Kittery Art Association (EIN 010282849) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1958

Legal Domicile

Principal Officer

Kenneth Gilbride

Phone

2074519384

Tax Period

2024-10-01 to 2024-12-31

Kittery Art Association, founded in 1958, is a micro nonprofit in the Arts, Culture & Humanities sector that reported $44K in total revenue in fiscal year 2024. Revenue fell 75% from the prior year — a significant decline worth monitoring. Expenses of $56K exceeded revenue, resulting in a 28% operating deficit.

Mission

To promote knowledge of the arts, stimulate interest in the work of local artists, and express appreciation for the abundant creativity in the Seacoast Area

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $25,026

Program Service Revenue $18,025

Investment Income $781

Other Revenue $0

TOTAL REVENUE $43,832

Expense Breakdown

Grants Paid $1,500

Salaries & Benefits $13,416

Fundraising Expenses $2,962

Program Expenses $46,834

Other Expenses $40,976

TOTAL EXPENSES $55,892

Year-over-Year Comparison

	2024	2023	Change
Revenue	$43,832	$176,497	-0.8%
Expenses	$55,892	$177,575	-0.7%
Net Income	$-12,060	$-1,078	+10.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Piper Smith	Trustee	1.00	Director	$0	$0	$0
Susan Goodby	Trustee	1.00	Director	$0	$0	$0
Norma Houde	Trustee	1.00	Director	$0	$0	$0
William Paarlberg	Trustee	1.00	Director	$0	$0	$0
BJ Glanville	Trustee	1.00	Director	$0	$0	$0
Christine Spinella	Trustee	1.00	Director	$0	$0	$0
Alexander Levesque	Trustee	1.00	Director	$0	$0	$0
Michael Kelso	President	1.00	Officer Director	$0	$0	$0
Kenneth Gilbride	Treasurer	1.00	Officer Director	$0	$0	$0
Laurie Bilby	Asst Treasurer	1.00	Officer Director	$0	$0	$0
Judith McKenna	Secretary	1.00	Officer Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$176,497	$177,575	$738,554	$-1,078
2024	$43,832	$55,892	$727,322	$-12,060
2023	$119,069	$153,872	$737,139	$-34,803
2022	$653,771	$72,873	$771,815	$580,898

Kittery Art Association