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Nonprofiteer
← TENNESSEE GOLF FOUNDATION

Form 990 for tax year 2023

Filed by TENNESSEE GOLF FOUNDATION.

Totals

Total revenue
$6,635,508
Total expenses
$7,686,573
Contributions and grants received
$2,071,075
Grants paid
$713,700
Program service revenue
$4,269,656
Investment income
$132,209
Other revenue
$162,568
Total assets, end of year
$23,293,059
Total liabilities, end of year
$3,642,194
Net assets or fund balances, end of year
$19,650,865
Program services expenses (Part IX)
$5,851,254
Management and general expenses
$1,418,298
Fundraising expenses
$417,021
Program service expenses (Part III)
$5,851,254

Program services were 76.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $2,071,075

  • 2a · Program service revenue: SIMMONS BANK OPEN

    total $1,477,551 · related or exempt $1,477,551

  • 2b · Program service revenue: JUNIOR GOLF TOUR

    total $918,068 · related or exempt $918,068

  • 2c · Program service revenue: LITTLE COURSE

    total $798,316 · related or exempt $798,316

  • 2d · Program service revenue: REGIONAL EVENTS

    total $555,131 · related or exempt $555,131

  • 2e · Program service revenue: FIRST TEE/GOLF MGMT

    total $382,355 · related or exempt $382,355

  • 2f · All other program service revenue

    total $138,235 · related or exempt $138,235

  • 3 · Investment income

    total $328,459 · unrelated business $30,117 · excluded $298,342

  • 6a · Gross rents

    real property $24,840

  • 6c · Rental income or loss

    real property $24,840

  • 6d · Net rental income or loss

    total $24,840 · excluded $24,840

  • 7a · Gross sales of assets other than inventory

    securities $1,382,919

  • 7b · Less cost or other basis and sales expenses

    securities $1,579,169

  • 7c · Gain or loss

    securities -$196,250

  • 7d · Net gain or loss

    total -$196,250 · excluded -$196,250

  • 8a · Fundraising events: gross income

    $497,033

  • 8b · Fundraising events: direct expenses

    $356,957

  • 8c · Net income from fundraising events

    total $140,076 · excluded $140,076

  • 10a · Gross sales of inventory

    $147,486

  • 10b · Cost of goods sold

    $149,834

  • 10c · Net income from sales of inventory

    total -$2,348 · related or exempt -$2,348

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $587,525 · program services $587,525

  • 2 · Grants to domestic individuals

    total $126,175 · program services $126,175

  • 5 · Compensation of officers, directors and key employees

    total $280,139 · program services $187,995 · management and general $60,174 · fundraising $31,970

  • 7 · Other salaries and wages

    total $2,585,089 · program services $1,803,363 · management and general $510,502 · fundraising $271,224

  • 8 · Pension plan contributions

    total $72,500 · program services $49,310 · management and general $15,144 · fundraising $8,046

  • 9 · Other employee benefits

    total $82,474 · program services $57,313 · management and general $16,431 · fundraising $8,730

  • 10 · Payroll taxes

    total $204,715 · program services $143,005 · management and general $40,299 · fundraising $21,411

  • 11b · Fees: legal

    total $5,175 · management and general $5,175

  • 11c · Fees: accounting

    total $12,000 · management and general $12,000

  • 11f · Fees: investment management

    total $27,548 · management and general $27,548

  • 11g · Fees: other

    total $87,661 · program services $21,321 · management and general $66,340

  • 12 · Advertising and promotion

    total $70,729 · program services $70,729

  • 13 · Office expenses

    total $239,165 · program services $99,232 · management and general $139,933

  • 14 · Information technology

    total $16,737 · program services $16,737

  • 16 · Occupancy

    total $122,642 · program services $19,557 · management and general $103,085

  • 17 · Travel

    total $81,738 · program services $42,644 · management and general $39,094

  • 19 · Conferences, conventions and meetings

    total $84,276 · program services $56,716 · management and general $27,560

  • 22 · Depreciation, depletion and amortization

    total $138,160 · program services $6,440 · management and general $131,720

  • 23 · Insurance

    total $53,637 · management and general $53,637

  • 24a · Other expenses: SIMMONS BANK OPEN

    total $1,424,707 · program services $1,424,707

  • 24b · Other expenses: OTHER EVENT COSTS

    total $788,281 · program services $712,641 · fundraising $75,640

  • 24c · Other expenses: GOLF COURSE MAINT & OPER

    total $489,992 · program services $412,670 · management and general $77,322

  • 24d · Other expenses: ASSOCIATION REIMBURSEMENT

    total $77,714 · management and general $77,714

  • 24e · All other expenses

    total $27,794 · program services $13,174 · management and general $14,620

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $929,738 · end of year $754,795

