THEATER MU INCORPORATED

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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

1992

Legal Domicile

Principal Officer

ANH-THU PHAM

Phone

6517891012

Tax Period

2024-09-01 to 2025-08-31

THEATER MU INCORPORATED, founded in 1992, is a small nonprofit in the Arts, Culture & Humanities sector that reported $884K in total revenue in fiscal year 2024. Revenue fell 36% from the prior year — a significant decline worth monitoring. Expenses of $1.4M exceeded revenue, resulting in a 57% operating deficit.

Mission

THEATER MU PRODUCES GREAT PERFORMANCES BORN OF ARTS, EQUITY, AND JUSTICE FROM THE HEART OF THE ASIAN AMERICAN EXPERIENCE.

Program Service Accomplishments

Program 1

Expenses: $955,932 Revenue: $111,282

AS THE LARGEST ASIAN AMERICAN THEATER IN THE MIDWEST, THEATER MU HAS BEEN PROVIDING PROGRAMS IN MAINSTAGE, EDUCATION, ARTIST DEVELOPMENT, AND COMMUNITY EVENTS SINCE 1992. THEATER MU'S 2024-25 SEASON WAS THE FINAL SEASON PROGRAMMED BY FORMER ARTISTIC DIRECTOR, LILY TUNG CRYSTAL. THE SEASON CONTINUES MS. TUNG CRYSTAL'S VISION OF "WIDENING CIRCLES" OF ASIAN AMERICAN REPRESENTATION BY PROGRAMMING A SEASON OF PRODUCTIONS FEATURING SOUTH ASIAN AND QUEER STORIES. THE SEASON OPENED WITH A NEWLY REFORMATTED NEW EYES FESTIVAL WHERE THE COMPANY OPENED UP THE SUBMISSION PROCESS TO PLAYWRIGHTS NATION-WIDE FOR THE FIRST TIME SINCE 2011. THIS WAS FOLLOWED BY THE WORLD PREMIERE OF ANKITA RATURI'S FIFTY BOXES OF EARTH ABOUT A NONBINARY IMMIGRANT'S JOURNEY TO A NEW LAND AND THE SUSPICION FROM THE EXISTING RESIDENTS OF THE COMMUNITY GARDEN WITH THE ARRIVAL OF THE FOREIGNER. MU PRODUCED AN UPDATED PRODUCTION OF DIANA SON'S GLAAS AND OBIE AWARD WINNING PLAY STOP KISS TO CRITIC AND AUDIENCE ACCLAIM. THE THEMES OF MS. SON'S PLAY RINGING TRUE TODAY AS MUCH AS IT DID IN IT'S PREMIERE IN 1998. THEATER MU'S PRODUCTION BEING THE FIRST TIME THE MAJORITY OF THE ROLES CAST WITH ASIAN AMERICAN ACTORS. THE SEASON ENDED WITH A CO-PRESENTATION OF ADIL MANSOOU'S AMM(I)GONE. IN THIS ACHINGLY TENDER ONE-MAN SHOW ADIL TAKES THE AUDIENCE ON HIS JOURNEY ON THE EXPLORATION OF HIS IDENTITY AS A GAY MAN GROWING UP IN A SOUTH ASIAN MUSLIM HOME. THIS SEASON WAS ALSO THE FIRST TIME WHERE THEATER MU WORKED WITH A FOCUS GROUP OF FAMILY MEMBERS, YOUTH AND TEACHING ARTISTS TO RECEIVE FEEDBACK ON MU'S COMMUNITY EDUCATION PROGRAMMING. THE COHORT WORKING WITH MU'S PROGRAM MANAGER TO PROVIDE SUGGESTIONS FOR PROGRAMMATIC SUGGESTIONS FOR MU'S YOUTH EDUCATION PROGRAM, MU TRAINING INSTITUTE AND MU EXPLORATIONS. WITH THE ABSENCE OF A ARTISTIC DIRECTOR, LONG TIME MU ARTIST KATIE BRADLEY WAS HIRED AS AN INTERIM ARTISTIC DIRECTOR FOR THE SEASON. MS. BRADLEY NOT ONLY SERVED AS ARTISTIC PRODUCER FOR THE SEASON BUT ALSO WORKED CLOSELY WITH THE EDUCATION PROGRAM AS WELL AS THE ARTISTIC ADVISORY COHORT TO SYSTEMATIZE COMMUNITY AGREEMENTS.

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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 $738,882

Program Service Revenue $111,282

Investment Income $33,674

Other Revenue $0

TOTAL REVENUE $883,838

Expense Breakdown

Grants Paid $0

Salaries & Benefits $723,038

Fundraising Expenses $198,664

Program Expenses $955,932

Other Expenses $653,323

TOTAL EXPENSES $1,390,761

Year-over-Year Comparison

	2024	2023	Change
Revenue	$883,838	$1,380,095	-0.4%
Expenses	$1,390,761	$1,257,795	+0.1%
Net Income	$-506,923	$122,300	-5.1%

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

$109,905

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RUTHIE JOHNSON	BOARD CHAIR	0.50	Officer Director	$0	$0	$0
NONOKO SATO	TREASURER	0.50	Officer Director	$0	$0	$0
CURTIS KLOTZ	DIRECTOR	1.00	Director	$0	$0	$0
GABRIELLE RYAN	DIRECTOR	0.50	Director	$0	$0	$0
ELIZABETH HANG	DIRECTOR	0.50	Director	$0	$0	$0
ANH-THU PHAM	MANAGING DIRECTOR	40.00	Officer	$77,020	$10,312	$87,332
KATIE BRADLEY	INTERIM ARTISTIC DIRECTOR	40.00	Officer	$22,573	$0	$22,573

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	$883,838	$1,390,761	$852,859	$-506,923
2024	$1,380,095	$1,257,795	$1,334,446	$122,300
2023	$1,442,761	$1,319,526	$1,233,636	$123,235
2022	$900,747	$1,056,771	$1,171,942	$-156,024
2021	$1,516,837	$792,344	$1,255,858	$724,493
2020	$884,727	$603,703	$629,941	$281,024
2019	$571,679	$542,260	$336,554	$29,419
2018	$709,901	$573,859	$387,010	$136,042