The Lyric Council Inc
- Assets
- $721.0k
- Revenue
- $376.4k
- Investments
- $0.0
- Employees
- 15
- Location
- Blacksburg, VA
- Founding
- 10/1995
- Data as of
- 12/2023
- EIN
- 54-1725250
Organization Overview
The Lyric Council Inc is located in Blacksburg, VA. The organization was established in 1995. 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 12/2023, Lyric Council Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lyric Council 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 12/2023, Lyric Council Inc generated $376.4k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $431.5k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (2.0%) per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENHANCE COMMUNITY PARTICIPATION IN ARTS AND CULTURE BY MAINTAINING AND PRESERVING THE LYRIC THEATRE AND ESTABLISHING AND PROMOTING BLACKSBURG, VIRGINIA AS AN ARTS DESTINATION FOR THE REGION.
TO FOSTER AND PROMOTE ARTS AND CULTURE IN THE NEW RIVER VALLEY BY PROVIDING: VISIBILITY FOR REGIONAL ARTS ORGANIZATIONS; INFORMATION ON ARTS AND CULTURAL EVENTS; SPACE TO SHARE RESOURCES, BUILD NETWORKS, AND FACILITATE COMMUNICATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Seth Davis Executive Director (current) | Officer | 40 | $41,789 |
Susan Mattingly Executive Director (prior) | Officer | 40 | $27,955 |
Kim Carlson Chair | OfficerTrustee | 2 | $0 |
Kevin Wills Vice Chair | OfficerTrustee | 2 | $0 |
Victoria Cochran Secretary | OfficerTrustee | 1 | $0 |
Jason Pospichal Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $66,692 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $63,459 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $130,151 |
| Total Program Service Revenue | $215,118 |
| Investment income | $606 |
| 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 | $30,536 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $376,411 |
| 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 | $164,916 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $12,616 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,436 |
| Office expenses | $3,678 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,050 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $46,060 |
| Insurance | $5,415 |
| All other expenses | $37,270 |
| Total functional expenses | $431,502 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $345,976 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $32,400 |
| Accounts receivable, net | $20,169 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,500 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $320,913 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $720,958 |
| Accounts payable and accrued expenses | $8,198 |
| Grants payable | $0 |
| Deferred revenue | $16,252 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $24,450 |
| Net assets without donor restrictions | $586,979 |
| Net assets with donor restrictions | $109,529 |
| 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 | $720,958 |