Overview
What is Millwald Theatre Inc?
Millwald Theatre Inc is a nonprofit organization based in Wytheville, Virginia, with a mission to revitalize the downtown area and foster economic growth. They have achieved this goal by purchasing, restoring, and operating the historic Millwald Theatre as a multifunctional entertainment and education venue. The organization, comprising nine dedicated employees, completed its mission by the end of 2023, hiring and training staff, undergoing construction, and finally hosting a grand opening on December 9 of that year. Millwald Theatre Inc's endeavors contribute to the cultural and community life of Wytheville, providing a space for various events and activities.
Official website here: www.millwaldtheatre.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87% (Three-Star out of Four Star rating)
Millwald Theatre Inc has received a commendable score of 87% from Charity Navigator, reflecting a strong performance in terms of accountability and finance. The organization boasts a fully independent board, with all members meeting the criteria for independence, which enhances its governance structure. Additionally, the charity has effective oversight mechanisms in place, evident from its strong audit and oversight committee.
The financial health of Millwald Theatre Inc appears to be stable, with a low liabilities-to-assets ratio of 13.08%, indicating prudent financial management. Furthermore, a significant portion of its expenses (69.33%) is directed towards its programs, showcasing a commitment to fulfilling its mission. However, there are a couple of areas for improvement, notably the absence of a whistleblower policy and document retention protocols.
Overall, while Millwald Theatre Inc demonstrates a solid financial foundation and governance practices, addressing the noted limitations could further strengthen its operations and transparency. The charity's strong performance in key areas suggests it is a responsible steward of donor funds.
This AI summary has been generated from information found on Charity Navigator.
Is Millwald Theatre Inc legitimate?
Millwald Theatre Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Millwald Theatre 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: $123,861
For more financial information, click here
Official website here: www.millwaldtheatre.org
What is the mission statement of Millwald Theatre Inc?
Millwald Theatre Inc's mission is centered around contributing to the revitalization and economic growth of a specific location, such as Wytheville, Virginia. They aim to achieve this by purchasing, renovating, and operating the historical Millwald Theatre as a multifunctional entertainment and educational venue. Additionally, the corporation is organized to receive, manage, and distribute funds related to activities that fall under Section 501 (C) (3) of the tax code or its equivalent in future legislation. In essence, Millwald Theatre Inc is committed to utilizing the Millwald Theatre to stimulate downtown development and community engagement through various entertainment and educational programs.
Official website here: www.millwaldtheatre.org
Who is the CEO of Millwald Theatre Inc?
Mark Bloomfield is the Chairman of Millwald Theatre Inc.
Official website here: www.millwaldtheatre.org
What is the revenue of Millwald Theatre Inc?
Millwald Theatre Inc's revenue in 2022 was $1,956,145.
Official website here: www.millwaldtheatre.org
Who are the executives of Millwald Theatre Inc and what are their salaries?
The average compensation at Millwald Theatre Inc during 2022 was $13,762. There are 9 employees and 20 volunteers at Millwald Theatre Inc.
Here are 10 key members and their salaries:
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Official website here: www.millwaldtheatre.org
Where can I find the form 990 for Millwald Theatre Inc?
Millwald Theatre Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.millwaldtheatre.org
Learn more at the official website: www.millwaldtheatre.org
Mission Statement of Millwald Theatre Inc
Millwald Theatre Inc, as a nonprofit organization, is committed to achieving two primary objectives. Firstly, it aims to acquire, renovate, and manage the historical Millwald Theatre as a multi-purpose entertainment and educational venue. This endeavor serves to contribute to the revitalization of downtown areas, specifically in Wytheville, Virginia. The renovated theatre will cater to a variety of events and activities, thereby stimulating economic growth in the region.
Secondly, Millwald Theatre Inc has the mission to administer and distribute funds in connection with activities that fall under section 501(c)(3) of the Internal Revenue Code or corresponding sections of any prior or future law. This aspect of the organization's mission allows it to support various initiatives that promote social welfare, education, and other charitable causes. By pursuing these objectives, Millwald Theatre Inc aims to positively impact its community and contribute to a broader societal good.
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Impact
July, 2024
Millwald Theatre Inc's impact lies in its successful completion of the restoration and opening of the historical Millwald Theatre, transforming it into a vibrant, multipurpose entertainment and education venue. By concentrating their efforts on this mission, the organization has contributed significantly to downtown revitalization and economic growth in Wytheville, Virginia. The grand opening in December 2023 marked a milestone achieved through the dedication of staff, ongoing construction work, and a commitment to serving the community through arts and culture.
This information is meant to be a general summary of Millwald Theatre 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 2022.
- Investment Income: $30,426
- Program Service Revenue: $50,788
- Gross Receipts: $1,969,832
Assets and Liabilities:
- Total Assets: $5,123,808
- Total Liabilities: $1,992,701
- Net Assets: $3,131,107
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
THEATRE EVENTS
Revenue
$49,628
THEATRE RENTALS
Revenue
$1,160
Organization Details
Founding Year
2017
Phone
(276) 920-9424Principal Officer
Mark Bloomfield
Main Address
205 WEST MAIN STREET, WYTHEVILLE, VA, 24382
Website
www.millwaldtheatre.orgNTEE Category
Code: A80 - Arts
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