Overview
What is Louisville Arena Authority Inc?
The Louisville Arena Authority Inc, established in 2005 under Kentucky Governor Ernie Fletcher's leadership, is a nonprofit organization responsible for overseeing the financial process of the KFC Yum! Center in downtown Louisville, Kentucky. This multi-purpose arena, developed, financed, and constructed under the authority's guidance, is a hub for community-oriented events and operates year-round. It has attracted various events, such as University of Louisville basketball games, concerts, family shows, and private functions. The arena has led to the growth of new businesses in the area, contributing to additional economic development in downtown Louisville.
Official website here: www.kfcyumcenter.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
The Louisville Arena Authority Inc has received an 81% rating from Charity Navigator, indicating a solid performance in accountability and finance. This score reflects a focus on transparency and responsible financial management, which are critical for fostering trust among donors and stakeholders. The organization has achieved a high level of compliance with best practices in governance, as evidenced by its perfect scores in key areas such as independent board member composition and financial oversight.
The organization boasts a fully independent board, with all 14 members meeting the criteria, which enhances its decision-making processes. Furthermore, it has established strong internal controls, including a well-defined conflict of interest policy, a whistleblower policy, and documented meeting minutes, all of which contribute to its accountability. The program expense ratio is also commendable, with 92.64% of expenses directed towards its programs, indicating effective resource allocation.
However, the overall score is derived solely from the accountability and finance category, which may suggest limitations in assessing other operational aspects, such as program impact or community engagement. While financial health is crucial, potential donors might also seek insights into the organization's effectiveness in achieving its mission and the tangible results of its initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Louisville Arena Authority Inc legitimate?
Louisville Arena Authority Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Louisville Arena Authority Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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Official website here: www.kfcyumcenter.com
What is the mission statement of Louisville Arena Authority Inc?
The Louisville Arena Authority is responsible for financing and managing a multi-purpose arena. This venue hosts a range of community-oriented events open to the public, such as University of Louisville basketball games, concerts, family shows, and other events. The Authority played a key role in the development, financing, and construction of the arena, selecting partners for financing, construction, design, and management. Since its opening, the arena has attracted high interest and led to the establishment of new businesses nearby, contributing to economic development.
Official website here: www.kfcyumcenter.com
Who is the CEO of Louisville Arena Authority Inc?
Leslie Geoghegan is the Director of Louisville Arena Authority Inc.
Official website here: www.kfcyumcenter.com
What is the revenue of Louisville Arena Authority Inc?
Louisville Arena Authority Inc's revenue in 2022 was $43,721,895.
Official website here: www.kfcyumcenter.com
Who are the executives of Louisville Arena Authority Inc and what are their salaries?
There 25 volunteers at Louisville Arena Authority Inc.
Here are 15 key members and their salaries:
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Official website here: www.kfcyumcenter.com
Where can I find the form 990 for Louisville Arena Authority Inc?
Louisville Arena Authority Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.kfcyumcenter.com
Learn more at the official website: www.kfcyumcenter.com
Mission Statement of Louisville Arena Authority Inc
The Louisville Arena Authority Inc is a dedicated organization tasked with financing and managing a multi-purpose arena in Kentucky. This arena serves as a vibrant community hub, hosting a diverse range of events open to the public. Its offerings include University of Louisville men's and women's basketball games, concerts, family shows, and various private events.
Established in 2005 under the guidance of then Kentucky Governor Ernie Fletcher, the Louisville Arena Authority played a pivotal role in the development, financing, and construction of the $238 million arena. The organization carefully selected partners for financing, construction, design, and management, with AEG Management Louisville, LLC currently overseeing operations.
Since its inception, the arena has become a beacon for community-oriented events, attracting numerous visitors and contributing to the surge of new businesses in the area. The KFC Yum! Center has been home to University of Louisville basketball games, a multitude of concerts, family shows, and private events, all of which have kept interest high and solidified the arena's place as a significant economic driver in the community.
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Impact
October, 2024
Louisville Arena Authority Inc plays a crucial role in the economic and social landscape of downtown Louisville, KY, through its oversight and management of the KFC Yum! Center. Established in 2005, the Authority has been instrumental in guiding the development and financing of this $238 million multi-purpose arena, which serves as a vibrant venue for a variety of community-oriented events, including University of Louisville men's and women's basketball games, concerts, and family shows.
The presence of the KFC Yum! Center has not only enriched the local cultural scene but has also stimulated significant economic development in the surrounding area. The arena's year-round operation draws large crowds, which fosters increased foot traffic and interest in nearby businesses. As a result, numerous new establishments have opened around the arena, contributing to job creation and enhancing the overall economic vitality of downtown Louisville.
Additionally, the Authority's strategic selection of financing, construction, design, and management partners underscores its commitment to ensuring that the venue operates effectively and efficiently. This careful oversight has led to high levels of community engagement and interest in the facility, further solidifying its status as a key asset for the region. Overall, the Louisville Arena Authority Inc significantly impacts both the economy and community life in Louisville, making it a cornerstone of local development.
This information is meant to be a general summary of Louisville Arena Authority Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $813,101
- Program Service Revenue: $3,159,813
- Gross Receipts: $43,721,895
Assets and Liabilities:
- Total Assets: $359,835,538
- Total Liabilities: $347,602,375
- Net Assets: $12,233,163
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
OPERATIONS CONTRACTS
Revenue
$1,601,342
SUITE & PREMIUM SEATING
Revenue
$1,457,597
OTHER OPERATING INCOME
Revenue
$100,874
Organization Details
Founding Year
2006
Phone
(502) 690-9096Principal Officer
Leslie Geoghegan
Main Address
ONE ARENA PLAZA, LOUISVILLE, KY, 402021363
Website
www.kfcyumcenter.comNTEE Category
Code: N70 - Recreation
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