Friends of the Lyric Inc

Friends of the Lyric Inc is a nonprofit organization established in 1987, dedicated to revitalizing a historic theatre building in downtown Stuart, Florida. The organization serves the community by providing a venue for the performing arts, including concerts, plays, and educational programs. This dedication to cultural enrichment aims to stimulate artistic growth and foster community engagement.

Mission and Activities

The primary mission of Friends of the Lyric Inc is to create a platform for the performing arts that entertains and educates the local community. This includes hosting a diverse range of events such as classical theatre presentations, concerts, dance productions, school programs, civic events, and private celebrations like weddings. The organization also emphasizes the preservation of the historic Lyric Theatre, allowing community groups to rent the space for various ceremonies and shows, thereby maintaining its significance as a cultural landmark in the region[1][2].

Organizational Overview

Friends of the Lyric Inc operates as a 501(c)(3) nonprofit organization, making donations to it tax-deductible. It works with a team of 48 employees to manage its operations and events effectively. The organization has received recognition for its financial health, with an 85% rating from Charity Navigator, reflecting strong accountability and governance practices. This rating is bolstered by the organization's low liabilities-to-assets ratio and high program expense ratio, indicating that a significant portion of its funding is allocated towards its mission-driven activities[1][2].

Financial Information

In its most recent financial reporting, Friends of the Lyric Inc reported total assets of approximately $5.9 million and total liabilities of about $814,609. The organization generated revenue from various sources, including contributions and program services, which accounted for the majority of its income. Notably, the executive compensation for the organization's president is reported at $183,280, which is reflective of its commitment to maintaining operational excellence while ensuring financial sustainability[2].

Cultural Impact

Friends of the Lyric Inc plays a vital role in the cultural landscape of Stuart, Florida. By providing a venue for diverse artistic expressions and community engagement, it contributes significantly to the local arts scene. The organization’s commitment to preserving the historical aspects of the Lyric Theatre further enhances its importance as a cultural hub, making it a pivotal part of the community's heritage and artistic vitality[1][2].