COMMONWEALTH THEATRE CENTER 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

1976

Legal Domicile

Principal Officer

ELIZABETH ZIMMERMAN PHD

Phone

5025890084

Tax Period

2022-08-01 to 2023-07-31

COMMONWEALTH THEATRE CENTER INC, founded in 1976, is a small nonprofit in the Arts, Culture & Humanities sector that reported $881K in total revenue in fiscal year 2022. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $1.1M exceeded revenue, resulting in a 24% operating deficit.

Mission

DEVELOPING YOUTH AND OUR COMMUNITY THROUGH EXCELLENCE IN COMPREHENSIVE THEATRE EDUCATION AND PERFORMANCE.

Program Service Accomplishments

Program 1

Expenses: $740,041

COMMONWEALTH THEATRE CENTER (CTC), FORMERLY WALDEN THEATRE/BLUE APPLE PLAYERS (MERGED JANUARY 2015), PROVIDES A CONTINUUM OF THEATRE EDUCATION WITH A DEEP HERITAGE OF EXCELLENCE, INNOVATION, AND...

COMMONWEALTH THEATRE CENTER (CTC), FORMERLY WALDEN THEATRE/BLUE APPLE PLAYERS (MERGED JANUARY 2015), PROVIDES A CONTINUUM OF THEATRE EDUCATION WITH A DEEP HERITAGE OF EXCELLENCE, INNOVATION, AND COMMITMENT TO LIFELONG LEARNING. FOR 48 YEARS, CTC PROGRAMS HAVE BEEN AN EFFECTIVE AND UNIQUE PART OF CREATIVE, ACADEMIC, SOCIAL, AND ECONOMIC DEVELOPMENT IN THE GREATER LOUISVILLE AREA AND BEYOND. IN FY23 CTC REACHED 12,485 YOUTH AND ADULTS THROUGH OUR OUTREACH, CONSERVATORY AND MAIN STAGE PERFORMANCES. ANNUALLY, CTC'S OUTREACH PROGRAMS SERVE OVER 50 SITES ACROSS THE REGION, WORKING WITH COMMUNITY CENTERS, LIBRARIES, AND MANY TITLE I SCHOOLS. CTCS CONSERVATORY DRAWS STUDENTS FROM MORE THAN 50 LOCAL SCHOOLS EACH YEAR AND HOSTS OVER 3,000 PATRONS IN OUR NANCY NILES SEXTON THEATRE. CTC'S MISSION IS TO DEVELOP YOUTH AND OUR COMMUNITY THROUGH EXCELLENCE IN COMPREHENSIVE THEATRE EDUCATION AND PERFORMANCE. OUR CONTINUUM OF LEARNING INCLUDES BLUE APPLE OUTREACH'S TOURING PRODUCTIONS AS WELL AS THE INTERDISCIPLINARY WORKSHOP AND RESIDENCY PROGRAMS THAT ENRICH SOCIAL, EMOTIONAL, AND ACADEMIC GROWTH. WITH A NO-AUDITION POLICY AND FINANCIAL AID FOR STUDENTS, THE WALDEN THEATRE CONSERVATORY INCLUDES INTENSIVE THEATRE TRAINING FOR YOUTH RANGING FROM INTRODUCTORY TO PROFESSIONAL, STUDENT-PRODUCED AND ACTED PERFORMANCES, AN ALUMNI PROGRAM, PROFESSIONAL PERFORMANCES, AND ADULT ACTING CLASSES.

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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 $540,017

Program Service Revenue $355,165

Investment Income $0

Other Revenue $-14,397

TOTAL REVENUE $880,785

Expense Breakdown

Grants Paid $5,475

Salaries & Benefits $743,963

Fundraising Expenses $63,655

Program Expenses $740,041

Other Expenses $324,096

TOTAL EXPENSES $1,089,238

Year-over-Year Comparison

	2022	2021	Change
Revenue	$880,785	$778,761	+0.1%
Expenses	$1,089,238	$1,082,182	+0.0%
Net Income	$-208,453	$-303,421	-0.3%

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

300

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

$34,745

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
IAN FRANK	MANAGING DIR	40.00	Officer	$31,113	$3,632	$34,745
ANGELA MCCORKLE BUCKLER	PAST PRESIDE	2.00	Officer Director	$0	$0	$0
KATHY CAMPBELL	BOARD MEMBER	1.00	Director	$0	$0	$0
PATTI CLARE	SECRETARY	2.00	Officer Director	$0	$0	$0
DR TAMEKKA CORNELIUS	BOARD MEMBER	1.00	Director	$0	$0	$0
JIMI FITCH	TREASURER	2.00	Officer Director	$0	$0	$0
MARK GOMSAK	BOARD MEMBER	1.00	Director	$0	$0	$0
KEVIN HYDE	BOARD MEMBER	1.00	Director	$0	$0	$0
BRAD KEETON	BOARD MEMBER	1.00	Director	$0	$0	$0
TRICIA LISTER	BOARD MEMBER	1.00	Director	$0	$0	$0
ELIZABETH ZIMMERMAN PHD	BOARD PRESID	2.00	Officer Director	$0	$0	$0
ANITA STREETER	VICE PRESIDE	2.00	Officer 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
2023	$880,785	$1,089,238	$336,347	$-208,453
2022	$778,761	$1,082,182	$462,068	$-303,421
2021	$1,131,192	$983,014	$772,604	$148,178
2020	$1,181,292	$1,115,510	$670,039	$65,782
2019	$1,315,010	$1,220,041	$370,590	$94,969