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Friends of Kentucky Theatre

EIN 87-2882616 · Lexington, KY

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthFair68 out of 100GovernanceGood78 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

The Kentucky Theatre is a historic building in downtown Lexington, KY, that had fallen into disuse and disrepair. Purchased by the City of Lexington, The Friends of the Kentucky Theatre Inc is a nonprofit tasked with overseeing the restoration, maintenance, operation, and future expansion of the theater in a public-private partnership with the Lexington Fayette Urban County Government. The theater is used by the City, by Nonprofits & NGOs, and by the public for a myriad of local programs, live events, artists & entertainers, including offering modern & classic films, locally written & produced films, historical and other specialty films not available in commercial theatres, as well as film school partnerships with students & faculty at the University of Kentucky. The restoration and maintenance of the historical landmark property, over 100 years old, is an ongoing labor of love.

Income
$1.7 million
Spending
$1.7 million
Spent on programs
93%
Reserves
2.4 months of spending
Largest source of income
fees for its services, 78%
Employees
12
Volunteers
12

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Fair: 68 out of 100. Higher than 28% of charities in its peer group (philanthropy, $1m to $10m).

  • Reserves

    10 of 35

    Spendable reserves would cover 2.4 months of spending.

  • Debt

    20 of 20

    It owes 0% of what it owns.

  • Living within its means

    8 of 15

    Spending exceeded income by 0% of income.

  • Income trend

    15 of 15

    Income rose 0% on the year before.

  • Spending floor

    15 of 15

    93% of spending went to programs and raising each dollar of donations cost 18 cents.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Good: 78 out of 100. Higher than 31% of charities in its peer group (philanthropy, $1m to $10m).

  • Independent board

    25 of 25

    9 of 9 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    0 of 8

    Reports no written whistleblower policy.

  • Record keeping policy

    0 of 7

    Reports no written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Independent check of accounts

    9 of 15

    Its accounts were reviewed or compiled by an independent accountant, but not audited.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (1)
  1. $1.6 million spent. 2024 was an enormously busy year for the Kentucky Theatre. We sold more than 51,000 tickets to 266 independent, foreign, documentary, and regional films of artistic and/or cultural merit. Supported local nonprofit organizations through donations and rental discounts. Partnered with ten community organizations on film events. Organized four special film/live music events. Presented eight unique screenings with director Q&As and/or panel discussions. Continued seven original curated film series or festivals, including Central Kentucky's first competitive international film festival. SUPPORTING LOCAL NONPROFITS: Each year, The Kentucky Theatre joins forces with local nonprofits to help them raise money for their efforts. We may provide the venue rent-free, discount our rental fees, split ticket proceeds from a special event, or donate a portion of ticket proceeds from regularly scheduled films. For example: For CatVideoFest 2024 we donated a portion of ticket sales to Halfway Home Rescue, Inc [a 501(c)(3) organization] to support their animal rescue efforts. We also hosted their feline adoption fair in our lobby during the film screening. During the Special Screenings of the Oscar-winning Animated Film Flow we donated a portion of each ticket sale to the Woodford Humane Society [a 501(c)(3) organization]. COMMUNITY PARTNERSHIPS: The Kentucky Theatre places great emphasis on forging partnerships with community organizations. Here is a brief list of some of the partner events that took place in 2024. For THE UNIVERSITY OF KENTUCKY an event featuring Fellini: Four Films, which is a four-film retrospective of the work of the great Italian filmmaker Federico Fellini planned in coordination with and hosted by University of Kentucky film scholars Raymond De Luca and Matteo Benassi. We sold 440 tickets to this series. Additionally, we featured The Best of Billy: Four Classic Films by Billy Wilder, which was a four-film retrospective of the work of the legendary filmmaker Billy Wilder planned in coordination with and hosted by University of Kentucky film scholar Jordan Brower. We sold 334 tickets to this series. With the UK ART MUSEUM we hosted ART ON SCREEN, which seeks to broaden an interest in the arts through the creative pairing of films about art and artists with entertaining discussions by notable speakers from the world of art and art history. For BCTC we hosted a Screening of Student Films. We partnered with the Bluegrass Community and Technical College and the University of Kentucky to showcase short films by student filmmakers at these two institutions. LIVE EVENTS: In addition to movies we provided the venue for many local orgs. ORIGINS JAZZ: The Origins Jazz Series was founded to fulfill the role that jazz clubs play in many American cities. Origins is a hub for audiences and performers to come together and celebrate the art, culture, and community of jazz. Origins Jazz is dedicated to high quality performances in compelling venues, jazz literacy, and uniting our community through music. The Kentucky Theatre was proud to partner with Origins Jazz to bring nationally prominent jazz performers to our venue in 2024. This partnership continues in 2025. THE LEXINGTON URBAN LEAGUE YOUNG PROFESSIONALS: We teamed up with this community-based organization to present a screening of Hoodlum in celebration of Black History Month. GET HAAPI KY: The Kentucky Theatre partnered to host three films in celebration of Asian American & Pacific Islander Heritage Month. VALVOLINE, INC. AFRICAN AMERICAN AND BLACK EMPLOYEE RESOURCE GROUP: We teamed up with this organization to present a free screening of the film 42: The Jackie Robinson Story, in celebration of Martin Luther King Jr. Day. SPECIAL FILM AND LIVE MUSIC EVENTS: These events featured music from our historic 1920s pipe organ, as well as local choirs, and techno audio-visual special effects. For example, we presented Silent Film Classic The Freshman with Live Organ Accompaniment. We screened this classic 1925 silent film with live organ accompaniment by Andrew E. Simpson. Simpson is one of America's foremost silent-film musicians. He has performed across the US, Europe, and South America. He is the resident film accompanist at the National Gallery of Art and a resident accompanist at the Library of Congress. Diva: A Special Screening and Tribute to Wilhelmenia Fernandez: We partnered with the University of Kentucky Opera Program and the Kentucky State Choir to salute the life and musical career of the late Wilhelmenia Fernandez with this concert and special screening of Diva. A famed opera singer, Fernandez starred In Diva and spent many years in Lexington after retiring from the world of opera. Silent Film Classic The Cabinet of Dr. Caligari with Live Organ Accompaniment. Filmed in 1920, The Cabinet of Dr. Caligari is a masterpiece of German expressionism and arguably the first true horror film. Internationally renowned theater organist Tedde Gibson provided live accompaniment for this classic of the silent era. Negativland + SUE-C with a Special Live Double-Feature Legendary sound-collage group Negativland and "real-time cinema" visual artist SUE-C collaborated to stage their latest audio-visual performance about our minds, our realities, and the evolving forms of media and technology that orchestrate our perceptions. The evening included a screening of Stand by for Failure: A Documentary About Negativland. We partnered with local orgs to offer several Q&A PANEL DISCUSSION EVENTS. Under the Southern Cross: The Art and Legacy of Henry L. Faulkner + Q&A with Filmmaker Jean Donahue: Much has been said about Henry Faulkner's life as a colorful Lexington character, artist, and lifelong friend of Tennessee Williams. Yet are we appreciating Faulkner for what is most important? With recent research, we're finding that Faulkner may be a much more important figure in the larger gay historical narrative. Under the Southern Cross will find Faulkner's place in

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since May 2022.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.