THE WILLIAM A FARNSWORTH LIBRARY AND ART MUSEUM INC (EIN 010368070) - 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

1987

Legal Domicile

Principal Officer

CHRISTOPHER BROWNAWELL

Phone

2075966457

Tax Period

2023-10-01 to 2024-09-30

THE WILLIAM A FARNSWORTH LIBRARY AND ART MUSEUM INC, founded in 1987, is a community nonprofit in the Arts, Culture & Humanities sector that reported $5.6M in total revenue in fiscal year 2023. Revenue decreased 20% compared to the prior year. Expenses of $7.1M exceeded revenue, resulting in a 27% operating deficit.

Mission

THE MUSEUM'S MISSION IS TO CELEBRATE MAINE'S ROLE IN AMERICAN ART. TO ACCOMPLISH THAT MISSION THE MUSEUM PROVIDES AN EXTENSIVE OFFERING OF COLLECTIONS, EXHIBITIONS, EDUCATION AND RETAIL SERVICES TO THE GENERAL PUBLIC.

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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 (2023)

Revenue Breakdown

Contributions & Grants $3,465,428

Program Service Revenue $665,234

Investment Income $1,105,805

Other Revenue $321,469

TOTAL REVENUE $5,557,936

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,827,005

Fundraising Expenses $1,606,937

Program Expenses $4,459,086

Other Expenses $2,996,572

TOTAL EXPENSES $7,056,762

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,557,936	$6,930,862	-0.2%
Expenses	$7,056,762	$6,346,054	+0.1%
Net Income	$-1,498,826	$584,808	-3.6%

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

$405,319

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEPHANIE L BROWN	PRESIDENT	1.00	Officer Director	$0	$0	$0
LISA GARRISON	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
GREG KNOWLTON	TREASURER	1.00	Officer Director	$0	$0	$0
PAULA J CARREIRO	SECRETARY	1.00	Officer Director	$0	$0	$0
ALEXIS AKRE	TRUSTEE	1.00	Director	$0	$0	$0
ALLA BROEKSMIT	TRUSTEE	1.00	Director	$0	$0	$0
SYLVIA A DE LEON	TRUSTEE	1.00	Director	$0	$0	$0
WENDY DRUMMOND	TRUSTEE	1.00	Director	$0	$0	$0
CINDY EDELMAN	TRUSTEE	1.00	Director	$0	$0	$0
VICTORIA GOLDSTEIN	TRUSTEE	1.00	Director	$0	$0	$0
LISA KRANC	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT E KULP	TRUSTEE	1.00	Director	$0	$0	$0
BETTY G LONG	TRUSTEE	1.00	Director	$0	$0	$0
HEIDI NAUGHTON	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS A RENYI	TRUSTEE	1.00	Director	$0	$0	$0
JAMES ROWAN	TRUSTEE	1.00	Director	$0	$0	$0
KENNETH SHURE	TRUSTEE	1.00	Director	$0	$0	$0
RON STERN	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN ALLEN THOMAS	TRUSTEE	1.00	Director	$0	$0	$0
ED WALLER	TRUSTEE	1.00	Director	$0	$0	$0
CHRIS BROWNAWELL	EXECUTIVE DIRECTOR	40.00	Officer	$386,776	$18,543	$405,319
ANN SCHEFLEN	CHIEF ADVANCEMENT OFFICER	40.00	Highest	$180,565	$16,098	$196,663
NEDRA BELLOWS	CHIEF FINANCIAL OFFICER	40.00	Highest	$116,228	$7,395	$123,623
JAIME DESIMONE	CHIEF CURATOR	40.00	Highest	$126,217	$6,330	$132,547
JANICE GATES	DIRECTOR OF OPERATIONS	40.00	Highest	$101,170	$6,746	$107,916

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	$5,557,936	$7,056,762	$39,033,443	$-1,498,826
2023	$6,930,862	$6,346,054	$35,444,823	$584,808
2022	$6,635,106	$5,172,683	$34,202,872	$1,462,423
2021	$6,265,013	$4,580,415	$37,115,560	$1,684,598
2020	$4,207,535	$4,529,917	$32,899,602	$-322,382
2019	$4,832,892	$5,047,077	$31,564,173	$-214,185
2018	$7,808,294	$4,190,323	$31,809,458	$3,617,971

THE WILLIAM A FARNSWORTH LIBRARY AND ART MUSEUM INC