MILWAUKEE REPERTORY THEATER 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

1954

Legal Domicile

Principal Officer

RACHEL NIELSEN

Phone

4142241761

Tax Period

2024-07-01 to 2025-06-30

MILWAUKEE REPERTORY THEATER INC, founded in 1954, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $26.5M in total revenue in fiscal year 2024. Revenue fell 24% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $10.0M, a strong 38% operating margin.

Mission

THE ORGANIZATION IGNITES POSITIVE CHANGE IN THE CULTURAL, SOCIAL AND ECONOMIC VITALITY OF ITS COMMUNITY BY CREATING WORLD-CLASS THEATER EXPERIENCES THAT ENTERTAIN, PROVOKE AND INSPIRE MEANINGFUL DIALOGUE AMONG AN AUDIENCE REPRESENTATIVE OF MILWAUKEE'S RICH DIVERSITY.

Program Service Accomplishments

Program 1

Expenses: $12,244,063 Revenue: $6,985,499

DURING THE 2024/25 SEASON WE CONTINUED TO PROVIDE WORLD-CLASS THEATER PRODUCTIONS WHILE CONTINUING TO BOUNCE BACK FROM THE LOSS OF AUDIENCES AS A RESULT OF THE COVID-19 PANDEMIC. ALONGSIDE A FULL...

DURING THE 2024/25 SEASON WE CONTINUED TO PROVIDE WORLD-CLASS THEATER PRODUCTIONS WHILE CONTINUING TO BOUNCE BACK FROM THE LOSS OF AUDIENCES AS A RESULT OF THE COVID-19 PANDEMIC. ALONGSIDE A FULL SEASON OF PRODUCTIONS, WE CONTINUED RAISING CRITICAL FUNDS FOR A CAPITAL CAMPAIGN TO REMODEL AND EXPAND OUR COMPLEX WITH STATE-OF-THE-ART THEATERS, ABUNDANT COMMUNITY GATHERING SPACES, AN EDUCATION CENTER TO EXPAND STUDENT PROGRAMMING, AND MODERN AUDIENCE AMENITIES.

Program 2

Expenses: $795,191 Revenue: $111,989

MILWAUKEE REP EDUCATION & ENGAGEMENT PROGRAMS AIM TO USE THEATER AS AN AGENT OF CULTURAL AND POSITIVE CHANGE IN OUR COMMUNITIES AND IN OUR SCHOOLS BY ELIMINATING BARRIERS AND DISMANTLING ASSUMPTIONS ABOUT WHAT OUR ART FORM CAN DO. COLLECTIVELY WE CREATE POSITIVE CHANGE IN OUR CITY THROUGH OUR UNIQUE POSITION AS A CULTURAL ORGANIZATION THAT HAS THE CAPACITY TO BRING PEOPLE TOGETHER IN A CREATIVE WAY. ON STAGE. IN OUR SCHOOLS. BEHIND THE SCENES. IN THE LOBBY OR ACROSS THE TABLE, WE'RE INDIVIDUALS WHO CARE ABOUT MAKING OUR REGION MEET ITS FULL POTENTIAL.

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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 $16,068,907

Program Service Revenue $6,880,835

Investment Income $2,854,535

Other Revenue $705,111

TOTAL REVENUE $26,509,388

Expense Breakdown

Grants Paid $0

Salaries & Benefits $10,412,076

Fundraising Expenses $1,099,758

Program Expenses $13,039,254

Other Expenses $6,058,696

TOTAL EXPENSES $16,470,772

Year-over-Year Comparison

	2024	2023	Change
Revenue	$26,509,388	$34,796,157	-0.2%
Expenses	$16,470,772	$15,799,635	+0.0%
Net Income	$10,038,616	$18,996,522	-0.5%

