Willow Oak Center for Arts & Learning at Robertson County
Fiscal Year
Fiscal Year Start
07/01/2023
Fiscal Year End
06/30/2024
Projected Revenue
$493,700.00
Projected Expenses
$486,117.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| willow oak center for arts and learning at robertson county irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $757,943.00 | $315,814.00 | $208,280.00 |
| Total Expenses | $342,032.00 | $290,372.00 | $214,778.00 |
| Revenue Less Expenses | $415,911.00 | $25,442.00 | ($6,498.00) |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $0.00 |
| 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 | $12,600.00 | $13,700.00 | $9,600.00 |
| Contributions, Gifts, and Grants | $310,448.00 | $261,270.00 | $145,267.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $59,403.00 | $42,894.00 | $39,362.00 |
| Investment Income, Net of Losses | $0.00 | $2.00 | $7.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $22,689.00 | $-2,052.00 | $1,461.00 |
| Revenue In-Kind | $350,000.00 | $0.00 | $0.00 |
| Other | $2,803.00 | $0.00 | $12,583.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $409,780.00 | $201,903.00 | $179,132.00 |
| Administration Expense | $6,131.00 | $41,796.00 | $35,646.00 |
| Fundraising Expense | $0.00 | $46,673.00 | $0.00 |
| Total Revenue/Total Expenses | 182% | 109% | 97% |
| Program Expense/Total Expenses | 99% | 70% | 83% |
| Fundraising Expense/Contributed Revenue | 0% | 16% | 0% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Noncash Contributions $350,000.00 | Contributions, Gifts, and Grants $261,270.00 | Contributions, Gifts, and Grants $145,267.00 |
| Second Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $310,448.00 | Program Revenue $42,894.00 | Program Revenue $39,362.00 |
| Third Highest Funding Source & Dollar Amount | Program Revenue $59,403.00 | Government Grants $13,700.00 | Other Revenue $12,583.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $393,961.00 | $50,521.00 | $25,009.00 |
| Current Assets | $40,677.00 | $45,868.00 | $19,150.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Current Liabilities | $4,350.00 | $2,942.00 | $2,872.00 |
| Total Net Assets | $389,611.00 | $47,579.00 | $22,137.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$6,000.00
What is the spending policy for your endowment?
Income Only
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
Form 990s
Audit Documents
No audit documents are available at this time
CEO/Executive Director/Board Comments
| In 2022-23, income was generated through direct public support $253,997.60; foundation and trust grants $56,460; government grants $12,600; facility rental $500; fundraising events $52,065.40; festival booth fees $1,988.48; and program income $57,469.75. Total income was $435,071.27 with a miscellaneous income of $147.71. Net profit at the end of the fiscal year was -$3,479.93 with $27,291.79 in the general operating account and $14,115.95 in the building fund. This was viewed somewhat favorably considering Willow Oak had moved to a larger but older facility with unplanned expenses. Scholarships are provided to children and adults who request financial assistance with tuition fees. The fiscal year ended with $2,088.05 in the scholarship fund. The 2023-2024 Budget income was increased 13.47%. The income of $493,700 is categorized as follows: festivals $2,700 (.6%); foundations and trust grants $67,000 (13.6%); government grants $33,000 (6.7%); corporate giving $50,000 (10.12%); individual giving $150,000 (30.38%); fundraising events $81,000 (16.4%); facility rental $20,000 (4%); and program income $90,000 (18.2%). Expenses are $486,117. Not included are building renovations. Scholarship funding comes from designated donations and is given to any child or child requesting financial assistance. A capital campaign is being planned to raise money for general operating, a cash reserve, the building fund, and the endowment fund. This fund was started in October 2022 through the Community Foundation of Middle Tennessee. We are so grateful for the gift of the church building from the members of Central Christian Church in December 2022. The large space allows us to increase the number of classes, choral rehearsals, and events to offer our community. With this wonderful space comes new facility expenses such as replacing a 40-year-old roof and 37 windows, the wood frames of which have deteriorated. Mini-split HVAC units were purchased for three offices and an older air conditioning unit had to be replaced. An infrastructure grant (pending) will hopefully provide funds to renovate the event hall to make it usable for concerts and events. Our goal is to generate revenue through rentals for weddings and other events. Other plans are for the bathrooms to be made handicapped accessible and install an additional ramp to the front of the building. An elevator is also needed for access to two separate basements/classrooms. Other renovations are required to develop our new home into an art center of beauty and interest for all ages. These needs include, but are not limited to new doors, exterior painting, development of the courtyard area, and landscaping. It is vital that we focus on donor relations, cultivating additional individual and corporate donors while encouraging current donors to increase their gifts. Grant research and proposals are an additional focus to fund events such as ArtFest and Art in the Park, the performing arts programs, and classes and workshops. Willow Oak has not had a development director. In August 2023, the Financial and Volunteer Coordinator transitioned to the new position of Assistant Executive Director. This person will take on most of the day-to-day duties of the Executive Director. This allows the Executive Director to focus on development and grant writing. |
Foundation Staff Comments
| Financials figures taken from the 990. Foundation and corporate contributions may be included in the Contributions, Gifts, and Grants sum as these figures were not separated in the 990. 990 prepared by Brown, Brown & Associates, PC. Comments provided by Hayley Sulfridge 12/18/23. |
