PROPRIETORS OF THE SALEM ATHENAEUM

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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

1810

Legal Domicile

Principal Officer

STEPHANIE BUCK

Phone

9787442540

Tax Period

2024-04-01 to 2025-03-31

PROPRIETORS OF THE SALEM ATHENAEUM, founded in 1810, is a small nonprofit in the Education sector that reported $356K in total revenue in fiscal year 2024. Revenue fell 21% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $59K, a strong 17% operating margin.

Mission

THE MISSION OF THE SALEM ATHENAEUM IS TO PRESERVE AND EXCITE THE LITERARY AND CULTURAL PASSIONS OF THE NORTH SHORE.

Program Service Accomplishments

Program 1

Expenses: $12,696 Revenue: $13,890

LIBRARY OPERATIONS INCLUDE: REFERENCE AND RESEARCH SERVICES TO MEMBERS, STUDENTS, SCHOLARS, AND THE GENERAL PUBLIC; CIRCULATION OF BOOKS AND MATERIALS TO MEMBERS AND THEIR CHILDREN; MANAGEMENT OF THE CIRCULATING AND RESEARCH COLLECTIONS TOTALING 50,000 ITEMS; AND ROTATING EXHIBITIONS. SPECIAL PROJECTS INCLUDE AN ADOPT-A-BOOK PROGRAM THAT HAS PROVIDED CONSERVATION FOR OVER 100 VOLUMES SINCE 2012.

Program 2

Expenses: $21,625 Revenue: $145,329

THE SALEM ATHENAEUM IS A CULTURAL RESOURCE FOR THE NORTHEAST MASSACHUSETTS REGION SERVING OVER 3,000 INDIVIDUALS ANNUALLY WITH OUR PROGRAMS, WELCOMING 5,000 VISITORS TO OUR EXHIBITIONS AND OPEN...

THE SALEM ATHENAEUM IS A CULTURAL RESOURCE FOR THE NORTHEAST MASSACHUSETTS REGION SERVING OVER 3,000 INDIVIDUALS ANNUALLY WITH OUR PROGRAMS, WELCOMING 5,000 VISITORS TO OUR EXHIBITIONS AND OPEN LIBRARY HOURS AND NEARLY 1,000 TO THE ANNUAL SALEM LITERARY FESTIVAL. OFFERINGS INCLUDE A LIBRARY OF CIRCULATING AND RESEARCH COLLECTIONS, LECTURES AND READINGS, WRITING GROUPS AND WORKSHOPS, LANGUAGE AND BOOK DISCUSSION GROUPS, CONCERTS, THEATRICAL PRODUCTIONS, EXHIBITIONS, GAME NIGHTS, AND OTHER SOCIAL EVENTS.PROGRAMS IN 2024-2025 INCLUDED A CONCERT BY MULTI-GRAMMY-WINNING JAZZ MUSICIANS NICOLE ZURAITIS AND THE DAN PUGACH QUARTET; A MULTIMEDIA CELEBRATION FOR THE 175TH ANNIVERSARY NATHANIEL HAWTHORNE'S THE SCARLET LETTER; WRITING WORKSHOPS FOR WRITERS OF ALL AGES; SKETCHING CLASSES; CROSS-CULTURAL POETRY EXCHANGES WITH IRAQI POET DUNYA MIKHAIL AND CHILEAN POET MANDY GUTMANN-GONZALEZ, PIRATE FACT AND FICTION WITH BESTSELLING HISTORICAL FICTION AUTHOR AND HISTORIAN KATHERINE HOWE.

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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 $192,996

Program Service Revenue $35,115

Investment Income $122,265

Other Revenue $5,686

TOTAL REVENUE $356,062

Expense Breakdown

Grants Paid $0

Salaries & Benefits $137,578

Fundraising Expenses $5,013

Program Expenses $34,321

Other Expenses $159,291

TOTAL EXPENSES $296,869

Year-over-Year Comparison

	2024	2023	Change
Revenue	$356,062	$451,137	-0.2%
Expenses	$296,869	$265,152	+0.1%
Net Income	$59,193	$185,985	-0.7%

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

$62,539

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BARBARA CLEARY	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
ANDREW FRENCH	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
JEAN MARIE PROCIOUS	EXECUTIVE DIR.	40.00	Director	$62,539	$0	$62,539
AUGUSTINE SOUSA	TRUSTEE	1.00	Director	$0	$0	$0
STEPHANIE BUCK	PRESIDENT	2.00	Officer Director	$0	$0	$0
BARBARA TIMMONS	CLERK	8.00	Director	$0	$0	$0
PAMELA HARTFORD	TRUSTEE	10.00	Director	$0	$0	$0
DONALD GILLIGAN	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM LUNDREGAN	TREASURER	2.00	Officer Director	$0	$0	$0
JOYCE MARONEY	TRUSTEE	10.00	Director	$0	$0	$0
JODIE SALASNY	TRUSTEE	2.00	Director	$0	$0	$0
MARY O'DONNELL	TRUSTEE	10.00	Director	$0	$0	$0
ELIZABETH VAGO	TRUSTEE	3.00	Director	$0	$0	$0
STANLEY USOVICZ	TRUSTEE	1.00	Director	$0	$0	$0
JUDITH KOHN	TRUSTEE	1.00	Director	$0	$0	$0
EDWARD GRAHAM	TRUSTEE	1.00	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
2025	$356,062	$296,869	$2,199,456	$59,193
2024	$451,137	$265,152	$2,135,192	$185,985
2023	$244,024	$283,998	$1,931,453	$-39,974
2022	$417,714	$268,645	$2,139,754	$149,069
2021	$356,420	$262,861	$2,053,290	$93,559
2020	$202,361	$212,413	$1,709,626	$-10,052
2019	$195,673	$193,741	$1,787,050	$1,932
2018	$252,327	$185,594	$1,719,901	$66,733