Monthaven Arts and Cultural Center
Fiscal Year
Fiscal Year Start
07/01/2023
Fiscal Year End
06/30/2024
Projected Revenue
$873,000.00
Projected Expenses
$873,000.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| Monthaven IRS Letter |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $770,174.00 | $601,500.00 | $375,325.00 |
| Total Expenses | $732,406.00 | $520,368.00 | $368,539.00 |
| Revenue Less Expenses | $37,768.00 | $81,132.00 | $6,786.00 |
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 | $83,590.00 | $60,800.00 | $93,034.00 |
| Contributions, Gifts, and Grants | $233,689.00 | $253,153.00 | $107,626.00 |
| Indirect Public Support | $510.00 | $0.00 | $0.00 |
| Earned Revenue | $142,768.00 | $153,159.00 | $104,110.00 |
| Investment Income, Net of Losses | $230.00 | $7.00 | $6.00 |
| Membership Dues | $5,932.00 | $21,301.00 | $16,324.00 |
| Special Events | $257,708.00 | $31,457.00 | $26,525.00 |
| Revenue In-Kind | $45,747.00 | $81,623.00 | $27,700.00 |
| Other | $0.00 | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $677,707.00 | $445,143.00 | $288,477.00 |
| Administration Expense | $46,982.00 | $53,889.00 | $57,878.00 |
| Fundraising Expense | $7,717.00 | $21,336.00 | $22,184.00 |
| Total Revenue/Total Expenses | 105% | 116% | 102% |
| Program Expense/Total Expenses | 93% | 86% | 78% |
| Fundraising Expense/Contributed Revenue | 1% | 4% | 6% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Fundraising Events $257,708.00 | Contributions, Gifts, and Grants $253,153.00 | Contributions, Gifts, and Grants $107,626.00 |
| Second Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $233,689.00 | Program Revenue $153,159.00 | Program Revenue $104,110.00 |
| Third Highest Funding Source & Dollar Amount | Program Revenues $142,768.00 | Noncash Contributions $81,623.00 | Government Grants $93,034.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $690,456.00 | $637,200.00 | $264,494.00 |
| Current Assets | $122,121.00 | $86,051.00 | $124,377.00 |
| Long-Term Liabilities | $279,558.00 | $302,225.00 | $0.00 |
| Current Liabilities | $68,281.00 | $30,092.00 | $42,156.00 |
| Total Net Assets | $342,617.00 | $304,883.00 | $222,338.00 |
Endowment Info
Do you have an endowment?
No
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
| MACC Comprehensive Audit FY23 | 2023 |
| MACC Comprehensive Audit FY22 | 2022 |
| MACC Comprehensive Audit 2021 | 2021 |
| MACC Comprehensive Audit FY20 | 2020 |
CEO/Executive Director/Board Comments
| Challenges/ Opportunities: 1) Space is limited for youth arts classes in the upper floor, and not designed for the specialized needs of the classroom. Exhibition openings and evening events in the first floor gallery spaces often intersect with students attending after-school classes. -We are currently acquiring land to build an arts education facility specifically designed for the growing needs of our community, allowing us to expand programming goals. The second floor can then be utilized as supporting gallery/ museum space for our increasing audience to engage with arts exhibitions, performances and other events. 2) Major restorational upgrades in the beauty/ function of the mansion's first and second floors occurred in 2017-18, and restoration of original wood floors and carpeted areas followed in 2020. After the arts education facility is constructed, a more extensive second floor renovation will allow for an historical archive room exhibiting documents and artifacts related to the property, as well as housing our growing permanent collection of fine art. We also hope to begin to address ongoing capital maintenance needs through the TN State Museum grant for museums with an upstairs bathroom remodel in 2024, and anticipate further improvements to our existing facility. 3) Staff employment limitations. We seek to expand the hours and pay of part-time staff as well as employing new staff to support the growing programming needs of the organization, but growth is limited by our current staff capacity. Our board continues to develop new committees and increasing FY24-25 fundraising. 4) Annual Report: With the recent addition of a Development Director in 2023 and the investment of CRM software, we are continuing to explore how to utilize our newly-published first-ever annual report to help us accomplish long-term funding goals, as we grow/compile data for our future 2024 annual report. 6) Capital campaign future launch: Our organization conducted a feasibility study by an outside firm during FY22-23 for a future capital campaign of approximately $10M to build a dedicated arts educational facility on our campus. We have received several key donor pledges in FY24 (over $2M) and plan to announce a public campaign launch at our Moonlight and Magnolias gala in April 2024 to jumpstart the FY25 public campaign. Assets : 1) MACC successfully addressed the dual organization classification (government entity + 501c3 nonprofit) which was difficult to manage and explain to potential funders without undue effort or confusion. Although the government entity branch was audited annually through the City of Hendersonville, we began conducting external consolidated audits beginnning in FY20 so that our financials are more transparent and effective in grantseeking. This has helped us with fundraising and sponsorship support as well. 2) Exquisite historic venue, growing reputation 3) Large network of professional licensed teachers with college degrees (makes our classes the most respected in Sumner County) 4) Executive Director is a true visionary, experienced in business and leadership acumen, and well connected in Nashville and Sumner County as well as regionally and nationally. 5) Our list of local and national partners continues to grow, fueling both our outreach and healing arts programming, as well as bringing exceptional exhibitions to Sumner County through a tremendous amount of in-kind support (over $500K annually) 6) Recently designed website (www.monthavenarts.org) that showcases the spectrum of amenities we provide as an organization, as well as links to access a current press kit and media archive. 7) New arts outreach, healing arts, performance series programming expands our footprint and provides greater impact to our Middle TN community and beyond, serving unique needs of individuals with special needs, sensory issues, veterans, youth and families seeking mental health resources, troubled teens, previously homeless single moms, senior citizens living in facilities, and more. 8) Redesigned retail space allows for local artwork, merchandise, and yearly memberships to be sold, benefiting the general operations of Monthaven and providing revenue to local artists. A satellite gallery location at Streets of Indian Lake during 2023 has now led to the April 2024 launch of the Papillon Gallery within our main structure, which serves to promote and sell work by local artists, and to help increase awareness of the amenities of our organization. 9) Monthaven just released our first comprehensive annual report (2023) that provides data and documentary information about our yearly accomplishments as an organization while honoring the annual contributions of our supporters. |
Foundation Staff Comments
| Financial figures taken from the Form 990. Foundation and corporate grants may be included in Contribution, Gifts, and Grants sum, as these amounts are not separated in Form 990. Form 990 was prepared by Johnson's Bookkeeping. Comments provided by Nicole Rose 04/10/2024. |
