Steppenwolf Theater Co
Public records show a registered, tax-exempt organization in good standing.
What it says it does
STEPPENWOLF THEATRE STRIVES TO CREATE THRILLING, COURAGEOUS AND PROVOCATIVE ART IN A THOUGHTFUL AND INCLUSIVE ENVIRONMENT. WE SUCCEED WHEN WE DISRUPT YOUR ROUTINE WITH EXPERIENCES THAT SPARK CURIOSITY, EMPATHY AND JOY.
- Income
- $28.0 million
- Spending
- $21.3 million
- Spent on programs
- 69%
- Reserves
- -8.2 months of spending
- Largest source of income
- donations and private grants, 70%
- Employees
- 351
- Volunteers
- 2,227
- Highest pay
- $359,893, executive director
Source: Form 990 for the year ending August 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Fair: 55 out of 100. Higher than 22% of charities in its peer group (arts and culture, $10m to $100m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
10 of 20It owes 36% of what it owns.
Living within its means
15 of 15Income exceeded spending by 24% of income.
Income trend
15 of 15Income rose 9% on the year before.
Spending floor
15 of 1569% of spending went to programs and raising each dollar of donations cost 12 cents.
Source: Form 990 for the year ending August 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 34% of charities in its peer group (arts and culture, $10m to $100m).
Independent board
25 of 2550 of 52 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending August 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- $14.7 million spent. IN SUPPORT OF OUR CORE ARTISTIC TENETS, WE SEEK TO 1) SERVE AS AN ARTISTIC HOME FOR OUR ENSEMBLE AND A LAUNCHING PAD FOR BOLD, NEW WORK; 2) AMPLIFY THE VOICES OF CHICAGO TEENS AND CULTIVATE FUTURE GENERATIONS OF ARTISTS AND ENTHUSIASTS; AND 3) PROVIDE A COLLABORATIVE SPACE FOR INDEPENDENT ARTISTS AND COMPANIES TO PROMOTE A STRONGER, SUSTAINABLE, AND VIBRANT ARTS COMMUNITY. STEPPENWOLF PRODUCES HUNDREDS OF PERFORMANCES AND EVENTS IN ITS THREE SPACES: THE 500-SEAT DOWNSTAIRS THEATER; THE 400-SEAT ENSEMBLE THEATER; AND THE 80-SEAT 1700 THEATER. ARTISTIC PROGRAMMING INCLUDES A MAIN SEASON OF PRODUCED NEW WORK AND REIMAGINED PLAYS; PRESENTATIONS OF CABARET, COMEDY AND MULTI-DISCIPLINARY ARTISTS; LIVE PERFORMANCES AND EDUCATION PROGRAMMING FOR TEEN AUDIENCES; AND LOOKOUT, A MULTI-GENRE PERFORMANCE SERIES. (CONTINUED ON SCHEDULE O) IN FISCAL YEAR 2025, STEPPENWOLF'S POST-PANDEMIC RECOVERY STRATEGIC PLAN CONTINUED FOR ITS SECOND YEAR. THIS FOLLOWED AN INITIAL REDUCTION IN FORCE AND TUNING OF PROGRAMMATIC SCOPE FOR THE INSTITUTION IN THE PREVIOUS SEASON THAT REDUCED OVERALL EXPENSES YEAR OVER YEAR. THIS EFFORT ALSO PUT AN EMPHASIS ON