BrightStone, Inc.
Fiscal Year
Fiscal Year Start
01/01/2024
Fiscal Year End
12/31/2024
Projected Revenue
$2,700,000.00
Projected Expenses
$2,774,000.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| brightstone, inc. irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $6,326,329.00 | $7,737,832.00 | |
| Total Expenses | $1,826,047.00 | $1,404,738.00 | |
| Revenue Less Expenses | ($-0.00) | $4,500,282.00 | $6,333,094.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | |
| Government - Federal | $0.00 | $0.00 | |
| Government - State | $0.00 | $0.00 | |
| Government - Local | $0.00 | $0.00 | |
| Government - Unspecified | $0.00 | $0.00 | |
| Contributions, Gifts, and Grants | $3,465,921.00 | $7,058,935.00 | |
| Indirect Public Support | $0.00 | $0.00 | |
| Earned Revenue | $2,244,873.00 | $252,671.00 | |
| Investment Income, Net of Losses | $11,995.00 | $8,740.00 | |
| Membership Dues | $0.00 | $0.00 | |
| Special Events | $309,346.00 | $358,736.00 | |
| Revenue In-Kind | $134,777.00 | $0.00 | |
| Other | $159,417.00 | $58,750.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $1,235,186.00 | $993,369.00 | |
| Administration Expense | $169,328.00 | $139,181.00 | |
| Fundraising Expense | $421,533.00 | $272,188.00 | |
| Total Revenue/Total Expenses | 346% | 551% | |
| Program Expense/Total Expenses | 68% | 71% | |
| Fundraising Expense/Contributed Revenue | 23% | 19% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | $0.00 | Contributions, Gifts, and Grants $3,465,921.00 | Contributions, Gifts, Grants $7,058,935.00 |
| Second Highest Funding Source & Dollar Amount | $0.00 | Program Revenue $2,244,873.00 | Fundraising Events $358,736.00 |
| Third Highest Funding Source & Dollar Amount | $0.00 | Fundraising Events $309,346.00 | Program Revenue $252,671.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $17,022,815.00 | $10,285,709.00 | |
| Current Assets | $1,614,114.00 | $3,452,061.00 | |
| Long-Term Liabilities | $760,278.00 | $200,650.00 | |
| Current Liabilities | $0.00 | $155,616.00 | |
| Total Net Assets | $16,262,537.00 | $9,929,443.00 |
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
June
Permit Expiration Year
2024
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| As BrightStone is poised to move onto our new campus by year end, we understand the huge challenge we face to provide enhanced programming and new residential services for an increased number of individuals - all on 140 acres with new enlarged facilities which must be maintained. While expanding our opportunities to provide for individuals with intellectual and developmental challenges, this endeavor will also bring a financial challenge new to BrightStone and our Board of Directors. The following steps are in place to address this need: 1. Establish an ongoing stable Operating Income for the past 3 years. We currently have an 8-month operating cash reserve. 2. Implement six Future Planning Teams two of which have guided our financial strategy to: a. Raise capital for our Land of Dreams Campus campaign, thus reducing or eliminating any construction loan debt. b. Provide sustaining funds once we move onto the new campus. 3. Complete a 5-year Pro Forma with a strong focus on our net Gain/Loss the first year on the campus, Y2023. 4. Determine the strategy to meet the financial requirements of Y1 on the campus. 5. Sell our current facility to attain approximately $2.7M BrightStone is audited yearly by a reputable Nashville CPA group. The audit demonstrates that BrightStone is in a strong financial position as we move onto the campus. With a strong Board of Directors guiding the direction of BrightStone by a) overseeing the finances on a monthly and quarterly basis, b) our Treasurer guiding the Pro Forma process, and c) our Future Planning Teams focused on upcoming needs, BrightStone is in an excellent position to move toward the future with confidence. BrightStone's funding sources will continue to be the following: 1. Student-paid tuition for the Day Program, Residential Program, and Transportation 2. Fund raising activities and events and contributions from the community 3. Funding from various grants and foundations |
Foundation Staff Comments
| Financial figures taken from the Audit. Audit was prepared by Blankenship CPA Group, PLLC. Comments provided by Hayley Sulfridge 9/6/23. |
