K$303K$141K
Payroll taxesLn 10$692K$322K$272K$99K
Legal feesLn 11b$202K$202K
Accounting feesLn 11c$113K$113K
Other fees for servicesLn 11g$598K$357K$241K
Advertising and promotionLn 12$255K$217K$9K$28K
Office expensesLn 13$535K$320K$201K$14K
Information technologyLn 14$95K$28K$64K$2K
OccupancyLn 16$1.7M$1.3M$398K
TravelLn 17$23K$23K
InterestLn 20$4.7M$4.7M
Depreciation, depletion and amortizationLn 22$5.7M$5.7M
InsuranceLn 23$580K$510K$70K
Other expenses (24a–d)Ln 24$7.4M$7.4M$39K$2K
Total functional expensesLn 25$32.8M$26.1M$5.3M$1.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $83.1M$82.1M$1.1M$211.4M 990 PDF
FY2023 $97.2M$91.6M$5.6M$202.7M 990 PDF
FY2022 $68.0M$65.5M$2.5M$186.9M 990 PDF
FY2021 Viewing $24.7M$32.8M−$8.1M$193.8M 990 PDF
FY2020 $62.9M$58.9M$4.0M$185.0M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $24,719,658 across 10 lines filed
Lines not itemized here account for $505,039 of total revenue; see the IRS return.
VIII-1c Fundraising events$85,384
VIII-1e Government grants$8,834,687
VIII-1f All other contributions, gifts and grants$10,607,543
VIII-1g Noncash contributions (included above)$1,026,816
VIII-1h Total contributions, gifts and grants$19,527,614
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,725,612 · Unrelated business $677,219$2,402,831
VIII-3 Investment incomeExcluded from tax $42,369$42,369
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,241,805$2,241,805
VIII-12 Total revenueRelated to mission $4,450,853 · Unrelated business $698,822 · Excluded from tax $42,369$24,719,658
Part IX · Statement of functional expenses $32,842,939 across 17 lines filed
IX-5 Pay of current officers, directors and key staffManagement $759,118$759,118
IX-7 Other salaries and wagesPrograms $4,365,404 · Management $2,470,431 · Fundraising $1,032,783$7,868,618
IX-8 Pension plan contributionsPrograms $267,785 · Management $165,028 · Fundraising $68,872$501,685
IX-9 Other employee benefitsPrograms $729,336 · Management $302,820 · Fundraising $141,248$1,173,404
IX-10 Payroll taxesPrograms $322,075 · Management $271,801 · Fundraising $98,559$692,435
IX-11b Legal feesManagement $202,039$202,039
IX-11c Accounting feesManagement $113,287$113,287
IX-11g Other fees for servicesPrograms $357,105 · Management $240,846$597,951
IX-12 Advertising and promotionPrograms $217,388 · Management $8,978 · Fundraising $28,287$254,653
IX-13 Office expensesPrograms $320,361 · Management $200,907 · Fundraising $13,760$535,028
IX-14 Information technologyPrograms $28,093 · Management $64,248 · Fundraising $2,310$94,651
IX-16 OccupancyPrograms $1,262,481 · Management $397,557$1,660,038
IX-17 TravelPrograms $22,617$22,617
IX-20 InterestPrograms $4,675,344$4,675,344
IX-22 Depreciation, depletion and amortizationPrograms $5,695,134$5,695,134
IX-23 InsurancePrograms $510,207 · Management $70,168$580,375
IX-24 Other expenses (24a–d)Programs $7,375,845 · Management $39,095 · Fundraising $1,622$7,416,562
IX-25 Total functional expensesPrograms $26,149,175 · Management $5,306,323 · Fundraising $1,387,441$32,842,939
Part X · Balance sheet $326,085,880 assets, 21 lines filed
X-1 Cash, non-interest-bearingStart of year $29,072,985$35,379,899
X-2 Savings and temporary cash investmentsStart of year $46,541,043$60,481,165
X-3 Pledges and grants receivableStart of year $14,118,380$12,546,594
X-4 Accounts receivableStart of year $5,358,144$6,895,206
X-8 Inventories for sale or useStart of year $7,665$7,344
X-9 Prepaid expenses and deferred chargesStart of year $2,689,824$2,455,882
X-10c Land, buildings and equipment, netStart of year $78,020,585$75,635,989
X-13 Program-related investmentsStart of year $94,239,618$127,904,947
X-14 Intangible assetsStart of year $2,009,155$2,058,242
X-15 Other assetsStart of year $0$2,720,612
X-16 Total assetsStart of year $319,310,731$326,085,880
X-17 Accounts payable and accrued expensesStart of year $5,507,810$7,039,860
X-19 Deferred revenueStart of year $30,076,625$31,526,750
X-20 Tax-exempt bond liabilitiesStart of year $74,880,000$74,055,000
X-24 Unsecured notes and loans payableStart of year $1,950,123$0
X-25 Other liabilitiesStart of year $0$2,438,771
X-26 Total liabilitiesStart of year $134,310,893$132,259,662
X-27 Net assets without donor restrictionsStart of year $162,400,098$168,396,479
X-28 Net assets with donor restrictionsStart of year $22,599,740$25,429,739
X-32 Total net assets or fund balancesStart of year $184,999,838$193,826,218
X-33 Total liabilities and net assetsStart of year $319,310,731$326,085,880
Part XI · Reconciliation of net assets $193,826,218 net assets at year end
XI-1 Total revenue$24,719,658
XI-2 Total expenses$32,842,939
XI-3 Revenue less expenses−$8,123,281
XI-4 Net assets at start of year$184,999,838
XI-5 Net unrealized gains (losses) on investments$15,120,313
XI-9 Other changes in net assets$1,829,348
XI-10 Net assets at end of year$193,826,218

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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