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Frostproof Chamber Foundation INC

Tax-deductible

Frostproof, FL501(c)(3)Community DevelopmentEIN 51-0599864Revenue $47K in FY2024

On file with the IRStheramontheater.com15 E Wall St, 33843-2126 · Frostproof, FLTax-exempt since Jan 2007Publicly supported — 509(a)(2)

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The mission of the foundation is to renovate and operate the historical Ramon Theater in Frostproof for the use as a civic center for the area and to provide cultural

501(c)(3) charity; gifts are tax-deductible.
77¢ of each $1 spent went to programs.
Run by 75 volunteers and 2 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $22K a year · 34% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
77%
of spending
Looks good: 77% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Looks good: 3.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $17
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$49K
9% of total assets
Looks good: liabilities are 9% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$47K
-63% vs prior year
Spent
$80K
To programs
77%
Net assets
$473K
By yearFY2020–FY2024
Revenue
$47K
FY2024▼ -63%
Tap a bar for its year
Revenue by fiscal year
FY2020$63K
FY2021$38K
FY2022$41K
FY2023$127K
FY2024$47K
Expenses
$80K
FY2024▼ -6%
Tap a bar for its year
Expenses by fiscal year
FY2020$84K
FY2021$84K
FY2022$92K
FY2023$84K
FY2024$80K
Net assets
$473K
FY2024▼ -6%
Tap a bar for its year
Net assets by fiscal year
FY2020$575K
FY2021$527K
FY2022$476K
FY2023$506K
FY2024$473K

From the FY2024 Form 990 · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 2007.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

77 cents of each dollar spent went to programs.

Program services 77% · $61K Management & general 23% · $18K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation
Eric Hill
Director
$0Pt VII · Sec A
Missy Hadden
Director
$0Pt VII · Sec A
Vicki Alley
Director
$0Pt VII · Sec A
Lynd Harper
Director
$0Pt VII · Sec A
Russ Frady
Director
$0Pt VII · Sec A
Tim Fernette
Director
$0Pt VII · Sec A
See Frostproof Chamber Foundation INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Renovates and operates a historic theater as a civic and cultural center.

Provided by the organization

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2 programs · $28K · in their own filed words · FY2024
01

Music series for the residents of the Frostproof community. Provided a wide range of music to provide cultural and entertainment. Music series attended by more than 1000 people from the local area. Series consisted of 7 musical events for 2023 with growth expected for the future.

$22Kprogram expense
02

Mystery Dinners for the entertainment and community working together for a common purpose.

$6Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2023
Amazonsmile FoundationFY2023$17
Total grants receivedfrom 1 funder$17

