Posted: 3/16/22 at 2:49pm
A new piece from Philip Boroff that examines publicly-available tax audit data.
– LCT’s net assets soared by 19 percent, or $31 million, to a record $192 million in the year ending in June 2021, according to an audited financial statement posted on its website. LCT received $5 million from two Paycheck Protection Program loans, most of which is being forgiven. The company made a successful claim for $3 million in business interruption insurance. The Howard Gilman Foundation, funded by the Gilman Paper Company fortune, made emergency grants of $100,000 to LCT, Roundabout and others, supplementing its annual operating aid. Shuttered Venue grant of $8.5 million to be spent this season.
– The Roundabout’s net assets rose by 17 percent, or $19 million, to a record $132 million during roughly the same period. The Roundabout secured $7 million in PPP loans, of which at least $5 million was forgiven; $5 million in insurance proceeds and a $10 million SVOG grant. In 2018-19, the Roundabout’s most recent full season, rental income generated $6 million of operating profit, limiting the company’s overall operating loss to below $1 million.
