THE PITTSBURGH TRUST FOR CULTURAL … - Form 990 Financial Data

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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

KENDRA WHITLOCK INGRAM

Phone

4124716070

Tax Period

2023-01-01 to 2023-12-31

THE PITTSBURGH TRUST FOR CULTURAL RESOURCES, founded in 1984, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $89.9M in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. The organization ran a surplus of $19.0M, a strong 21% operating margin.

Mission

PRESENTING DIVERSE, QUALITY PERFORMING & VISUAL ART; MANAGING ARTS FACILITIES; ADVANCING ARTS EDUCATION; AND CREATING & DEVELOPING PITTSBURGH'S CULTURAL DISTRICT AS A DESTINATION FOR ENTERTAINMENT, BUSINESS, AND URBAN LIVING, THUS STIMULATING THE REGION'S ECONOMY.

Program Service Accomplishments

Program 1

Expenses: $26,060,816 Revenue: $25,236,600

PRESENTING AND PROGRAMMING: THE TRUST BRINGS THE WORLD'S FINEST PERFORMANCES AND VISUAL ARTS TO WESTERN PA. EACH YEAR, OVER 1,700 EVENTS, PROGRAMS & EXHIBITIONS OCCUR IN TRUST FACILITIES & THROUGHOUT THE CULTURAL DISTRICT, ATTRACTING OVER TWO MILLION VISITORS. THE TRUST PRESENTS & SUPPORTS DIVERSE PERFORMING ART, INCLUDING PNC BROADWAY ACROSS AMERICA - PITTSBURGH, PITTSBURGH DANCE COUNCIL, TRUST PRESENTS, PITTSBURGH INTERNATIONAL CHILDREN'S THEATER & FESTIVAL, FIRST NIGHT, AND THREE RIVERS ARTS FESTIVAL AMONG OTHERS. THE TRUST IS ALSO A PROUD EXHIBITOR OF LOCAL, NATIONAL AND INTERNATIONAL VISUAL ART AND THE CREATOR OF ART GALLERIES: WOOD STREET GALLERIES, SPACE; 707 PENN; 820 LIBERTY AND 937 LIBERTY.

Program 2

Expenses: $33,184,431 Revenue: $22,229,370

FACILITIES MANAGEMENT & REAL ESTATE DEVELOPMENT: THROUGH PUBLIC AND PRIVATE PARTNERSHIPS, A CRITICAL MISSION OF THE TRUST IS TO TRANSFORM DOWNTOWN PITTSBURGH. WHAT WAS ONCE A DOWNTRODDEN AREA LINED WITH NOXIOUS ESTABLISHMENTS IS NOW A DYNAMIC 14-BLOCK HUB FOR ARTS, ENTERTAINMENT, BUSINESS & URBAN LIVING. THE TRUST STEADILY UPGRADES THE DISTRICT'S PHYSICAL LOOK, FEEL & EXPERIENCE THROUGH PROJECTS SUCH AS IMPROVING STREETSCAPES, BUILDING RESTORATION, AND ESTABLISHING PUBLIC PARKS AND PLAZAS, AS WELL AS OUTDOOR ART SPACE. THE TRUST MANAGES OVER 1.3 MILLION SQUARE FEET OF PROPERTY INCLUDING THE BENEDUM CENTER, BYHAM, O'REILLY, GREER, AND HARRIS THEATERS AS WELL AS EDUCATION FACILITIES AND VISUAL ART GALLERIES.

Program 3

Expenses: $4,363,362 Revenue: $4,529,634

EDUCATION, COMMUNITY OUTREACH & ARTS SERVICES: THE TRUST OFFERS A RANGE OF EDUCATIONAL EVENTS & ACTIVITIES FOR STUDENTS, EDUCATORS & UNDERSERVED POPULATIONS OF ALL AGES & BACKGROUNDS TO DEVELOP...

