Penobscot Theatre Company
Penobscot Theatre Company faces recent financial deficits and declining assets after a strong 2021 surplus.
EIN: 10387418 · Bangor, ME · NTEE: A650 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $1.9M |
| Total Expenses | $2.1M |
| Program Spending | 75% |
| CEO/Top Officer Pay | $2 |
| Net Assets | $1.6M |
| Transparency Score | 70/100 |
Is Penobscot Theatre Company Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Penobscot Theatre Company directs 75% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Penobscot Theatre Company
Penobscot Theatre Company (EIN: 10387418) is a nonprofit organization based in Bangor, ME, classified under NTEE code A650. The organization reported total revenue of $1.9M and total assets of $2.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Penobscot Theatre Company's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Penobscot Theatre Company is a mid-size nonprofit that has been operating for 42 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 4.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.3M |
| Total Expenses | $2.1M |
| Surplus / Deficit | $-814,642 |
| Total Assets | $2.6M |
| Total Liabilities | $983K |
| Net Assets | $1.6M |
| Operating Margin | -61.6% |
| Debt-to-Asset Ratio | 37.6% |
| Months of Reserves | 14.7 months |
Financial Health Grade: B
In 2023, Penobscot Theatre Company reported a deficit of $815K with expenses exceeding revenue, holds 14.7 months of operating reserves (strong position), has a debt-to-asset ratio of 37.6% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Penobscot Theatre Company's revenue has grown at a compound annual growth rate (CAGR) of 4.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -22.2% | +8.0% | -14.4% |
| 2022 | -34.1% | +82.2% | -16.1% |
| 2021 | +94.2% | -19.3% | +77.3% |
| 2020 | -28.5% | -26.2% | +9.9% |
| 2019 | +33.8% | +30.0% | +0.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1984 |
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 Penobscot Theatre Company with a Mission Score of 70 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: 15%
- programs: 75%
- fundraising: 10%
According to IRS 990 filings, Penobscot Theatre Company allocates its expenses as follows: admin: 15%, programs: 75%, fundraising: 10%. With 75% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $815K, with expenses exceeding revenue.
- Debt-to-asset ratio: 37.6%.
Executive Compensation Analysis
Executive compensation is reported as 0% in all available filings, suggesting either a volunteer leadership model or that compensation for key personnel is not categorized as 'officer compensation' on the 990, which is unusual for an organization of this size with nearly $2 million in annual revenue.
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 Penobscot Theatre Company's IRS 990 filings:
- Expenses exceeded revenue in 2023 ($2,136,921 vs. $1,322,279) and 2022, indicating recent operating deficits.
- Assets have declined from a peak of $3,641,212 in 2021 to $2,616,269 in 2023.
- Liabilities significantly increased from $625,464 in 2022 to $983,302 in 2023.
- Consistent 0% officer compensation reported, which is unusual for an organization with nearly $2 million in revenue and could obscure actual executive remuneration.
Strengths
The following positive indicators were identified for Penobscot Theatre Company:
- Demonstrated ability to generate significant revenue, peaking at $2,578,717 in 2021.
- Consistent filing of IRS 990s over many years, indicating regulatory compliance.
- Maintained substantial assets, with $2,408,075 currently reported, providing some financial cushion.
- Strong program focus is implied by the nature of a theatre company, though specific program spending ratios are not detailed in the provided data.
Frequently Asked Questions about Penobscot Theatre Company
Is Penobscot Theatre Company a legitimate charity?
Based on AI analysis of IRS 990 filings, Penobscot Theatre Company (EIN: 10387418) some concerns. Mission Score: 70/100. 4 red flags identified, 4 strengths noted.
How does Penobscot Theatre Company spend its money?
Penobscot Theatre Company directs 75% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Penobscot Theatre Company tax-deductible?
Penobscot Theatre Company is registered as a tax-exempt nonprofit (EIN: 10387418). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Penobscot Theatre Company CEO make?
Penobscot Theatre Company's highest-compensated officer earns $2 annually. The organization reported $1.9M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Penobscot Theatre Company's spending goes to programs?
Penobscot Theatre Company directs 75% to programs, 10% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Penobscot Theatre Company compare to similar nonprofits?
With a transparency score of 70/100 (Good), Penobscot Theatre Company 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 Penobscot Theatre Company located?
