WAVES, Incorporated
Fiscal Year
Fiscal Year Start
07/01/2023
Fiscal Year End
06/30/2024
Projected Revenue
$3,196,060.00
Projected Expenses
$3,193,813.97
Organizational Budgets and Other Documents
| waves, inc. 2024 budget | 2024 |
| waves, inc. 2022-2023 budget | 2023 |
| waves, inc. 2022 budget | 2022 |
| waves, inc. 2021 budget | 2021 |
| waves, inc. 2020 budget | 2020 |
| waves, inc. 2019 budget | 2019 |
| waves, inc. 2018 budget | 2018 |
| waves, inc. 2017 budget | 2017 |
| waves, inc. 2016 budget | 2016 |
| waves, inc. 2015 budget | 2015 |
| waves, inc. 2014 budget | 2014 |
| waves, inc. 2010-2013 budget | 2013 |
| waves, inc. 2009 budget | 2009 |
| waves, inc. 2008 budget | 2008 |
| waves, inc. 2007 budget | 2007 |
| waves, inc. 2006 budget | 2006 |
IRS Letter of Exemption
| waves, inc. irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $3,426,443.00 | $3,544,655.00 | $3,175,976.00 |
| Total Expenses | $3,730,923.00 | $3,291,495.00 | $2,763,521.00 |
| Revenue Less Expenses | ($304,480.00) | $253,160.00 | $412,455.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $0.00 |
| Government - Federal | $0.00 | $0.00 | $55,541.00 |
| Government - State | $0.00 | $0.00 | $436,701.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $1,210,579.00 | $1,223,036.00 | $21,380.00 |
| Contributions, Gifts, and Grants | $215,753.00 | $340,794.00 | $201,541.00 |
| Indirect Public Support | $0.00 | $41,700.00 | $0.00 |
| Earned Revenue | $1,890,684.00 | $1,412,291.00 | $1,845,529.00 |
| Investment Income, Net of Losses | $0.00 | $0.00 | $16.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $34,875.00 | $22,565.00 | $24,130.00 |
| Revenue In-Kind | $0.00 | $0.00 | $36,530.00 |
| Other | $74,552.00 | $504,269.00 | $554,608.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $2,433,833.00 | $2,509,772.00 | $2,068,387.00 |
| Administration Expense | $1,168,462.00 | $702,211.00 | $621,765.00 |
| Fundraising Expense | $128,628.00 | $79,512.00 | $73,369.00 |
| Total Revenue/Total Expenses | 92% | 108% | 115% |
| Program Expense/Total Expenses | 65% | 76% | 75% |
| Fundraising Expense/Contributed Revenue | 3% | 2% | 3% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Program Revenue $1,890,684.00 | Program Revenue $1,412,291.00 | Program Revenue $1,845,529.00 |
| Second Highest Funding Source & Dollar Amount | Government Grants $1,210,579.00 | Government Grants $1,223,036.00 | Other Revenue $554,608.00 |
| Third Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $215,753.00 | Other Revenue $504,269.00 | State Grants $436,701.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $1,432,747.00 | $1,492,273.00 | $1,321,994.00 |
| Current Assets | $1,224,617.00 | $1,238,519.00 | $111,638.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $8,810.00 |
| Current Liabilities | $360,266.00 | $115,312.00 | $189,383.00 |
| Total Net Assets | $1,072,481.00 | $1,376,961.00 | $1,123,801.00 |
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
Under Extension
Form 990s
| waves, inc. 2023 990 | 2023 |
| waves, inc. 2022 990 | 2022 |
| waves, inc. 2021 990 | 2021 |
| waves, inc. 2020 990 | 2020 |
| waves, inc. 2019 990 | 2019 |
| waves, inc. 2018 990 | 2018 |
| waves, inc. 2017 990 | 2017 |
| waves, inc. 2016 990 | 2016 |
| waves, inc. 2015 990 | 2015 |
| waves, inc. 2014 990 | 2014 |
| waves, inc. 2013 990 | 2013 |
| waves, inc. 2012 990 | 2012 |
| waves, inc. 2011 990 | 2011 |
| waves, inc. 2010 990 | 2010 |
| waves, inc. 2009 990 | 2009 |
| waves, inc. 2008 990 | 2008 |
| waves, inc. 2007 990 | 2007 |
| waves, inc. 2006 990 | 2006 |
| waves, inc. 2005 990 | 2005 |
| waves, inc. 2004 990 | 2004 |
Audit Documents
| waves, inc. 2022 audit | 2022 |
| waves, inc. 2021 audit | 2021 |
| waves, inc. 2020 audit | 2020 |
| waves, inc. 2019 audit | 2019 |
| waves, inc. 2018 audit | 2018 |
| waves, inc. 2017 audit | 2017 |
| waves, inc. 2016 audit | 2016 |
| waves, inc. 2015 audit | 2015 |
| waves, inc. 2014 audit | 2014 |
| waves, inc. 2013 audit | 2013 |
| waves, inc. 2012 audit | 2012 |
| waves, inc. 2011 audit | 2011 |
| waves, inc. 2010 audit | 2010 |
| waves, inc. 2009 audit | 2009 |
| waves, inc. 2008 audit | 2008 |
| waves, inc. 2007 audit | 2007 |
| waves, inc. 2006 audit | 2006 |
| waves, inc. 2005 audit | 2005 |
| waves, inc. 2004 audit | 2004 |
CEO/Executive Director/Board Comments
| Waves' funding is provided by revenues from the State of Tennessee Department of Intellectual and Developmental Disabilities, Department of Education, TennCare, Managed Care Organization, service recipient private pay tuition, Williamson County, City of Franklin, United Way of Williamson County, fundraising, and donations. These funding sources are adequate to provide financial stability for the organization, as demonstrated by the annual financial statements filed by Waves. On a monthly basis, Waves' actual expenditures are compared to our budget. The reports are reviewed by management along with the Finance Committee of the Board of Directors, and bimonthly by the full Waves Board of Directors. We have not experienced major changes in unrestricted revenues and expenditures, nor any unusual financial conditions. We face financial challenges in the reduction of state reimbursement rates, the low employment rate in Williamson County, and the need for the state to find ways to provide services for less money. We work diligently to diversify funding including: grants, fundraising, program development, and donations to offset state reductions. On a monthly basis, Waves' actual expenditures are compared to our budget. The reports are reviewed by management and bimonthly by the Waves Board of Directors. We have not experienced major changes in unrestricted revenues and expenditures, nor any unusual financial conditions. We face financial challenges in the reduction of state reimbursement rates, the low employment rate in Williamson County, and the need for the state to find ways to provide services for less money. We work diligently to diversify funding including: grants, fundraising, and donations to offset state reductions. |
Foundation Staff Comments
| Financial figures are taken from the 990 and audit. Financials prepared by UHY Advisors MO, Inc. Comments provided by Hayley Sulfridge 1/10/24. |
