WORCESTER HISTORICAL MUSEUM

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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

1977

Legal Domicile

Principal Officer

WILLIAM WALLACE

Phone

5087538278

Tax Period

2024-07-01 to 2025-06-30

WORCESTER HISTORICAL MUSEUM, founded in 1977, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.1M in total revenue in fiscal year 2024. Revenue surged 113% from the prior year, signaling strong growth momentum. Net assets of $19.3M represent 111 months of operating reserves.

Mission

WORCESTER HISTORICAL MUSEUM IS A UNIQUE ORGANIZATION DEDICATED TO COLLECTING, PRESERVING, AND INTERPRETING WORCESTER'S HISTORY IN ALL TIME PERIODS AND SUBJECT AREAS.

Program Service Accomplishments

Program 1

Expenses: $276,271 Revenue: $52,300

EXHIBITS - THE MUSEUM PRESENTED A FULL CALENDAR OF LARGE AND SMALL EXHIBITIONS, INCLUDING: SOMOS WORCESTER- THE LATINO PERSPECTIVE, REPRESENTING WORCESTER: HARRIETTE L. CHANDLER, THE CHIN FAMILY OF WORCESTER, AND THE RE-INSTALLATION/RE-INTERPRETATION OF THE FULLER GALLERY OF INDUSTRIAL HISTORY, WHICH OPENED FOR THE 150TH ANNIVERSARY ON JANUARY 23, 2025. EACH EXHIBIT WAS ACCOMPANIED BY VARIOUS PROGRAMS-DEMONSTRATIONS, LECTURES, DISCUSSIONS, ETC. IN ADDITION, INTENSIVE PREPARATION (RESEARCH, DESIGN, ETC.) WAS UNDERTAKEN FOR THE MAY 2025 EXHIBIT. THE POEM NEXT DOOR IN PARTNERSHIP WITH THE COLLEGE OF THE HOLY CROSS.

Program 2

Expenses: $121,719 Revenue: $5,000

COLLECTIONS - THE MUSEUM'S COLLECTION OF MORE THAN 30,200 PHYSICAL OBJECTS EXPANDED DURING THE YEAR TO INCLUDE: WWII MILITARY UNIFORMS, A TWO-CENT PIECE 1864 U.S. COIN, NOTABLE AS THE FIRST TO BEAR THE MOTTO "IN GOD WE TRUST," INTRODUCED DURING THE CIVIL WAR FOR NATIONAL UNITY, AND A WOODBURY COMPANY 100TH ANNIVERSARY PLATE

Program 3

Expenses: $196,470 Revenue: $2,382

LIBRARY - THE MUSEUM'S LIBRARY AND ARCHIVE CONTINUED TO GROW IN CONTENT AND EXPAND RELATIVE TO ACCESS TO ALL, WHILE ADDRESSING AN EVER-INCREASING, ALMOST DAILY REQUESTS FOR STUDENT PROJECT...

LIBRARY - THE MUSEUM'S LIBRARY AND ARCHIVE CONTINUED TO GROW IN CONTENT AND EXPAND RELATIVE TO ACCESS TO ALL, WHILE ADDRESSING AN EVER-INCREASING, ALMOST DAILY REQUESTS FOR STUDENT PROJECT ASSISTANCE, INQUIRIES FROM SCHOLARLY RESEARCHERS, AND PHOTOGRAPH AND OTHER ILLUSTRATION SUPPORT FOR LOCAL GOVERNMENTAL PROJECTS, COMMERCIAL ENTERPRISES (RESTAURANT WALLS AND CORPORATE OFFICE, AS EXAMPLES). EIGHTEEN LIBRARY VOLUNTEERS OFFERED 2,088 HOURS OF WORK, 243 EMAIL REQUESTS WERE RECEIVED, 65 IN-PERSON RESEARCH VISITORS CAME TO THE LIBRARY, AND AN ADDITIONAL 152 INQUIRIES WERE RECEIVED VIA TELEPHONE. NEW COLLECTIONS INCLUDE 4 PUBLICATIONS FROM DAVID NADER'S BAT CITY PRESS PUBLISHING COMPANY - ONE BEING CONGRESS ALLEY, MUSTARD SEED AND ANTI-WAR COLLECTIONS OF MICHAEL BOOVER, DAVID LINCOLN'S LETTERS FROM GEN. WILLIAM SEVER LINCOLN AND FAMILY, AND FAMILY GENEALOGY COLLECTIONS, AND VARIOUS ADVERTISEMENTS AND OTHER PUBLICATIONS FROM LOCAL BUSINESSES/INDUSTRIES.

