Lt Operating Foundation
- Assets
- $11.9m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Tulsa, OK
- Founding
- 09/2018
- Data as of
- 12/2022
- EIN
- 82-1728733
Organization Overview
Lt Operating Foundation is located in Tulsa, OK. The organization was established in 2018. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lt Operating 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 12/2022, Lt Operating Foundation generated $1.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (30.8%) each year. All expenses for the organization totaled $2.8m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Lt Operating Foundation has awarded 20 individual grants totaling $256,680. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
MOTHER ROAD MARKET WAS FORMED TO PROVIDE FOOD ENTREPRENEURS WITH THE OPPORTUNITY TO PILOT TEST THEIR LATEST CONCEPTS WITHOUT FINANCIAL INVESTMENTS OF OPENING A FULL SCALE SHOP.
THE TULSA STARTUP SERIES WAS FORMED TO SUPPORT INNOVATION,GROWTH, & CREATIVITY AMONG TULSA'S ENTERPRENEURIAL COMMUNITY.
KITCHEN 66 WAS FORMED TO PROVIDE FOOD ENTREPRENEURS EDUCATION, MENTORSHIP AND ACCESS TO AFFORDABLE KITCHEN SPACE AS THEY START AND SCALE THEIR BUSINESSES.
THE LOBECK TAYLOR FAMILY FOUNDATION IS WORKING TO CREATE A POSITIVE CULTURAL AND ECONOMIC DEVELOPMENT IMPACT ON THE 11TH STREET CORRIDOR IN THE CITY OF TULSA, OKLAHOMA THROUGH THE TULSA MARKET DISTRICT. BY STRATEGICALLY WORKING TO ADVANCE EQUITY, PRIDE OF PLACE, PHYSICAL INFRASTRUCTURE AND ECONOMIC ACTIVITY, WE WILL DECREASE BARRIERS TO BUILDING GENERATIONAL WEALTH WITHIN THE TULSA MARKET DISTRICT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Frame Ellison Executive Director | 0 | $0 | |
Brian Paschal Director | 0 | $0 | |
Stephen L Faulkner Secretary/treasurer | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mariner Wealth Advisors | 12/30/19 | $85,409 |
Scissor-tail Construction Llc | 12/30/19 | $205,537 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $369,294 |
| Interest on Savings | $0 |
| Dividends & Interest | $30,579 |
| Net Rental Income | -$52,945 |
| Net Gain on Sale of Assets | -$194,925 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $326,946 |
| Other Income | $163,260 |
| Total Revenue | $1,299,281 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $678,335 |
| Pension plans, employee benefits | $93,193 |
| Interest | $87,851 |
| Taxes | $462,899 |
| Depreciation | $175,421 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $775 |
| Other expenses | $1,065,288 |
| Total operating and administrative expenses | $2,753,994 |
| Contributions, gifts, grants paid | $1,981 |
| Total expenses and disbursements | $2,755,975 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $507,920 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $513,271 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $33,605 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $378,460 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $4,282,525 |
| Other assets | $6,190,567 |
| Total assets | $11,906,348 |
| Accounts payable and accrued expenses | $4,088,889 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $4,240,173 |
| Total liabilities | $8,329,062 |
Grants Awarded
Over the last fiscal year, Lt Operating Foundation has awarded $1,981 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
TULSA COMMUNITY FOUNDATION PURPOSE: GENERAL OPERATIONS | $722 |
PFLAG PURPOSE: GENERAL OPERATIONS | $500 |
FOOD BANK OF EASTERN OKLAHOMA PURPOSE: GENERAL OPERATIONS | $568 |
HUMANITIX PURPOSE: GENERAL OPERATIONS | $191 |