WALNUT STREET THEATRE CORPORATION

EIN: 231715152 501(c)(3) Arts, Culture & Humanities

PHILADELPHIA, PA

Total Revenue
$18,636,319
Total Expenses
$16,006,069
Total Assets
$32,816,546
Net Assets
$27,051,042
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1969
Legal Domicile
DE
Principal Officer
BERNARD HAVARD
Phone
2155743550
Tax Period
2024-07-01 to 2025-06-30

WALNUT STREET THEATRE CORPORATION, founded in 1969, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $18.6M in total revenue in fiscal year 2024. Revenue surged 37% from the prior year, signaling strong growth momentum. Expenses of $16.0M left a modest 14% surplus.

Mission

THE MISSION OF WALNUT STREET THEATRE COMPANY IS TO SUSTAIN THE TRADITION OF PROFESSIONAL THEATRE AND CONTRIBUTE TO ITS FUTURE VIABILITY AND VITALITY.IT DOES SO THROUGH:- THE PRODUCTION AND PRESENTATION OF PROFESSIONAL THEATRE;- THE ENCOURAGEMENT, TRAINING AND DEVELOPMENT OF ARTISTS;- THE CULTIVATION OF DIVERSE AUDIENCES AND THE PRESERVATION AND CHRONICLING OF ITS THEATRE BUILDING, A NATIONAL HISTORIC LANDMARK

Program Service Accomplishments

Program 1
Expenses: $11,388,592 Revenue: $11,310,395

MAINSTAGE PRODUCTIONS:DURING THE 2024-25 SEASON, WALNUT STREET THEATRE MAINSTAGE PRODUCTIONS WELCOMED 167,067 ATTENDEES, INCLUDING 21,925 SUBSCRIBERS. THE COMPANY PROVIDED EMPLOYMENT TO OVER 440...

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MAINSTAGE PRODUCTIONS:DURING THE 2024-25 SEASON, WALNUT STREET THEATRE MAINSTAGE PRODUCTIONS WELCOMED 167,067 ATTENDEES, INCLUDING 21,925 SUBSCRIBERS. THE COMPANY PROVIDED EMPLOYMENT TO OVER 440 WORKERS. THE SEASON INCLUDED JERSEY BOYS, ELF THE MUSICAL, DRIVING MISS DAISY, NOEL COWARD'S HAY FEVER, AND DREAMGIRLS. THE SEASON ALSO INCLUDED A HOLIDAY CONCERT FEATURING HUGH PANARO.

Program 2
Expenses: $767,904 Revenue: $467,091

THEATRE SCHOOL:DURING THE 2024-2025 SEASON, OUR THEATRE SCHOOL WORKED WITH 68 TEACHING ARTISTS AND 1,238 STUDENTS. CAMP WALNUT PRODUCED SIX DIVISIONS FOR 128 STUDENTS WITH 11 TEACHING ARTISTS. CAMP...

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THEATRE SCHOOL:DURING THE 2024-2025 SEASON, OUR THEATRE SCHOOL WORKED WITH 68 TEACHING ARTISTS AND 1,238 STUDENTS. CAMP WALNUT PRODUCED SIX DIVISIONS FOR 128 STUDENTS WITH 11 TEACHING ARTISTS. CAMP HELD 12 LIVE PERFORMANCES FOR FRIENDS AND FAMILY. TOURING OUTREACH SERVED 41 DISTRICTS, 124 SCHOOLS, 239 PERFORMANCES AND 59,391 STUDENTS. THE ADOPT-A-SCHOOL PROGRAM SERVED FIVE PHILADELPHIA SCHOOLS THIS PAST YEAR. THROUGH THIS INITIATIVE, FIVE OF OUR WST TEACHING ARTISTS TAUGHT 2,247 STUDENTS. OUR RESIDENCY PROGRAM HAD 17 WST TEACHING ARTISTS SERVING 25 SCHOOLS AND REACHING 1,238 TOTAL STUDENTS. WALNUT STREET THEATRE KIDS SERIES HAD 38 STUDENTS FROM WALNUT STREET THEATRE SCHOOL, AND EIGHT ARTISTIC STAFF MOUNTED FULLY STAGED ADAPTATIONS OF A CHRISTMAS CAROL AND ALADDAN JR. THESE TWO KIDS SERIES SHOWS, ALONG WITH STUDENT GROUPS ATTENDING OUR MAINSTAGE PRODUCTION OF A CHRISTMAS STORY, WELCOMED 37,567 STUDENTS OVER THE COURSE OF THE ACADEMIC YEAR TO OUR MAINSTAGE. DISNEY MUSICALS IN SCHOOLS HAD FOUR WST TEACHING ARTISTS AND THE WST EDUCATIONAL STAFF SERVED TWO SCHOOLS, AND 71 STUDENTS WERE ABLE TO PARTICIPATE IN THE DISNEY MUSICAL IN SCHOOLS PROGRAM. 83 SCHOLARSHIPS WERE AWARDED TO DESERVING STUDENTS FOR OUR THEATRE SCHOOL PROGRAM IN 2025. OUR PROFESSIONAL APPRENTICE PROGRAM PROVIDED TRAINING FOR 23 STUDENTS.

