WATERVILLE CREATES

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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

1996

Legal Domicile

Principal Officer

SHANNON HAINES

Phone

2078737000

Tax Period

2024-01-01 to 2024-12-31

WATERVILLE CREATES, founded in 1996, is a community nonprofit in the Arts, Culture & Humanities sector that reported $4.4M in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $5.0M exceeded revenue, resulting in a 13% operating deficit.

Mission

ARTS EXPERIENCES FOR ALL.

Program Service Accomplishments

Program 1

Expenses: $1,296,639 Revenue: $104,646

TO ENHANCE THE CREATIVE AND ARTISTIC VITALITY OF OUR COMMUNITY THROUGH OUTSTANDING ARTS EDUCATION AND EXHIBITIONS AND COLLABORATIVE EVENTS AND PROGRAMS. TICONIC GALLERY + STUDIOS INCLUDES A VERSATILE EXHIBITION SPACE THAT PRESENTS 4-5 SHOWS PER YEAR, A DEDICATED CLAY STUDIO THAT OFFERS A RANGE OF CLASSES AS WELL AS AN OPEN MEMBERSHIP PROGRAM, AND A CLASSROOM THAT HOSTS YEAR-ROUND ARTS EDUCATION PROGRAMS FOR YOUTH AND ADULTS. IN 2024, TICONIC GALLERY PRESENTED FIVE EXHIBITIONS: 45,000 QUILT PROJECT; YOUTH ART MONTH; TOGETHER: HEARING, HOLDING, HEALING; AT PLAY: WORKS BY TOM JESSEN; AND THE HOLIDAY BAZAAR.

Program 2

Expenses: $1,849,645 Revenue: $1,429,922

TO ENHANCE QUALITY OF LIFE AND BUILD COMMUNITY THROUGH THE PERFORMING ARTS. THE 810-SEAT WATERVILLE OPERA HOUSE PRESENTS LIVE THEATRE, DANCE, CONCERTS, AND EDUCATIONAL PROGRAMMING FOR AUDIENCES OF...

TO ENHANCE QUALITY OF LIFE AND BUILD COMMUNITY THROUGH THE PERFORMING ARTS. THE 810-SEAT WATERVILLE OPERA HOUSE PRESENTS LIVE THEATRE, DANCE, CONCERTS, AND EDUCATIONAL PROGRAMMING FOR AUDIENCES OF ALL AGES. IN 2023, THE WATERVILLE OPERA HOUSE (WOH) PRODUCED FOUR PLAYS, INCLUDING DRINKING HABITS, HEAD OVER HEELS, MISS HOLMES RETURNS, AND THE SPONGEBOB MUSICAL. IN ADDITION, WOH HOSTED 4 SCHOOL SHOWS, 3 WEEKS OF THEATRE CAMP, AND 35 LIVE PERFORMANCES, INCLUDING TIG NOTARO, CHISTOPHER CROSS, PRESERVATION HALL JAZZ BAND, CIRQUE KALABANTE, AND ELVIS COSTELLO.

Program 3

Expenses: $716,127 Revenue: $275,332

TO EDUCATE, ENTERTAIN, AND BUILD COMMUNITY THROUGH FILM. CELEBRATING THE ART OF CINEMA AND INSPIRING A LOVE FOR FILM, THE MAINE FILM CENTER (MFC) OFFERS DAILY SCREENINGS OF FIRST-RUN ART HOUSE FILMS, HOSTS NUMEROUS SPECIAL SCREENINGS AND COMMUNITY EVENTS, INCLUDING FREE SCREENINGS FOR LOCAL SCHOOLS, AND PRESENTS THE 10-DAY MAINE INTERNATIONAL FILM FESTIVAL (MIFF) IN JULY. IN 2024, MFC SCREEN 388 INDIVIDUAL FILMS ACROSS 3,500 SHOWTIMES.

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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 $2,568,611

Program Service Revenue $1,480,282

Investment Income $17,416

Other Revenue $329,618

TOTAL REVENUE $4,395,927

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,251,096

Fundraising Expenses $154,272

Program Expenses $3,862,411

Other Expenses $2,701,052

TOTAL EXPENSES $4,952,148

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,395,927	$4,028,178	+0.1%
Expenses	$4,952,148	$4,447,215	+0.1%
Net Income	$-556,221	$-419,037	+0.3%

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

200

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

$331,629

Total Directors

$215,961

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JIM LALIBERTY	CHAIR	6.00	Officer Director	$0	$0	$0
AMANDA COOLEY	VICE CHAIR	2.00	Officer Director	$0	$0	$0
KELLY HUGGINS	TREASURER	2.00	Officer Director	$0	$0	$0
LORI ROMING	SECRETARY	2.00	Officer Director	$0	$0	$0
MICHELLE CASAVANT	DIRECTOR	1.00	Director	$0	$0	$0
DONALD CRAGEN	DIRECTOR	1.00	Director	$0	$0	$0
JOHN DALTON	DIRECTOR	1.00	Director	$0	$0	$0
TERESA MCKINNEY	DIRECTOR	1.00	Director	$0	$0	$0
ANDREW PORTER	DIRECTOR	1.00	Director	$0	$0	$0
DEBRA SUSI	DIRECTOR	1.00	Director	$6,500	$0	$6,500
SHANNON HAINES	PRESIDENT &	40.00	Officer Director	$195,833	$13,628	$209,461
PATRICIA KING	VICE PRESIDE	40.00	Officer	$109,657	$12,511	$122,168

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	$4,395,927	$4,952,148	$5,195,806	$-556,221
2023	$4,028,178	$4,447,215	$5,948,550	$-419,037
2022	$2,705,716	$4,525,283	$6,926,236	$-1,819,567
2021	$3,294,325	$2,084,528	$6,458,613	$1,209,797
2020	$1,652,490	$1,653,154	$5,272,264	$-664
2019	$3,495,307	$3,179,851	$5,233,826	$315,456