FRIENDS OF THE GARDEN THEATER (EIN 832531689) - Form 990 Financial Analysis & Trantor Score

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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

2018

Legal Domicile

Principal Officer

KATIE JONES

Phone

2313527561

Tax Period

2024-01-01 to 2024-12-31

FRIENDS OF THE GARDEN THEATER, founded in 2018, is a small nonprofit in the Arts, Culture & Humanities sector that reported $421K in total revenue in fiscal year 2024. Revenue fell 44% from the prior year — a significant decline worth monitoring. Expenses of $500K exceeded revenue, resulting in a 19% operating deficit.

Mission

THE FRIENDS OF THE GARDEN THEATER, A CHARITABLE ORGANIZATION, WAS FORMED IN 2019 TO ENSURE THE GARDEN THEATER REMAINS A VITAL PART OF THE FRANKFORT AND BENZIE COUNTY COMMUNITY. THE GARDEN THEATER IS NOT ONLY A CINEMA, IT IS A COMMUNITY ASSET UTILIZED FOR FUNDRAISERS, CONCERTS, WEDDINGS, TALENT SHOWS/PAGEANTS, HISTORICAL AND CURRENT EVENTS PRESENTATIONS, AND MORE.

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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 (2024)

Revenue Breakdown

Contributions & Grants $158,780

Program Service Revenue $222,738

Investment Income $11,047

Other Revenue $28,091

TOTAL REVENUE $420,656

Expense Breakdown

Grants Paid $0

Salaries & Benefits $154,380

Fundraising Expenses $15,438

Program Expenses $287,494

Other Expenses $345,818

TOTAL EXPENSES $500,198

Year-over-Year Comparison

	2024	2023	Change
Revenue	$420,656	$750,354	-0.4%
Expenses	$500,198	$562,359	-0.1%
Net Income	$-79,542	$187,995	-1.4%

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

Volunteers

136

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

$78,405

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICK SCHMITT	PRESIDENT	2.00	Officer	$0	$0	$0
SCOTT HARRISON	VICE PRESIDE	2.00	Officer	$0	$0	$0
JEFF SMITH	TREASURER	2.00	Officer	$0	$0	$0
BECKY BAGNALL	SECRETARY	2.00	Officer	$0	$0	$0
AMY KING SCHINDLER	DIRECTOR	2.00	Director	$0	$0	$0
ELISE LOUD	DIRECTOR	2.00	Director	$0	$0	$0
DAVID OELLERICH	DIRECTOR	2.00	Director	$0	$0	$0
CAROL PENFOLD-PATTERSON	TREASURER	2.00	Director	$0	$0	$0
KATIE JONES	EXECUTIVE DI	40.00	Director	$78,405	$0	$78,405

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	$420,656	$500,198	$3,243,052	$-79,542
2023	$750,354	$562,359	$3,373,385	$187,995
2022	$1,005,597	$341,301	$3,163,379	$664,296
2021	$1,089,545	$107,690	$2,917,084	$981,855
2020	$1,202,971	$15,909	$1,474,917	$1,187,062
2019	$287,895	$40	$287,855	$287,855

FRIENDS OF THE GARDEN THEATER