PERFORMANCE SPACE 122 INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1984

Legal Domicile

Principal Officer

PATI HERTLING

Phone

2124775829

Tax Period

2023-07-01 to 2024-06-30

PERFORMANCE SPACE 122 INC, founded in 1984, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.9M in total revenue in fiscal year 2023. Revenue fell 47% from the prior year — a significant decline worth monitoring. Expenses of $2.8M exceeded revenue, resulting in a 48% operating deficit.

Mission

PERFORMANCE SPACE NEW YORK IS COMMITTED TO PROMOTING THE ARTS (INCLUDING PERFORMANCE, VISUAL AND ALL OTHER CONTEMPORARY ARTS), FOSTERING ARTISTIC DEVELOPMENT (INCLUDING THROUGH DIRECT GRANTS), ADVANCING DIVERSITY IN THE FIELD OF THE PERFORMING, VISUAL AND CONTEMPORARY ARTS, AND BROADENING LOCAL COMMUNITIES AND THE PUBLIC'S UNDERSTANDING AND APPRECIATION OF PERFORMANCE, VISUAL AND CONTEMPORARY ARTS AT LARGE.

Program Service Accomplishments

Program 1

Expenses: $2,181,676 Revenue: $169,209

COMMISSIONING AND DEVELOPMENT:PERFORMANCE SPACE NEW YORK IS AN ARTIST-CENTRIC INSTITUTION. OUR WORK STARTS WITH THE ARTIST, NOT THE PROJECT, ENSURING THE FREEDOM AND SECURITY NECESSARY FOR CREATIVE RISK-TAKING.ARTISTS ARE PROVIDED WITH MONETARY SUPPORT AND THE FULL RESOURCES OF THE ADMINISTRATIVE, MARKETING, FUNDRAISING, PRODUCTION, AND PROGRAMMING STAFF.

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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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $1,672,479

Program Service Revenue $169,209

Investment Income $72,162

Other Revenue $9,911

TOTAL REVENUE $1,923,761

Expense Breakdown

Grants Paid $16,108

Salaries & Benefits $1,412,688

Fundraising Expenses $381,689

Program Expenses $2,181,676

Other Expenses $1,421,140

TOTAL EXPENSES $2,849,936

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,923,761	$3,607,241	-0.5%
Expenses	$2,849,936	$2,557,315	+0.1%
Net Income	$-926,175	$1,049,926	-1.9%

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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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$153,034

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROXANE GAY	PRESIDENT (THROUGH 2/2024)	1.00	Officer Director	$0	$0	$0
THOMAS ROM	BOARD CHAIR (SINCE 3/2024)	1.00	Officer Director	$0	$0	$0
TED OBERWAGER	TREASURER	1.00	Officer Director	$0	$0	$0
DEBBIE MILLMAN	SECRETARY (THROUGH 2/2024)	1.00	Officer Director	$0	$0	$0
MEAGHAN GRAGG	SECRETARY AND VP (SINCE 3/2024)	1.00	Officer Director	$0	$0	$0
KERSTIN BRATSCH	BOARD MEMBER	1.00	Director	$0	$0	$0
NICOLE EISENMAN	BOARD MEMBER	1.00	Director	$0	$0	$0
JONATHAN GONZALEZ	BOARD MEMBER	1.00	Director	$0	$0	$0
AUTUMN KNIGHT	BOARD MEMBER	1.00	Director	$0	$0	$0
JEFFREY LEE	BOARD MEMBER	1.00	Director	$0	$0	$0
SOPHIE MORNER	BOARD MEMBER	1.00	Director	$0	$0	$0
JACKSON POLYS	BOARD MEMBER	1.00	Director	$0	$0	$0
THOMAS ROM	BOARD MEMBER	1.00	Director	$0	$0	$0
FRANK SPELMAN	BOARD MEMBER	1.00	Director	$0	$0	$0
PATRICIA HERTLING	SENIOR DIRECTOR	40.00	Officer	$125,591	$27,443	$153,034

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	No data	No data	No data	No data
2024	$1,923,761	$2,849,936	$1,626,208	$-926,175
2023	$3,607,241	$2,557,315	$2,599,538	$1,049,926
2022	$1,981,557	$2,101,811	$1,473,192	$-120,254
2021	$1,599,433	$1,591,935	$1,843,709	$7,498
2020	$2,285,856	$1,794,088	$1,866,108	$491,768
2019	$2,036,999	$2,094,327	$1,106,243	$-57,328
2018	$1,184,103	$1,771,892	$1,348,590	$-587,789