EDUCATION, COMMUNITY OUTREACH & ARTS SERVICES: THE TRUST OFFERS A RANGE OF EDUCATIONAL EVENTS & ACTIVITIES FOR STUDENTS, EDUCATORS & UNDERSERVED POPULATIONS OF ALL AGES & BACKGROUNDS TO DEVELOP DIVERSE & VIBRANT ARTS AUDIENCES FOR THE FUTURE. ANNUALLY, THE TRUST SERVES OVER 100,000 STUDENTS, EDUCATORS & COMMUNITY MEMBERS IN WESTERN PENNSYLVANIA & SUPPORTS MORE THAN 1,000 AREA ARTISTS & ARTS ORGANIZATIONS. THE TRUST IS ALSO A WORLD LEADER IN ARTS COLLABORATION AMONG PERFORMING ARTS ORGANIZATIONS. THROUGH ITS SHARED SERVICES DEPARTMENT AND TESSITURA SERVICE BUREAU, THE TRUST INCREASES EFFICIENCIES AND DECREASES COSTS FOR TEN OTHER ARTS ORGANIZATIONS. **SEE CONTINUATION ON SCHEDULE O**FURTHER, THE TRUST HELPS ARTS ORGANIZATIONS WITH HIGHLY SUBSIDIZED RATES FOR PERFORMANCES/OFFICE SPACE, ALLOWING THEM TO INVEST MORE RESOURCES INTO THEIR CORE ARTISTIC MISSIONS.

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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 $37,476,085

Program Service Revenue $51,995,604

Investment Income $2,094,983

Other Revenue $-1,646,595

TOTAL REVENUE $89,920,077

Expense Breakdown

Grants Paid $0

Salaries & Benefits $15,904,857

Fundraising Expenses $2,621,898

Program Expenses $63,608,609

Other Expenses $55,022,660

TOTAL EXPENSES $70,951,686

Year-over-Year Comparison

	2023	2022	Change
Revenue	$89,920,077	$95,645,991	-0.1%
Expenses	$70,951,686	$62,934,224	+0.1%
Net Income	$18,968,391	$32,711,767	-0.4%

