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Nonprofiteer
← TENNESSEE PERFORMING ARTS FOUNDATION

Form 990 for tax year 2022

Filed by TENNESSEE PERFORMING ARTS FOUNDATION.

Totals

Total revenue
$465,811
Total expenses
$925,706
Contributions and grants received
$0
Grants paid
$841,794
Program service revenue
$0
Investment income
$465,807
Other revenue
$4
Total assets, end of year
$15,796,708
Total liabilities, end of year
$11,655
Net assets or fund balances, end of year
$15,785,053
Program services expenses (Part IX)
$841,794
Management and general expenses
$83,912
Fundraising expenses
$0
Program service expenses (Part III)
$841,794

Program services were 90.9% 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.

  • 3 · Investment income

    total $328,641 · excluded $328,641

  • 7a · Gross sales of assets other than inventory

    securities $4,974,057

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

    securities $4,836,891

  • 7c · Gain or loss

    securities $137,166

  • 7d · Net gain or loss

    total $137,166 · excluded $137,166

  • 11a · Other revenue: OTHER REVENUE

    total $4 · related or exempt $4

  • 11e · Other revenue, total

    $4

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $841,794 · program services $841,794

  • 11c · Fees: accounting

    total $11,000 · management and general $11,000

  • 11f · Fees: investment management

    total $72,903 · management and general $72,903

  • 13 · Office expenses

    total $9 · management and general $9

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,684 · end of year $10,628

  • 2 · Savings and temporary cash investments

    beginning of year $646,405 · end of year $288,889

  • 4 · Accounts receivable

    beginning of year $3,566 · end of year $3,638

  • 11 · Investments: publicly traded securities

    beginning of year $9,199,674 · end of year $8,831,330

  • 12 · Investments: other securities

    beginning of year $5,552,232 · end of year $6,637,647

  • 15 · Other assets

    beginning of year $14,200 · end of year $24,576

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,729 · end of year $11,655

  • 27 · Net assets without donor restrictions

    beginning of year $15,406,032 · end of year $15,785,053

Mission and programs · 2022

Mission

THIS ORGANIZATION MAY FUNDRAISE AND IS RESPONSIBLE FOR MANAGING THE TENNESSEE PERFORMING ARTS CENTER ENDOWMENT IN ORDER TO PROVIDE INCOME TO HELP DEFRAY OPERATING COSTS OF THE TENNESSEE PERFORMING ARTS CENTER.

Activities or mission (Part I)

MANAGES ENDOWMENT WHICH PROVIDES INCOME TO HELP DEFRAY OPERATING COSTS OF TN PERFORMING ARTS CENTER

  • PAYMENTS MADE TO THE TENNESSEE PERFORMING ARTS CENTER IN ORDER TO HELP DEFRAY OPERATING EXPENSES IN BRINGING THE PERFORMING ARTS TO TENNESSEE.

    Expenses $841,794 · Grants $841,794 · Revenue $4

As filed on the 2022 return.

Listed in Part VII

  • Jennifer Turner

    PRES(BEGIN 8/23)/SECTY/TPAC PRES&CEO

    Total calculated
    $372,588
    From this org
    $0
    From related orgs
    $353,957
    Other
    $18,631
    Hours/week
    0.3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $316,905 related
    Bonus
    $0 + $37,052 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $18,631 related
    Filer's total
    $0 + $372,588 related

  • Reginald Hill

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.3 + 2 related

  • John Wengraf

    TREASURER

    Total calculated
    $0
    Hours/week
    0.3

  • Ronald L Corbin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3 + 0.5 related

  • Brad Bowlin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Quin Evans Segall

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Rob Hebert

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3 + 0.5 related

  • Jeff Hopmayer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Julie Gillen

    TPAC'S CFO

    Total calculated
    $197,581
    From this org
    $0
    From related orgs
    $178,847
    Other
    $18,734
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $159,965 related
    Bonus
    $0 + $18,882 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $18,734 related
    Filer's total
    $0 + $197,581 related

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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

The filer's explanations (Part III)

PART I, LINE 3
COMPENSATION FOR THE CEO IS ESTABLISHED AND PAID BY THE RELATED ORGANIZATION. TPAC'S BOARD OF DIRECTORS HIRED THE ORGANIZATION'S CEO AND NEGOTIATES SUBSEQUENT EMPLOYMENT CONTRACTS. THE BOARD CHAIRMAN'S PROCESS FOR DETERMINING COMPENSATION FOR THE CEO IS BASED ON MULTIPLE CRITERIA: HISTORICAL SALARY RANGE FOR THE POSITION, SALARY SURVEY INFORMATION COMPILED ANNUALLY BY A RESEARCH FIRM FOR OUR SPECIFIC INDUSTRY (PACC - PERFORMING ARTS CENTER CONSORTIUM) AND AVAILABLE BUDGETARY RESTRAINTS. OTHER OFFICER COMPENSATION IS HANDLED SIMILARLY BY THE CEO.
PART I, LINE 4B
IN 2019, TENNESSEE PERFORMING ARTS CENTER MANAGEMENT CORPORATION ENTERED INTO AN EMPLOYMENT AGREEMENT WITH JENNIFER TURNER, CEO. INCLUDED IN THIS AGREEMENT WAS A PAYMENT TO A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN THAT INCLUDES DEFERRED COMPENSATION. THERE WERE NO PAYMENTS TO THE PLAN DURING 2022.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
14 February 2024
IRS schema version
2022v5.0
Source object
202430459349302133

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