PACK PLACE PERFORMING ARTS 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

1997

Legal Domicile

Principal Officer

MICHAEL CORTES

Phone

8282574530

Tax Period

2024-07-01 to 2025-06-30

PACK PLACE PERFORMING ARTS INC, founded in 1997, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.1M in total revenue in fiscal year 2024.

Mission

TO PRESENT ENTERTAINING, ENLIGHTENING, AND ENRICHING PROGRAMS IN THE PERFORMING ARTS FOR THE BENEFIT OF THE CITIZENS OF ASHEVILLE, BUNCOMBE COUNTY, AND WESTERN NORTH CAROLINA.

Program Service Accomplishments

Program 1

Expenses: $1,851,935

AS A CORNERSTONE OF ASHEVILLE'S PERFORMING ARTS SCENE FOR MORE THAN 30 YEARS, THE WORTHAM CENTER FOR THE PERFORMING ARTS CONNECTS ARTISTS, AUDIENCES, AND STUDENTS THROUGH PERFORMANCES, EDUCATION, AND COMMUNITY ENGAGEMENT. WORTHAM PRESENTS NATIONALLY TOURING ARTISTS ALONGSIDE REGIONAL ARTS ORGANIZATIONS SPANNING MULTIPLE GENRES, INCLUDING MUSIC, DANCE, THEATRE, AND COMEDY. HEADLINERS OVER THE PAST THREE YEARS HAVE INCLUDED PILOBOLUS, KATHY MATTEA, BLACK VIOLIN, JANE LYNCH, KATE FLANNERY, NICOLE ZURAITIS, BODYTRAFFIC, JOHN MCCUTHEON, PAULA POUNDSTONE, RHIANNON GIDDENS, BLA FLECK, AND GARRISON KEILLOR. MORE THAN 40 ORGANIZATIONS PRESENT OVER 280 PUBLIC EVENTS AT WORTHAM EACH YEAR, INCLUDING THE ASHEVILLE SYMPHONY, ASHEVILLE AREA CHAMBER OF COMMERCE, ASHEVILLE BALLET, ASHEVILLE COMEDY FESTIVAL, BALLET CONSERVATORY OF ASHEVILLE, BLUE RIDGE ORCHESTRA, AND ASHEVILLE PERFORMING ARTS ACADEMY. IN ADDITION TO WORTHAM'S STUDENT SERIES, WHICH PRESENTS APPROXIMATELY 15 PERFORMANCES ANNUALLY THAT ALIGN WITH THE NORTH CAROLINA PUBLIC SCHOOLS CURRICULUM, WORTHAM PROVIDES ARTS EDUCATION THROUGH COMMUNITY HEALTH AND WELLNESS CLASSES, WORKSHOPS, MASTERCLASSES, AND SUMMER CREATIVE ART CAMPS. THE ARTS FOR ALL KIDS PROGRAM PROVIDES FINANCIAL ASSISTANCE AND SUPPORT THAT ENABLES ALL CHILDREN TO PARTICIPATE REGARDLESS OF THEIR FAMILY'S FINANCIAL CIRCUMSTANCES.

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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 $705,121

Program Service Revenue $1,211,800

Investment Income $19,139

Other Revenue $119,380

TOTAL REVENUE $2,055,440

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,047,794

Fundraising Expenses $139,074

Program Expenses $1,851,935

Other Expenses $1,210,222

TOTAL EXPENSES $2,258,016

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,055,440	$1,934,095	+0.1%
Expenses	$2,258,016	$2,173,434	+0.0%
Net Income	$-202,576	$-239,339	-0.2%

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

100

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

$112,365

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RAE GEOFFREY	MANAGING DIR	40.00	Officer	$112,365	$0	$112,365
HANNAH MICHALOVE	DIRECTOR/CHA	4.00	Officer Director	$0	$0	$0
MICHAEL CORTES	DIRECTOR/VIC	3.00	Officer Director	$0	$0	$0
BRIAN GILLESPIE	DIRECTOR/TRE	2.00	Officer Director	$0	$0	$0
NANCY HOUHA	DIRECTOR/SEC	2.00	Officer Director	$0	$0	$0
JOHN WHITMIRE	DIRECTOR	1.00	Director	$0	$0	$0
JOE SCULLY	DIRECTOR	1.00	Director	$0	$0	$0
LESLIE FAY	DIRECTOR	1.00	Director	$0	$0	$0
BOLLING FARMER	DIRECTOR	1.00	Director	$0	$0	$0
DAVID LANCOR	DIRECTOR	1.00	Director	$0	$0	$0
JERRY MCANINCH	DIRECTOR	1.00	Director	$0	$0	$0
CRAIG ALLEN	DIRECTOR	1.00	Director	$0	$0	$0
KIRK BORLAND	DIRECTOR	1.00	Director	$0	$0	$0
SUZANNE ESCOVITZ	DIRECTOR	1.00	Director	$0	$0	$0
ARTIE MILLER	DIRECTOR	1.00	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	$2,055,440	$2,258,016	$4,307,929	$-202,576
2024	$1,934,095	$2,173,434	$4,538,071	$-239,339
2023	$1,932,942	$2,112,767	$4,652,100	$-179,825
2022	$1,808,862	$1,797,121	$4,993,053	$11,741
2021	$1,250,115	$940,329	$5,147,800	$309,786
2020	$1,280,238	$1,439,467	$4,947,791	$-159,229
2019	$1,899,248	$1,444,537	$5,427,749	$454,711