Arts & Business Council of Greater Nashville Inc.
Fiscal Year
Fiscal Year Start
07/01/2023
Fiscal Year End
06/30/2024
Projected Revenue
$492,140.00
Projected Expenses
$491,490.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| arts & business council of greater nashville irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $543,517.00 | $438,491.00 | $524,893.00 |
| Total Expenses | $449,566.00 | $326,025.00 | $132,793.00 |
| Revenue Less Expenses | $93,951.00 | $112,466.00 | $392,100.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $292,490.00 | $191,850.00 | $337,550.00 |
| Government - Federal | $0.00 | $0.00 | $0.00 |
| Government - State | $0.00 | $0.00 | $0.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $0.00 | $0.00 | $0.00 |
| Contributions, Gifts, and Grants | $218,293.00 | $210,173.00 | $83,726.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $22,069.00 | $29,066.00 | $95,615.00 |
| Investment Income, Net of Losses | $2,770.00 | $307.00 | $241.00 |
| Membership Dues | $7,895.00 | $7,095.00 | $7,761.00 |
| Special Events | $0.00 | $0.00 | $0.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $0.00 | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $360,417.00 | $239,635.00 | $390,188.00 |
| Administration Expense | $66,019.00 | $57,043.00 | $54,803.00 |
| Fundraising Expense | $23,130.00 | $29,347.00 | $21,976.00 |
| Total Revenue/Total Expenses | 121% | 134% | 112% |
| Program Expense/Total Expenses | 80% | 74% | 84% |
| Fundraising Expense/Contributed Revenue | 5% | 9% | 5% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Foundation and Corporations $292,490.00 | Contributions, Gifts, Grants $210,173.00 | Foundations and Corporations $337,550.00 |
| Second Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $218,293.00 | Program Revenue $29,066.00 | Program Revenue $95,615.00 |
| Third Highest Funding Source & Dollar Amount | Program Revenue $22,069.00 | Membership Dues $7,095.00 | Contributions, Gifts, and Grants $83,726.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $550,293.00 | $469,042.00 | $392,931.00 |
| Current Assets | $550,293.00 | $469,042.00 | $392,931.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Current Liabilities | $85,018.00 | $84,729.00 | $132,793.00 |
| Total Net Assets | $465,275.00 | $371,324.00 | $392,931.00 |
Endowment Info
Do you have an endowment?
No
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
Yes
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
December
Permit Expiration Year
2024
Solicitations Permit
Arts & Business Council State Charitable Solicitations Permit 2024
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| The 2006-08 financial information and 990s are from Tennessee Volunteer Lawyers for the Arts (TNVLA). The Arts & Business Council (ABC) merged with TNVLA effective 2/1/09. The first 990 to reflect merged numbers was filed in Fall 2009. With the merger, ABC also transitioned from a calendar year to a July-June fiscal year. The 2010 990 reflects the first complete combined year following the merger. In December 2010, the Arts & Business Council entered into an arrangement with Nashville Folk & Roots ('NFR') a Tennessee nonprofit public benefit corporation to serve as a fiscal sponsor. NFR was organized to present the National Folk Festival (the 'Festival') in Nashville in September 2011. For this reason, the FY11 and FY12 financial statements reflect significant amounts of income and expenses relating to the Festival. Arts & Business Council figures remained steady at around $300,000 per year income and expenses. In January 2013, Arts & Business Council entered into a partnership with Belmont University to operate as a nonprofit-in-residence on campus. This helped reduce overhead expenses and, together with a renewed focus on impactful programming, reduced the overall budget to around $150,000 annually. Starting in FY16, ABC worked to build up a small reserve of $50,000 over three years, which was achieved in FY19. In FY17, ABC piloted a Fiscal Sponsorship program which saw 13 projects come under ABC's management. The fundraising activities of the Fiscally Sponsored projects have an impact on the 990 forms and financial statements, but are not accounted for in ABC's budget projections as this received revenue is paid out to each project, and does not affect ABC's core operating budget or activities. For example, the revenue and expenses spike between 2016 and 2018 is due to a number of fiscally sponsored projects receiving large five- and six-figure grants. During the year ended June 30, 2018, expenditures of funds from fiscally sponsored projects accounted for $59,838 of the organization's total excess of total cash disbursements over total cash receipts of $72,810. |
Foundation Staff Comments
| Financial Figures are taken from Form 990.990 prepared by Bellefant, PLLC. Comments provided by Hayley Sulfridge 2/16/24. |
