Lyric Foundation Inc
- Assets
- $22.2m
- Revenue
- $9.8m
- Investments
- $3.6m
- Employees
- 5
- Location
- Baltimore, MD
- Founding
- 06/1968
- Data as of
- 06/2023
- 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 06/2023, Lyric Foundation Inc employed 5 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 06/2023, Lyric Foundation Inc generated $9.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $9.9m during the year ending 06/2023. While expenses have increased by 5.5% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
2023
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 |
|---|---|---|---|
Mr John H Denick Esquire Trustee | Trustee | 1 | $0 |
Mr Jeffrey Penza Trustee | Trustee | 1 | $0 |
Mr Matt Newcomer Trustee | Trustee | 1 | $0 |
Mrs Violet Apple Trustee | Trustee | 1 | $0 |
Dr Brenda Bowe Johnson Trustee | Trustee | 1 | $0 |
Mr Cleaveland Miller ESQ 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 | $1,314,331 |
| All other contributions, gifts, grants, and similar amounts not included above | $274,455 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,588,786 |
| Total Program Service Revenue | $7,935,254 |
| Investment income | $3,243 |
| Tax Exempt Bond Proceeds | $0 |
| 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 | $9,818,271 |
| 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 | $1,793,833 |
| Pension plan accruals and contributions | $18,436 |
| Other employee benefits | $176,670 |
| Payroll taxes | $203,157 |
| Fees for services: Management | $99,490 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $102,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $30,000 |
| Advertising and promotion | $189,213 |
| Office expenses | $0 |
| Information technology | $37,950 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $44,858 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $152,358 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $670,688 |
| Insurance | $0 |
| All other expenses | $294,415 |
| Total functional expenses | $9,883,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,314,639 |
| Savings and temporary cash investments | $306,640 |
| Pledges and grants receivable | $156,730 |
| Accounts receivable, net | $662,044 |
| 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 | $1,319 |
| Net Land, buildings, and equipment | $11,929,913 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,588,548 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $266,922 |
| Total assets | $22,226,755 |
| Accounts payable and accrued expenses | $383,835 |
| Grants payable | $0 |
| Deferred revenue | $4,492,041 |
| 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 | $3,939,206 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,000 |
| Total liabilities | $8,823,082 |
| Net assets without donor restrictions | $13,070,148 |
| Net assets with donor restrictions | $333,525 |
| 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 | $22,226,755 |