Legal Aid Society of Middle Tennessee and the Cumberlands
Fiscal Year
Fiscal Year Start
01/01/2023
Fiscal Year End
12/31/2023
Projected Revenue
$12,669,366.00
Projected Expenses
$12,665,766.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| legal aid society of middle tennessee and the cumberlands irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Revenue | $9,270,024.00 | $10,472,394.00 | $10,218,326.00 |
| Total Expenses | $9,380,106.00 | $8,912,584.00 | $9,801,572.00 |
| Revenue Less Expenses | ($110,082.00) | $1,559,810.00 | $416,754.00 |
Revenue Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $0.00 |
| Government - Federal | $0.00 | $0.00 | $1,030,380.00 |
| Government - State | $0.00 | $0.00 | $0.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $7,553,072.00 | $8,747,746.00 | $6,439,383.00 |
| Contributions, Gifts, and Grants | $1,688,509.00 | $1,616,358.00 | $1,552,043.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $0.00 | $2,000.00 | $-27,677.00 |
| Investment Income, Net of Losses | $14,868.00 | $96,965.00 | $232,180.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $0.00 | $0.00 | $0.00 |
| Revenue In-Kind | $0.00 | $9,325.00 | $992,017.00 |
| Other | $0.00 | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Program Expense | $7,459,811.00 | $7,134,073.00 | $808,921.00 |
| Administration Expense | $1,661,520.00 | $1,458,201.00 | $1,147,721.00 |
| Fundraising Expense | $258,775.00 | $320,310.00 | $564,639.00 |
| Total Revenue/Total Expenses | 99% | 118% | 405% |
| Program Expense/Total Expenses | 80% | 80% | 32% |
| Fundraising Expense/Contributed Revenue | 3% | 4% | 22% |
Top Funding Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Government Grants $7,553,072.00 | Government Grants $8,747,746.00 | Government Grants $6,439,383.00 |
| Second Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $1,688,509.00 | Contributions, Gifts, Grants $1,616,358.00 | Contributions, Gifts, and Grants $1,552,043.00 |
| Third Highest Funding Source & Dollar Amount | Investment Income $14,868.00 | Interest Income $96,965.00 | Federal Government Grants $1,030,380.00 |
Assets and Liabilities
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Assets | $12,092,455.00 | $8,528,233.00 | $8,552,343.00 |
| Current Assets | $4,542,055.00 | $4,792,242.00 | $8,501,020.00 |
| Long-Term Liabilities | $0.00 | $12,036.00 | $0.00 |
| Current Liabilities | $5,183,371.00 | $1,176,651.00 | $1,980,102.00 |
| Total Net Assets | $6,909,084.00 | $7,339,546.00 | $6,572,241.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$27,093.00
What is the spending policy for your endowment?
N/A
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
No
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
June
Permit Expiration Year
2024
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| One value underlies all the others for us when it comes to finances: accountability in the use of funds entrusted to us for fiscal integrity. We receive funding from more than 35 different sources. Some are grants; some are contracts; each has its own set of requirements. In addition, approximately 1,200 individuals and firms contribute to our annual fundraising campaign. They expect us to be good stewards of those funds. The staff accountant prepares financial reports at least quarterly that are sent to the Board. They consist of a balance sheet, a statement of revenues and expenses, and a listing of miscellaneous income not itemized on the statement of revenue and expenses. The Executive Director discusses those reports in meetings with the Board and the Executive Committee of the Board. In order to ensure financial stability, the organization has built a fund balance over the years. This means that we have some financial flexibility and that the loss of one grant does not mean we necessarily have to abandon a project or stop particular advocacy while we look for other funding. We maintain 3-6 months' worth of expenses in reserve. |
Foundation Staff Comments
| Financial figures taken from the audit. Financial documents completed by Kraft CPAs, PLLC. Comment provided by Hayley Sulfridge 7/31/23. |
