Tri Lakes Center for the Arts

Nonprofit profile at a glance

EIN
841462039
IRS 990 coverage
2016–2023
Forms available
Form 990 2023, Form 990-EZ 2020
Location
Palmer Lake, CO, USA
Phone
7194810475
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Visual Arts Organizations

Official website

Reported finances

Revenue
$71,496
Expenses
$73,038
Assets
$1,033,753
Liabilities
$90,171

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • Michael Maddox (Executive Director)
  • Jesse Maddox (President of the Board)

Highest reported compensation

  • Michael Maddox (Executive Director): $23,885 total reported compensation
  • Carla Maddox (Executive Assistant / Secretary): $650 total reported compensation
  • Jesse Maddox (President of the Board): $300 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Maintaining a facility to provide arts, music, and educational programs

What it reported doing in 2023

Since reopening after the pandemic closure, the Tri-Lakes Center for the Arts fine art exhibitions have resulted in art sales that have provided thousands of dollars in sales commissions to local artists, who had previously been struggling to make ends meet. In addition, performing artists, who had been without work for approximately a year and a half, have been paid for their performances. Per longtime economic studies, local businesses benefit from the Tri-Lakes Center for the Arts events. It has been noted that before or after a concert event or gallery opening reception, local restaurants and stores realize an additional $25 per person in business sales. Neighboring Palmer Lake establishments readily acknowledge such benefits in conjunction with Tri-Lakes Center for the Arts artistic presentations.

Operating model

Revenue model
Earned-program. 69% of the money available for current operations came from fees and other program revenue.
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

STRONG - 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: 89
  • Transparency & Controls: 92
  • Accountability: 63
  • Sustainability: 50
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

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; 64th percentile among comparable filings
  • Governance controls: 1 of 9 controls in place; rating input score 11
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -2.2%; rating input score 55; 55th percentile among comparable filings
  • Total-asset coverage ratio: 14.15; rating input score 70; 70th percentile among comparable filings
  • Liabilities to assets ratio: 0.09; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 34%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: -6.6% per year; rating input score 0; 35th percentile among comparable filings
  • Revenue growth: 1.1% per year; rating input score 100; 66th percentile among comparable filings
  • Asset growth: 11.3% per year; rating input score 100; 83rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 20 of 20 board members independent · 1 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $73K in reported program spending
  • Leadership: top reported pay $24K · 7 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 5 filing years from 2016 to 2023
  • Contacts: How to reach this organization
  • Money network: 5 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: 7 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Sustainability: Operating margin scored 55/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.