Passage Theatre Company Inc
Passage Theatre Company: Fluctuating Revenues, Strong Program Spending
EIN: 222679031 · Trenton, NJ · NTEE: A650 · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $703K |
| Total Expenses | $572K |
| Program Spending | 85% |
| Net Assets | $39K |
| Transparency Score | 75/100 |
Is Passage Theatre Company Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Passage Theatre Company Inc directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Passage Theatre Company Inc
Passage Theatre Company Inc (EIN: 222679031) is a nonprofit organization based in Trenton, NJ, classified under NTEE code A650. The organization reported total revenue of $703K and total assets of $82K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Passage Theatre Company Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Passage Theatre Company Inc is a small nonprofit that has been operating for 38 years, with 14 years of IRS 990 filings on record (2011–2024). Revenue has grown at a compound annual rate of 1.8%.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $564K |
| Total Expenses | $572K |
| Surplus / Deficit | $-8,126 |
| Total Assets | $88K |
| Total Liabilities | $49K |
| Net Assets | $39K |
| Operating Margin | -1.4% |
| Debt-to-Asset Ratio | 55.9% |
| Months of Reserves | 1.9 months |
Financial Health Grade: D
In 2024, Passage Theatre Company Inc reported a deficit of $8K with expenses exceeding revenue, holds 1.9 months of operating reserves (limited), has a debt-to-asset ratio of 55.9% (high leverage).
Financial Trends
Over 14 years of filings (2011–2024), Passage Theatre Company Inc's revenue has grown at a compound annual growth rate (CAGR) of 1.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | -32.2% | -9.3% | -33.3% |
| 2023 | +121.7% | -8.9% | +141.3% |
| 2022 | -30.2% | +58.6% | -69.3% |
| 2021 | +17.5% | +3.4% | +53.9% |
| 2020 | +7.8% | -12.1% | +250.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1988 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Passage Theatre Company Inc with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Passage Theatre Company Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $8K, with expenses exceeding revenue.
- Debt-to-asset ratio: 55.9%.
Executive Compensation Analysis
Executive compensation is not explicitly detailed in the provided data, making a specific assessment difficult without further information.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Passage Theatre Company Inc's IRS 990 filings:
- Significant fluctuation in revenue, from $374,831 in 2022 to $831,047 in 2023, could indicate funding instability or project-based income.
- Negative net assets in 2022 ($208,281 liability) suggest financial strain in that period.
Strengths
The following positive indicators were identified for Passage Theatre Company Inc:
- Consistently high percentage of expenses dedicated to programs (e.g., 85% in 2024 based on available data).
- Positive revenue growth from 2022 to 2023, nearly doubling.
- Maintains a relatively low administrative overhead.
Frequently Asked Questions about Passage Theatre Company Inc
Is Passage Theatre Company Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Passage Theatre Company Inc (EIN: 222679031) some concerns. Mission Score: 75/100. 2 red flags identified, 3 strengths noted.
How does Passage Theatre Company Inc spend its money?
Passage Theatre Company Inc directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Passage Theatre Company Inc tax-deductible?
Passage Theatre Company Inc is registered as a tax-exempt nonprofit (EIN: 222679031). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Passage Theatre Company Inc's spending goes to programs?
Passage Theatre Company Inc directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Passage Theatre Company Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Passage Theatre Company Inc is above average for NTEE category A650 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Passage Theatre Company Inc located?
Passage Theatre Company Inc is headquartered in Trenton, New Jersey and files with the IRS under EIN 222679031. It is classified under NTEE code A650.
How many years of IRS 990 filings does Passage Theatre Company Inc have?
Passage Theatre Company Inc has 14 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $703K in total revenue.
What does Passage Theatre Company Inc do?
Passage Theatre Company Inc is a nonprofit organization in the Arts, Culture & Humanities sector, located in Trenton, New Jersey. It is classified under NTEE code A650.
How much revenue does Passage Theatre Company Inc have?
Passage Theatre Company Inc reported total revenue of $703,019. Based on 14 IRS 990 filings on record.
What are Passage Theatre Company Inc's total assets?
Passage Theatre Company Inc holds total assets of $82,439 as reported in IRS 990 filings.
Where is Passage Theatre Company Inc located?
Passage Theatre Company Inc is based in Trenton, New Jersey.
What is Passage Theatre Company Inc's EIN?
Passage Theatre Company Inc's Employer Identification Number (EIN) is 222679031. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Passage Theatre Company Inc?
Passage Theatre Company Inc is classified under NTEE code A650 (Arts, Culture & Humanities).
Is Passage Theatre Company Inc a registered 501(c)(3)?
Yes, Passage Theatre Company Inc is recognized as a tax-exempt organization by the IRS. EIN: 222679031.
Does Passage Theatre Company Inc file IRS Form 990?
Yes, Passage Theatre Company Inc has 14 IRS Form 990 filings on record. The most recent covers tax period 202406.
What was Passage Theatre Company Inc's revenue in 2024?
In the 202406 filing period, Passage Theatre Company Inc reported total revenue of $563,625, total expenses of $571,751, and net assets of $88,342.
Is Passage Theatre Company Inc's revenue growing or declining?
Passage Theatre Company Inc's revenue is declining. Revenue went from $831,047 (202306) to $563,625 (202406), a -32.2% change. Based on 14 filings on record.
What is Passage Theatre Company Inc's most recent 990 filing?
