TENNESSEE GOLF FOUNDATION

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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

1990

Legal Domicile

Principal Officer

WHITNEY TURNBOW

Phone

6157907600

Tax Period

2023-01-01 to 2023-12-31

TENNESSEE GOLF FOUNDATION, founded in 1990, is a community nonprofit in the Arts, Culture & Humanities sector that reported $6.6M in total revenue in fiscal year 2023. Expenses of $7.7M exceeded revenue, resulting in a 16% operating deficit.

Mission

TO PROMOTE GOLF AND ITS LIFE-ENHANCING VALUES WITH AN EMPHASIS ON TEACHING THE YOUTH, VETERANS AND THE DISADVANTAGED.

Program Service Accomplishments

Program 1

Expenses: $1,708,860 Revenue: $1,447,551

IN 2021 THE TENNESSEE GOLF FOUNDATION STARTED OPERATING THE SIMMONS BANK OPEN TOURNAMENT. IT IS A KORN FERRY TOUR EVENT. THE KORN FERRY TOUR IDENTIFIES & DEVELOPS PLAYERS READY TO COMPETE & WIN. IT IS "THE PATH TO THE PGA TOUR". THE SIMMONS BANK OPEN WAS A 7 DAY EVENT IN 2023 WITH 404 PARTICIPANTS.

Program 2

Expenses: $859,781 Revenue: $691,018

VARIOUS PROGRAMS SUCH AS GOLF TOURNAMENTS ARE PERFORMED EACH YEAR TO PROMOTE GOLF IN TN.

Program 3

Expenses: $858,961 Revenue: $382,355

THE FIRST TEE PROGRAM STARTED IN 2001 IN NASHVILLE CONTINUES TO GROW. THERE ARE NOW 5 FIRST TEE CHAPTERS AND OVER 1,600 STUDENTS PARTICIPATED AT THE TENNESSEE FIRST TEE PROGRAMS IN NASHVILLE...

THE FIRST TEE PROGRAM STARTED IN 2001 IN NASHVILLE CONTINUES TO GROW. THERE ARE NOW 5 FIRST TEE CHAPTERS AND OVER 1,600 STUDENTS PARTICIPATED AT THE TENNESSEE FIRST TEE PROGRAMS IN NASHVILLE, CHATTANOOGA, MEMPHIS, KNOXVILLE, AND TRI-CITIES. THERE ARE 45 FIRST TEE LOCATIONS IN TN. OVER 1,600 STUDENTS PARTICIPATED AT THE TGF'S FIRST TEE TENNESSEE GOLF AND LIFE SKILLS PROGRAMS ACROSS THE STATE.

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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 $2,071,075

Program Service Revenue $4,269,656

Investment Income $132,209

Other Revenue $162,568

TOTAL REVENUE $6,635,508

Expense Breakdown

Grants Paid $713,700

Salaries & Benefits $3,224,917

Fundraising Expenses $417,021

Program Expenses $5,851,254

Other Expenses $3,747,956

TOTAL EXPENSES $7,686,573

Year-over-Year Comparison

	2023	2022	Change
Revenue	$6,635,508	$6,498,793	+0.0%
Expenses	$7,686,573	$6,820,546	+0.1%
Net Income	$-1,051,065	$-321,753	+2.3%

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

370

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

$280,139

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WHITNEY TURNBOW	PRESIDENT	40.00	Officer	$260,987	$19,152	$280,139
RICHARD HORTON	ADVISOR TO C	10.00	Highest	$232,276	$12,722	$244,998
JIM SEABURY	CHAIRMAN	2.00	Officer Director	$0	$0	$0
JOHNNY BRIDGEMAN	SECRETARY/TR	2.00	Officer Director	$0	$0	$0
JULIE FRIST	DIRECTOR	2.00	Director	$0	$0	$0
JOEY HICKMAN	DIRECTOR	2.00	Director	$0	$0	$0
MIKE JENKINS	DIRECTOR	2.00	Director	$0	$0	$0
BRAD MARTIN	DIRECTOR	2.00	Director	$0	$0	$0
KEVIN TEETERS	DIRECTOR	2.00	Director	$0	$0	$0
LOREN ROBERTS	DIRECTOR	2.00	Director	$0	$0	$0
JAMISON MONROE	DIRECTOR	2.00	Director	$0	$0	$0
STUART SMITH	DIRECTOR	2.00	Director	$0	$0	$0
JEFF TICKLE	DIRECTOR	2.00	Director	$0	$0	$0
PAUL REID	DIRECTOR	2.00	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	$6,635,508	$7,686,573	$23,293,059	$-1,051,065
2022	$6,498,793	$6,820,546	$21,930,121	$-321,753
2021	$7,116,069	$6,775,507	$24,594,928	$340,562
2020	$3,700,422	$4,185,582	$22,880,512	$-485,160
2019	$3,551,741	$4,811,922	$20,811,777	$-1,260,181
2018	$4,817,178	$4,372,770	$18,758,259	$444,408