The Paramount Foundation INC FY2023 filing

Tax-deductible

Bristol, TN501(c)(3)Since 1989EIN 58-1837080Revenue $2.2M in FY2023

On file with the IRS518 State St, 37620-5910 · Bristol, TNTax-exempt since Aug 1989Publicly supported charity — 170(b)(1)(A)(vi)

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Preservation and restoration of the Paramount theater, which is on the national register of historic places.

501(c)(3) charity; gifts are tax-deductible.
88¢ of each $1 spent went to programs.
$75K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $122K a year · 6% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$75K
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
6 mo
of spending, in cash
Looks good: 5.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $15K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$812K
32% of total assets
Looks good: liabilities are 32% of assets; 50% or less.
Pt X · Ln 26
Independent board members
16
of 16 voting members
Looks good: 16 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.2M
-34% vs prior year
Spent
$2.1M
To programs
88%
Net assets
$1.7M
By yearFY2020–FY2025
Revenue
$2.2M
FY2023▼ -34%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.8M
FY2021$407K
FY2022$3.3M
FY2023$2.2M
FY2024$1.8M
FY2025$2.0M
Expenses
$2.1M
FY2023▼ -9%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.8M
FY2021$586K
FY2022$2.3M
FY2023$2.1M
FY2024$1.8M
FY2025$2.2M
Net assets
$1.7M
FY2023▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020$692K
FY2021$606K
FY2022$1.6M
FY2023$1.7M
FY2024$1.7M
FY2025$1.4M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1989.

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

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $1.8M Management & general 11% · $237K Fundraising 1% · $12K

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

18 people listed on the 990; $75K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Executive Director
$74,959Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director Emeritus
$0Pt VII · Sec A
Director Emeritus
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2020
Jennifer Hayes—$66,391$74,959$79,649—
Miles Marek————$78,000
Sarah Beth Carter$52,470————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 15aNo

Programs and updates

Preserves and restores a historic theater listed on the National Register.

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Provided by the organization

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1 program · $1.8M · in their own filed words · FY2022
01

Providing artistic and musical performances to the general public to enhance and expand the appreciation of the arts in the bristol and surrounding areas.

$1.8Mprogram 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 · FY2025
Total grants receivedfrom 1 funder$15K

