FORWARD THEATER COMPANY

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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

2009

Legal Domicile

Principal Officer

JULIE SWENSON

Phone

6082345001

Tax Period

2024-07-01 to 2025-06-30

FORWARD THEATER COMPANY, founded in 2009, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.2M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. The organization ran a surplus of $510K, a strong 23% operating margin.

Mission

FORWARD THEATER COMPANY IS A HOME BASE FOR WISCONSIN THEATER PROFESSIONALS THAT WILL EXPAND THE ECONOMIC AND CULTURAL LIFE OF THE GREATER MADISON AREA.

Program Service Accomplishments

Program 1

Expenses: $1,182,667 Revenue: $874,327

DURING THE 2024-2025 SEASON, FTC HELD FOUR PERFORMANCES, KING JAMES, MURDER GIRL, SUMMER 1976, AND CASE FOR EXISTENCE OF GOD. TOTAL ATTENDANCE FOR EACH PERFORMANCE WAS 3,467, 4,853, 3,896, AND 4,120, RESPECTIVELY. THESE PROGRAMS HELP CREATE A HOME BASE FOR WISCONSIN THEATER PROFESSIONALS AND AUDIENCES THAT EXPANDS THE CULTURAL AND ECONOMIC LIFE OF THE GREATER MADISON 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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,094,594

Program Service Revenue $857,928

Investment Income $234,165

Other Revenue $14,284

TOTAL REVENUE $2,200,971

Expense Breakdown

Grants Paid $0

Salaries & Benefits $687,127

Fundraising Expenses $156,423

Program Expenses $1,182,667

Other Expenses $1,003,947

TOTAL EXPENSES $1,691,074

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,200,971	$1,999,154	+0.1%
Expenses	$1,691,074	$1,597,676	+0.1%
Net Income	$509,897	$401,478	+0.3%

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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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

$199,755

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID CHAIMSON	CHAIR	5.00	Officer Director	$0	$0	$0
DR JASON STEPHENSON	VICE CHAIR	2.00	Officer Director	$0	$0	$0
HALLIE KUENNING	TREASURER	2.00	Officer Director	$0	$0	$0
ROZAN ANDERSON	DIRECTOR	2.00	Director	$0	$0	$0
LINDA BALDWIN-O'HERN	DIRECTOR	2.00	Director	$0	$0	$0
KELSEY BAUBIE	DIRECTOR	2.00	Director	$0	$0	$0
ADAM ERDMANN	DIRECTOR	2.00	Director	$0	$0	$0
AMIE GOLDMAN	DIRECTOR	2.00	Director	$0	$0	$0
ERIN CELELLO	DIRECTOR	2.00	Director	$0	$0	$0
MARK CLEAR	DIRECTOR	2.00	Director	$0	$0	$0
SAMARA FRAME	DIRECTOR	2.00	Director	$0	$0	$0
SUSAN PIGORSCH	DIRECTOR	2.00	Director	$0	$0	$0
ORANGE SCHROEDER	DIRECTOR	2.00	Director	$0	$0	$0
TED WASKOWSKI	DIRECTOR	2.00	Director	$0	$0	$0
ANDY WHITE	DIRECTOR	2.00	Director	$0	$0	$0
JENNIFER GRAY	ARTISTIC DIRECTOR	40.00	Officer	$95,700	$10,230	$105,930
JULIE SWENSON	MANAGING DIRECTOR	40.00	Officer	$83,811	$10,014	$93,825

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	$2,200,971	$1,691,074	$3,693,155	$509,897
2024	$1,999,154	$1,597,676	$3,169,393	$401,478
2023	$1,466,846	$1,579,893	$2,548,022	$-113,047
2022	$1,526,795	$1,384,042	$2,539,546	$142,753
2021	$1,517,596	$1,195,048	$2,683,411	$322,548
2020	$1,360,250	$1,205,424	$2,180,099	$154,826
2019	$2,116,393	$1,283,929	$2,582,419	$832,464
2018	$902,800	$885,397	$1,715,348	$17,403