As Waterbury's premier performing arts center, the Palace Theater's vision is to stimulate a cultural and economic renaissance in the region through the celebration of arts, education and community. The Palace is a 501 (c) 3 non-profit organization with a mission to "preserve and operate the historic Palace Theater as a performing arts center and community gathering place that provides a focal point of cultural activity and educational outreach for diverse audiences."

The Palace Theater Group Inc. is governed by a Board of Directors comprised of local business and community leaders from the Greater Waterbury region.