  • 8 · Inventories for sale or use

    beginning of year $11,113 · end of year $11,113

  • 10a · Land, buildings and equipment: cost or other basis

    $5,374,371

  • 10b · Land, buildings and equipment: accumulated depreciation

    $3,766,554

  • 10c · Land, buildings and equipment, net

    beginning of year $1,487,309 · end of year $1,607,817

  • 11 · Investments: publicly traded securities

    beginning of year $19,501,861 · end of year $20,919,234

  • 15 · Other assets

    beginning of year $100 · end of year $100

  • 25 · Other liabilities

    beginning of year $3,192,629 · end of year $3,642,194

  • 27 · Net assets without donor restrictions

    beginning of year $15,563,980 · end of year $15,844,290

  • 28 · Net assets with donor restrictions

    beginning of year $3,173,512 · end of year $3,806,575

Mission and programs · 2023

Mission

TO PROMOTE GOLF AND ITS LIFE-ENHANCING VALUES WITH AN EMPHASIS ON TEACHING THE YOUTH, VETERANS AND THE DISADVANTAGED.

  • IN 2021 THE TENNESSEE GOLF FOUNDATION STARTED OPERATING THE SIMMONS BANK OPEN TOURNAMENT. IT IS A KORN FERRY TOUR EVENT. THE KORN FERRY TOUR IDENTIFIES & DEVELOPS PLAYERS READY TO COMPETE & WIN. IT IS "THE PATH TO THE PGA TOUR". THE SIMMONS BANK OPEN WAS A 7 DAY EVENT IN 2023 WITH 404 PARTICIPANTS.

    Expenses $1,708,860 · Revenue $1,447,551

  • VARIOUS PROGRAMS SUCH AS GOLF TOURNAMENTS ARE PERFORMED EACH YEAR TO PROMOTE GOLF IN TN.

    Expenses $859,781 · Grants $78,991 · Revenue $691,018

  • THE FIRST TEE PROGRAM STARTED IN 2001 IN NASHVILLE CONTINUES TO GROW. THERE ARE NOW 5 FIRST TEE CHAPTERS AND OVER 1,600 STUDENTS PARTICIPATED AT THE TENNESSEE FIRST TEE PROGRAMS IN NASHVILLE, CHATTANOOGA, MEMPHIS, KNOXVILLE, AND TRI-CITIES. THERE ARE 45 FIRST TEE LOCATIONS IN TN. OVER 1,600 STUDENTS PARTICIPATED AT THE TGF'S FIRST TEE TENNESSEE GOLF AND LIFE SKILLS PROGRAMS ACROSS THE STATE.

    Expenses $858,961 · Grants $84,500 · Revenue $382,355

  • THE JUNIOR TOUR MISSION IS TO FOSTER THE GROWTH AND DEVELOPMENT OF JUNIOR GOLFERS OF VARYING AGES AND ABILITY LEVELS TO BE THE BEST PLAYERS, STUDENTS, AND CITIZENS ON AND OFF THE COURSE. IN 2023 THE JUNIOR TOUR HAD 1,904 MEMBERS. THERE WERE 183 EVENTS IN 100+ DAYS. THE JUNIOR GOLF ACADEMY WAS ATTENDED BY 256 JUNIOR GOLFERS, WITH 77 GIVEN SCHOLARSHIPS. THE LITTLE COURSE CONTINUED TO PROVIDE TOURNAMENTS AND OVER 20,000 ROUNDS WERE PLAYED IN 2023. IN ADDITION OVER 2,000 YOUNG GOLFERS PARTICIPATED IN PROGRAMS TAUGHT AT THE LITTLE COURSE.

    Expenses $2,423,652 · Grants $550,209 · Revenue $1,716,384

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Whitney Turnbow

    PRESIDENT

    Total calculated
    $280,139
    From this org
    $260,987
    From related orgs
    $0
    Other
    $19,152
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,667
    Bonus
    $53,320
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $19,152
    Filer's total
    $280,139

  • Richard Horton

    ADVISOR TO C

    Total calculated
    $244,998
    From this org
    $232,276
    From related orgs
    $0
    Other
    $12,722
    Hours/week
    10

    Schedule J breakdown matched by us

    Base
    $232,276
    Bonus
    not reported
    Other
    not reported
    Deferred
    $11,614
    Nontaxable benefits
    $1,108
    Filer's total
    $244,998

  • Jim Seabury

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Johnny Bridgeman

    SECRETARY/TR

    Total calculated
    $0
    Hours/week
    2

  • Julie Frist

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Joey Hickman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Mike Jenkins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Brad Martin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Kevin Teeters

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Loren Roberts

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jamison Monroe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Stuart Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jeff Tickle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Paul Reid

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.0
Source object
202433199349316268

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