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I’m Siyi Wu, a cultural project strategist and visual designer based in New York & Suzhou. I committed to using storytelling to activate heritage, education, and community engagement.


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EN
Ping Chong & Company
a research project analyzing financial sustainability and strategic benchmarking of a nonprofit arts organization.
Project Description
Ping Chong & Company (PCC) is a renowned arts nonprofit facing the dual challenge of sustaining its mission while transitioning from a founder-led model.
This project analyzes PCC’s financial reporting and benchmarks its performance against peer and leader organizations including The Wooster Group, Ambler Theater, and The Public Theater. Using ESG criteria, we examined liquidity, revenue diversification, and governance practices.
The study provides insights into PCC’s financial health and long-term sustainability, offering recommendations for improved transparency, revenue diversification, and strategic partnerships.

Read our full research paper on this project:
1. Financial Report  
2. Comparative Benchmark Analysis




Time Period
Jan. 2025 – Feb. 2025
Key Features
Financial Reporting / ESG Benchmarking / Revenue & Governance Analysis
01.
FINancial CONTEXT Ping Chong and Company (PCC) is a nonprofit arts organization of socially engaged theater for over 50 years. Founded by Ping Chong, the organization is celebrated for its innovative theatrical works that explore issues of history, culture, identity, and social justice.
 Core Mission
PCC creates theater and art that reveal beauty, invention, precision, and a commitment to social justice.
  • Undesirable Elements Series
    • An interview-based theater production exploring culture, identity, and lived experiences.
    • Amplifies marginalized voices and fosters empathy & understanding.
  • Educational Programs
    • Training and workshops for K–12 schools and universities.
    • Focused on artistic skill-building, discovery, and critical thinking.

Current PCC Strategic Transition
Strategic Planning
  • Three-year plan with P.S. 314 Social Change Consulting.
 Commercialization of Nonprofits
  • Revenue diversification via workshops, productions, and programs.
  • Sustain finances while committed to access and social justice.
Transformative Leadership Model
  • Shift to non-hierarchical Artistic Leadership Team.
Strategic Partnerships & External Relations
  • Collaborates with communities, schools, and cultural groups.
  • Expands impact through community-specific theater and education.
  • Builds PCC’s reputation in socially engaged art.
Revenue Comparisons 2022 vs. 2023 (with Total Revenue)


Left Image_Total ExpensesP1                                       Right Image_Total Assets


Financial Personnel & Audit Processes
Key Financial Personnel
  • Deirdre Valente, Treasurer
    • Role: Oversees financial strategy, budget approval, and financial monitoring.
    • Affiliation: Board member, Principal at Lisa Booth Management, Inc.
  • Arts Financial Management Services, Financial Manager
    • Role: Manages daily accounting, payroll, compliance with nonprofit financial regulations, and preparation of financial reports.
  • Mary Sormeley, Accountant
    • Role: External support for financial operations, annual audits, and regulatory filings.
Audit Processes
  • Auditor: Mary Sormeley CPA.
    • Scope of Audit
      • Evaluates the accuracy of financial statements.
      • Assesses internal controls and compliance with nonprofit standards.
    • Impact: Audits offer insights that help mitigate financial risks and enhance operational efficiency.

Key Sustainability and ESG Issues
Economic Factors
  • Financial Sustainability 
    • Revenue grew 16.8% (2022–23), supported by grants & donations.
    • Expenses rose, but net assets also increased → overall strong health.
  • Resource Development 
    • FY23 funding from New York Community Trust → supports rebranding, new identity, FY25 campaign.
  • Fundraising & Budget Allocation 
    • $1.5M transition plan, incl. $900k Mellon Foundation grant.
    • Budget increased 50% for leadership transition & communications strategy.
Social & Ethical Factors
  • Equity
    • Incorporated equity into organizational development (w/ Leading ChangeMakers).
  • Community Engagement
    • Programs like Undesirable Elements bring arts education to schools, universities, and senior centers, fostering dialogue & inclusion.
Governance Factors
  • Leadership
    • Transition to a five-person Artistic Leadership Team (ALT).
  • Partnerships
    • Working with P.S. 314 Social Change Consulting to guide transition and ensure continuity.

Materiality Analysis


Risks & Sustainability Strategies
Key Risks
  • Reputation & Engagement: Transition period may affect PCC’s ability to secure funding, audiences, and partnerships.
  • Investment in Sustainability: Sustainable practices require significant upfront costs but yield long-term benefits aligned with donor expectations.
  • Financial Stress: Liabilities rose from $3,861 (2022) to $171,078 (2023), highlighting the need for stronger forecasting and liquidity management.
Response Strategies
  • Strengthening Risk Management: Develop reserve fund policies, improve liquidity management, and ensure financial forecasting during leadership transition.
  • Diversifying Fundraising & Relations: Reduce reliance on foundation grants by pursuing corporate partnerships, crowdfunding, membership programs, and data-driven digital engagement.
  • Advancing Environmental Sustainability: Introduce policies for carbon reduction, sustainable sourcing, and eco-friendly production, aligning PCC with sector best practices.
02.
Comparative Benchmark Analysis We compared PCC with peer organizations and an industry leader to evaluate financial health, governance, and sustainability practices, highlighting its strengths, gaps, and opportunities for long-term growth.
 Focused Company
  • Ping Chong & Co: A nonprofit theater using documentary-style storytelling to amplify underrepresented voices and address issues of identity, disability, and social justice.
Peer Companies
  • The Wooster Group: An artist-driven theater emphasizing innovation over social impact, offering a distinct approach to nonprofit arts sustainability.
  • The Ambler Theater: A nonprofit cinema focused on cultural engagement and community-driven programming, paralleling PCC’s mission in a different medium.
Leader Company
  • The Public Theater_  New York: An industry leader with strong finances, sustainability initiatives, and governance, offering best practices in stability and long-term impact.