Penobscot Theatre Company is headquartered in Bangor, Maine and files with the IRS under EIN 10387418. It is classified under NTEE code A650.
How many years of IRS 990 filings does Penobscot Theatre Company have?
Penobscot Theatre Company has 13 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 $1.9M in total revenue.
Is Penobscot Theatre Company financially stable given recent deficits?
The organization experienced deficits in 2023 ($2,136,921 expenses vs. $1,322,279 revenue) and 2022 ($1,978,822 expenses vs. $1,699,905 revenue). While they had a significant surplus in 2021, the recent trend suggests potential financial instability if not addressed.
Why is officer compensation reported as 0% across all filings?
A consistent 0% officer compensation could indicate a volunteer board and executive leadership, or that compensation is structured in a way that it is not reported under 'officer compensation' on the 990. Further investigation into their compensation practices would be needed.
What caused the significant increase in liabilities in 2023?
Liabilities increased from $625,464 in 2022 to $983,302 in 2023. This nearly $358,000 increase warrants further review of the 990 to understand the nature of these new obligations.
Filing History
IRS 990 filing history for Penobscot Theatre Company showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Penobscot Theatre Company's revenue has grown by 65.6%, moving from $798K to $1.3M. Total assets increased by 134.9% over the same period, from $1.1M to $2.6M. Total functional expenses rose by 165.4%, from $805K to $2.1M. In its most recent filing year (2023), Penobscot Theatre Company reported a deficit of $815K, with expenses exceeding revenue. The organization holds $983K in liabilities against $2.6M in assets (debt-to-asset ratio: 37.6%), resulting in net assets of $1.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.3M | $2.1M | $2.6M | $983K | — | — |
| 2022 | $1.7M | $2.0M | $3.1M | $625K | — | — |
| 2021 | $2.6M | $1.1M | $3.6M | $904K | — | View 990 |
| 2020 | $1.3M | $1.3M | $2.1M | $819K | — | — |
| 2019 | $1.9M | $1.8M | $1.9M | $615K | — | View 990 |
| 2018 | $1.4M | $1.4M | $1.9M | $635K | — | View 990 |
| 2017 | $1.4M | $1.3M | $1.9M | $691K | — | View 990 |
| 2016 | $1.3M | $1.2M | $1.6M | $557K | — | View 990 |
| 2015 | $1.3M | $1.0M | $1.6M | $617K | — | View 990 |
| 2014 | $1.1M | $937K | $1.2M | $465K | — | View 990 |
| 2013 | $844K | $856K | $1.0M | $447K | — | View 990 |
| 2012 | $819K | $822K | $1.1M | $483K | — | View 990 |
| 2011 | $798K | $805K | $1.1M | $502K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.3M, expenses of $2.1M, and assets of $2.6M (revenue -22.2% year-over-year).
- 2022: Revenue of $1.7M, expenses of $2.0M, and assets of $3.1M (revenue -34.1% year-over-year).
- 2021: Revenue of $2.6M, expenses of $1.1M, and assets of $3.6M (revenue +94.2% year-over-year).
- 2020: Revenue of $1.3M, expenses of $1.3M, and assets of $2.1M (revenue -28.5% year-over-year).
- 2019: Revenue of $1.9M, expenses of $1.8M, and assets of $1.9M (revenue +33.8% year-over-year).
- 2018: Revenue of $1.4M, expenses of $1.4M, and assets of $1.9M (revenue -3.4% year-over-year).
- 2017: Revenue of $1.4M, expenses of $1.3M, and assets of $1.9M (revenue +9.4% year-over-year).
- 2016: Revenue of $1.3M, expenses of $1.2M, and assets of $1.6M (revenue +4.0% year-over-year).
- 2015: Revenue of $1.3M, expenses of $1.0M, and assets of $1.6M (revenue +17.9% year-over-year).
- 2014: Revenue of $1.1M, expenses of $937K, and assets of $1.2M (revenue +26.9% year-over-year).
- 2013: Revenue of $844K, expenses of $856K, and assets of $1.0M (revenue +3.0% year-over-year).
- 2012: Revenue of $819K, expenses of $822K, and assets of $1.1M (revenue +2.6% year-over-year).
- 2011: Revenue of $798K, expenses of $805K, and assets of $1.1M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Penobscot Theatre Company:
Data Sources and Methodology
This transparency report for Penobscot Theatre Company 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.