Solomon Center Inc
- Assets
- $6.2k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Chattanooga, TN
- Founding
- 12/2001
- Data as of
- 12/2022
- EIN
- 62-1867780
Organization Overview
Solomon Center Inc is located in Chattanooga, TN. The organization was established in 2001. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Solomon Center 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 12/2022, Solomon Center Inc generated $72.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (12.7%) each year. All expenses for the organization totaled $72.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (14.1%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3
A MAJOR PROGRAM SERVICE OBJECTIVE THAT THE SOLOMON CENTER ORGANIZATION ACCOMPLISHED IN 2021 WAS THE DEVELOPMENT OF A SMALL "HOME" DAYCARE. MAX. 12 CHILD PER DAY ENROLLMENT. THE SOLOMON CENTER INC DBA ADONAI EARLY LEARNING CENTER SERVED THE PRESCHOOL NEEDS OF APPROXIMATELY 22 FAMILIES IN 2021 AND 2022. THE GOAL OF THE CENTER WAS TO PROVIDE CHILDCARE TO FAMILIES WHO RETURNED TO WORK OUTSIDE OF THE HOME AFTER THE COVID-19 SHUT DOWN. ADONAI EARLY LEARNING CENTER SERVED FAMILIES FIVE DAYS A WEEK, MONDAY THROUGH FRIDAY FROM 6:30 AM TO 5:30 PM. THE PROGRAM ENDED SEPTEMBER 2, 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tavis Spotts President | 20 | $0 | |
Joann Banks Secretary | 1 | $0 | |
Ariunne Daniels Board Member | 1 | $0 | |
Gregory Spotts Board Member | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,222 |
| Total Program Service Revenue | $47,094 |
| Membership dues | $0 |
| Investment income | $0 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $72,316 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $48,651 |
| Professional fees and other payments to independent contractors | $13,542 |
| Occupancy, rent, utilities, and maintenance | $3,991 |
| Printing, publications, postage, and shipping | $221 |
| Other expenses | $5,911 |
| Total expenses | $72,316 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $3,462 |
| Other assets | $0 |
| Total assets | $6,173 |
| Total liabilities | $4,557 |
| Net assets or fund balances | $1,616 |