The Pittsburgh Cultural Trust ( PCT ) is an American, nonprofit , arts organization that was formed in 1984 to promote economic and cultural development in Downtown Pittsburgh , Pennsylvania. The "Trust" has focused its work on a fourteen-square block section known as the Cultural District, which encompasses numerous entertainment and cultural venues, restaurants, and residential buildings.
22-415: This organization reportedly oversees more than one million square feet of real estate, including commercial and residential buildings, making it one of the largest landowners downtown. In recent years, it has had a contentious relationship with the city of Pittsburgh concerning the tax status for many of its properties, resulting in a case being heard by the state Supreme Court in 2011. As of February 2023,
44-420: A government's net worth is an alternative measure of the government's financial strength. Most governments utilize an accrual-based accounting system in order to provide a transparent picture of government operational costs. Other governments may utilize cash accounting in order to better foresee future fiscal events. The accrual-based system is more effective, however, when dealing with the overall transparency of
66-497: A government's spending. Massive governmental organizations rely on consistent and effective accounting in order to identify total net worth. A country's net worth is calculated as the sum of the net worth of all companies and individuals resident in that country, plus the government's net worth. For the United States, this measure is referred to as the financial position , and totalled $ 123.8 trillion as of 2014. Net worth
88-411: A home mortgage) and unsecured debt (such as consumer debt or personal loans). Typically intangible assets such as educational degrees are not factored into net worth, even though such assets positively contribute to one's overall financial position. For a deceased individual, net worth can be used for the value of their estate when in probate . Individuals with considerable net worth are described in
110-517: A program of the PCT. PCT presented the Quebec Festival and the inaugural Pittsburgh Festival of Firsts in 2004. It also turned an adult bookstore at 812 Liberty Avenue into SPACE, a gallery showcasing regional artists’ work, and purchased 937 Liberty Avenue to be utilized by local arts organizations as an office space and as a flexible performing and visual arts venue. 2004 was also the first year
132-551: A series of public art projects in the Cultural District. In 2000, PCT established Shared Services, a consortium including the Pittsburgh Ballet Theatre , Pittsburgh Civic Light Opera , Pittsburgh Public Theater , Pittsburgh Opera , Pittsburgh Symphony Orchestra , and August Wilson Center for African American Culture . Jack Heinz chose PCT's first President and CEO, Carol Brown . She managed
154-626: Is a representation of where one stands financially. This can be used to help create budgets, influence wise spending, motivate one to pay off debt, and it can motivate someone to save and invest. Net worth is also important to look at when considering retirement . Three Rivers Arts Festival Three Rivers Arts Festival is an outdoor music and arts festival held each June in the Downtown district of Pittsburgh , Pennsylvania . The festival features live music and performance art, as well as visual art and vendors who sell their wares. The event
176-477: Is also referred to as equity . It is generally based on the value of all assets and liabilities at the carrying value which is the value as expressed on the financial statements . To the extent items on the balance sheet do not express their true (market) value, the net worth will also be inaccurate. On reading the balance sheet, if the accumulated losses exceed the shareholder's equity, net worth becomes negative. Net worth in this formulation does not express
198-641: Is centered in Point State Park . Founded in 1960 by the Women's Committee of the Carnegie Museum of Art, the festival has presented more than 10,000 visual and performing artists. Stage performances have included Ella Fitzgerald, Ray Charles, Philip Glass, Steven Reich, Smokey Robinson as well as literary legends Allen Ginsberg and Spalding Gray. Since 2015, the CREATE festival has been part of
220-624: The market value of a firm; a firm may be worth more (or less) if sold as a going concern , or indeed if the business closes down. Net worth vs. debt is a significant aspect of business loans. Business owners are required to "trade on equity" in order to further increase their net worth. For individuals, net worth or wealth refers to an individual's net economic position: the value of the individual's assets minus liabilities. Examples of assets that an individual would factor into their net worth are retirement accounts, other investments, home(s), and vehicles. Liabilities include both secured debt (such as
242-480: The PCT and its partners presented an annual Broadway series in the Cultural District. The Byham Theater was another theater venue restoration project. Built in 1903 as the Gayety Theater, it included a stage and Vaudeville house, and featured stars such as Ethel Barrymore , Gertrude Lawrence , and Helen Hayes . It was renamed The Fulton during the 1930s when it became a full-time movie theater. In 1990,
