WORLD TRADE CENTER PERFORMING ARTS… - 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

2012

Legal Domicile

Principal Officer

KHADY KAMARA

Phone

2122663000

Tax Period

2023-01-01 to 2023-12-31

WORLD TRADE CENTER PERFORMING ARTS CENTER INC, founded in 2012, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $33.0M in total revenue in fiscal year 2023. Revenue fell 58% from the prior year — a significant decline worth monitoring. Expenses of $44.3M exceeded revenue, resulting in a 34% operating deficit.

Mission

THE PERELMAN PERFORMING ARTS CENTER CREATES CONNECTIONS BY CULTIVATING BONDS BETWEEN EXTRAORDINARY ARTISTS AND COMMUNITIES WITH EXEMPLARY PERFORMANCES IN ACTIVE DIALOGUE ACROSS THE ARTS IN OUR FLEXIBLE INTIMATE SPACES, INVITING CONVERSATION AND NEW RELATIONSHIPS. OUR ART AND OUR AUDIENCES REFLECT THE DYNAMIC ENERGY OF ALL FIVE BOROUGHS OF NEW YORK CITY. OUR WORK ASKS ALL OF US TO CONSIDER AND EMBRACE THE COMPLEXITIES OF SOCIETY. TOGETHER, WE WELCOME THE ENTIRE WORLD. THE PERELMAN PERFORMING ARTS CENTER IS WHERE THE WORLD TRADES IDEAS.

Program Service Accomplishments

Program 1

Expenses: $14,312,069 Revenue: $1,000,118

ARTISTIC AND PROGRAM:ARTISTIC DIRECTOR BILL RAUCH AND THE PRODUCING TEAM SUCCESSFULLY LAUNCHED AND PRESENTED THE PERELMAN PERFORMING ARTS CENTER'S INAUGURAL SEASON, OFFERING A RICH AND DIVERSE...

ARTISTIC AND PROGRAM:ARTISTIC DIRECTOR BILL RAUCH AND THE PRODUCING TEAM SUCCESSFULLY LAUNCHED AND PRESENTED THE PERELMAN PERFORMING ARTS CENTER'S INAUGURAL SEASON, OFFERING A RICH AND DIVERSE PROGRAM OF LIVE PERFORMANCES. THE SEASON WELCOMED NEW YORKERS AND VISITORS FROM ALL 50 STATES AND SHOWCASED ARTISTS ACROSS DISCIPLINES WHILE LAYING THE GROUNDWORK FOR FUTURE PROGRAMMING.

Program 2

Expenses: $10,026,703 Revenue: $0

ORGANIZATION DEVELOPMENT AND PLANNING:IN ITS INAUGURAL YEAR, UNDER THE LEADERSHIP OF EXECUTIVE DIRECTOR KHADY KAMARA, THE ORGANIZATION PRIORITIZED STRATEGIC GROWTH, GOVERNANCE, AND OPERATIONAL...

ORGANIZATION DEVELOPMENT AND PLANNING:IN ITS INAUGURAL YEAR, UNDER THE LEADERSHIP OF EXECUTIVE DIRECTOR KHADY KAMARA, THE ORGANIZATION PRIORITIZED STRATEGIC GROWTH, GOVERNANCE, AND OPERATIONAL EXCELLENCE. KEY EFFORTS INCLUDED MARKETING PUBLIC PROGRAMS, EXPANDING FUNDRAISING INITIATIVES, AND STRENGTHENING LONG-TERM BUSINESS AND MANAGEMENT PLANS TO ENSURE SUSTAINABILITY AND FUTURE SUCCESS.

Program 3

Expenses: $8,800,655 Revenue: $0

CONSTRUCTION MANAGEMENT, DESIGN AND FACILITIES PLANNING:SCIAME CONSTRUCTION, SERVING AS CONSTRUCTION MANAGER SUBSTANTIALLY COMPLETED CONSTRUCTION ACTIVITIES AT THE SITE WITH COMMISSIONING AND PUNCH LIST WORK ONGOING. PROJECT MANAGEMENT, DESIGN AND CONSTRUCTION COSTS OF $41,201,916 WERE INCURRED AND CAPITALIZED IN 2023. THE PERELMAN PERFORMING ARTS CENTER OPENED TO THE PUBLIC IN SEPTEMBER 2023. WITH THE BUILDING PLACED IN SERVICE $ 7,919,330 IN DEPRECIATION EXPENSE WAS RECORDED IN 2023.

