Lou Tate Foundation Inc

Nonprofit profile at a glance

EIN
610961553
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Louisville, KY, USA
Phone
5023674792
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$191,642
Expenses
$153,185
Assets
$216,218
Liabilities
$4,031

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

Leadership & pay

11 people listed

Executive titles in this filing

  • Rachel Roarx (President Emeritus)
  • Jordan Witherspoon (President)
  • Michelle Amos (Executive Director)
  • Maria Tinnell (Vice-President)

Highest reported compensation

  • Michelle Amos (Executive Director): $45,055 total reported compensation
  • Rosa Roma (Director): $800 total reported compensation
  • Jenna Richards (Director): $600 total reported compensation

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

Overview

Mission

To continue the legacy of founder Lou Tate by educating students of all ages about the history of weaving and textile arts through diverse programs residencies and community partnerships and ensuring the preservation of our landmark cabins.

What it reported doing in 2024

All Expenses were used to educate and promote textile arts.

Operating model

Revenue model
Donor-supported. 62% of the money available for current operations came from contributions and gifts.
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 - The filed numbers largely add up and program spending has grown recently. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 57
  • Transparency & Controls: 92
  • Accountability: 16
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.7%; rating input score 60
  • Program expense ratio: 70%; rating input score 70
  • 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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: 20.1%; rating input score 74; 74th percentile among comparable filings
  • Total-asset coverage ratio: 1.41; rating input score 50; 50th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 41; 41st percentile among comparable filings
  • Officer compensation ratio: 30.3%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: 13.2% per year; rating input score 100; 76th percentile among comparable filings
  • Revenue growth: 12.6% per year; rating input score 100; 78th percentile among comparable filings
  • Asset growth: 15.7% per year; rating input score 100; 79th percentile among comparable filings

Details

  • Where the money goes: 59.7% of revenue deployed · 70% of spending went to programs
  • Governance: 0 of 10 board members independent · 3 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $107K in reported program spending
  • Leadership: top reported pay $45K · 11 people listed
  • Consistency: 42 of 42 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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: Independent voting board scored 0/100.
  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 50/100.
  • High — Sustainability: Officer compensation ratio scored 11/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 41/100.