THE NORTH CAROLINA THEATRE

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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

1983

Legal Domicile

Principal Officer

JAMES LEE

Phone

9198316941

Tax Period

2022-01-01 to 2022-12-31

THE NORTH CAROLINA THEATRE, founded in 1983, is a community nonprofit that reported $3.5M in total revenue in fiscal year 2022. Expenses of $4.3M exceeded revenue, resulting in a 24% operating deficit.

Mission

TO STRENGTHEN THE CULTURAL VITALITY OF THE REGION AND CULTIVATE MUSICAL THEATRE APPRECIATION BY PRODUCING OUTSTANDING PROFESSIONAL BROADWAY MUSICALS AND DEVELOPING THE NEXT GENERATION OF ARTISTS THROUGH YOUTH TRAINING, PERFORMANCE, AND OUTREACH PROGRAMS.

Program Service Accomplishments

Program 1

Expenses: $251,469 Revenue: $162,226

NCT CONSERVATORY INCLUDES YEAR-ROUND PRODUCTIONS OF PROFESSIONAL THEATRE PROGRAMMING SUCH AS MUSICALS AND PLAYS.

Program 2

Expenses: $3,146,145 Revenue: $1,332,127

TO PRODUCE PROFESSIONAL THEATRE PRODUCTIONS.

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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 (2022)

Revenue Breakdown

Contributions & Grants $1,974,259

Program Service Revenue $1,444,220

Investment Income $24,491

Other Revenue $50,133

TOTAL REVENUE $3,493,103

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,969,004

Fundraising Expenses $341,887

Program Expenses $3,397,614

Other Expenses $2,362,420

TOTAL EXPENSES $4,331,424

Year-over-Year Comparison

	2022	2021	Change
Revenue	$3,493,103	$3,580,122	0.0%
Expenses	$4,331,424	$2,994,738	+0.4%
Net Income	$-838,321	$585,384	-2.4%

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

$187,435

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ELIZABETH DORAN	PRESIDENT & CEO	50.00	Officer	$166,462	$20,973	$187,435
DEBBIE HAMMERSLA	CHAIR OF BOARD	0.50	Officer Director	$0	$0	$0
JEFF WEATHERSPOON	FORMER BOARD CHAIR	0.50	Officer Director	$0	$0	$0
ANNA CHURCHILL	VICE CHAIR OF BOARD AND CHAIR OF GOVERNANCE	0.50	Officer Director	$0	$0	$0
JOHN ZALOOM	SECRETARY	0.50	Officer Director	$0	$0	$0
JILL HEATH	TREASURER AND CHAIR OF FINANCE COMMITTEE	0.50	Officer Director	$0	$0	$0
CATHERINE DAUBERT	CHAIR OF DEVELOPMENT COMMITTEE	0.50	Director	$0	$0	$0
CARLA FREDERICK	CHAIR OF EDUCATION COMMITTEE	0.50	Director	$0	$0	$0
MERRITT ATKINS	BOARD MEMBER	0.50	Director	$0	$0	$0
EMILY FAUSCH	BOARD MEMBER	0.50	Director	$0	$0	$0
LAWRENCE QUINCY MARSHALL	MEMBER AT LARGE	0.50	Director	$0	$0	$0
CHANDA JANINE BRANCH	BOARD MEMBER	0.50	Director	$0	$0	$0
CHRISTOPHER D SALEH	BOARD MEMBER	0.50	Director	$0	$0	$0
ALLEN MASK MD	BOARD MEMBER	0.50	Director	$0	$0	$0
JAYMES FOSTER	BOARD MEMBER	0.50	Director	$0	$0	$0
JOANNE M FRUTH MD	BOARD MEMBER	0.50	Director	$0	$0	$0
ANABEL ROSA	BOARD MEMBER	0.50	Director	$0	$0	$0
KEN SMITH	BOARD MEMBER	0.50	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
2022	$3,493,103	$4,331,424	$1,771,256	$-838,321
2021	$3,580,122	$2,994,738	$3,174,252	$585,384
2020	$1,830,229	$2,601,012	$2,275,947	$-770,783
2019	$4,495,276	$5,168,954	$2,639,585	$-673,678
2018	$4,625,713	$5,159,610	$3,279,401	$-533,897