THE PALACE THEATER GROUP INC

EIN: 020620399 501(c)(3) Arts, Culture & Humanities

WATERBURY, CT

Total Revenue
$5,708,031
Total Expenses
$6,304,446
Total Assets
$7,655,913
Net Assets
$6,496,255
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2002
Legal Domicile
CT
Principal Officer
FRANK TAVERA
Phone
2033462000
Tax Period
2024-07-01 to 2025-06-30

THE PALACE THEATER GROUP INC, founded in 2002, is a community nonprofit in the Arts, Culture & Humanities sector that reported $5.7M in total revenue in fiscal year 2024. Revenue decreased 16% compared to the prior year. Expenses of $6.3M exceeded revenue, resulting in a 10% operating deficit.

Mission

THE PALACE THEATER GROUP'S MISSION IS TO GENERATE A POSITIVE ARTISTIC, CULTURAL, EDUCATIONAL,SOCIAL AND FINANCIAL IMPACT IN THE GREATER WATERBURY CONNECTICUT AREA BY MAINTAINING THE PALACE THEATER. TO PRESERVE AND OPERATE THE HISTORIC PALACE THEATER AS A PERFORMING ARTS CENTER AND COMMUNITY GATHERING PLACE THAT PROVIDES A FOCAL POINT OF CULTURAL ACTIVITY AND EDUCATIONAL OUTREACH FOR DIVERSE AUDIENCES.

Program Service Accomplishments

Program 1
Expenses: $5,410,604 Revenue: $4,169,093

PRESENTATION OF VARIOUS PLAYS AND SHOWS TO PROMOTE INTEREST IN THE THEATRE ARTS IN THE GREATER WATERBURY CONNECTICUT AREA.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,000,277
Program Service Revenue $4,169,093
Investment Income $336,381
Other Revenue $202,280
TOTAL REVENUE $5,708,031

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,561,630
Fundraising Expenses $349,940
Program Expenses $5,410,604
Other Expenses $4,742,816
TOTAL EXPENSES $6,304,446

Year-over-Year Comparison

2024 2023 Change
Revenue $5,708,031 $6,777,234 -0.2%
Expenses $6,304,446 $6,859,471 -0.1%
Net Income $-596,415 $-82,237 +6.3%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
23
Independent Members
23
Employees
271
Volunteers
140

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✓ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
8
$327,616
Total Directors
23
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
FRANK TAVERA CHIEF EXEC. 37.50
Officer
$225,555 $0 $225,555
SANDRA ROSA FINANCE OFFI 37.50
Officer
$92,590 $9,471 $102,061
VANESSA AGUILAR DIRECTOR 0.50
Director
$0 $0 $0
SHAE APLAND MARKETING CO 0.50
Officer Director
$0 $0 $0
DORA BENNETT SECRETARY 0.50
Officer Director
$0 $0 $0
KATHLEEN BROCHHAUSEN DIRECTOR 0.50
Director
$0 $0 $0
JOSEPH D'ORSO DIRECTOR 0.50
Director
$0 $0 $0
BETH DEVINO DIRECTOR 0.50
Director
$0 $0 $0
CAROLYN HIGHSMITH DIRECTOR 0.50
Director
$0 $0 $0
JC HOPKINS DIRECTOR 0.50
Director
$0 $0 $0
DR PETER JACOBY PAST CHAIRMA 0.50
Director
$0 $0 $0
DR SCOTT KURTZMAN DIRECTOR 0.50
Director
$0 $0 $0
DAVE MARTIN DIRECTOR 0.50
Director
$0 $0 $0
MARTIN MORGADO CHAIRMAN 0.50
Officer Director
$0 $0 $0
GEORGE NOUJAIM DIRECTOR 0.50
Director
$0 $0 $0
MICHAEL O'CONNOR VICE CHAIR/T 0.50
Officer Director
$0 $0 $0
LYNNETTE LETSKY PIOMBO DIRECTOR 0.50
Director
$0 $0 $0
GIUSEPPE PISANI DIRECTOR 0.50
Director
$0 $0 $0
CHRISTOPHER REMPFER DIRECTOR 0.50
Director
$0 $0 $0
FELIX RODRIGUEZ DIRECTOR 0.50
Director
$0 $0 $0
MARY ROSENGRANT-CHIAPPALONE DEV. COMMITT 0.50
Officer Director
$0 $0 $0
TIMOTHY ROURKE DIRECTOR 0.50
Director
$0 $0 $0
JACK SENICH VICE CHAIR 0.50
Officer Director
$0 $0 $0
MATTHEW TRYFOROS DIRECTOR 0.50
Director
$0 $0 $0
BELINDA WEAVER DIRECTOR 0.50
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $5,708,031 $6,304,446 $7,655,913 $-596,415
2024 $6,777,234 $6,859,471 $8,092,615 $-82,237
2023 $4,864,444 $4,770,377 $7,806,972 $94,067
2022 $7,444,031 $4,652,409 $7,137,767 $2,791,622
2021 $1,652,838 $1,433,664 $5,172,365 $219,174
2020 $4,080,784 $4,432,476 $4,128,643 $-351,692
2019 $4,478,641 $4,981,537 $4,251,191 $-502,896
2018 $5,537,019 $5,851,801 $4,684,998 $-314,782
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