Lyric Foundation Inc
- Assets
- $19.5m
- Revenue
- $4.8m
- Investments
- $225.1k
- Employees
- 3
- Location
- Baltimore, MD
- Founding
- 06/1968
- Data as of
- 06/2021
- EIN
- 52-6080460
Organization Overview
Lyric Foundation Inc is located in Baltimore, MD. The organization was established in 1968. According to its NTEE Classification (A61) the organization is classified as: Performing Arts Centers, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2021, Lyric Foundation Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lyric Foundation 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 06/2021, Lyric Foundation Inc generated $4.8m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $2.5m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (14.4%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PRESERVATION AND OPERATION OF THE LYRIC AS A HISTORIC MONUMENT AND FOR THE ADVANCEMENT OF THE PERFORMING ARTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRESERVATION AND OPERATION OF THE LYRIC FOR THE ADVANCEMENT OF THE PERFORMING ARTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mrs Marriah Barnett Secretary | OfficerTrustee | 5 | $0 |
Mr Stephen D Palmer Chairman | OfficerTrustee | 5 | $0 |
Mrs Jacqueline Brooks Vice-Chairman | OfficerTrustee | 5 | $0 |
Mr Bryant Cargile Treasurer | OfficerTrustee | 5 | $0 |
Mr Jeffrey Penza Trustee | Trustee | 1 | $0 |
Mr John H Denick Esquire Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Daikin Applied Construction And Maintenance Services | 6/29/19 | $252,006 |
Cordia Partners Accounting Services | 6/29/19 | $130,090 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,392,088 |
| All other contributions, gifts, grants, and similar amounts not included above | $339,253 |
| Noncash contributions included in lines 1a–1f | $302,939 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,731,341 |
| Total Program Service Revenue | $0 |
| Investment income | $2,820 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$11,002 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,826,860 |
| 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 | $621,510 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $143,369 |
| Payroll taxes | $71,112 |
| Fees for services: Management | $100,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $42,375 |
| Advertising and promotion | $8,860 |
| Office expenses | $0 |
| Information technology | $20,191 |
| Royalties | $365 |
| Occupancy | $0 |
| Travel | $7,182 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $186,480 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $690,223 |
| Insurance | $0 |
| All other expenses | $51,050 |
| Total functional expenses | $2,533,797 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,692,534 |
| Savings and temporary cash investments | $303,700 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $274,506 |
| 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 | $30,538 |
| Net Land, buildings, and equipment | $12,978,510 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $225,139 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,500 |
| Total assets | $19,508,427 |
| Accounts payable and accrued expenses | $372,294 |
| Grants payable | $0 |
| Deferred revenue | $2,296,834 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,338,122 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $125,597 |
| Total liabilities | $7,132,847 |
| Net assets without donor restrictions | $12,150,441 |
| Net assets with donor restrictions | $225,139 |
| 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 | $19,508,427 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Lyric Foundation Inc has recieved totaling $14,988.
| Awarding Organization | Amount |
|---|---|
Baltimore Community Foundation Inc Baltimore, MD PURPOSE: GENERAL SUPPORT AND VARIOUS PROJECTS | $12,488 |
Campbell Foundation Inc Timonium, MD PURPOSE: UNRESTRICTED | $1,500 |
M Goldseker Foundation Of Md Baltimore, MD PURPOSE: SUPPORTING GRANT | $1,000 |
Endowment Analysis
| Beg. Balance | $248,253 |
| Earnings | $57,467 |
| Other Expense | $80,581 |
| Ending Balance | $225,139 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mann Center For The Performing Arts Philadelphia, PA | $32,818,014 | $23,395,696 |
Strathmore Hall Foundation Inc North Bethesda, MD | $27,256,314 | $8,322,288 |
Washington Performing Arts Society Washington, DC | $12,549,147 | $4,886,462 |
Strand-Capitol Performing Arts Center Inc York, PA | $13,276,794 | $10,332,110 |
State Theatre Center For The Arts Inc Easton, PA | $9,301,794 | $4,832,518 |
Whitaker Center For Science And The Arts Harrisburg, PA | $29,354,486 | $3,497,396 |
Lyric Foundation Inc Baltimore, MD | $19,508,427 | $4,826,860 |
Hippodrome Foundation Inc Baltimore, MD | $13,272,762 | $8,345,176 |
Maryland Hall For The Creative Arts Inc Annapolis, MD | $14,959,941 | $1,722,678 |
Zeiders American Dream Theater Virginia Beach, VA | $9,355,099 | $2,062,957 |
Scranton Cultural Center At The Masonic Temple Scranton, PA | $4,305,275 | $2,129,325 |
Atlas Performing Arts Center Washington, DC | $17,353,205 | $2,355,130 |