Tennessee Arts Academy Foundation
Fiscal Year
Fiscal Year Start
07/01/2023
Fiscal Year End
06/30/2024
Projected Revenue
$674,500.00
Projected Expenses
$657,762.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| TN Arts Academy Foundation 501c3 | 1998 |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $522,765.00 | $432,075.00 | $373,569.00 |
| Total Expenses | $389,281.00 | $370,927.00 | $155,738.00 |
| Revenue Less Expenses | $133,484.00 | $61,148.00 | $217,831.00 |
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 | $100,000.00 | $100,000.00 | $100,000.00 |
| Contributions, Gifts, and Grants | $345,062.00 | $242,434.00 | $218,840.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $0.00 | $0.00 | $0.00 |
| Investment Income, Net of Losses | $28,359.00 | $2,033.00 | $2,050.00 |
| Membership Dues | $14,534.00 | $9,669.00 | $11,261.00 |
| Special Events | $34,810.00 | $77,939.00 | $41,418.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $0.00 | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $263,907.00 | $155,796.00 | $104,018.00 |
| Administration Expense | $125,374.00 | $215,131.00 | $51,720.00 |
| Fundraising Expense | $0.00 | $0.00 | $0.00 |
| Total Revenue/Total Expenses | 134% | 116% | 240% |
| Program Expense/Total Expenses | 68% | 42% | 67% |
| Fundraising Expense/Contributed Revenue | 0% | 0% | 0% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Contributions, Gifts, and Grants $345,062.00 | Contributions, Gifts, Grants $242,434.00 | Contributions, Gifts, and Grants $218,840.00 |
| Second Highest Funding Source & Dollar Amount | Government Grants $100,000.00 | Government Grants $100,000.00 | Government Grants $100,000.00 |
| Third Highest Funding Source & Dollar Amount | Fundraising Events $34,810.00 | Fundraising Events $77,939.00 | Fundraising Events $41,418.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $1,075,740.00 | $942,256.00 | $881,108.00 |
| Current Assets | $1,075,740.00 | $942,256.00 | $881,108.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Current Liabilities | $0.00 | $0.00 | $0.00 |
| Total Net Assets | $1,075,740.00 | $942,256.00 | $881,108.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$650,600.00
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
December
Permit Expiration Year
2024
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| Our organization has grown rapidly over the last decade. In 2010 the TAAF budget was approximately $20,000. For the 2024 fY, the budget has grown to more than $657,000. This rapid rise in funding has led us to institute audits and other financial oversight mechanisms. TAAF has an accountant (pro bono) who oversees our fiscal operations. An onsite part-time bookkeeper was hired in 2016. While audit reviews at the end of each fiscal year have been conducted since 2014, in 2017 TAAF conducted its first official audit under the direction of certified public accountants Kraft and Co, PLLC and hired them again for subsequent audits from 2018 through 2022. We also have a certified public accountant on our Board who helps oversee our financial records from a Board of Director's perspective and provides financial advice. TAAF has a Financial Oversight policy that guides the board and staff on every aspect of money management throughout the organization. Officers and Director's insurance has been obtained as well as fraud and theft insurance. All TAAF accounts are on QuickBooks Online, allowing the key financial individuals on our Board to access all TAAF financial information. |
Foundation Staff Comments
| Financial figures taken from Form 990. Foundation and corporate grants may be included in Individual Contributions sum, as these amounts are not separated in Form 990. Form 990 was prepared by Farmers Service, Inc. Comment provided by Hayley Sulfridge 1/31/24. |
