Lakecities Ballet Theatre

Nonprofit profile at a glance

EIN
752436470
IRS 990 coverage
2016–2024
Forms available
Form 990 2024, Form 990-EZ 2014, Form 990-T 2022
Location
Lewisville, TX, USA
Phone
9723177987
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Official website

Reported finances

Revenue
$190,699
Expenses
$162,243
Assets
$209,850
Liabilities
$21,319

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

12 people listed

Executive titles in this filing

  • Lucy Keith (Director, Guild President)
  • Heike Cullum (President)
  • Jill McKay (Vice President)

Highest reported compensation

  • Kelly Lannin (Artistic Director): $10,000 total reported compensation
  • Kristin Langford (Production Manager): $2,500 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of LakeCities Ballet Theatre is to enhance the cultural life of Lewisville-area residents through the beauty and power of classical and contemporary dance; to expose children of all walks of life to the art of dance; and the provide a foundation for training and nurturing young artists.

What it reported doing in 2024

The Organization presented three (3) major productions during the 2024-25 fiscal year. These productions included Dracula, The Nutcracker, and a mixed repertory including SERENADE with permission from the George Balanchine Trust. Each of these productions utilized guest artists and other professionals throughout the country, as well as its student members. The Organization has a Guild Membership and holds various fundraising activities to help defray the costs of production.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 52
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 80.6%; rating input score 81
  • Program expense ratio: 94.3%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 14.9%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 1.29; rating input score 48; 48th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 26; 26th percentile among comparable filings
  • Officer compensation ratio: 7.7%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: -4.1% per year; rating input score 0; 19th percentile among comparable filings
  • Revenue growth: 0.1% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: 11.7% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 80.6% of revenue deployed · 94.3% of spending went to programs
  • Governance: 11 of 11 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $153K in reported program spending
  • Leadership: top reported pay $10K · 12 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 48/100.
  • High — Sustainability: Liabilities to assets ratio scored 26/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.