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Nonprofiteer
← TENNESSEE PERFORMING ARTS FOUNDATION

Form 990 for tax year 2023

Filed by TENNESSEE PERFORMING ARTS FOUNDATION.

Totals

Total revenue
$2,951,693
Total expenses
$867,152
Contributions and grants received
$0
Grants paid
$815,585
Program service revenue
$0
Investment income
$2,951,693
Other revenue
$0
Total assets, end of year
$16,897,239
Total liabilities, end of year
$11,500
Net assets or fund balances, end of year
$16,885,739
Program services expenses (Part IX)
$815,585
Management and general expenses
$51,567
Fundraising expenses
$0
Program service expenses (Part III)
$815,585

Program services were 94.1% 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.

  • 3 · Investment income

    total $347,593 · excluded $347,593

  • 7a · Gross sales of assets other than inventory

    securities $16,557,969

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

    securities $13,953,869

  • 7c · Gain or loss

    securities $2,604,100

  • 7d · Net gain or loss

    total $2,604,100 · excluded $2,604,100

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $815,585 · program services $815,585

  • 11c · Fees: accounting

    total $11,650 · management and general $11,650

  • 11f · Fees: investment management

    total $39,737 · management and general $39,737

  • 13 · Office expenses

    total $180 · management and general $180

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,628 · end of year $12,294

  • 2 · Savings and temporary cash investments

    beginning of year $288,889 · end of year $19,117

  • 4 · Accounts receivable

    beginning of year $3,638 · end of year $35,363

  • 11 · Investments: publicly traded securities

    beginning of year $8,831,330 · end of year $4,012,768

  • 12 · Investments: other securities

    beginning of year $6,637,647 · end of year $12,817,697

  • 15 · Other assets

    beginning of year $24,576 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,655 · end of year $11,500

  • 27 · Net assets without donor restrictions

    beginning of year $15,785,053 · end of year $16,885,739

Mission and programs · 2023

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 $815,585 · Grants $815,585

As filed on the 2023 return.

Listed in Part VII

  • Jennifer Turner Start 823

    PRES/SEC/TPAC PRES & CEO

    Total calculated
    $410,897
    From this org
    $0
    From related orgs
    $387,946
    Other
    $22,951
    Hours/week
    0.3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $352,946 related
    Bonus
    $0 + $35,000 related
    Other
    $0
    Deferred
    $0 + $13,848 related
    Nontaxable benefits
    $0 + $9,103 related
    Filer's total
    $0 + $410,897 related

  • Reginald Hill

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.3 + 2 related

  • Rob Hebert

    TREASURER

    Total calculated
    $0
    Hours/week
    0.3 + 0.5 related

  • Steve Mason

    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

  • Ansel Davis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Jeff Hopmayer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.3

  • Julie Gillen

    TPAC'S CFO

    Total calculated
    $197,354
    From this org
    $0
    From related orgs
    $180,155
    Other
    $17,199
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $165,569 related
    Bonus
    $0 + $14,586 related
    Other
    $0
    Deferred
    $0 + $7,514 related
    Nontaxable benefits
    $0 + $9,685 related
    Filer's total
    $0 + $197,354 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 EMPLOYEMENT AGREEMENT WITH JENNIFER TURNER, CEO. INCLUDED IN THIS AGREEMENT WAS A PAYMENT TO A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN THAT INCLUDES DEFERRED COMPENSATION. DURING THE YEAR ENDED JUNE 30, 2024, $20,500 WAS FUNDED TO THE PLAN.

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
2023
Filed
12 February 2025
IRS schema version
2023v6.0
Source object
202500439349300930

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