ESG Performance Analysis
Environmental:
  • The Public Theater has strong, formal sustainability policies.
  • The Ambler Theater shows moderate eco-friendly practices.
  • PCC and The Wooster Group have limited formal environmental initiatives.
Social:
  • PCC and The Public Theater excel in community engagement and diversity.
  • The Ambler Theater maintains local community ties.
  • The Wooster Group focuses more on artistic innovation than on broad social outreach.
Governance:
  • The Public Theater demonstrates robust governance and transparency.
  • The Ambler Theater meets basic nonprofit governance standards.
  • PCC has moderate reporting and a smaller board.
  • The Wooster Group has a less formal governance structure.


Financial Performance Assessment
1. Liquidity Ratios

2. Capital Structure_Debt Ratio

3. Profitability Ratios


4. Trend Analysis


Comparative Assessment Summary
Ping Chong & Co. – Good
  • Revenue +16.7%, net assets +25.8%, strong liquidity despite falling profitability.
  • Heavy reliance on grants (70%) → needs income diversification.
    Conclusion: Well-positioned for growth with tighter cost control and broader revenue streams.
The Wooster Group – Weak
  • Revenue –17.9%, profitability –0.4%, stagnating net assets.
  • High liquidity may reflect timing anomalies, not stability.
    Conclusion: Urgent need for cost restructuring and new revenue initiatives.
The Ambler Theater – Moderate
  • Revenue –22.7%, profitability –4.2%, moderate liquidity (2.37).
  • Reliant on ticket sales, vulnerable to audience decline.
    Conclusion: Must strengthen pricing, engagement, and cost efficiency to regain stability.
The Public Theater – Stable but Facing Challenges
  • Revenue –28.6%, net assets –6.4%, still strong reserves and leverage.
  • High fixed costs from large productions increase risk.
    Conclusion: Structurally stable, but must diversify funding, improve efficiency, and enhance forecasting.

Organizations Financial Assessment

Operating Performance Assessment
Efficiency & Cost Management
  • PCC: Transition costs rising, but controls remain efficient.
  • Wooster & Ambler: High costs vs. falling revenue = inefficiency.
  • Public: Heavy fixed costs, but operational leverage intact.
Revenue & Audience Engagement
  • Public: Strong multi-channel engagement (Joe’s Pub, Shakespeare in the Park).
  • Ambler: Audience decline, needs stronger marketing.
  • PCC & Wooster: Rebuilding audiences post-pandemic.
Data Strategy Assessment

Assessment of ASU 2016-14 Compliance for the Selected Organizations
03.
Plans for Improvement
In Light of  Three-Year Transition Plans for Improvement for Ping Chong & Co.
Financial Management Strategy
  • Diversify Revenue Streams
    • Add subscriptions, licensing, workshops, and donor/sponsorship programs.
  • Enhance Cash Flow & Reserves
    • Build a reserve fund for six months of operations.
    • Improve multi-year financial planning to stabilize cash flow.
  • Enhance Cost Control & Transparency
    • Adopt zero-based budgeting and long-term forecasting.
    • Increase board oversight in financial governance.
 Sustainability Management Strategy
  • Sustainable Production Policies
    • Use eco-friendly materials for sets, costumes, and props.
    • Transition to energy-efficient lighting and sound equipment.
  • ESG Reporting Framework
    • Publish an annual impact report on environmental, social, and financial performance.
    • Adopt structured sustainability reporting to boost credibility and funding.
  • Long-Term Sustainability Plan
    • Build a fundraising endowment for stable investment returns.
    • Enhance community engagement to secure long-term donor relationships.
 Data Management Strategy
  • Financial Tracking & Automation
    • Integrate budget forecasting with QuickBooks.
    • Shift to quarterly financial reporting.
  • Audience Engagement & Donor Data Management
    • Enhance Neon CRM with AI-driven segmentation.
    • Automate email follow-ups and surveys.
  • Public Outreach
    • Expand partnerships with schools and local arts.
    • Launch educational workshops and residencies.
  • Program Impact Reporting
    • Implement a real-time impact dashboard.
    • Automate KPI tracking.
  • Data Accuracy & Compliance
    • Establish a formal data privacy policy.
    • Strengthen cybersecurity protocols.
 Integrated Performance Management (IPM) Strategy
  • Align Financial Goals with Mission Impact
    • Use a balanced scorecard to track financial, artistic, and operational performance.
  • Strengthen Governance & Board Oversight
    • Recruit board experts in finance, sustainability, and nonprofit strategy.
    • Establish a dedicated finance and audit committee.
  • Optimize Operational Efficiency
    • Streamline internal roles and leadership.
    • Secure transition funding and conduct regular cost-effectiveness audits.
  • Learn from The Public Theater
    • Integrate public-private funding, corporate sponsorships, and accessibility programs.