Discovery Center at Murfree Spring / Children's Museum Corporation of Rutherford County
Fiscal Year
Fiscal Year Start
01/01/2024
Fiscal Year End
12/31/2024
Projected Revenue
$2,131,585.00
Projected Expenses
$2,091,130.00
Organizational Budgets and Other Documents
Organization Budget | 2024 |
Organization Budget | 2023 |
Organization Budget | 2022 |
Organization Budget | 2021 |
Organization Budget | 2020 |
Organization Budget | 2020 |
Organization Budget | 2019 |
Organization Budget | 2018 |
Organizational Budget | 2017 |
IRS Letter of Exemption
discovery center at murfree spring irs ltr |
Detailed Financials
Revenue and Expenses
Fiscal Year | 2023 | 2022 | 2021 |
---|---|---|---|
Total Revenue | $2,346,724.00 | $1,755,308.00 | $2,253,346.00 |
Total Expenses | $2,169,793.00 | $1,681,130.00 | $1,207,170.00 |
Revenue Less Expenses | $176,931.00 | $74,178.00 | $1,046,176.00 |
Revenue Sources
Fiscal Year | 2023 | 2022 | 2021 |
---|---|---|---|
Foundation and Corporation Contributions | $296,138.00 | $438,908.00 | $670,000.00 |
Government - Federal | $402,518.00 | $0.00 | $164,636.00 |
Government - State | $215,000.00 | $173,475.00 | $233,642.00 |
Government - Local | $0.00 | $40,000.00 | $0.00 |
Government - Unspecified | $49,092.00 | $0.00 | $252,495.00 |
Contributions, Gifts, and Grants | $106,264.00 | $144,103.00 | $375,660.00 |
Indirect Public Support | $2,266.00 | $24,604.00 | $11,487.00 |
Earned Revenue | $1,067,880.00 | $834,335.00 | $462,905.00 |
Investment Income, Net of Losses | $45,477.00 | $12,003.00 | $1,588.00 |
Membership Dues | $0.00 | $0.00 | $0.00 |
Special Events | $79,029.00 | $83,259.00 | $78,497.00 |
Revenue In-Kind | $78,610.00 | $2,275.00 | $0.00 |
Other | $4,450.00 | $2,346.00 | $2,436.00 |
Expense Allocation
Fiscal Year | 2023 | 2022 | 2021 |
---|---|---|---|
Program Expense | $1,480,467.00 | $1,079,055.00 | $745,881.00 |
Administration Expense | $515,621.00 | $442,797.00 | $346,108.00 |
Fundraising Expense | $173,705.00 | $159,278.00 | $115,181.00 |
Total Revenue/Total Expenses | 108% | 104% | 187% |
Program Expense/Total Expenses | 68% | 64% | 62% |
Fundraising Expense/Contributed Revenue | 8% | 9% | 10% |
Top Funding Sources
Fiscal Year | 2023 | 2022 | 2021 |
---|---|---|---|
Top Funding Source & Dollar Amount | Program Revenue $1,067,880.00 | Program Revenue $834,335.00 | Foundation and Corporations $670,000.00 |
Second Highest Funding Source & Dollar Amount | Federal Government Grants $402,518.00 | Foundation and Corporations $438,908.00 | Program Revenue $462,905.00 |
Third Highest Funding Source & Dollar Amount | Foundations and Corporations $296,138.00 | State Government Grants $173,475.00 | Contributions, Gifts, and Grants $375,660.00 |
Assets and Liabilities
Fiscal Year | 2023 | 2022 | 2021 |
---|---|---|---|
Total Assets | $6,125,741.00 | $5,791,195.00 | $5,763,596.00 |
Current Assets | $2,226,585.00 | $2,047,012.00 | $2,022,753.00 |
Long-Term Liabilities | $150,000.00 | $150,000.00 | $150,000.00 |
Current Liabilities | $270,924.00 | $176,317.00 | $132,594.00 |
Total Net Assets | $5,704,817.00 | $5,464,878.00 | $5,481,002.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$548,774.78
What is the spending policy for your endowment?
Percentage
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
June
Permit Expiration Year
2025
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
A challenge for any organization is to see beyond the day to day financial obligations and be disciplined enough to commit to long-term financial sustainability. Discovery Center is committed to long-term sustainability and most recently transferred a portion of a financial gift to our endowment at The Community Foundation. Included in our three year plan are strategies in place to launch a planned giving campaign. In October we conduct budget hearings for every department and program, and the staff have been well trained to include a previous year financial evaluation to accompany their new year budget requests. Each month the CFO and I review line item by line item and compare current month to PY/month and budget versus actual. This has proven invaluable to catch earned income trends. The Finance and Administration Committee meets six times a year to provide additional analysis and oversight. As good stewards of our budget, if a program or exhibit opportunity arises that is not accounted for in the current budget year, we do not commit until we have identified a funding source. With respect to the uploaded financial statements, depreciation expense is a non-cash non-operating expense that must be shown on our financial statements, but does not affect our ability to operate on a daily basis. |
Foundation Staff Comments
Financial figures are taken from the 990. Financial documents completed by Dempsey, Vantrease & Follis PLLC. Comment provided by Nicole Rose 07/12/2024. |