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#1732765590076264-575: The PCT bought and refurbished the theater. The Byham family of Pittsburgh made a major naming gift for a 1995 renovation; it has been known as the Byham Theater since that time. In 1992, PCT opened Wood Street Galleries , its first visual arts project. PCT purchased and refurbished a former XXX movie theater in 1995, and re-opened the 194-seat theater as the Harris Theater, which screens independent, foreign, and classic films. In 1999,
286-608: The PCT organized a quarterly Gallery Crawl in the Cultural District, a free arts open house. In 2005, the PCT purchased the property that would become home to the James E. Rohr Building, the Trust Arts Education Center. The PCT presented the Australia Festival in 2007. The Pittsburgh International Children's Theater and Festival became a programming division of the PCT in 2008. During that same year,
308-499: The PCT presented the 2nd Pittsburgh International Festival of Firsts. In 2009, Three Rivers Arts Festival became a programming division of the PCT. As of 2010, the PCT's total revenue was publicly listed as $ 46 million. On April 18, 2012, the Executive Committee accepted Kenneth Milani’s resignation from the position of Chairman of the PCT's Board of Trustees. Veronica Corpuz, spokesperson for PCT at that time, informed
330-495: The PCT's 650-seat O'Reilly Theater opened as the permanent home of the Pittsburgh Public Theater. That same year, the 23,000-square-foot (2,100 m) Agnes R. Katz Plaza was unveiled. The theater features a 25-foot (7.6 m) bronze fountain designed by sculptor Louise Bourgeois and the work of landscape architect Dan Kiley. Artists Robert Wilson and Richard Gluckman were also selected by the PCT to create
352-541: The PCT's president and CEO is Kendra Whitlock Ingram . According to its 2022 "Report to the Community", PCT's net assets were valued at $ 219 million. The Pittsburgh Cultural Trust was founded in 1984 by H. J. Heinz II with the principal aim of restoring downtown Pittsburgh as a vibrant cultural destination. Heinz and others, including William Rea and his son, U.S. Senator John Heinz , began with Pittsburgh's first renovated former movie palace , Heinz Hall , (which
374-425: The financial services industry as high-net-worth individuals and ultra high-net-worth individuals . In personal finance , knowing an individual's net worth can be important to understand their current financial standing and give a reference point for measuring future financial progress. Balance sheets that include all assets and liabilities can also be constructed for governments. Compared with government debt,
396-523: The following: In 2013, the PCT invited Dutch artist Florentijn Hofman to bring his Rubber Duck sculpture to Pittsburgh. It sold rubber duck-sized versions of Rubber Duck for $ 10, with proceeds going to the trust. Net assets Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities . Financial assets minus outstanding liabilities equal net financial assets, so net worth can be expressed as
418-891: The media that the Executive Committee had appointed attorneys Carolyn Duronio and Chuck Queenan as Milani's interim replacement until a new chairman was found. The current chairman is Richard J. Harshman. Exhibitions held in the PCT's Wood Street Galleries feature new media artists from around the world. SPACE and 707 Penn promote local artists. Recent Wood Street Galleries exhibitions featured work by artists Bill Vorn and Louis-Philippe Demers (2014); Alexandre Burton and Edwin van der Heide (2014); Erwin Redl (2014); Kurt Hentschläger (2013); Chang-Jin Lee (2013); and Ryoji Ikeda (2013). The PCT has seven public art projects on display year-round in Pittsburgh's Cultural District . They include
440-663: The organization from 1986 until 2000. In 2001, J. Kevin McMahon was named President and CEO. In 2002, the Pittsburgh Dance Council became a programming division of PCT. PCT opened Theater Square in 2003, a 330,000-square-foot (31,000 m) complex including the 265-seat Cabaret at Theater Square, a parking garage, centralized box office, restaurant, and bar, and the Carolyn M. Byham WQED 89.3 FM remote broadcast studio. That same year, First Night Pittsburgh became
462-555: The sum of non-financial assets and net financial assets. This concept can apply to companies, individuals, governments, or economic sectors such as the financial corporations sector, or even entire countries. Net worth is the excess of assets over liabilities. The assets that contribute to net worth can include homes, vehicles, various types of bank accounts, money market accounts , stocks and bonds. The liabilities are financial obligations such as loans, mortgages , and accounts payable (AP) that deplete resources. Net worth in business
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#1732765590076484-478: Was built as the former Loew's Penn Theater). The PCT's first major project was the restoration of the former Stanley Theater . The Stanley Theater was originally designed by the firm of Hoffman & Henon and opened on February 27, 1928. Under the PCT's management, this theater underwent a $ 43 million restoration and reopened in 1987 as the 2,800-seat Benedum Center for the Performing Arts. That year,
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