5TH AVENUE THEATRE ASSOCIATION

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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

1979

Legal Domicile

Principal Officer

WILLIAM R BERRY

Phone

2066251418

Tax Period

2024-08-01 to 2025-07-31

5TH AVENUE THEATRE ASSOCIATION, founded in 1979, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $21.1M in total revenue in fiscal year 2024. Revenue decreased 12% compared to the prior year. Expenses of $26.6M exceeded revenue, resulting in a 26% operating deficit.

Mission

TO NURTURE, ADVANCE, AND CELEBRATE ALL ASPECTS OF THE GREAT ART FORM: THE MUSICAL.

Program Service Accomplishments

Program 1

Expenses: $21,267,164 Revenue: $11,433,338

THE 5TH AVENUE THEATRE'S MISSION IS TO NURTURE, ADVANCE, AND CELEBRATE ALL ASPECTS OF THE GREAT ART FORM: THE MUSICAL. THE 5TH REACHES 180,000 PEOPLE THROUGH PROGRAMS AT ITS DOWNTOWN SEATTLE VENUE...

THE 5TH AVENUE THEATRE'S MISSION IS TO NURTURE, ADVANCE, AND CELEBRATE ALL ASPECTS OF THE GREAT ART FORM: THE MUSICAL. THE 5TH REACHES 180,000 PEOPLE THROUGH PROGRAMS AT ITS DOWNTOWN SEATTLE VENUE AND IN COMMUNITIES ACROSS THE STATE. WE PRODUCE A MAINSTAGE SEASON, WITH A MIX OF LOCALLY CREATED AND PRODUCED SHOWS AND WE ALSO HOST NATIONAL TOURS. THERE ARE 150+ PERFORMANCES ON OUR STAGE EACH YEAR WHERE 500+ VOLUNTEERS HELP GREET AND USHER. ONE OF THE REGION'S LARGEST ARTS EMPLOYERS, WE EMPLOY 700+ PEOPLE A YEAR. OUR EDUCATION PROGRAMS REACH K-12 GRADES AND HAVE HISTORICALLY SERVED 30,000-75,000 YOUTH, EDUCATORS, AND COMMUNITY MEMBERS. EACH SEASON, WE PROVIDE FREE TICKETS TO LOCAL NON-PROFITS, DISCOUNTED TICKETS FOR PATRONS, AND ACCESSIBILITY SERVICES FOR 5,000+ PATRONS. THE 5TH HAS PRODUCED 20 NEW MUSICALS; NINE WENT TO BROADWAY.DURING FY25, THE 5TH AVENUE THEATRE ENTERED A PARTNERSHIP WITH SEATTLE THEATRE GROUP IN WHICH STG WILL MANAGE THE THEATER BUILDING WHILE THE 5TH CONTINUES PRODUCING ITS OWN SHOWS INDEPENDENTLY. THIS MOVE IS DESIGNED TO STRENGTHEN FINANCIAL STABILITY; SUPPORT LOCALLY PRODUCED MUSICAL THEATER AND MAKE FULLER USE OF THE HISTORIC VENUE THROUGHOUT THE YEAR. THE ARRANGEMENT ALSO AIMS TO BRING MORE EVENTS AND VISITORS TO THE DOWNTOWN AREA ALLOWING STG AND THE 5TH TO ACTIVATE THE SPACE SEPARATELY AND AS CO-PRESENTING PARTNERS, STRENGTHENING THE 5TH AVENUE'S STATUS AS A NON-PROFIT ORGANIZATION.

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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 $9,701,180

Program Service Revenue $11,291,038

Investment Income $25,135

Other Revenue $71,567

TOTAL REVENUE $21,088,920

Expense Breakdown

Grants Paid $0

Salaries & Benefits $14,830,484

Fundraising Expenses $1,477,031

Program Expenses $21,267,164

Other Expenses $11,702,012

TOTAL EXPENSES $26,586,419

Year-over-Year Comparison

	2024	2023	Change
Revenue	$21,088,920	$23,858,166	-0.1%
Expenses	$26,586,419	$31,129,708	-0.1%
Net Income	$-5,497,499	$-7,271,542	-0.2%