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Trantor Score

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $5,590,831
Program Service Revenue $11,227,449
Investment Income $950,503
Other Revenue $867,536
TOTAL REVENUE $18,636,319

Expense Breakdown

Grants Paid $0
Salaries & Benefits $9,206,023
Fundraising Expenses $697,528
Program Expenses $12,156,496
Other Expenses $6,800,046
TOTAL EXPENSES $16,006,069

Year-over-Year Comparison

2024 2023 Change
Revenue $18,636,319 $13,588,373 +0.4%
Expenses $16,006,069 $15,072,712 +0.1%
Net Income $2,630,250 $-1,484,339 -2.8%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
20
Independent Members
19
Employees
322
Volunteers
350

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
9
$1,385,982
Total Directors
21
$841,556
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
BERNARD HAVARD PRESIDENT & PRODUCING ARTISTIC DIR 60.00
Officer Director
$838,171 $3,385 $841,556
FRANCIS MIRABELLO BOARD CHAIR 2.00
Officer Director
$0 $0 $0
PATRICK MULLEN VICE CHAIR & SECRETARY 2.00
Officer Director
$0 $0 $0
ROBERT L B HARMAN TREASURER/CHAIR FINANCE COMMITTEE 2.00
Officer Director
$0 $0 $0
JOHN D GRAHAM CHAIRMAN EMERITUS 2.00
Officer Director
$0 $0 $0
LOUIS W FRYMAN CHAIRMAN EMERITUS 2.00
Officer Director
$0 $0 $0
MATTHEW GARFIELD CHAIRMAN EMERITUS 2.00
Officer Director
$0 $0 $0
SCOTT RANKIN IMMEDIATE PAST CHAIR 2.00
Officer Director
$0 $0 $0
JEFFREY FERRO CHAIR AUDIT COMMITTEE 2.00
Director
$0 $0 $0
JOHN FIDLER BOARD MEMBER (THRU APR 2025) 2.00
Director
$0 $0 $0
JACK R GARFINKLE BOARD MEMBER 2.00
Director
$0 $0 $0
MELITA J JORDAN BOARD MEMBER 2.00
Director
$0 $0 $0
TANYA RULEY-MAYO BOARD MEMBER 2.00
Director
$0 $0 $0
RICHARD A MITCHELL CHAIR INVESTMENT COMMITTEE 2.00
Director
$0 $0 $0
JENNIFER MERVES ROBBINS BOARD MEMBER 2.00
Director
$0 $0 $0
GENE SCHRIVER BOARD MEMBER 2.00
Director
$0 $0 $0
DANIEL J SCHULLER BOARD MEMBER 2.00
Director
$0 $0 $0
JAMES D SCULLY JR BOARD MEMBER 2.00
Director
$0 $0 $0
ELLEN TOBIE BOARD MEMBER 2.00
Director
$0 $0 $0
JOSEPH VILLANI BOARD MEMBER 2.00
Director
$0 $0 $0
DAVID WYHER BOARD MEMBER 2.00
Director
$0 $0 $0
MARK SYLVESTER MANAGING DIRECTOR 60.00
Officer
$526,128 $18,298 $544,426
STEPHEN RAPP DIRECTOR OF MARKETING & PR 60.00
Highest
$326,116 $12,319 $338,435
SIOBHAN RUANE DIRECTOR OF PRODUCTION 60.00
Highest
$191,000 $10,520 $201,520
TJ SOKSO DIRECTOR OF EDUCATION 60.00
Highest
$154,000 $29,247 $183,247
MICHAEL ARMENTO CONTROLLER 60.00
Highest
$145,500 $36,954 $182,454
JEFFREY COON DIRECTOR OF DEVELOPMENT 60.00
Highest
$157,000 $12,589 $169,589
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 $18,636,319 $16,006,069 $32,816,546 $2,630,250
2024 No data No data No data No data
2023 $10,055,224 $13,733,161 $32,066,353 $-3,677,937
2022 $14,927,015 $12,355,034 $36,002,708 $2,571,981
2021 $7,380,897 $4,688,298 $35,930,137 $2,692,599
2020 $12,756,429 $12,373,305 $34,512,054 $383,124
2019 $26,516,023 $17,072,983 $32,653,231 $9,443,040
2018 $17,056,850 $16,611,917 $24,488,214 $444,933
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