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

567

Volunteers

1300

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

$1,333,487

Total Directors

$928,354

Key Employees

$1,025,310

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
J KEVIN MCMAHON	PRESIDENT AND CEO (EXIT 01/23)	60.00	Officer Director	$206,702	$36,863	$243,565
KENDRA WHITLOCK INGRAM	PRESIDENT AND CEO (ENTERED 02/23)	60.00	Officer Director	$654,041	$30,748	$684,789
EDITH H FISHER	SECRETARY (EXIT 06/23)	0.40	Officer Director	$0	$0	$0
MICHAEL H MCGARRY	CO-VICE CHAIR	0.40	Officer Director	$0	$0	$0
CAROLYN D DURONIO	TREASURER, CO-VICE CHAIR	0.40	Officer Director	$0	$0	$0
DAVID L HOLMBERGCO-VICE CHAIR	(THRU 03/23), CHAIR (EFF. 03/23)	0.40	Officer Director	$0	$0	$0
RICHARD J HARSHMAN	CHAIR (EXIT 03/23)	0.40	Officer Director	$0	$0	$0
CHESTER BABST III	TRUSTEE	0.40	Director	$0	$0	$0
JILL M BRODBECK	TRUSTEE	0.40	Director	$0	$0	$0
ESTHER L BUSH	TRUSTEE	0.40	Director	$0	$0	$0
CAROLYN M BYHAM	TRUSTEE	0.40	Director	$0	$0	$0
DONALD K CARTER	TRUSTEE (EXITED 03/23)	0.40	Director	$0	$0	$0
HELEN HANNA CASEY	TRUSTEE	0.40	Director	$0	$0	$0
RONALD R DAVENPORT JR	TRUSTEE	0.40	Director	$0	$0	$0
GEORGE A DAVIDSON JR	TRUSTEE	0.40	Director	$0	$0	$0
WILLIAM DEMCHAK	TRUSTEE	0.40	Director	$0	$0	$0
JACK ELLIOT	TRUSTEE	0.40	Director	$0	$0	$0
STEVEN F FEINSTEIN	TRUSTEE	0.40	Director	$0	$0	$0
WILLIAM O GENERETT JR	TRUSTEE	0.40	Director	$0	$0	$0
MURRY S GERBER	TRUSTEE	0.40	Director	$0	$0	$0
SARIKA M GOULATIA	TRUSTEE	0.40	Director	$0	$0	$0
GEORGE C GREER	TRUSTEE	0.40	Director	$0	$0	$0
STEVEN J GUY	TRUSTEE	0.40	Director	$0	$0	$0
LISA HALEY HUFF	TRUSTEE	0.40	Director	$0	$0	$0
FARNAM JAHANIAN	TRUSTEE	0.40	Director	$0	$0	$0
PETER F MATHIESON	TRUSTEE	0.40	Director	$0	$0	$0
SALLY MCCRADY	TRUSTEE	0.40	Director	$0	$0	$0
JEFFREY L MORBY	TRUSTEE (EXITED 09/23)	0.40	Director	$0	$0	$0
DAVID L PORGES	TRUSTEE	0.40	Director	$0	$0	$0
CHARLES J QUEENAN JR	TRUSTEE	0.40	Director	$0	$0	$0
SAM REIMAN	TRUSTEE	0.40	Director	$0	$0	$0
JAMES E ROHR	TRUSTEE	0.40	Director	$0	$0	$0
CARYN B RUBINOFF	TRUSTEE	0.40	Director	$0	$0	$0
RAFAEL SANTANA	TRUSTEE	0.40	Director	$0	$0	$0
CYNTHIA D SHAPIRA	TRUSTEE	0.40	Director	$0	$0	$0
JIMMI SUE SMITH	TRUSTEE	0.40	Director	$0	$0	$0
HILARY S TYSON	TRUSTEE	0.40	Director	$0	$0	$0
THOMAS L VANKIRK	TRUSTEE	0.40	Director	$0	$0	$0
SUNIL WADHWANI	TRUSTEE	0.40	Director	$0	$0	$0
NANCY D WASHINGTON	TRUSTEE	0.40	Director	$0	$0	$0
MICHAEL WATSON	TRUSTEE	0.40	Director	$0	$0	$0
CHRISTY WIEGAND	TRUSTEE	0.40	Director	$0	$0	$0
TRAVIS WILLIAMS	TRUSTEE	0.40	Director	$0	$0	$0
DANIEL WILSON	TRUSTEE	0.40	Director	$0	$0	$0
ALFRED W WISHART JR	TRUSTEE (EXITED 04/23)	0.40	Director	$0	$0	$0
RONA NESBIT	EXECUTIVE VICE PRESIDENT	50.00	Officer	$365,947	$39,186	$405,133
NICK GIGANTE	VP OF DEVELOPMENT	42.00	Key Emp	$275,964	$45,137	$321,101
MARC FLEMING	VP OF MARKETING	40.00	Key Emp	$233,461	$42,791	$276,252
SCOTT SHILLER	VP OF ARTISTIC PLANNING	40.00	Key Emp	$397,740	$30,217	$427,957
KEVIN WILKES	CHIEF SECURITY OFFICER	40.00	Highest	$215,742	$22,303	$238,045
DANIEL HOFFER	CHIEF INFORMATION OFFICER	40.00	Highest	$223,147	$24,904	$248,051
EUGENE CIAVARRA	VP OF OPERATIONS	40.00	Highest	$167,736	$20,909	$188,645
JUSTIN SNAIR	DIRECTOR OF NETWORK SECURITY	40.00	Highest	$152,160	$10,177	$162,337
LINDA JAKUBEC	VP OF FINANCE	40.00	Highest	$150,337	$32,011	$182,348

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
2024	No data	No data	No data	No data
2023	$89,920,077	$70,951,686	$242,875,554	$18,968,391
2022	$95,645,991	$62,934,224	$219,694,044	$32,711,767
2021	$50,601,813	$31,275,992	$189,016,990	$19,325,821
2020	$30,648,182	$28,597,585	$157,194,087	$2,050,597
2019	$85,099,236	$84,022,158	$154,297,190	$1,077,078
2018	$79,430,111	$67,989,120	$168,198,456	$11,440,991

THE PITTSBURGH TRUST FOR CULTURAL RESOURCES