The Lyric Council Inc

Nonprofit profile at a glance

EIN
541725250
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Blacksburg, VA, USA
Phone
5409514771
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Performing Arts Centers

Official website

Reported finances

Revenue
$535,284
Expenses
$516,909
Assets
$689,975
Liabilities
$7,492

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

Leadership & pay

13 people listed

Executive titles in this filing

  • SETH DAVIS (EXECUTIVE DIRECTOR)

Highest reported compensation

  • SETH DAVIS (EXECUTIVE DIRECTOR): $72,400 total reported compensation

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

Overview

Mission

See schedule o

What it reported doing in 2024

To foster and promote arts and culture in the new river valley by providing: visibility for regional arts organizations; information on arts and cultural events; space to share resources, build networks, and facilitate communication.

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 - The filed numbers largely add up and most voting board members are independent. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 58
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 48
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 61.5%; rating input score 62
  • Program expense ratio: 59.5%; rating input score 60
  • Fundraising efficiency: $8.46 raised per $1 spent on fundraising; rating input score 33; 33rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 3.4%; rating input score 46; 46th percentile among comparable filings
  • Total-asset coverage ratio: 1.33; rating input score 52; 52nd percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 68; 68th percentile among comparable filings
  • Officer compensation ratio: 14%; rating input score 25; 25th percentile among comparable filings

Growth

  • Program expense growth: -4.1% per year; rating input score 0; 9th percentile among comparable filings
  • Revenue growth: -1.8% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: -1.9% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 61.5% of revenue deployed · 59.5% of spending went to programs
  • Governance: 12 of 12 board members independent · 4 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $308K in reported program spending
  • Leadership: top reported pay $72K · 13 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 33/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 46/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 52/100.
  • High — Sustainability: Officer compensation ratio scored 25/100.