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

527

Volunteers

650

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

$1,431,991

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JUDY HANSEN	PRESIDENT	1.00	Officer Director	$0	$0	$0
ADAM J PECK	PRESIDENT-ELECT	1.00	Officer Director	$0	$0	$0
KERRYANN HAASE MINTON	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
JAMES PHILLIPS	TREASUER	1.00	Officer Director	$0	$0	$0
BRYAN HOUSE	SECRETARY	1.00	Officer Director	$0	$0	$0
ANDRES GONZALEZ	AT-LARGE	1.00	Officer Director	$0	$0	$0
JOAN LUBAR	AT-LARGE	1.00	Officer Director	$0	$0	$0
ROBERT H MANEGOLD	AT-LARGE	1.00	Officer Director	$0	$0	$0
JAMES PHELPS	AT-LARGE	1.00	Officer Director	$0	$0	$0
AYAD AKHTAR	TRUSTEE	1.00	Director	$0	$0	$0
TAMMY BELTON-DAVIS	TRUSTEE	1.00	Director	$0	$0	$0
IVOR BENJAMIN	TRUSTEE	1.00	Director	$0	$0	$0
WENDY W BLUMENTHAL	TRUSTEE	1.00	Director	$0	$0	$0
JULIA BURNS	TRUSTEE	1.00	Director	$0	$0	$0
JOE CHECOTA	TRUSTEE	1.00	Director	$0	$0	$0
JANE CHERNOF	TRUSTEE	1.00	Director	$0	$0	$0
MARYBETH COTTRILL	TRUSTEE	1.00	Director	$0	$0	$0
AMY CROEN	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT H DUFFY	TRUSTEE	1.00	Director	$0	$0	$0
DR ERIC A DURANT	TRUSTEE	1.00	Director	$0	$0	$0
JAY FRANKE	TRUSTEE	1.00	Director	$0	$0	$0
JASON R GRAHAM	TRUSTEE	1.00	Director	$0	$0	$0
CHRISTOPER HERMANN	TRUSTEE	1.00	Director	$0	$0	$0
TOM IRGENS	TRUSTEE	1.00	Director	$0	$0	$0
LYNDA JOHNSON	TRUSTEE	1.00	Director	$0	$0	$0
DEBORAH KAEREK	TRUSTEE	1.00	Director	$0	$0	$0
MICHELLE KOLP	TRUSTEE	1.00	Director	$0	$0	$0
DAVID KUNDERT	TRUSTEE	1.00	Director	$0	$0	$0
DAWN LINDSEY	TRUSTEE	1.00	Director	$0	$0	$0
KRISTINE LUEDERS	TRUSTEE	1.00	Director	$0	$0	$0
RAYMOND J MANISTA	AT-LARGE	1.00	Officer Director	$0	$0	$0
ANNE L NOYES	TRUSTEE	1.00	Director	$0	$0	$0
JOE PICKART	TRUSTEE	1.00	Director	$0	$0	$0
KAREN PLUNKETT	TRUSTEE	1.00	Director	$0	$0	$0
BETH RIDLEY	TRUSTEE	1.00	Director	$0	$0	$0
ALLISON SCRIVNER	TRUSTEE	1.00	Director	$0	$0	$0
CLARK SLIPHER	TRUSTEE	1.00	Director	$0	$0	$0
CRAIG SWAN	TRUSTEE	1.00	Director	$0	$0	$0
DEBORAH TOMCZYK	TRUSTEE	1.00	Director	$0	$0	$0
BRYAN CARSON	TRUSTEE	1.00	Director	$0	$0	$0
DEBRA JOHNSON	TRUSTEE	1.00	Director	$0	$0	$0
PETER HAMMOND	TRUSTEE	1.00	Director	$0	$0	$0
BENJAMIN WAGNER	TRUSTEE	1.00	Director	$0	$0	$0
CHAD BAUMAN	EXECUTIVE DIR.	40.00	Officer	$349,353	$16,941	$366,294
MARK P CLEMENTS	ARTISTIC DIR	40.00	Officer	$332,172	$26,989	$359,161
NAUSHAD MOOLLA	CFO THROUGH 4/24	40.00	Officer	$37,778	$5,837	$43,615
MARY LISA FULTON	CHIEF MARKETING OFFICER	40.00	Officer	$133,879	$9,189	$143,068
CHARLES ROZEWICZ	CHIEF DEVELOPMENT OFFICER	40.00	Officer	$176,873	$12,876	$189,749
MATTHEW LIEBHAM	CFO THROUGH 9/24	20.00	Officer	$68,537	$6,549	$75,086
RACHEL NIELSEN	CHIEF FINANCIAL OFFICER	40.00	Officer	$51,290	$0	$51,290
MELISSA VARTANIAN-MIKAELIAN	MANAGING DIRECTOR	40.00	Officer	$186,565	$17,163	$203,728

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	$26,509,388	$16,470,772	$126,721,311	$10,038,616
2024	$34,796,157	$15,799,635	$107,208,110	$18,996,522
2023	$39,550,812	$15,224,300	$83,784,839	$24,326,512
2022	$35,719,750	$14,956,143	$57,957,999	$20,763,607
2021	$9,969,953	$8,346,582	$43,072,876	$1,623,371
2020	$13,783,319	$13,647,583	$38,843,943	$135,736
2019	$14,898,866	$14,209,155	$38,751,046	$689,711
2018	$17,491,399	$12,239,233	$37,670,378	$5,252,166