EVOLVED PROGRAMING, INCREASED AUDIENCE ENGAGEMENT AND NEW STRATEGIES FOR EARNED REVENUE. OVER THE COURSE OF THE SEASON, FIVE PLAYS WERE PRODUCED ALONGSIDE LIMITED ENGAGEMENTS THAT RESULTED IN 400 PERFORMANCES. TOTAL ATTENDANCE NUMBERS REACHED 100,000 ACROSS THE COURSE OF THE SEASON. MARKETING STRATEGIES SHIFTED FROM PACKAGED SALES (SUBSCRIPTIONS) TO SINGLE TICKET ACQUISITION. PROGRAMMING IN THE EDUCATION AND ENGAGEMENT AREA REACHED NEARLY 15,000 TEENS, EDUCATORS AND COMMUNITY MEMBERS ACROSS CHICAGO'S 77 NEIGHBORHOODS. FOUR OF THE THEATER'S PROFESSIONAL PRODUCTIONS ANCHORED THIS WORK THROUGH LIVE PERFORMANCES OFFERED AS FIELD TRIPS AS WELL AS WRAPAROUND CURRICULUM DEVELOPED FOR SCHOOLS. THE YOUNG ADULT COUNCIL, COMPRISED OF 30 PASSIONATE HIGH SCHOOL AGED TEENS WITH AN INTEREST IN THEATER, REPRESENTED SCHOOLS AND NEIGHBORHOODS ACROSS CHICAGO AS THEY ADVISED ON TEEN PROGRAM AND CURRICULUM DEVELOPMENT FOR THE SEASON. THE SUITE OF EDUCATION PROGRAMS, IN SCHOOLS AND ACROSS OUR ARTISTIC CAMPUS, WERE ROOTED IN AN ETHOS OF ACCESSIBILITY AND BARRIER-FREE PROGRAMMING. BEYOND PARTNERSHIP WITH TEENS AND SCHOOLS, STEPPENWOLF INVESTED IN MEANINGFUL RELATIONSHIPS WITH COMMUNITY ORGANIZATIONS AND ENSURED THAT THE PRINCIPLES THAT GUIDE OUR WORK BOTH ALIGN WITH AND PROVIDE ADDED VALUE TO OUR PARTNERS. WE COLLABORATED WITH MYRIAD PARTNERS ACROSS THE LITERACY SPACE, COMMUNITY DEVELOPMENT, SOCIAL SERVICES, LIBRARIES AND PARK DISTRICTS OF CHICAGO. STEPPENWOLF'S MULTI-GENRE PERFORMANCE SERIES, LOOKOUT, PRESENTED THE WORK OF A WIDE VARIETY OF CHICAGO-BASED INDEPENDENT ARTISTS AND COMPANIES ON A YEAR-ROUND BASIS. LOOKOUT PRODUCED APPROXIMATELY 110 PERFORMANCES OF 30 WORKS, FEATURING 300 ARTISTS AND ENGAGING 7,500 AUDIENCE MEMBERS. THE RESULTING REVENUE PROVIDED MORE THAN $100,000 TO LOCAL ARTISTS. TO SUPPORT THE STRATEGIC PLAN, STEPPENWOLF CONTINUED A FUNDRAISING CAMPAIGN (LAUNCHED AT THE CONCLUSION OF THE 2024 FISCAL YEAR). THE $35 MILLION GOAL IS TWO-FOLD: TO GENERATE FUNDS TO SAFEGUARD THE THEATER'S MISSION-DRIVEN WORK ON STAGE AND IN COMMUNITY, AND TO PAY DOWN THE EXISTING DEBT ASSOCIATED WITH THE CAMPUS EXPANSION PROJECT THAT ADDED A NEW PERFORMANCE VENUE (THE COMPANY NOW OPERATES A THREE THEATER CAMPUS) AND WORKSHOP SPACES TO SUPPORT EDUCATION AND ENGAGEMENT PROGRAMMING. IN FISCAL YEAR 2025, STEPPENWOLF'S POST-PANDEMIC RECOVERY STRATEGIC PLAN CONTINUED FOR ITS SECOND YEAR. THIS FOLLOWED AN INITIAL REDUCTION IN FORCE AND TUNING OF PROGRAMMATIC SCOPE FOR THE INSTITUTION IN THE PREVIOUS SEASON THAT REDUCED OVERALL EXPENSES YEAR OVER YEAR. THIS EFFORT ALSO PUT AN EMPHASIS ON EVOLVED PROGRAMING, INCREASED