CARTER FAMILY MEMORIAL MUSIC CENTER

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1979

Principal Officer

RITA FORRESTER

Phone

4239142700

Tax Period

2023-01-01 to 2023-12-31

CARTER FAMILY MEMORIAL MUSIC CENTER, founded in 1979, is a small nonprofit in the Arts, Culture & Humanities sector that reported $130K in total revenue in fiscal year 2023. Net assets of $695K represent 64 months of operating reserves.

Mission

THE CARTER FAMILY MEMORIAL MUSIC CENTER INC WAS ESTABLISHED TO HONOR THE ORIGINAL CARETER FAMILY AND ITS VALUABLE CONTRIBUTION TO COUNTY MUSIC. KEEPING THE MUSIC AND THE REPRESENTATION OF OLDE-TIME MUSIC ALIVE AND THE HUGE IMPACT THE CARTER FAMILY HAS HAD ON COUNTY MUSIC.

Program Service Accomplishments

Program 1

KEEPING THE ART OF ORIGNAL OLE TYME COUNTRY MUSIC ALIVE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $3,800

Program Service Revenue $125,927

Investment Income $2

Other Revenue $0

TOTAL REVENUE $129,729

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $124,562

Other Expenses $130,018

TOTAL EXPENSES $130,018

Year-over-Year Comparison

	2023	2022	Change
Revenue	$129,729	$125,326	+0.0%
Expenses	$130,018	$104,997	+0.2%
Net Income	$-289	$20,329	-1.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
FAYE COLLINS	DIRECTOR	5.00	Director	$0	$0	$0
JOSEPH FORRESTER	DIRECTOR	N/A	Director	$0	$0	$0
RITA FORRESTER	SECRETARY/DI	15.00	Officer Director	$0	$0	$0
DR MARK HANDY	DIRECTOR	N/A	Director	$0	$0	$0
RAYMOND MCLAIN	DIRECTOR	N/A	Director	$0	$0	$0
FORD QUILLEN	DIRECTIR	N/A	Director	$0	$0	$0
DR JOSEPH SMIDDY	PRESIDENT/DI	N/A	Officer Director	$0	$0	$0
VICKI VIRTS	TREASURER/DI	10.00	Officer Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$129,729	$130,018	$702,827	$-289
2022	$125,326	$104,997	$701,698	$20,329
2021	$57,884	$59,756	$681,902	$-1,872
2020	$37,061	$55,389	$700,970	$-18,328
2019	$162,284	$133,407	$726,439	$28,877
2018	$126,860	$121,036	$734,862	$5,824