Lexington Center Corporation
- Assets
- $378.4m
- Revenue
- $16.2m
- Investments
- $94.3m
- Employees
- 588
- Location
- Lexington, KY
- Founding
- 10/2015
- Data as of
- 06/2021
- EIN
- 61-0734772
Organization Overview
Lexington Center Corporation is located in Lexington, KY. The organization was established in 2015. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Lexington Center Corporation employed 588 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lexington Center Corporation 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 06/2021, Lexington Center Corporation generated $16.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.7%) each year. All expenses for the organization totaled $21.0m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (1.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FACILITIES FOR PUBLIC USE FACILITIES INCLUDE ARENA EXHIBITION HALL HISTORIC THEATER AND PARKING LOTS
Describe the Organization's Program Activity:
PROVIDE FACILITIES FOR PUBLIC USE. FACILITIES INCLUDE: ARENA, EXHIBITION HALL, HISTORIC THEAT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William B Owen President CEO | Officer | 40 | $299,787 |
Carl W Hall Dir Of Arena Mgt | 40 | $132,937 | |
Neal Werner Dir Business Affairs | Officer | 40 | $122,055 |
Joseph K Fields Dir Of Convention | 40 | $111,037 | |
Robert Elliston Director | Trustee | $0 | |
Thomas Gaines Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,972,859 |
| Investment income | $283,085 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,156,810 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $665,816 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,736,795 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $209,216 |
| Payroll taxes | $226,315 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,557 |
| Fees for services: Accounting | $24,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $48,242 |
| Advertising and promotion | $41,648 |
| Office expenses | $216,241 |
| Information technology | $185,923 |
| Royalties | $0 |
| Occupancy | $1,847,900 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,174,984 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,097,289 |
| Insurance | $348,864 |
| All other expenses | $0 |
| Total functional expenses | $21,027,068 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,827,003 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,015,502 |
| Accounts receivable, net | $1,178,269 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $94,297,951 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $163,627 |
| Total assets | $378,439,328 |
| Accounts payable and accrued expenses | $10,452,495 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $244,013,588 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,679 |
| Total liabilities | $254,474,762 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $123,964,566 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lexington Center Corporation has recieved totaling $381,000.
| Awarding Organization | Amount |
|---|---|
Opera House Fund Inc Lexington, KY PURPOSE: TO SUPPORT PROGRAM SERVICES | $381,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Akron Summit Community Action Agency Akron, OH | $9,053,133 | $31,825,266 |
Christian Community Development Corporation Inc Memphis, TN | $275,024,548 | $28,566,509 |
Hocking-Athens Perry Community Action Glouster, OH | $22,374,760 | $30,742,269 |
Indianapolis Foundation Inc Indianapolis, IN | $352,748,809 | $43,731,535 |
Delta Area Economic Opportunity Corporation Portageville, MO | $22,832,856 | $23,706,654 |
Upper East Tennessee Human Development Agency Kingsport, TN | $7,143,102 | $23,146,809 |
Pennyrile Allied Community Services Inc Hopkinsville, KY | $9,618,726 | $22,758,893 |
Hampton Roads Community Action Program Inc Newport News, VA | $4,977,691 | $24,100,051 |
Northwest Tennessee Economic Development Council Dresden, TN | $2,980,191 | $21,895,121 |
Jumpstart Inc Cleveland, OH | $82,356,707 | $21,511,113 |
Lexington Center Corporation Lexington, KY | $378,439,328 | $16,156,810 |
Corporation For Ohio Appalachian Development Athens, OH | $7,078,759 | $21,339,241 |