Tennessee Association of Craft Artists (Tennessee Craft)
Fiscal Year
Fiscal Year Start
07/01/2023
Fiscal Year End
06/30/2024
Projected Revenue
$520,357.00
Projected Expenses
$519,537.90
Organizational Budgets and Other Documents
IRS Letter of Exemption
| tennessee association of craft artist (taca) irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $605,941.00 | $541,485.00 | $390,303.00 |
| Total Expenses | $565,033.00 | $454,546.00 | $384,224.00 |
| Revenue Less Expenses | $40,908.00 | $86,939.00 | $6,079.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $26,642.00 | $0.00 | $35,000.00 |
| Government - Federal | $0.00 | $0.00 | $0.00 |
| Government - State | $124,338.00 | $0.00 | $42,840.00 |
| Government - Local | $58,522.00 | $0.00 | $61,588.00 |
| Government - Unspecified | $0.00 | $180,870.00 | $20,357.00 |
| Contributions, Gifts, and Grants | $53,632.00 | $62,484.00 | $98,270.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $339,717.00 | $296,613.00 | $166,930.00 |
| Investment Income, Net of Losses | $2,590.00 | $1,165.00 | $318.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $0.00 | $0.00 | $0.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $500.00 | $353.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $392,850.00 | $330,603.00 | $247,212.00 |
| Administration Expense | $165,418.00 | $109,061.00 | $105,193.00 |
| Fundraising Expense | $6,765.00 | $14,792.00 | $31,819.00 |
| Total Revenue/Total Expenses | 107% | 119% | 102% |
| Program Expense/Total Expenses | 70% | 73% | 64% |
| Fundraising Expense/Contributed Revenue | 1% | 3% | 8% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Program Revenue $339,717.00 | Program Revenue $296,613.00 | Program Revenue $166,930.00 |
| Second Highest Funding Source & Dollar Amount | State Government Grants $124,338.00 | Government Grants $180,870.00 | Contributions, Gifts, and Grants $98,270.00 |
| Third Highest Funding Source & Dollar Amount | Local Government Grants $58,522.00 | Contributions, Gifts, Grants $62,484.00 | Local Government Grants $61,588.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $412,900.00 | $311,236.00 | $252,133.00 |
| Current Assets | $225,149.00 | $186,577.00 | $233,017.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Current Liabilities | $47,493.00 | $2,161.00 | $38,322.00 |
| Total Net Assets | $365,407.00 | $309,075.00 | $213,811.00 |
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?
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
| Tennessee Craft's most immediate financial challenge, like our peer arts and other organizations, constituents and partners has been to remain resilient, vital, flexible, innovative and present during the past year and the coming months, years through the global pandemic and through the recovery stages of the post-pandemic. Recovery is underway with our first, COVID-protocol-implemented in-person craft since the onset of the pandemic. The outdoors event brought high enthusiasm among exhibiting artists, volunteers, staff, sponsors and craft art enthusiasts who enjoyed presenting the fair outdoors. A successful fair for those we serve - both artists and the arts community. We are grateful to our governing board, grantors, government partners, state-wide and regional focused partners and supporters for the opportunities they have afforded us to do so. And we have done so organizationally working creating a "tight ship" in terms of personnel capacity and finances, while bearing a reduction in earned income revenues of over 50% in FY2020. We are grateful for federal payroll protection program and emergency disaster funding to allow us to maintain our small number, although effective and experienced staff. We are grateful during these extraordinary times, we were able to shift programming in compliance and prudent to public health to continue executing our mission at the state organization level and at our chapter regional levels. The board approved in June 2022 our FY23-25 Strategic Plan, and updated to the FY24-25 Strategic Plan in February 2023 with full board approval June 2023. The Plan includes the building a broad base of donor support. Fundraising wisdom claims long-term donors, however low the donation amount are the foundation on which nonprofits should rely. Tennessee Craft's numbers are low but rising. An active Development Committee and Development staff member has begun turning the board's culture toward acknowledging their fundraising responsibility, and that has already helped build our donor base. Sustained emphasis on this responsibility at each board meeting has brought more board support to Tennessee Craft's fundraising efforts. Sponsorships of the craft fairs and other public and stakeholder engaging and visible programming that have potential to garner so much in support are a revenue stream that should be easy to increase, and with the current investment in a full-time Development and Community Engagement position, including increased DEI engagement, increasing opportunities to sustain and advance financial health and increase social capital have become to emerge toward fruition. Overall revenue will allow for increased value for donors and sponsors through increased reach, visibility and mission impact. |
Foundation Staff Comments
| Financials taken from the 990. In some years, schedule B removed to protect donor privacy. Financials prepared by Bellenfant PLLC. Comments provided by Nicole Rose 11/15/2023. |
