Arts Center of Cannon County
Fiscal Year
Fiscal Year Start
01/01/2023
Fiscal Year End
12/31/2023
Projected Revenue
$271,819.00
Projected Expenses
$284,146.00
Organizational Budgets and Other Documents
| 2023 Budget | 2023 |
| 2022 Budget | 2022 |
| 2021 Budget | 2021 |
| 2020 Budget | 2020 |
| 2019 Budget | 2019 |
| 2018 Budget | 2018 |
| 2017 Budget | 2017 |
| 2016 budget for CFMT | 2016 |
| 2015 Budget Overview | 2015 |
| 2014 profit and loss budget - ACCC | 2014 |
| arts center of cannon county 2009 budget | 2009 |
| arts center of cannon county 2008 budget | 2008 |
| arts center of cannon county 2005 budget | 2005 |
IRS Letter of Exemption
| arts center of cannon county irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Revenue | $842,986.00 | $248,668.00 | $272,141.00 |
| Total Expenses | $380,749.00 | $228,529.00 | $276,264.00 |
| Revenue Less Expenses | $462,237.00 | $20,139.00 | ($4,123.00) |
Revenue Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| 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 | $173,420.00 | $99,511.00 | $43,127.00 |
| Contributions, Gifts, and Grants | $457,638.00 | $66,029.00 | $75,087.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $207,788.00 | $66,050.00 | $100,404.00 |
| Investment Income, Net of Losses | $4,140.00 | $17,078.00 | $16,066.00 |
| Membership Dues | $0.00 | $0.00 | $29,005.00 |
| Special Events | $0.00 | $0.00 | $8,452.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $0.00 | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Program Expense | $352,200.00 | $205,703.00 | $252,676.00 |
| Administration Expense | $28,549.00 | $22,826.00 | $23,588.00 |
| Fundraising Expense | $0.00 | $0.00 | $0.00 |
| Total Revenue/Total Expenses | 221% | 109% | 99% |
| Program Expense/Total Expenses | 93% | 90% | 91% |
| Fundraising Expense/Contributed Revenue | 0% | 0% | 0% |
Top Funding Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Contributions, Gifts, and Grants $457,638.00 | Government Grants $99,511.00 | Program Revenue $100,404.00 |
| Second Highest Funding Source & Dollar Amount | Program Revenue $207,788.00 | Program Revenue $66,050.00 | Contributions, Gifts and Grants $75,087.00 |
| Third Highest Funding Source & Dollar Amount | Government Grants $173,420.00 | Contributions, Gifts, Grants $66,029.00 | Government Grants $43,127.00 |
Assets and Liabilities
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Assets | $2,106,117.00 | $1,631,643.00 | $1,473,750.00 |
| Current Assets | $668,701.00 | $311,910.00 | $114,126.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Current Liabilities | $24,528.00 | $139,462.00 | $1,708.00 |
| Total Net Assets | $2,081,589.00 | $1,492,181.00 | $1,472,042.00 |
Endowment Info
Do you have an endowment?
Yes
What is the value of the endowment?
$171,000.00
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?
Yes
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
June
Permit Expiration Year
2024
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| Since 2013 we have gone from challenges to opportunities. Historically, while well known for our quality programming, the Arts Center did not prepare its balance sheet for longevity. Recognizing that we first had to get our expenses (and debt) under control in order to keep our doors open, we reached out to those that had given in the past to tell them what would be necessary to continue our mission. We also communicated that need to the broad Arts Center family. The Silver Anniversary Capital Campaign came together quickly. With a range of donations from $250,000 to $20, we met our goal in under 2 years. In late 2015 we completed the Silver Campaign having generated funds sufficient to pay off all debt and to refresh our facility's ageing systems and interiors. We have also seen season ticket holder attrition over the last 10 years. Times have changed. Many people do not have time or the desire to commit to a full season of theater; our operating cash flow migrated from members prepaying to just in time sales of tickets. Marketing is a now a daily focus - how to reach an audience on an event by event basis. In 2016 we took stock of our improving situation then initiated 2 long term projects: starting an endowment and building a classroom addition. Both efforts will serve the facility and its constituents long term creating educational and community building opportunities. 2017 will mark the year of collaborative growth. We have projects planned with various MTSU departments, we will work with the statewide TN Assoc of Dance on teacher training, public art work is planned for downtown Woodbury, fermented products from our commercial kitchen can be found in Nashville and Franklin, and the Nashville Artist Guild will display their work and market our gallery services to a wider audience.In 2019, we completed the classroom addition to our building with no debt. This will allow us to hold multiple rehearsals at one time without having to use/rent other spaces in the county. We will also utilized this space for classes. Whether it is the solitary creation of a singular art work or the grand collaboration required to well present a full length musical with a live orchestra, the Arts Center is working to make art a daily part of life for thousands in Middle Tennessee. |
Foundation Staff Comments
| Financials taken from the Form 990. Schedule B removed to protect donor privacy. Financial documents completed by Dempsey, Vantrease & Follis, PLLC. Comment provided by Hayley Sulfridge 6/30/23. |
