2024-05-15T15:36:32-04:00 2023-12-31 752472233 SHARON L MAHONEY CPA 114 WEST 5TH AVENUE CORSICANA TX 75110 990 2023-01-01 043736523 CORSICANAS PALACE THEATRE CORS P O BOX 408 CORSICANA TX 75151 MALINDA VELDMAN PRESIDENT 2024-05-13 true MALINDA VELDMAN true SHARON L MAHONEY P00394294 9038747428 2024-05-15 X 2 00 AAL2 IAL1 2023 2023-04-26 12:10:37Z 317179 false X CORSICANAPALACE.COM X 2003 TX THE PALACE THEATRE OFFERS TO THE PUBLIC ON AN ANNUAL BASIS A VARIETY OF PROFESSIONAL MUSICAL ARTISTS IN AN EARLY 1920S STYLE THEATRE. ALL TYPES OF VOCALISTS, INSTRUMENTALS AND MUSICALS ARE PRESENTED 12 12 0 0 0 310920 105369 86127 93531 10000 10005 19596 67291 426643 276196 0 0 0 0 0 409228 464441 409228 464441 17415 -188245 132805 43372 17965 116777 114840 -73405 THE PALACE THEATRE OFFERS TO THE PUBLIC ON AN ANNUAL BASIS A VARIETY OF PROFESSIONAL MUSICAL ARTISTS IN AN EARLY 1920S STYLE THEATRE. ALL TYPES OF VOCALISTS, INSTRUMENTALS AND MUSICALS ARE PRESENTED false false 434900 THE ONLY MAJOR PROGRAM SERVICE IS THE PRESENTATION OF ARTISTS. THERE ARE FIVE-SIX MAJOR PERFORMANCES EACH YEAR AND MANY OTHER PERFORMANCES SUITED TO BOTH ADULTS AND CHILDREN. THE THEATRE SEATS 550. ARTISTS THAT HAVE PERFORMED AT THE PALACE INCLUDE CRYSTAL GAYLE, LARRY GATLIN, VICKI LAWRENCE, AMY GRANT AND TERRY FATOR. THE EXPENSES COVER THE ARTISTS FEES, TRAVEL AND LODGING AND PRODUCTION COSTS. THE REVENUE IS PROVIDED BY TICKET SALES & CONCESSIONS. THESE PERFORMANCES ARE THE FULFILLMENT OF THE EXEMPT PURPOSE OF EXPOSING THE PUBLIC TO DIFFERENT GENRES OF MUSIC THROUGH PROFESSIONAL ARTIST 434900 true true false false false false false false false false true false false false false false false false false false false false false false false false false false false false false true true false false false false false false false false false false false false false false true 12 0 true 0 false false false false false false false false false false false false X 12 12 false false false true false false false true true false false true true true false true true false false false X SHARON L MAHONEY CPA 9038747428 114 W 5TH AVENUE CORSICANA TX 75110 X HM DAVENPORT DIRECTOR 0.00 0.00 X 0 0 0 KAY COOK DIRECTOR 0.00 0.00 X 0 0 0 KRISTIN MAUPIN HAYS DIRECTOR 0.00 0.00 X 0 0 0 MARGIE TAYLOR DIRECTOR 0.00 0.00 X 0 0 0 LIZ KINGMAN DIRECTOR 0.00 0.00 X 0 0 0 SANDRA HUFFMAN DIRECTOR 0.00 0.00 X 0 0 0 TIM BRADY DIRECTOR 0.00 0.00 X 0 0 0 FRED BILTZ DIRECTOR 1.00 0.00 X 0 0 0 ROB GLASS TREASURER 1.00 0.00 X 0 0 0 MALINDA VELDMAN PRESIDENT 1.00 0.00 X 0 0 0 DONNA ROGERS SECRETARY 1.00 0.00 X 0 0 0 DAVID TIMMERMAN PAST PRESIDENT 0.00 0.00 X 0 0 0 0 0 0 0 false false false 105369 105369 TICKET SALESCONCESSION 711110 93531 93531 93531 10005 10005 108274 40983 67291 67291 67291 276196 170827 0 0 63250 44275 18975 2118 2118 13924 13924 4560 4560 21813 21813 6730 6730 9790 9790 7776 3888 3888 THEFT OF FUNDS 115001 115001 CREDIT CARD FEES 10238 10238 SUPPLIES AND EQUIPMENT 3942 3942 PROGRAM EXPENSE 200872 200872 4427 4427 464441 434900 29541 0 90435 22238 779 784 15450 113394 93044 26141 20350 132805 43372 4007 2162 13958 39615 75000 17965 116777 X 114840 -73405 114840 -73405 132805 43372 -188245 0 X true X false false false X 132874 253267 165633 310920 105369 968063 174117 83956 30280 86127 93531 468011 306991 337223 195913 397047 198900 1436074 98951 160500 151500 286375 47500 744826 98951 160500 151500 286375 47500 744826 691248 24012 31291 29596 77296 162195 24012 31291 29596 77296 162195 331003 337223 227204 426643 276196 1598269 0.43250 0.43620 0.10000 0.06000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 113394 93044 20350 20350 LEAH BLACKARD EXECUTIVE DIRECTOR USED ORGANIZATION FUNDS TO PAY PERSONAL EXPENSES false 76046 Supplemental Information for Schedule L In December of 2023, it was discovered that organization funds were being used by the Executive Director to pay personal expenses. Upon further investigation, this also occurred in 2022 and 2021. The total of these excess benefit transactions for the 3 years is $304,182 resulting in 25% excise tax of $76,046. No correction has been made as of the filing of this tax return. The Board consulted legal counsel and provided the disqualified person (Executive Director) with the amount needed to correct the transactions. The Executive Director offered to repay a small portion of the amount with conditions attached. The Board was unwilling to accept any conditions, so no payment was received. Another offer was made to repay the full amount, but with more conditions. The Board again refused the co ditions and conveyed through legal counsel the urgency of making the correction and that it would be reported to the IRS and a 25% excise tax would be assessed. This was also communicated by the Board directly to the Executive Director in a meeting prior to her resignation. No further communication has been received from Directors legal counsel. The director acted alone and no other organization member or board member had any knowledge of the misappropriation. When first discovered, the Board placed the director on leave (pending further investigation), took keys, cancelled credit card and changed passwords. The Executive Director subsequently resigned. Law enforcement and the Attorney Generals office is currently investigating. Asset material diversion Part VI line 5 EXECUTIVE DIRECTOR USED ORGANIZATION FUNDS TO PAY PERSONAL EXPENSES. Form 990 governing body review Part VI line 11 THE TAX RETURN IS REVIEWED BY THE BOARD PRESIDENT OR TREASURER BEFORE IT IS AUTHORIZED FOR ELECTRONIC FILING. Governing documents etc available to public Part VI line 19 PART VI, SECTION C, LINE 19THE PALACE MAKES ITS GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE PUBLIC MAY MAKE A REQUEST EITHER IN PERSON OR IN WRITING AND THE DOCUMENTS WILL BE MADE AVAILABLE WITHIN A TEN DAY TIME FRAME.