Louisville Arena Authority Inc
- Assets
- $359.8m
- Revenue
- $43.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Louisville, KY
- Founding
- 03/2007
- Data as of
- 12/2022
- EIN
- 20-4230414
Organization Overview
Louisville Arena Authority Inc is located in Louisville, KY. The organization was established in 2007. According to its NTEE Classification (N70) the organization is classified as: Amateur Sports Competitions, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Louisville Arena Authority Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Louisville Arena Authority Inc generated $43.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $28.7m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FINANCE AND OVERSEE THE MANAGEMENT OF A MULTI-PURPOSE ARENA IN DOWNTOWN LOUISVILLE, KY. THE ARENA IS A VENUE FOR A VARIETY OF COMMUNITY-ORIENTED EVENTS AND OPERATES YEAR-ROUND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LOUISVILLE ARENA AUTHORITY WAS CREATED IN 2005 UNDER THE DIRECTION OF THEN KENTUCKY GOVERNOR ERNIE FLETCHER AND OVERSEES THE FINANCIAL PROCESS OF THE KFC YUM! CENTER. THE ARENA AUTHORITY GUIDED THE DEVELOPMENT, FINANCING AND CONSTRUCTION PROCESS OF THE $238 MILLION ARENA. IT ALSO SELECTED FINANCING, CONSTRUCTION, DESIGN AND MANAGEMENT PARTNERS, WHICH INCLUDES AEG MANAGEMENT LOUISVILLE, LLC AS THE CURRENT MANAGING AND OPERATING ENTITY. SINCE ITS OPENING, THE KFC YUM! CENTER HAS HOSTED UNIVERSITY OF LOUISVILLE MEN'S AND WOMEN'S BASKETBALL GAMES, NUMEROUS CONCERTS AND FAMILY SHOWS AND PRIVATE EVENTS. INTEREST IN THE FACILITY REMAINS HIGH, AND AS A RESULT, NUMEROUS NEW BUSINESSES HAVE OPENED NEAR THE ARENA. AS ANTICIPATED, THE ARENA HAS LED TO ADDITIONAL ECONOMIC DEVELOPMENT IN DOWNTOWN LOUISVILLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Secretery Michael Brown Director | Trustee | 1 | $0 |
Shannon Cales Director | Trustee | 1 | $0 |
Secretary Larry Hayes Director | Trustee | 1 | $0 |
Secretary Don Parkinson Director | Trustee | 1 | $0 |
Steve Rowland Director | Trustee | 1 | $0 |
Dale Romans Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aeg Management Louisville Llc Operations Management | 12/30/22 | $747,813 |
Baird Consulting | 12/30/22 | $120,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $29,886,782 |
| All other contributions, gifts, grants, and similar amounts not included above | $9,362,199 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $39,248,981 |
| Total Program Service Revenue | $3,159,813 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $813,101 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $43,721,895 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $18,203 |
| Fees for services: Accounting | $70,691 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $180,000 |
| Advertising and promotion | $1,106,067 |
| Office expenses | $24,796 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $16,607,923 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,848,380 |
| Insurance | $326,202 |
| All other expenses | $537,033 |
| Total functional expenses | $28,719,295 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $60,306,060 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,073,009 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $217,000 |
| Net Land, buildings, and equipment | $297,229,469 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $10,000 |
| Other assets | $0 |
| Total assets | $359,835,538 |
| Accounts payable and accrued expenses | $4,250,855 |
| Grants payable | $0 |
| Deferred revenue | $1,263,000 |
| Tax-exempt bond liabilities | $176,688,019 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $163,400,232 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,000,269 |
| Total liabilities | $347,602,375 |
| Net assets without donor restrictions | $12,233,163 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $359,835,538 |