Tennessee Golf Foundation
- Assets
- $24.6m
- Revenue
- $7.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Franklin, TN
- Founding
- 09/1990
- Data as of
- 12/2021
- EIN
- 58-1893478
Organization Overview
Tennessee Golf Foundation is located in Franklin, TN. The organization was established in 1990. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tennessee Golf Foundation 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 12/2021, Tennessee Golf Foundation generated $7.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.2% each year . All expenses for the organization totaled $6.8m during the year ending 12/2021. While expenses have increased by 11.9% per year over the past 7 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.
Since 2014, Tennessee Golf Foundation has awarded 43 individual grants totaling $675,690. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE GOLF AND ITS LIFE ENHANCING VALUES WITH AN EMPHASIS ON TEACHING THE YOUTH AND THE DISADVANTAGED.
Describe the Organization's Program Activity:
IN 2021 THE TENNESSEE GOLF FOUNDATION STARTED OPERATING THE SIMMONS BANK OPEN TOURNAMENT. IT IS A KORN FERRY TOUR EVENT. THE KORN FERRY TOUR IDENTIFIES & DEVELOPES PLAYERS READY TO COMPETE & WIN. IT IS "THE PATH TO THE PGA TOUR". THE SIMMONS BANK OPEN WAS A 7 DAY EVENT WITH 1,000 PARTICIPANTS.
VARIOUS PROGRAMS SUCH AS GOLF TOURNAMENTS ARE PERFORMED EACH YEAR TO PROMOTE GOLF IN TN.
THE FIRST TEE PROGRAM STARTED IN 2001 IN NASHVILLE CONTINUES TO GROW. THERE ARE NOW 5 FIRST TEE CHAPTERS AND OVER 2,500 STUDENTS PARTICIPATED AT THE TENNESSEE FIRST TEE PROGRAMS IN NASHVILLE, CHATTANOOGA, MEMPHIS, SMYRNA, AND KNOXVILLE. TRI-CITIES, CLARKSVILLE AND JACKSON ARE PROGRAMMING LOCATIONS IN NASHVILLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Whitney R Turnbow President | Officer | 40 | $251,704 |
Richard Horton Advisor To The President | 10 | $216,204 | |
Johnny Bridgeman Secretary/treasurer | OfficerTrustee | 2 | $0 |
Lamar Mills Vice-Chairman | OfficerTrustee | 2 | $0 |
Jim Seabury Chairman | OfficerTrustee | 2 | $0 |
Gail S Smith Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $417,875 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,050,373 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,468,248 |
| Total Program Service Revenue | $4,522,496 |
| Investment income | $213,659 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $27,871 |
| Net Gain/Loss on Asset Sales | $577,017 |
| Net Income from Fundraising Events | $199,434 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,116,069 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $166,935 |
| Grants and other assistance to domestic individuals. | $15,347 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $270,394 |
| Compensation of current officers, directors, key employees. | $58,459 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,025,563 |
| Pension plan accruals and contributions | $61,752 |
| Other employee benefits | $113,280 |
| Payroll taxes | $173,702 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,374 |
| Fees for services: Accounting | $16,459 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $188,018 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $236,442 |
| 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 | $128,554 |
| Insurance | $39,961 |
| All other expenses | $441,453 |
| Total functional expenses | $6,775,507 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $862,035 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $11,113 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,445,987 |
| Investments—publicly traded securities | $22,275,618 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $175 |
| Total assets | $24,594,928 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $3,622,209 |
| Total liabilities | $3,622,209 |
| Net assets without donor restrictions | $17,959,886 |
| Net assets with donor restrictions | $3,012,833 |
| 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 | $24,594,928 |
Grants Awarded
Over the last fiscal year, Tennessee Golf Foundation has awarded $134,660 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
Chattanooga, TN PURPOSE: PROGRAM SUPPORT | $40,000 |
Knoxville, TN PURPOSE: PROGRAM SUPPORT | $29,582 |
Nashville, TN PURPOSE: PROGRAM SUPPORT | $28,500 |
Franklin, TN PURPOSE: PROGRAM SUPPORT | $15,000 |
KNOX COUNTY TENNESSEE GOVERNMENT PURPOSE: PROGRAM SUPPORT | $11,578 |
Jackson, TN PURPOSE: PROGRAM SUPPORT | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Tennessee Golf Foundation has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
Milton And Denice Johnson Family Foundation Nashville, TN PURPOSE: CAPITAL CAMPAIGN | $50,000 |
Endowment Analysis
| Beg. Balance | $8,314,232 |
| Earnings | $1,272,026 |
| Admin Expense | $18,325 |
| Net Contributions | $14,125 |
| Other Expense | $337,500 |
| Ending Balance | $9,244,558 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Johnny Morris Wonders Of Wildlife Foundation Springfield, MO | $84,645,334 | $34,583,902 |
Barber Vintage Motorsports Museum Birmingham, AL | $96,854,317 | $20,184,084 |
National Corvette Museum Foundation Inc Bowling Green, KY | $80,229,990 | $15,403,313 |
Mariners Museum Newport News, VA | $159,780,245 | $10,021,200 |
National Center For Civil And Humanrights Inc Atlanta, GA | $28,909,465 | $12,210,926 |
Tennessee Golf Foundation Franklin, TN | $24,594,928 | $7,116,069 |
Atlanta Hall Management Inc Atlanta, GA | $34,614,233 | $3,372,998 |
Discovery Park Of America Inc Union City, TN | $88,157,973 | $11,219,580 |
Kentucky Derby Museum Corporation Louisville, KY | $35,033,343 | $10,633,125 |
Tennessee State Museum Foundation Nashville, TN | $6,574,867 | $116,981 |
Cook Museum Of Natural Science Decatur, AL | $31,863,685 | $9,083,410 |
Adventure Science Center Nashville Nashville, TN | $22,045,170 | $10,457,321 |