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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 $1,114,185

Program Service Revenue $77,669

Investment Income $790,829

Other Revenue $110,607

TOTAL REVENUE $2,093,290

Expense Breakdown

Grants Paid $0

Salaries & Benefits $916,746

Fundraising Expenses $338,454

Program Expenses $925,507

Other Expenses $1,322,293

TOTAL EXPENSES $2,239,039

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,093,290	$982,936	+1.1%
Expenses	$2,239,039	$1,996,995	+0.1%
Net Income	$-145,749	$-1,014,059	-0.9%

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

N/A

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

$158,395

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DIANE GIAMPA	PRESIDENT	2.00	Officer Director	$0	$0	$0
MICHAEL BAFARO	TRUSTEE	2.00	Officer Director	$0	$0	$0
ROBERT BLUTE III	TRUSTEE	2.00	Officer Director	$0	$0	$0
GAIL C FERREIRA	PAST PRESIDENT	2.00	Officer Director	$0	$0	$0
THOMAS L FITZPATRICK	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
EDGAR LUNA	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
ROBERT E PAULSEN JR	TREASURER	2.00	Officer Director	$0	$0	$0
PATRICIA PETERLEITNER	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
WENDY AMDREWS	SECRETARY	2.00	Director	$0	$0	$0
CHRISTINA ANDRIANOPOULOS	TRUSTEE	2.00	Director	$0	$0	$0
MARK BORENSTEIN	VICE PRESIDENT	2.00	Director	$0	$0	$0
SUSAN BUTLER	TRUSTEE	2.00	Director	$0	$0	$0
MARITZA CRUZ	TRUSTEE	2.00	Director	$0	$0	$0
CAROLINE FOLEY	TRUSTEE	2.00	Director	$0	$0	$0
VIRGINIA GLAZIER	TRUSTEE	2.00	Director	$0	$0	$0
NEIL ISAKSON	TRUSTEE	2.00	Director	$0	$0	$0
PATRICK LOWE	TRUSTEE	2.00	Director	$0	$0	$0
AMY SKRZEK STILLMAN	TRUSTEE	2.00	Director	$0	$0	$0
JESSICA WALSH	TRUSTEE	2.00	Director	$0	$0	$0
URSULA ARELLO	TRUSTEE	2.00	Director	$0	$0	$0
PATRICK LOWE	TRUSTEE	2.00	Director	$0	$0	$0
DAVID RUSHFORD	TRUSTEE	2.00	Director	$0	$0	$0
AARON STEPHENSON	TRUSTEE	2.00	Director	$0	$0	$0
ABIGAIL ORLEANS THOMPSON	TRUSTEE	2.00	Director	$0	$0	$0
JETARI VEAL	TRUSTEE	2.00	Director	$0	$0	$0
WILLIAM WALLACE	EXECUTIVE DIRECTOR	50.00	Officer	$158,395	$0	$158,395

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	$2,093,290	$2,239,039	$19,693,125	$-145,749
2024	No data	No data	No data	No data
2023	$2,022,289	$2,033,643	$18,267,013	$-11,354
2022	$3,037,678	$1,923,589	$17,403,532	$1,114,089
2021	$1,279,524	$1,622,653	$19,635,661	$-343,129
2020	$1,339,301	$1,502,055	$16,940,464	$-162,754
2019	$4,133,683	$1,565,025	$17,546,052	$2,568,658
2018	$2,216,453	$1,304,445	$15,353,315	$912,008