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

571

Volunteers

3256

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

$365,494

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KENNY ALHADEFF	BOARD CHAIR	40.00	Officer Director	$0	$0	$0
MARISA BEHNKE	PRESIDENT	40.00	Officer Director	$0	$0	$0
TOM HANDLEY	TREASURER	40.00	Officer Director	$0	$0	$0
GRACE YUAN	SECRETARY	40.00	Officer Director	$0	$0	$0
BETH PORTER	MEMBER	2.00	Director	$0	$0	$0
RAVIJA AMLANI	MEMBER	2.00	Director	$0	$0	$0
DEBBY CARTER	MEMBER	2.00	Director	$0	$0	$0
HELEN FANUCCI	MEMBER	2.00	Director	$0	$0	$0
RANDY HODGINS	MEMBER	2.00	Director	$0	$0	$0
NINA JENNINGS	MEMBER THRU 01/25	2.00	Director	$0	$0	$0
PAT KENNEDY	MEMBER	2.00	Director	$0	$0	$0
LEE KELLER	MEMBER THRU 03/25	2.00	Director	$0	$0	$0
FORREST KIM	MEMBER	2.00	Director	$0	$0	$0
SASA KIRKPATRICK	MEMBER	2.00	Director	$0	$0	$0
KYLE LEVINE	MEMBER THRU 01/25	2.00	Director	$0	$0	$0
WILL LUDLAM	MEMBER	2.00	Director	$0	$0	$0
CARMEN MAYO	MEMBER	2.00	Director	$0	$0	$0
RICHARD MEADOWS	MEMBER	2.00	Director	$0	$0	$0
GABRIELLE MELLON	MEMBER	2.00	Director	$0	$0	$0
JOHN PAYES	MEMBER	2.00	Director	$0	$0	$0
BUZZ PORTER	MEMBER	2.00	Director	$0	$0	$0
STEPHEN P REYNOLDS	MEMBER	2.00	Director	$0	$0	$0
JEANNE SHELDON	MEMBER	2.00	Director	$0	$0	$0
BONNIE TOWNE	MEMBER	2.00	Director	$0	$0	$0
GARY TUCCI	MEMBER	2.00	Director	$0	$0	$0
BECCA WERT	MEMBER	2.00	Director	$0	$0	$0
BILL WERT	MEMBER	2.00	Director	$0	$0	$0
EILEEN GLASSER WESLEY	MEMBER	2.00	Director	$0	$0	$0
NATALIE WHITE	MEMBER	2.00	Director	$0	$0	$0
KENNETH WILLMAN	MEMBER THRU 01/25	2.00	Director	$0	$0	$0
WILLIAM R BERRY	PRODUCING ARTISTIC DIRECTOR	40.00	Officer	$199,794	$17,035	$216,829
RACHEL ROBERT	CHIEF FINANCIAL OFFICER THRU 03/25	40.00	Officer	$132,967	$15,698	$148,665
MICHAEL BARKER	INTERIM CFO FROM 03/25	40.00	Officer	$0	$0	$0
KATHERINE L SCHIRMER MALTAIS	MANAGING DIRECTOR THRU 05/24	40.00	Highest	$295,547	$18,950	$314,497
LAUREL HORTON	HEAD CARPENTER	40.00	Highest	$104,679	$0	$104,679
BECKY WITMER	DIR. OF MARKETING & GUEST SVCS	40.00	Highest	$130,596	$15,651	$146,247
JOAN TOGGENBURGER	DIRECTOR OF PRODUCTION	40.00	Highest	$120,078	$15,441	$135,519
BENJAMIN BAIRD	PRODUCTION CARPENTER	40.00	Highest	$107,520	$15,189	$122,709

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
2025	$21,088,920	$26,586,419	$16,459,728	$-5,497,499
2024	$23,858,166	$31,129,708	$19,453,831	$-7,271,542
2023	$29,011,581	$32,611,326	$28,233,555	$-3,599,745
2022	$23,695,338	$24,804,324	$27,073,287	$-1,108,986
2021	$18,258,677	$8,806,072	$25,132,895	$9,452,605
2020	$22,661,308	$24,040,858	$19,781,467	$-1,379,550
2019	$32,234,032	$28,845,839	$17,471,083	$3,388,193
2018	$24,562,233	$26,103,980	$14,921,239	$-1,541,747