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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 $30,525,484

Program Service Revenue $914,313

Investment Income $13,957

Other Revenue $1,588,955

TOTAL REVENUE $33,042,709

Expense Breakdown

Grants Paid $0

Salaries & Benefits $15,471,616

Fundraising Expenses $1,943,533

Program Expenses $36,688,135

Other Expenses $28,498,393

TOTAL EXPENSES $44,258,009

Year-over-Year Comparison

	2023	2022	Change
Revenue	$33,042,709	$79,386,586	-0.6%
Expenses	$44,258,009	$8,927,388	+4.0%
Net Income	$-11,215,300	$70,459,198	-1.2%

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

574

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

$1,202,835

Total Directors

Key Employees

$2,412,081

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL R BLOOMBERG	CHAIR	2.00	Officer Director	$0	$0	$0
DOMINIC CASSERLEY	VICE-CHAIR AND TREASURER	2.00	Officer Director	$0	$0	$0
PETER H DARROW	VICE-CHAIR	2.00	Officer Director	$0	$0	$0
EDWARD P HENRY	SECRETARY	2.00	Officer Director	$0	$0	$0
FRANK BISIGNANO	DIRECTOR	1.00	Director	$0	$0	$0
RIC CLARK	DIRECTOR	1.00	Director	$0	$0	$0
STEVEN M COHEN	DIRECTOR	1.00	Director	$0	$0	$0
STEPHEN DALDRY	DIRECTOR	1.00	Director	$0	$0	$0
ANNA DEAVERE SMITH	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL DOUGLAS	DIRECTOR	1.00	Director	$0	$0	$0
DAVID EARLS	DIRECTOR	1.00	Director	$0	$0	$0
ARIEL EMANUEL	DIRECTOR	1.00	Director	$0	$0	$0
HAROLD FORD JR	DIRECTOR	1.00	Director	$0	$0	$0
PATRICIA E HARRIS	DIRECTOR	2.00	Director	$0	$0	$0
REV PHILLIP A JACKSON	DIRECTOR	1.00	Director	$0	$0	$0
VAN JONES	DIRECTOR	1.00	Director	$0	$0	$0
KATY KNIGHT	DIRECTOR	1.00	Director	$0	$0	$0
MARTHA LIVINGSTON	DIRECTOR	1.00	Director	$0	$0	$0
ZENIA MUCHA	DIRECTOR	1.00	Director	$0	$0	$0
HON ELLEN NACHTIGALL BIBEN	DIRECTOR	1.00	Director	$0	$0	$0
MARY KATHRYN NAGLE	DIRECTOR	1.00	Director	$0	$0	$0
INDRA NOOYI	DIRECTOR	1.00	Director	$0	$0	$0
GREGORY G OLAFSON	DIRECTOR	1.00	Director	$0	$0	$0
BLESSING OMAKWU ESQ	DIRECTOR	1.00	Director	$0	$0	$0
IAN OSBORNE	DIRECTOR	1.00	Director	$0	$0	$0
RONALD O PERELMAN	DIRECTOR	1.00	Director	$0	$0	$0
SCOTT RECHLER	DIRECTOR	1.00	Director	$0	$0	$0
EDWARD SKYLER	DIRECTOR	1.00	Director	$0	$0	$0
LARRY A SILVERSTEIN	DIRECTOR	1.00	Director	$0	$0	$0
SUSAN STROMAN	DIRECTOR	1.00	Director	$0	$0	$0
MARY ANN TIGHE	DIRECTOR	1.00	Director	$0	$0	$0
MARIA TORRES-SPRINGER	DIRECTOR	1.00	Director	$0	$0	$0
ROBIN VINCE	DIRECTOR	1.00	Director	$0	$0	$0
VALERIE WILPON	DIRECTOR	1.00	Director	$0	$0	$0
KHADY KAMARA	EXECUTIVE DIRECTOR	40.00	Officer	$579,418	$37,033	$616,451
LESLIE KOCH PRESIDENT CEO	THRU FEB 2023/PRESIDENT OF CONSTRUCTION	40.00	Officer	$555,905	$30,479	$586,384
WARREN ELLIOTT ELGHANAYAN	VP OF CONSTRUCTION	40.00	Key Emp	$590,249	$76,889	$667,138
WILLIAM RAUCH	ARTISTIC DIRECTOR	40.00	Key Emp	$1,188,925	$64,056	$1,252,981
JAMES CONNORS	DIRECTOR OF OPERATIONS	40.00	Key Emp	$458,872	$33,090	$491,962
FRANK LAPERA	SIR. DIR OF PROJECT DEVELOPMENTS	40.00	Highest	$444,596	$27,292	$471,888
CHRISTOPHER GATEAU	SENIOR PROJECT MANAGER	40.00	Highest	$426,979	$36,825	$463,804
GEORGE COOPER	DIRECTOR OF DESIGN	40.00	Highest	$282,413	$13,283	$295,696
MAXIM SEMIGLAZOV	DIR. OF FINANCE & COMPTROLLER	40.00	Highest	$287,747	$21,174	$308,921
ROBERT JOHN PILON	SENIOR ADVISOR	40.00	Highest	$258,086	$40,163	$298,249

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	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$33,042,709	$44,258,009	$592,002,023	$-11,215,300
2022	$79,386,586	$8,927,388	$588,355,179	$70,459,198
2021	$148,493,145	$3,949,124	$505,865,812	$144,544,021
2020	$34,569,102	$4,090,787	$353,997,852	$30,478,315
2019	$155,473,954	$3,966,202	$325,614,030	$151,507,752
2018	$80,194,180	$2,972,731	$158,006,000	$77,221,449
2017	$74,534,667	$2,228,659	$80,812,311	$72,306,008

WORLD TRADE CENTER PERFORMING ARTS CENTER INC