Friends of Kentucky Theatre

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The Kentucky Theatre is a historic building in downtown Lexington, KY, that had fallen into disuse and disrepair. Purchased by the City of Lexington, The Friends of the Kentucky Theatre Inc is a nonprofit tasked with overseeing the restoration, maintenance, operation, and future expansion of the theater in a public-private partnership with the Lexington Fayette Urban County Government. The theater is used by the City, by Nonprofits & NGOs, and by the public for a myriad of local programs, events, artists & entertainers, including offering modern & classic films, locally written & produced films, historical and other specialty films not available in commercial theatres, as well as film school partnerships with students & faculty at the University of Kentucky. The restoration and maintenance of the historical landmark property, over 100 years old, is an ongoing labor of love.

501(c)(3) charity; gifts are tax-deductible.
93¢ of each $1 spent went to programs.
Run by 12 volunteers and 6 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
2 of 3
filings with a surplus
Average surplus $100K a year · 6% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
93%
of spending
Looks good: 93% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
2 mo
of spending, in cash
Fine: 2.0 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $4K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.7M
+0.3% vs prior year
Spent
$1.7M
To programs
93%
Net assets
$366K
By yearFY2022–FY2024
Revenue
$1.7M
FY2024+0.3%
Tap a bar for its year
Revenue by fiscal year
FY2022$1.2M
FY2023$1.7M
FY2024$1.7M
Expenses
$1.7M
FY2024▲ +13%
Tap a bar for its year
Expenses by fiscal year
FY2022$1.1M
FY2023$1.5M
FY2024$1.7M
Net assets
$366K
FY2024▲ +1%
Tap a bar for its year
Net assets by fiscal year
FY2022$165K
FY2023$362K
FY2024$366K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 2022.

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

Where the money goes

93 cents of each dollar spent went to programs.

Program services 93% · $1.6M Management & general 5% · $94K Fundraising 1% · $24K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation
Board Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
See Friends of Kentucky Theatre 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 15aNo

Programs and updates

Restores and operates a historic theater for community events, films, and arts education.

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1 program · $1.6M · in their own filed words · FY2024
01

2024 was an enormously busy year for the Kentucky Theatre. We sold more than 51,000 tickets to 266 independent, foreign, documentary, and regional films of artistic and/or cultural merit. Supported local nonprofit organizations through donations and rental discounts. Partnered with ten community organizations on film events.

$1.6Mprogram 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 · FY2022
Total grants receivedfrom 1 funder$4K

