PROSPECT THEATER COMPANY INC

EIN: 582400427 501(c)(3) Arts, Culture & Humanities

NEW YORK, NY

Total Revenue
$574,696
Total Expenses
$710,512
Total Assets
$149,249
Net Assets
$135,396
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Financial Trends

Organization Details

Formation Year
1998
Legal Domicile
NY
Principal Officer
MELISSA HUBER
Phone
2125944476
Tax Period
2024-09-01 to 2025-08-31

PROSPECT THEATER COMPANY INC, founded in 1998, is a small nonprofit in the Arts, Culture & Humanities sector that reported $575K in total revenue in fiscal year 2024. Revenue fell 24% from the prior year — a significant decline worth monitoring. Expenses of $711K exceeded revenue, resulting in a 24% operating deficit.

Mission

PROSPECT IS DEDICATED TO FOSTERING AND SHOWCASING TODAYS NEW VOICES SHAPING TOMORROWS MUSICALS. WE DEVELOP AND PRODUCE NEW WORKS, ENVISIONED AND IMPLEMENTED BY EMERGING ARTISTS. PROSPECT CREATES EDUCATIONAL AND TRAINING OPPORTUNITIES, SUSTAINS A SUPPORTIVE NETWORK WITHIN THE FIELD, AND PROVIDES A FORUM FOR ARTISTS AND AUDIENCES TO CONNECT AND LEARN FROM EACH OTHER.

Program Service Accomplishments

Program 1
Expenses: $293,464 Revenue: $11,840

THE OSCAR MICHEAUX PROJECT Music by ALPHONSO HORNE Co-Book & Co-Lyrics by JESSE L. KEARNEY, JR. Co-Lyrics and Additional Music by PETER MILLS Co-Book by CARA REICHEL Development of a new musical...

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THE OSCAR MICHEAUX PROJECT Music by ALPHONSO HORNE Co-Book & Co-Lyrics by JESSE L. KEARNEY, JR. Co-Lyrics and Additional Music by PETER MILLS Co-Book by CARA REICHEL Development of a new musical which included a staged reading in January 2025, demo recordings of songs from the show and a workshop production of a jazz musical theater work presented at the Baruch Performing Arts Center in June 2025. 6 performances 558 attendees

Program 2
Expenses: $136,305 Revenue: $21,985

IGNITE CONCERT FESTIVAL A series of concerts and special events presented March and April 2025 showcasing works in progress musical theater works including: Friday, March 28 2025 @ 7:30p: Marguerite...

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IGNITE CONCERT FESTIVAL A series of concerts and special events presented March and April 2025 showcasing works in progress musical theater works including: Friday, March 28 2025 @ 7:30p: Marguerite, In Concert Saturday, March 29 2025 @ 7:30p: Broadway Barkada, In Concert Sunday, March 30 2025 @ 3p: Women of WICKED - Panel Discussion Wednesday, April 2 2025@ 7:30p: Cherry Orchard, In Concert Saturday April 5 2025 @ 7:30p & Sunday April 6 @ 3p: We Foxes, In Concert presented with Actor Therapy New Works & Very Intense Productions Thursday, April 10 2025 @ 7:30p: The Battle of Blythe Road, In Concert prpresented with On The Quays Sunday, April 13 2025 @ 2p: Amberland, In Concert presented with Ring of Keys 8 performances 1057 Attendees

Program 3
Expenses: $46,147 Revenue: $20,232

MAYA - THE MUSICAL IN CONCERT Book & Music by CHEEYANG NG Book & Lyrics by ERIC SORRELS Directed by J. MEHR KAUR A concert of the New Musical presented by Prospects IGNITE Series in partnership with...

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MAYA - THE MUSICAL IN CONCERT Book & Music by CHEEYANG NG Book & Lyrics by ERIC SORRELS Directed by J. MEHR KAUR A concert of the New Musical presented by Prospects IGNITE Series in partnership with National Asian Artists Project THURSDAY, NOVEMBER 21 2024 @ 7PM, Symphony Space 1 performance 409 Attendees

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $512,737
Program Service Revenue $59,493
Investment Income $1,185
Other Revenue $1,281
TOTAL REVENUE $574,696

Expense Breakdown

Grants Paid $0
Salaries & Benefits $296,104
Fundraising Expenses $44,300
Program Expenses $560,068
Other Expenses $414,408
TOTAL EXPENSES $710,512

Year-over-Year Comparison

2024 2023 Change
Revenue $574,696 $760,174 -0.2%
Expenses $710,512 $487,673 +0.5%
Net Income $-135,816 $272,501 -1.5%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
15
Independent Members
12
Employees
27
Volunteers
4

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
7
$78,803
Total Directors
16
$82,803
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CARA REICHEL BOARD MEMBER/PRODUCING ARTISTIC DIRECTOR 40.00
Officer Director
$47,703 $0 $47,703
MELISSA HUBER BOARD MEMBER/MANAGING DIRECTOR 20.00
Officer Director
$31,100 $0 $31,100
PETER MILLS BOARD MEMBER 5.00
Director
$4,000 $0 $4,000
JASON MA PRESIDENT 5.00
Officer Director
$0 $0 $0
JESSE KEARNEY PRESIDENT (LEFT DECEMBER 2024) 5.00
Officer Director
$0 $0 $0
TIRA HARPAZ VICE PRESIDENT 5.00
Officer Director
$0 $0 $0
KYLE BURKHARDT TREASURER 5.00
Officer Director
$0 $0 $0
JANE ABRAMSON SECRETARY 5.00
Officer Director
$0 $0 $0
JULIE MILLER BOARD MEMBER 5.00
Director
$0 $0 $0
TONY VALLES BOARD MEMBER 5.00
Director
$0 $0 $0
SOPHIE GANDLER BOARD MEMBER 5.00
Director
$0 $0 $0
KARIN KAWAMOTO BOARD MEMBER 5.00
Director
$0 $0 $0
CAROLINE EBER BOARD MEMBER 5.00
Director
$0 $0 $0
ROBERT GURMAN BOARD MEMBER 5.00
Director
$0 $0 $0
ELIZABETH CASASOLA BOARD MEMBER 5.00
Director
$0 $0 $0
FOXY SQUIRE BOARD MEMBER 5.00
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 $574,696 $710,512 $149,249 $-135,816
2024 $760,174 $487,673 $376,448 $272,501
2023 $494,227 $652,199 $57,456 $-157,972
2022 $516,430 $560,802 $167,991 $-44,372
2021 $386,586 $349,101 $267,229 $37,485
2020 $584,533 $599,801 $235,247 $-15,268
2019 $827,270 $732,382 $185,427 $94,888
2018 $594,661 $648,167 $106,960 $-53,506
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