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$47K
Ln 12
Other incomeLn 4–11$39K
Gifts and grantsLn 1h$8K
Investment incomeLn 3$4
Money outPt IX
$80K
Ln 25
Programscol B$61K
Managementcol C$18K
Owns and owesPt X
$473K
net assets · Ln 32
Cash and savingsLn 1–2$21K
Total assetsLn 16$522K
LiabilitiesLn 26$49K
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$8K
Fundraising eventsLn 1c$5K
Investment incomeLn 3$4
Other incomeLn 4–11$39K
Total revenueLn 12$47K
Assets in detailPt X, end of year
CashLn 1$14K
SavingsLn 2$7K
Cash and savings togetherLn 1–2$21K
Land, buildings, equipmentLn 10c$498K
Total assetsLn 16$522K
LiabilitiesLn 26$49K
Net assetsLn 32$473K
OperationsPt I, VI
EmployeesI 52
VolunteersI 675
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$18K$21K
Land, buildings, equipmentLn 10c$521K$498K
Total assetsLn 16$540K$522K
LiabilitiesLn 26$35K$49K
Net assetsLn 32$506K$473K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$7K$7K$0$0
Payroll taxesLn 10$876$876$0$0
Management feesLn 11a$3K$3K$0$0
Accounting feesLn 11c$2K$0$2K$0
Advertising and promotionLn 12$247$247$0$0
Information technologyLn 14$2K$2K$0$0
OccupancyLn 16$14K$932$13K$0
InterestLn 20$1K$0$1K$0
Depreciation, depletion and amortizationLn 22$23K$23K$0$0
InsuranceLn 23$3K$0$3K$0
Other expenses (24a–d)Ln 24$24K$24K$0$0
Total functional expensesLn 25$80K$61K$18K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $47K$80K−$32K$473K 990 PDF
FY2023 $127K$84K$42K$506K 990 PDF
FY2022 $41K$92K−$51K$476K 990 PDF
FY2021 $38K$84K−$46K$527K 990 PDF
FY2020 $63K$84K−$21K$575K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $47,240 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $72,306$8,088
I-9 Program service revenue$0
I-10 Investment incomePrior year $4$4
I-11 Other revenuePrior year $54,388$39,148
I-12 Total revenuePrior year $126,698$47,240
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $14,841$8,337
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $69,477$71,172
I-18 Total expensesPrior year $84,318$79,509
I-19 Revenue less expensesPrior year $42,380−$32,269
Part VI · Governance 6 of 6 board members independent, no flags
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $47,240 across 8 lines filed
Lines not itemized here account for $40,798 of total revenue; see the IRS return.
VIII-1b Membership dues$726
VIII-1c Fundraising events$5,398
VIII-1f All other contributions, gifts and grants$1,964
VIII-1h Total contributions, gifts and grants$8,088
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $0$4
VIII-6 Net rental income or lossExcluded from tax $1,229$1,229
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax −$2,879−$2,879
VIII-12 Total revenueRelated to mission $40,802 · Unrelated business $0 · Excluded from tax −$1,650$47,240
Part IX · Statement of functional expenses $79,509 across 11 lines filed
IX-7 Other salaries and wagesPrograms $7,461 · Management $0 · Fundraising $0$7,461
IX-10 Payroll taxesPrograms $876 · Management $0 · Fundraising $0$876
IX-11a Management feesPrograms $3,008 · Management $0 · Fundraising $0$3,008
IX-11c Accounting feesPrograms $0 · Management $1,650 · Fundraising $0$1,650
IX-12 Advertising and promotionPrograms $247 · Management $0 · Fundraising $0$247
IX-14 Information technologyPrograms $1,588 · Management $0 · Fundraising $0$1,588
IX-16 OccupancyPrograms $932 · Management $12,674 · Fundraising $0$13,606
IX-20 InterestPrograms $0 · Management $1,452 · Fundraising $0$1,452
IX-22 Depreciation, depletion and amortizationPrograms $22,993 · Management $0 · Fundraising $0$22,993
IX-23 InsurancePrograms $0 · Management $2,674 · Fundraising $0$2,674
IX-24 Other expenses (24a–d)Programs $23,954 · Management $0 · Fundraising $0$23,954
IX-25 Total functional expensesPrograms $61,059 · Management $18,450 · Fundraising $0$79,509
Part X · Balance sheet $522,392 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $10,856$13,569
X-2 Savings and temporary cash investmentsStart of year $7,039$7,042
X-9 Prepaid expenses and deferred chargesStart of year $1,274$3,526
X-10c Land, buildings and equipment, netStart of year $521,248$498,255
X-16 Total assetsStart of year $540,417$522,392
X-19 Deferred revenueStart of year $10,093$24,442
X-24 Unsecured notes and loans payableStart of year $24,500$24,500
X-26 Total liabilitiesStart of year $34,698$48,942
X-27 Net assets without donor restrictionsStart of year $505,719$473,450
X-32 Total net assets or fund balancesStart of year $505,719$473,450
X-33 Total liabilities and net assetsStart of year $540,417$522,392
Part XI · Reconciliation of net assets $473,450 net assets at year end
XI-1 Total revenue$47,240
XI-2 Total expenses$79,509
XI-3 Revenue less expenses−$32,269
XI-4 Net assets at start of year$505,719
XI-10 Net assets at end of year$473,450

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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