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$1.7M
Ln 12
Fees for servicesLn 2g$1.3M
Other incomeLn 4–11$255K
Gifts and grantsLn 1h$130K
Money outPt IX
$1.7M
Ln 25
Programscol B$1.6M
Managementcol C$94K
Fundraisingcol D$24K
Owns and owesPt X
$366K
net assets · Ln 32
Cash and savingsLn 1–2$287K
Total assetsLn 16$366K
LiabilitiesLn 26$0
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$130K
Government grantsLn 1e$0
Noncash giftsLn 1g$210
Fundraising eventsLn 1c$2K
Fees for servicesLn 2g$1.3M
Investment incomeLn 3$2K
Other incomeLn 4–11$255K
Gains on assetsLn 7$0
Total revenueLn 12$1.7M
Assets in detailPt X, end of year
CashLn 1$236K
SavingsLn 2$51K
Cash and savings togetherLn 1–2$287K
InvestmentsLn 11–13$26K
Land, buildings, equipmentLn 10c$15K
Other assetsLn 15$35K
Total assetsLn 16$366K
LiabilitiesLn 26$0
Net assetsLn 32$366K
OperationsPt I, VI
EmployeesI 56
VolunteersI 612
Fiscal year endsHeaderDecember
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 FY24End FY24
Cash and savingsLn 1–2$323K$287K
InvestmentsLn 11–13$22K$26K
Land, buildings, equipmentLn 10c$15K$15K
Total assetsLn 16$362K$366K
LiabilitiesLn 26$0$0
Net assetsLn 32$362K$366K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$14K$14K
Grants to domestic individualsLn 2$945$945
Grants and assistance to foreign recipientsLn 3$0$0
Benefits paid to or for membersLn 4$0$0
Pay of current officers, directors and key staffLn 5$57K$43K$9K$6K
Pay of disqualified personsLn 6$0$0$0$0
Other salaries and wagesLn 7$159K$127K$24K$8K
Pension plan contributionsLn 8$0$0$0$0
Other employee benefitsLn 9$2K$0$2K$0
Payroll taxesLn 10$19K$15K$3K$948
Management feesLn 11a$0$0$0$0
Legal feesLn 11b$0$0$0$0
Accounting feesLn 11c$14K$11K$2K$703
Lobbying feesLn 11d$0$0$0$0
Professional fundraising feesLn 11e$0$0
Investment management feesLn 11f$118$0$0$118
Other fees for servicesLn 11g$24K$24K$0$0
Advertising and promotionLn 12$11K$10K$0$2K
Office expensesLn 13$1.3M$1.3M$43K$914
Information technologyLn 14$15K$9K$3K$3K
RoyaltiesLn 15$0$0$0$0
OccupancyLn 16$53K$42K$8K$3K
TravelLn 17$320$320$0$0
Travel and entertainment for public officialsLn 18$0$0$0$0
Conferences, conventions and meetingsLn 19$5K$5K$0$0
InterestLn 20$0$0$0$0
Payments to affiliatesLn 21$250$250$0$0
Depreciation, depletion and amortizationLn 22$0$0$0$0
InsuranceLn 23$10K$10K$516$0
Total functional expensesLn 25$1.7M$1.6M$94K$24K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $1.7M$1.7M−$5$366K 990 PDF
FY2023 $1.7M$1.5M$187K$362K 990 PDF
FY2022 $1.2M$1.1M$112K$165K 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 $1,720,867 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $149,781$129,633
I-9 Program service revenuePrior year $1,278,556$1,334,064
I-10 Investment incomePrior year $2,505$2,333
I-11 Other revenuePrior year $284,475$254,837
I-12 Total revenuePrior year $1,715,317$1,720,867
I-13 Grants and similar amounts paidPrior year $11,670$15,169
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $227,825$236,173
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,288,872$1,469,530
I-18 Total expensesPrior year $1,528,367$1,720,872
I-19 Revenue less expensesPrior year $186,950−$5
Part VI · Governance 9 of 9 board members independent, 3 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
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 $1,720,867 across 16 lines filed
Lines not itemized here account for $203,444 of total revenue; see the IRS return.
VIII-1a Federated campaigns$2,703
VIII-1b Membership dues$67,200
VIII-1c Fundraising events$1,704
VIII-1d Related organizations$0
VIII-1e Government grants$0
VIII-1f All other contributions, gifts and grants$58,026
VIII-1g Noncash contributions (included above)$210
VIII-1h Total contributions, gifts and grants$129,633
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,334,064 · Unrelated business $0 · Excluded from tax $0$1,334,064
VIII-3 Investment incomeRelated to mission $2,333 · Unrelated business $0 · Excluded from tax $0$2,333
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $18,605 · Unrelated business $0 · Excluded from tax $0$18,605
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $32,788 · Unrelated business $0 · Excluded from tax $0$32,788
VIII-12 Total revenueRelated to mission $1,591,234 · Unrelated business $0 · Excluded from tax $0$1,720,867
Part IX · Statement of functional expenses $1,720,872 across 29 lines filed
IX-1 Grants to domestic organizationsPrograms $14,224$14,224
IX-2 Grants to domestic individualsPrograms $945$945
IX-3 Grants and assistance to foreign recipientsPrograms $0$0
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $42,607 · Management $8,521 · Fundraising $5,680$56,808
IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0
IX-7 Other salaries and wagesPrograms $126,836 · Management $23,782 · Fundraising $7,927$158,545
IX-8 Pension plan contributionsPrograms $0 · Management $0 · Fundraising $0$0
IX-9 Other employee benefitsPrograms $0 · Management $1,823 · Fundraising $0$1,823
IX-10 Payroll taxesPrograms $15,204 · Management $2,845 · Fundraising $948$18,997
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11c Accounting feesPrograms $11,233 · Management $2,107 · Fundraising $703$14,043
IX-11d Lobbying feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11e Professional fundraising feesFundraising $0$0
IX-11f Investment management feesPrograms $0 · Management $0 · Fundraising $118$118
IX-11g Other fees for servicesPrograms $24,097 · Management $0 · Fundraising $0$24,097
IX-12 Advertising and promotionPrograms $9,890 · Management $0 · Fundraising $1,500$11,390
IX-13 Office expensesPrograms $1,292,239 · Management $43,460 · Fundraising $914$1,336,613
IX-14 Information technologyPrograms $8,790 · Management $3,133 · Fundraising $3,133$15,056
IX-15 RoyaltiesPrograms $0 · Management $0 · Fundraising $0$0
IX-16 OccupancyPrograms $42,178 · Management $7,907 · Fundraising $2,635$52,720
IX-17 TravelPrograms $320 · Management $0 · Fundraising $0$320
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $4,603 · Management $0 · Fundraising $0$4,603
IX-20 InterestPrograms $0 · Management $0 · Fundraising $0$0
IX-21 Payments to affiliatesPrograms $250 · Management $0 · Fundraising $0$250
IX-22 Depreciation, depletion and amortizationPrograms $0 · Management $0 · Fundraising $0$0
IX-23 InsurancePrograms $9,804 · Management $516 · Fundraising $0$10,320
IX-25 Total functional expensesPrograms $1,603,220 · Management $94,094 · Fundraising $23,558$1,720,872
Part X · Balance sheet $366,146 assets, 22 lines filed
X-1 Cash, non-interest-bearingStart of year $322,664$236,018
X-2 Savings and temporary cash investmentsStart of year $0$50,619
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $2,330$3,738
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $0$0
X-10c Land, buildings and equipment, netStart of year $15,458$15,458
X-13 Program-related investmentsStart of year $21,912$25,711
X-14 Intangible assetsStart of year $0$0
X-15 Other assets$34,602
X-16 Total assetsStart of year $362,364$366,146
X-17 Accounts payable and accrued expensesStart of year $0$0
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $0$0
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $0$0
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $362,364$366,146
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $362,364$366,146
X-33 Total liabilities and net assetsStart of year $362,364$366,146
Part XI · Reconciliation of net assets $366,146 net assets at year end
XI-1 Total revenue$1,720,867
XI-2 Total expenses$1,720,872
XI-3 Revenue less expenses−$5
XI-4 Net assets at start of year$362,364
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$3,787
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$366,146

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

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