Overview
What is Lyric Foundation Inc?
Lyric Foundation Inc, located in Baltimore, Maryland, is a nonprofit organization with a strong commitment to preserving and operating the Lyric as a historic monument. This historic building serves as a platform for promoting the performing arts. The foundation boasts a team of 140 dedicated individuals who work tirelessly to ensure the success of their mission. The organization's primary focus is on the advancement of the performing arts, which it achieves through its operations of the Lyric.
Official website here: www.lyricbaltimore.com
What are the reviews and ratings of this charity?
**Charity Navigator Rating: 88% (Three-Star out of Four Stars)**
The Lyric Foundation Inc has earned an 88% score from Charity Navigator, indicating a solid performance in accountability and financial management. This rating is based solely on its Accountability & Finance beacon, suggesting that the organization is committed to responsible governance and efficient use of resources. Notably, the foundation maintains a fully independent board and showcases excellent oversight mechanisms, which speaks to its reliability.
Strengths highlighted in the assessment include a high program expense ratio of nearly 90%, indicating that most funds are directed toward programmatic work rather than administrative costs. Additionally, the foundation has demonstrated fiscal responsibility with a favorable liabilities-to-assets ratio of about 40%. However, it falls short in having a conflict of interest policy and a whistleblower policy, which could be areas for improvement.
User reviews from GreatNonprofits were not available for this summary, but the overall financial health and governance standards suggest that the Lyric Foundation Inc operates with integrity and a clear focus on its mission. Potential supporters might appreciate its transparent practices but may look for improvements in its governance policies.
This AI summary has been generated from information found on Charity Navigator.
Is Lyric Foundation Inc legitimate?
Lyric Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lyric Foundation 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,080,648
For more financial information, click here
Official website here: www.lyricbaltimore.com
What is the mission statement of Lyric Foundation Inc?
The Lyric Foundation Inc is committed to preserving and operating the Lyric as a historic monument, with a primary focus on advancing the performing arts. This mission involves maintaining the Lyric's historical significance while fostering growth in the performing arts sector. By doing so, the foundation aims to contribute to the cultural richness of the arts community. The Lyric Foundation's activities may include organizing performances, hosting workshops, and promoting educational programs to engage and inspire artists and audiences alike.
Official website here: www.lyricbaltimore.com
What is the revenue of Lyric Foundation Inc?
Lyric Foundation Inc's revenue in 2024 was $14,239,715.
Official website here: www.lyricbaltimore.com
Who are the executives of Lyric Foundation Inc and what are their salaries?
The average compensation at Lyric Foundation Inc during 2024 was $416,130. There are 5 employees and 20 volunteers at Lyric Foundation Inc.
Here are 21 key members and their salaries:
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- Compensation: $137,986
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- Other: $15,432
Official website here: www.lyricbaltimore.com
Where can I find the form 990 for Lyric Foundation Inc?
Lyric Foundation Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.lyricbaltimore.com
Learn more at the official website: www.lyricbaltimore.com
Mission Statement of Lyric Foundation Inc
Lyric Foundation Inc is dedicated to preserving and operating the Lyric as a historic monument, while simultaneously advancing the performing arts. This mission encompasses the protection and upkeep of the Lyric, ensuring it maintains its historical significance, while also fostering a platform for artistic expression and growth. The foundation's ultimate goal is to contribute to the advancement of the performing arts, providing a space where artists can showcase their talents and audiences can engage with captivating performances.
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Impact
July, 2024
Lyric Foundation Inc plays a crucial role in preserving the historic Lyric Theater and advancing the performing arts in Baltimore, MD. Through its dedicated efforts, the foundation ensures that this cultural landmark continues to thrive and serve as a vibrant hub for artistic expression and community engagement. Its impact is deeply felt in the local arts scene, fostering creativity, education, and cultural enrichment for the benefit of all.
This information is meant to be a general summary of Lyric Foundation 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 2024.
- Investment Income: $299,749
- Program Service Revenue: $12,925,384
- Gross Receipts: $14,239,715
Assets and Liabilities:
- Total Assets: $18,897,043
- Total Liabilities: $5,703,669
- Net Assets: $13,193,374
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SHOWS
Revenue
$12,925,384
Organization Details
Founding Year
1968
Principal Officer
Jonathan Schwartz
Website
www.lyricbaltimore.comNTEE Category
Code: A61I - Arts
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