AUDIENCE ENGAGEMENT AND NEW STRATEGIES FOR EARNED REVENUE. OVER THE COURSE OF THE SEASON, FIVE PLAYS WERE PRODUCED ALONGSIDE LIMITED ENGAGEMENTS THAT RESULTED IN 400 PERFORMANCES. TOTAL ATTENDANCE NUMBERS REACHED 100,000 ACROSS THE COURSE OF THE SEASON. MARKETING STRATEGIES SHIFTED FROM PACKAGED SALES (SUBSCRIPTIONS) TO SINGLE TICKET ACQUISITION. PROGRAMMING IN THE EDUCATION AND ENGAGEMENT AREA REACHED NEARLY 15,000 TEENS, EDUCATORS AND COMMUNITY MEMBERS ACROSS CHICAGO'S 77 NEIGHBORHOODS. FOUR OF THE THEATER'S PROFESSIONAL PRODUCTIONS ANCHORED THIS WORK THROUGH LIVE PERFORMANCES OFFERED AS FIELD TRIPS AS WELL AS WRAPAROUND CURRICULUM DEVELOPED FOR SCHOOLS. THE YOUNG ADULT COUNCIL, COMPRISED OF 30 PASSIONATE HIGH SCHOOL AGED TEENS WITH AN INTEREST IN THEATER, REPRESENTED SCHOOLS AND NEIGHBORHOODS ACROSS CHICAGO AS THEY ADVISED ON TEEN PROGRAM AND CURRICULUM DEVELOPMENT FOR THE SEASON. THE SUITE OF EDUCATION PROGRAMS, IN SCHOOLS AND ACROSS OUR ARTISTIC CAMPUS, WERE ROOTED IN AN ETHOS OF ACCESSIBILITY AND BARRIER-FREE PROGRAMMING. BEYOND PARTNERSHIP WITH TEENS AND SCHOOLS, STEPPENWOLF INVESTED IN MEANINGFUL RELATIONSHIPS WITH COMMUNITY ORGANIZATIONS AND ENSURED THAT THE PRINCIPALS THAT GUIDE OUR WORK BOTH ALIGN WITH AND PROVIDE ADDED VALUE TO OUR PARTNERS. WE COLLABORATED WITH MYRIAD PARTNERS ACROSS THE LITERACY SPACE, COMMUNITY DEVELOPMENT, SOCIAL SERVICES, LIBRARIES AND PARK DISTRICTS OF CHICAGO. STEPPENWOLF'S MULTI-GENRE PERFORMANCE SERIES, LOOKOUT, PRESENTED THE WORK OF A WIDE VARIETY OF CHICAGO-BASED INDEPENDENT ARTISTS AND COMPANIES ON A YEAR-ROUND BASIS. LOOKOUT PRODUCED APPROXIMATELY 110 PERFORMANCES OF 30 WORKS, FEATURING 300 ARTISTS AND ENGAGING 7,500 AUDIENCE MEMBERS. THE RESULTING REVENUE PROVIDED MORE THAN $100,000 TO LOCAL ARTISTS. TO SUPPORT THE STRATEGIC PLAN, STEPPENWOLF CONTINUED A FUNDRAISING CAMPAIGN (LAUNCHED AT THE CONCLUSION OF THE 2024 FISCAL YEAR). THE $35 MILLION GOAL IS TWO-FOLD: TO GENERATE FUNDS TO SAFEGUARD THE THEATER'S MISSION-DRIVEN WORK ON STAGE AND IN COMMUNITY, AND TO PAY DOWN THE EXISTING DEBT ASSOCIATED WITH THE CAMPUS EXPANSION PROJECT THAT ADDED A NEW PERFORMANCE VENUE (THE COMPANY NOW OPERATES A THREE THEATER CAMPUS) AND WORKSHOP SPACES TO SUPPORT EDUCA
Source: Form 990 for the year ending August 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated November 6, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending August 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since August 1976.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated November 4, 2026.
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