The Loretta Lynn Foundation Inc
- Assets
- $1.5m
- Revenue
- $275.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Nashville, TN
- Founding
- 05/2006
- Data as of
- 12/2023
- EIN
- 20-2029176
Organization Overview
The Loretta Lynn Foundation Inc is located in Nashville, TN. The organization was established in 2006. According to its NTEE Classification (A54) the organization is classified as: History 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. Loretta Lynn Foundation Inc 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 12/2023, Loretta Lynn Foundation Inc generated $275.3k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $210.6k during the year ending 12/2023. While expenses have increased by 1.7% per year over the past 9 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.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE COUNTRY MUSIC'S HERITAGE AND HISTORY IN A CHARITABLE MANNER FOR HISTORICAL AND CULTURAL PURPOSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patsy Lynn Russell President | 0 | $0 | |
Michael Vaden Treasurer | 0 | $0 | |
Peggy Lynn Member Of Board | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $45,456 |
| Other Income | $229,869 |
| Total Revenue | $275,325 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $119,540 |
| Pension plans, employee benefits | $750 |
| Interest | $0 |
| Taxes | $18,585 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $575 |
| Printing and publications | $0 |
| Other expenses | $70,186 |
| Total operating and administrative expenses | $210,573 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $210,573 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $163,524 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| 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 | $87,971 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $1,279,786 |
| Other assets | $995 |
| Total assets | $1,532,276 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |