Overview
What is The Palace Performing Arts Center Inc?
The Palace Performing Arts Center Inc, located at 19 Clinton Avenue, Albany, NY 12207, is a nonprofit organization dedicated to maximizing the cultural and entertainment potential of the Palace Theater in Albany, New York. With a workforce of 68 individuals, their mission is centered around operating and utilizing the Palace Theater effectively, transforming it into a vibrant hub for arts and entertainment within the community. The organization's primary focus and activity revolve around managing and showcasing various artistic and entertainment events within the Palace Theater, contributing positively to the local cultural landscape.
Official website here: www.palacealbany.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 96% - Four-Star out of Four Star Rating
The Palace Performing Arts Center Inc has achieved a remarkable 96% score on Charity Navigator, earning a Four-Star rating. This high score reflects the organization's strong commitment to accountability and finance, as indicated by its perfect scores across various categories, including independent board membership and financial oversight.
The nonprofit boasts a fully independent board, comprised of 13 members, which enhances its governance and transparency. Additionally, it has a low liabilities to assets ratio of 32.72%, demonstrating sound financial health. The organization also adheres to best practices with clear conflict of interest and whistleblower policies, indicating a robust ethical framework.
Despite its strengths, the summary does not highlight any specific areas for improvement. Overall, The Palace Performing Arts Center Inc stands out as a well-managed organization with a focus on accountability and effective financial practices.
This AI summary has been generated from information found on Charity Navigator.
Is The Palace Performing Arts Center Inc legitimate?
The Palace Performing Arts Center Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Palace Performing Arts Center Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,088,085
For more financial information, click here
Official website here: www.palacealbany.org
What is the mission statement of The Palace Performing Arts Center Inc?
The Palace Performing Arts Center Inc's mission is centered around operating a cultural and entertainment center to its fullest potential. This mission involves utilizing the Palace Theater as a platform to enrich the community with a variety of performances and events. By doing so, the center aims to contribute to the cultural vitality of the community, providing a space for entertainment and artistic expression. The goal is to engage and captivate audiences, fostering a sense of community and shared experiences through the power of the performing arts.
Official website here: www.palacealbany.org
What is the revenue of The Palace Performing Arts Center Inc?
The Palace Performing Arts Center Inc's revenue in 2024 was $4,561,436.
Official website here: www.palacealbany.org
Who are the executives of The Palace Performing Arts Center Inc and what are their salaries?
The average compensation at The Palace Performing Arts Center Inc during 2024 was $10,462. There are 104 employees and 120 volunteers at The Palace Performing Arts Center Inc.
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- Compensation: $163,032
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- Other: $27,204
- Compensation: $125,560
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- Other: $4,638
- Compensation: $173,846
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- Other: $6,127
Official website here: www.palacealbany.org
Where can I find the form 990 for The Palace Performing Arts Center Inc?
The Palace Performing Arts Center Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.palacealbany.org
Learn more at the official website: www.palacealbany.org
Mission Statement of The Palace Performing Arts Center Inc
The Palace Performing Arts Center Inc's mission is centered around operating the Palace Theater and maximizing its potential as a cultural and entertainment hub. In this role, the center aims to serve as a vibrant platform for various artistic expressions and entertainment events, thereby contributing to the rich cultural landscape of the community. By utilizing the full potential of the Palace Theater, this nonprofit organization seeks to enrich the experiences of its patrons, fostering a sense of community and shared enjoyment of the performing arts.
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Impact
October, 2024
The Palace Performing Arts Center Inc significantly enriches the cultural landscape of Albany, NY, by operating the historic Palace Theater as a premier entertainment venue. This powerhouse serves as a cornerstone for the arts, hosting a diverse array of performances, including concerts, theatrical productions, and community events. By maximizing the theater's potential, the center fosters artistic expression, supports local talent, and attracts renowned acts, thereby enhancing the community’s cultural offerings.
Furthermore, the Palace Performing Arts Center plays a vital role in promoting tourism and economic growth in the region. By drawing audiences from near and far, it stimulates local businesses—such as restaurants, hotels, and shops—thereby contributing to the overall vitality of Albany. The center also commits to providing an inclusive space for cultural dialogue and community engagement, bringing together people from various backgrounds to celebrate the performing arts.
In summary, the Palace Performing Arts Center Inc acts as a cultural beacon in Albany, driving artistic engagement, boosting the local economy, and fostering community connections through the power of live performance.
This information is meant to be a general summary of The Palace Performing Arts Center Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $170,010
- Program Service Revenue: $3,648,838
- Gross Receipts: $4,561,436
Assets and Liabilities:
- Total Assets: $7,859,988
- Total Liabilities: $2,987,420
- Net Assets: $4,872,568
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM REVENUE
Revenue
$3,409,452
ADVERTISING
Revenue
$217,094
CONTRACT SERVICE REVEN
Revenue
$22,292
Organization Details
Founding Year
1988
Principal Officer
Wadler St Jean
Website
www.palacealbany.orgNTEE Category
Code: A61Z - Arts
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