Discovery Center at Murfree Spring / Children's Museum Corporation of Rutherford County
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615-890-2300
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502 S.E. Broad Street
Murfreesboro, TN 37130
Organization Details

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 Year202320222021
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 Year202320222021
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 Year202320222021
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 Year202320222021
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 Year202320222021
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

Charitable Solicitations

Form 990s

990 2023
990 2022
2021 990 2021
990 2020
990 2019
990 2018
990 2017
990 2016
discovery center at murfree spring form 990 2015
discovery center at murfree spring form 990 2014
discovery center at murfree spring form 990 2013
discovery center at murfree spring form 990 2012
discovery center at murfree spring 2011 990 2011
discovery center at murfree spring 2010 990 2010
discovery center at murfree spring 2009 990 2009
discovery center at murfree spring 2008 990 2008
discovery center at murfree spring 2007 990 2007
discovery center at murfree spring 2006 990 2006
discovery center at murfree spring 2005 990 2005
discovery center at murfree spring 2004 990 2004

Audit Documents

Audit 2023
Audit 2022
discovery center at murfree spring 2021 audit 2021
discovery center at murfree spring 2020 audit 2020
Audit Report 2019
Audit 2018
2017 audit 2017
2016 audit 2016
discovery center at murfree spring 2015 audit 2015
discovery center at murfree spring 2014 audit 2014
discovery center at murfree spring 2013 audit 2013
discovery center at murfree spring 2012 audit 2012
discovery center at murfree spring 2011 audit 2011
discovery center at murfree spring 2010 audit 2010
discovery center at murfree spring 2009 audit 2009
discovery center at murfree spring 2008 audit 2008
discovery center at murfree spring 2007 audit 2007
discovery center at murfree spring 2006 audit 2006
discovery center at murfree spring 2005 audit 2005
discovery center at murfree spring 2004 audit 2004

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.