The most recent IRS Form 990 filing for Passage Theatre Company Inc covers tax period 202406. It shows revenue of $563,625, expenses of $571,751, total assets of $88,342, and liabilities of $49,349.
How much does Passage Theatre Company Inc spend on programs vs administration?
Based on IRS 990 analysis, Passage Theatre Company Inc allocates approximately 85% of expenses to program services, 10% to administrative costs, and 5% to fundraising. This indicates strong program focus.
Is Passage Theatre Company Inc a trustworthy charity?
Based on AI analysis of IRS 990 data, Passage Theatre Company Inc appears trustworthy. Mission Score: 75/100 (Good). 2 red flags identified. 3 strengths noted.
What are the red flags for Passage Theatre Company Inc?
The following concerns were identified: Significant fluctuation in revenue, from $374,831 in 2022 to $831,047 in 2023, could indicate funding instability or project-based income.. Negative net assets in 2022 ($208,281 liability) suggest financial strain in that period.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Passage Theatre Company Inc's strengths?
Positive indicators for Passage Theatre Company Inc include: Consistently high percentage of expenses dedicated to programs (e.g., 85% in 2024 based on available data).. Positive revenue growth from 2022 to 2023, nearly doubling.. Maintains a relatively low administrative overhead.. These findings are derived from AI analysis of the organization's financial filings.
How does Passage Theatre Company Inc compensate executives?
Executive compensation is not explicitly detailed in the provided data, making a specific assessment difficult without further information. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
How does the organization manage its programming and operational stability given the significant year-over-year revenue fluctuations?
The data shows substantial swings in revenue, for example, from $374,831 in 2022 to $831,047 in 2023. This suggests either a reliance on large, intermittent grants or projects, or a highly variable fundraising environment. Effective management would require robust financial planning to buffer these changes.
What factors contributed to the negative net assets reported in 2022, and how was this addressed in subsequent years?
In 2022, the organization reported liabilities of $208,281. This could be due to a combination of lower revenue ($374,831) and higher expenses ($692,016) in that year. The subsequent increase in assets to $88,342 by 2024 suggests successful recovery strategies, likely through increased fundraising and expense management.
Filing History
IRS 990 filing history for Passage Theatre Company Inc showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2011–2024), Passage Theatre Company Inc's revenue has grown by 26.6%, moving from $445K to $564K. Total assets increased by 120.4% over the same period, from $40K to $88K. Total functional expenses rose by 32.9%, from $430K to $572K. In its most recent filing year (2024), Passage Theatre Company Inc reported a deficit of $8K, with expenses exceeding revenue. The organization holds $49K in liabilities against $88K in assets (debt-to-asset ratio: 55.9%), resulting in net assets of $39K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $564K | $572K | $88K | $49K | — | View 990 |
| 2023 | $831K | $631K | $132K | $85K | — | View 990 |
| 2022 | $375K | $692K | $55K | $208K | — | View 990 |
| 2021 | $537K | $436K | $179K | $15K | — | — |
| 2020 | $457K | $422K | $116K | $53K | — | View 990 |
| 2019 | $424K | $480K | $33K | $5K | — | View 990 |
| 2018 | $448K | $405K | $88K | $5K | — | View 990 |
| 2017 | $424K | $344K | $53K | $12K | — | View 990 |
| 2016 | $433K | $451K | $44K | $83K | — | View 990 |
| 2015 | $408K | $443K | $53K | $73K | — | View 990 |
| 2014 | $459K | $432K | $72K | $58K | — | View 990 |
| 2013 | $390K | $411K | $40K | $53K | — | View 990 |
| 2012 | $471K | $487K | $46K | $38K | — | View 990 |
| 2011 | $445K | $430K | $40K | $17K | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $564K, expenses of $572K, and assets of $88K (revenue -32.2% year-over-year).
- 2023: Revenue of $831K, expenses of $631K, and assets of $132K (revenue +121.7% year-over-year).
- 2022: Revenue of $375K, expenses of $692K, and assets of $55K (revenue -30.2% year-over-year).
- 2021: Revenue of $537K, expenses of $436K, and assets of $179K (revenue +17.5% year-over-year).
- 2020: Revenue of $457K, expenses of $422K, and assets of $116K (revenue +7.8% year-over-year).
- 2019: Revenue of $424K, expenses of $480K, and assets of $33K (revenue -5.3% year-over-year).
- 2018: Revenue of $448K, expenses of $405K, and assets of $88K (revenue +5.7% year-over-year).
- 2017: Revenue of $424K, expenses of $344K, and assets of $53K (revenue -2.1% year-over-year).
- 2016: Revenue of $433K, expenses of $451K, and assets of $44K (revenue +6.0% year-over-year).
- 2015: Revenue of $408K, expenses of $443K, and assets of $53K (revenue -11.1% year-over-year).
- 2014: Revenue of $459K, expenses of $432K, and assets of $72K (revenue +17.7% year-over-year).
- 2013: Revenue of $390K, expenses of $411K, and assets of $40K (revenue -17.1% year-over-year).
- 2012: Revenue of $471K, expenses of $487K, and assets of $46K (revenue +5.8% year-over-year).
- 2011: Revenue of $445K, expenses of $430K, and assets of $40K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Passage Theatre Company Inc:
Data Sources and Methodology
This transparency report for Passage Theatre Company Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.