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$2.2M
Ln 12
Fees for servicesLn 2g$1.5M
Gifts and grantsLn 1h$579K
Other incomeLn 4–11$43K
Money outPt IX
$2.1M
Ln 25
Programscol B$1.8M
Managementcol C$237K
Fundraisingcol D$12K
Owns and owesPt X
$1.7M
net assets · Ln 32
Cash and savingsLn 1–2$994K
Total assetsLn 16$2.5M
LiabilitiesLn 26$812K
PeoplePt VI, VII
18
listed · VII A
PaidVII A1
Voting boardVI 1a16
IndependentVI 1b16
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$579K
Government grantsLn 1e$274K
Noncash giftsLn 1g$13K
Fees for servicesLn 2g$1.5M
Investment incomeLn 3$12K
Other incomeLn 4–11$43K
Total revenueLn 12$2.2M
Assets in detailPt X, end of year
CashLn 1$50K
SavingsLn 2$944K
Cash and savings togetherLn 1–2$994K
Land, buildings, equipmentLn 10c$1.4M
Total assetsLn 16$2.5M
LiabilitiesLn 26$812K
Net assetsLn 32$1.7M
OperationsPt I, VI
EmployeesI 525
VolunteersI 625
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$854K$994K
Land, buildings, equipmentLn 10c$1.3M$1.4M
Total assetsLn 16$2.2M$2.5M
LiabilitiesLn 26$553K$812K
Net assetsLn 32$1.6M$1.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$381K$337K$37K$7K
Payroll taxesLn 10$30K$27K$3K$592
Accounting feesLn 11c$17K$8K$9K$0
Other fees for servicesLn 11g$66K$66K$0$0
Advertising and promotionLn 12$91K$91K$0$0
Office expensesLn 13$26K$26K$0$0
OccupancyLn 16$23K$19K$3K$0
TravelLn 17$13K$0$13K$0
InterestLn 20$17K$0$17K$0
Depreciation, depletion and amortizationLn 22$163K$163K$0$0
InsuranceLn 23$32K$0$32K$0
Other expenses (24a–d)Ln 24$116K$6K$107K$4K
All other expensesLn 24e$1.1M$1.1M$16K$0
Total functional expensesLn 25$2.1M$1.8M$237K$12K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.0M$2.2M−$218K$1.4M 990 PDF
FY2024 $1.8M$1.8M−$7K$1.7M 990 PDF
FY2023 Viewing $2.2M$2.1M$88K$1.7M 990 PDF
FY2022 $3.3M$2.3M$998K$1.6M 990 PDF
FY2021 $407K$586K−$180K$606K 990 PDF
FY2020 $1.8M$1.8M$53K$692K 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 FY2023 990 (6 parts)
Part I · Summary $2,184,470 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,586,177$579,173
I-9 Program service revenuePrior year $1,676,945$1,549,563
I-10 Investment incomePrior year $2,217$12,356
I-11 Other revenuePrior year $36,150$43,378
I-12 Total revenuePrior year $3,301,489$2,184,470
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $442,453$411,475
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,860,970$1,685,161
I-18 Total expensesPrior year $2,303,423$2,096,636
I-19 Revenue less expensesPrior year $998,066$87,834
Part VI · Governance 16 of 16 board members independent, 3 to look at
VI-1a Voting members of the governing body16
VI-1b Independent voting members16
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $2,184,470 across 8 lines filed
VIII-1e Government grants$274,410
VIII-1f All other contributions, gifts and grants$304,763
VIII-1g Noncash contributions (included above)$12,917
VIII-1h Total contributions, gifts and grants$579,173
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$1,549,563
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $0$12,356
VIII-6 Net rental income or lossRelated to mission $43,378$43,378
VIII-12 Total revenueRelated to mission $1,605,297 · Unrelated business $0 · Excluded from tax $0$2,184,470
Part IX · Statement of functional expenses $2,096,636 across 13 lines filed
IX-7 Other salaries and wagesPrograms $336,547 · Management $37,161 · Fundraising $7,432$381,140
IX-10 Payroll taxesPrograms $26,785 · Management $2,958 · Fundraising $592$30,335
IX-11c Accounting feesPrograms $7,977 · Management $8,571 · Fundraising $0$16,548
IX-11g Other fees for servicesPrograms $65,972 · Management $0 · Fundraising $0$65,972
IX-12 Advertising and promotionPrograms $90,506 · Management $0 · Fundraising $0$90,506
IX-13 Office expensesPrograms $25,674 · Management $0 · Fundraising $0$25,674
IX-16 OccupancyPrograms $19,222 · Management $3,391 · Fundraising $0$22,613
IX-17 TravelPrograms $0 · Management $13,206 · Fundraising $0$13,206
IX-20 InterestPrograms $0 · Management $16,940 · Fundraising $0$16,940
IX-22 Depreciation, depletion and amortizationPrograms $163,119 · Management $0 · Fundraising $0$163,119
IX-23 InsurancePrograms $0 · Management $31,926 · Fundraising $0$31,926
IX-24 Other expenses (24a–d)Programs $5,653 · Management $106,639 · Fundraising $3,701$115,993
IX-24e All other expensesPrograms $1,106,552 · Management $16,112 · Fundraising $0$1,122,664
IX-25 Total functional expensesPrograms $1,848,007 · Management $236,904 · Fundraising $11,725$2,096,636
Part X · Balance sheet $2,500,662 assets, 14 lines filed
Asset lines not itemized here account for $90,109; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $44,918$50,296
X-2 Savings and temporary cash investmentsStart of year $809,154$943,652
X-4 Accounts receivableStart of year $274$3,022
X-8 Inventories for sale or useStart of year $1,583$1,583
X-9 Prepaid expenses and deferred chargesStart of year $2,690$10,911
X-10c Land, buildings and equipment, netStart of year $1,298,138$1,401,089
X-16 Total assetsStart of year $2,156,757$2,500,662
X-17 Accounts payable and accrued expensesStart of year $48,310$332,553
X-19 Deferred revenueStart of year $90,632$90,109
X-26 Total liabilitiesStart of year $552,747$811,925
X-27 Net assets without donor restrictionsStart of year $1,528,265$1,688,737
X-28 Net assets with donor restrictionsStart of year $75,745$0
X-32 Total net assets or fund balancesStart of year $1,604,010$1,688,737
X-33 Total liabilities and net assetsStart of year $2,156,757$2,500,662
Part XI · Reconciliation of net assets $1,688,737 net assets at year end
XI-1 Total revenue$2,184,470
XI-2 Total expenses$2,096,636
XI-3 Revenue less expenses$87,834
XI-4 Net assets at start of year$1,604,010
XI-5 Net unrealized gains (losses) on investments$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments−$3,106
XI-10 Net assets at end of year$1,688,737

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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