Frist Art Museum
Fiscal Year
Fiscal Year Start
01/01/2024
Fiscal Year End
12/31/2024
Projected Revenue
$16,506,787.00
Projected Expenses
$16,506,787.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| IRS Letter of Determination |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $17,345,860.00 | $16,722,143.00 | $16,484,166.00 |
| Total Expenses | $14,835,847.00 | $14,189,133.00 | $13,932,379.00 |
| Revenue Less Expenses | $2,510,013.00 | $2,533,010.00 | $2,551,787.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $2,189,778.00 | $1,954,005.00 |
| 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 | $13,014,443.00 | $11,167,452.00 | $9,967,312.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $1,834,290.00 | $1,549,431.00 | $2,601,430.00 |
| Investment Income, Net of Losses | $778,634.00 | $-266,428.00 | $636,020.00 |
| Membership Dues | $1,171,060.00 | $1,256,881.00 | $1,324,243.00 |
| Special Events | $0.00 | $0.00 | $0.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $547,433.00 | $825,029.00 | $1,156.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $11,732,927.00 | $10,964,845.00 | $11,108,190.00 |
| Administration Expense | $2,083,053.00 | $2,325,454.00 | $2,240,415.00 |
| Fundraising Expense | $1,019,867.00 | $898,834.00 | $583,774.00 |
| Total Revenue/Total Expenses | 117% | 118% | 118% |
| Program Expense/Total Expenses | 79% | 77% | 80% |
| Fundraising Expense/Contributed Revenue | 7% | 6% | 4% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Contributions, Gifts, and Grants $13,014,443.00 | Contributions, Gifts, and Grants $11,167,452.00 | Contributions, Gifts, Grants $9,967,312.00 |
| Second Highest Funding Source & Dollar Amount | Program Revenue $1,834,290.00 | Foundation and Corporations $2,189,778.00 | Program Revenue $2,601,430.00 |
| Third Highest Funding Source & Dollar Amount | Membership Dues $1,171,060.00 | Program Revenue $1,549,431.00 | Foundation and Corporations $1,954,005.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $35,413,391.00 | $32,978,116.00 | $27,247,403.00 |
| Current Assets | $2,083,053.00 | $11,253,770.00 | $6,194,441.00 |
| Long-Term Liabilities | $1,092,510.00 | $1,037,707.00 | $1,561,616.00 |
| Current Liabilities | $15,514,086.00 | $868,002.00 | $0.00 |
| Total Net Assets | $33,205,597.00 | $28,162,574.00 | $25,685,787.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$71,039,811.00
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?
No
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
| The Frist Art Museum operates fiscally on a calendar year. Audits are generally completed by the end of April, and Form 990s are completed around October of each year. |
Foundation Staff Comments
| Financial figures taken from the audit. The Frist Center for the Visual Arts' endowment is housed at The Community Foundation of Middle Tennessee. Financials completed by Kraft CPAs, PLLC. Comment provided by Hayley Sulfridge 12/2/24. |
