Better Business Bureau Report for
CenterStage Foundation

Better Business Bureau Report issued November 2012
Better Business Bureau Report expires November 2014


This BBB Accredited charity meets all 20 Standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: CenterStage Foundation
Address: 600 E. Grace Street
Suite 400
  Richmond, VA 23219
Phone: 804-327-5755
Web Address: www.richmondcenterstage.com
Also known as:Richmond CenterStage
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Better Business Bureau Comments

Formerly known as:Virginia Performing Arts Foundation

Year, State Incorporated: 2000, Virginia
Affiliates: RPAC, LLC.
Stated Purpose: To promote an inspiring environment where performing arts will flourish and strengthen Richmond’s cultural, social and economic vitality. To provide support and strengthen relationships among visual, performing and all cultural arts. To broaden audience participation through diverse and innovative programming and community engagement. To create transformational performing arts educational opportunities for students of all ages. To assist the development of strategies for new and enhanced performing arts venues and related real estate.

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Evaluation Conclusions

              

CenterStage Foundation meets the 20 Standards for Charity Accountability.
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Programs

              

Today, the CenterStage Foundation provides strategic guidance fundraising leadership for Richmond CenterStage to ensure that the facility remains accessible to all performers and audiences. bravo!, young professionals for CenterStage, works to promote Richmond’s cultural, social and economic vitality by strengthening relationships between arts groups and promoting attendance at arts-related events. Every year, CenterStage presents a Birthday Celebration and several Broadway tours, bringing artistic and economic development to the City of Richmond. Resident Companies, like the Richmond Symphony and Richmond Ballet are given a home at CenterStage to perform and collaborate. The BrightLights Education Center also ensures over 10,000 students a year have the opportunity to experience art.

For the fiscal year ended June 30, 2011, CenterStage Foundation's program expenses were:

  
Program Services 2,035,494
Total Program Expenses: $2,035,494
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Governance

              

Chief Executive : Richard M. Parison, Jr., Executive Director
Compensation*: 

Chair of the Board: J. Robert Mooney
Chair's Profession / Business Affiliation: CFO William and Mary College, retired

Board Size: 42

Paid Staff Size: 9

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Fund Raising

              

Method(s) Used:

direct mail, invitations to fund raising events, print advertisements, television, radio, grant proposals, internet, planned giving arrangements, cause-related marketing, membership
Fund raising costs were 16% of related contributions. (Related contributions, which totaled $1,977,231, are donations received as a result of fund raising activities.)
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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

              

The following information is based on Center Stage Foundation's audited financial statements for the fiscal year ended June 30, 2011.

Source of Funds  
Forgiveness of liability 3,200,701
Contributions 1,522,231
Grants 455,000
Investment Income 230,795
Program Revenue 224,359
Interest Income 90,725
Other revenue 3,478
Equity in losses of affiliates -1,995,173
Total Income $3,732,116


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Uses of Funds as a % of Total Expenses

Programs: 69%  Fund Raising: 10%  Administrative: 21% 

Total income $3,732,116
Program expenses $2,035,494
Fund raising expenses 306,839
Administrative expenses 638,601
Total expenses $2,980,934
Income in Excess of Expenses 751,182
Beginning net assets 77,370,019
Ending net assets 78,121,201
Total liabilities 471,061
Total assets $78,592,262

CenterStage Foundation's unrestricted net assets exceed 3.5 times annual expenses; however, the amount and nature of those assets are publicly disclosed by the organization on their website and in their annual reports.

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This report is not to be used for fund raising or promotional purposes.

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