WPCNR Stage Door. July 12, 2006: The White Plains Performing Arts Center had a cumulative deficit of $330,689 as of June 30, 2005, according to a document released by the Internal Revenue Service. The document is the non-profit organization’s Form 990 return which was filed with the IRS in February, 2006. The WPPAC officer signing the report was Theodore Peluso, treasurer of the organization.
During the fiscal year ended June 30, 2005, the WPPAC’s deficit grew by $133,078 on revenues of $868,413, according to the document. The $133,078 deficit exceeds by some $35,000 the estimate given the Common Council by Executive Producer Tony Stimac when Mr. Stimac reported on finances in November 2004. Only about 38% of the revenues came from ticket sales. The rest primarily came from contributions, government grants, and theater rentals. Total expenses for 2004-2005 were shown as having been $1,001,491.
According to the document, the Performing Arts Center owed developer Louis Cappelli $100,000 as of the end of the fiscal year. It began the year with loans from Cappelli in the amount of $40,000. By the end of the fiscal year, the loan amount had grown to $100,000. In addition, WPPAC had other loans and a line of credit totaling $171,565 at the end of the fiscal year. A loan from the City of White Plains was for $24,565.
The Form 990 shows that WPPAC spent $6,875 on conferences, conventions and meetings, and that Anthony Stimac, who is listed as being the “executive producer,” was paid $72,837.
WPPAC lost $850 when it conducted a fundraising activity in connection with Kathie Lee Gifford’s off-Broadway show “Under The Bridge.” However, it made $36,253 on its gala (a “Best of Broadway” fashion and performing extravaganza held in the Spring of 2005) and another $21,786 on a golf outing.
City contributes tax payer dollars.
Although the Form 990 does not provide a specific listing or details of the amounts contributed to WPPAC by the City of White Plains, it does report that the organization received $193,000 in donated services and use of facilities. If the $193,000 in services and use of facilities all came from the city, and you add the $100,000 cash payment appropriated by the Common Council towards WPPAC’s expenses, along with Community Development funds (if any), it is likely that the city would have provided between $300,000 and $400,000 for WPPAC during the fiscal year ended June 30, 2005. Previously, officials of WPPAC have declined to provide line-by-line details of WPPAC’s expenses and revenues to WPCNR.
Tony Stimac in presenting to the Common Council in November 2005, requested the Common Council contribute an additional $100,000, and that Mr. Cappelli would match it with a like sum of $100,000, plus other pledges totaling $300,000, which Mr. Stimac said would have the WPPAC breaking even in 2005-2006.
Since no report on 2005-2006 has yet been filed, it cannot be determined at this time if the WPPAC is still carrying the $330,689 deficit it had accrued by the beginning of the 2005-2006 year.
Based on Mr. Stimac’s positive financial prognosis, the City of White Plains Common Council voted in November 27 of 2005 to contribute that $100,000, and on July 5 (last week), approved Mr. Stimac as Executive Producer for the theatre for one more year. Salary was not disclosed.
According to documents obtained by WPCNR the White Plains Performing Arts Center was burdened through the first 29 months of its existence by paying half the salaries of the managerial staff of the Helen Hayes Theatre Company.
Now that the WPPAC relationship with the Helen Hayes Theatre Company has been terminated (as of November, 2005), WPPAC is no longer paying approximately $500,000 in salaries and benefits for Helen Hayes employees.