FITCHBURG ART 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

1925

Legal Domicile

Principal Officer

NICHOLAS CAPASSO

Phone

9783454207

Tax Period

2024-07-01 to 2025-06-30

FITCHBURG ART MUSEUM, founded in 1925, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.4M in total revenue in fiscal year 2024. Revenue surged 44% from the prior year, signaling strong growth momentum. Expenses of $2.2M left a modest 9% surplus.

Mission

THE MISSION OF THE FITCHBURG ART MUSEUM IS TO INSPIRE CREATIVITY AND LEARNING, AND TO CONTRIBUTE TO THE WELL-BEING OF OUR DIVERSE COMMUNITIES IN FITCHBURG, NORTH CENTRAL MASSACHUSETTS, AND NEW ENGLAND. TO ACCOMPLISH THE MISSION, WE ORGANIZE EXHIBITIONS OF THE WORK OF NEW ENGLAND CONTEMPORARY ARTISTS AND ARTWORKS FROM OUR HISTORICAL COLLECTIONS, OFFER PROGRAMS FOR LEARNERS OF ALL AGES, SUPPORT PUBLIC ART PROJECTS, INVITE COMMUNITY PARTICIPATION AND PARTNERSHIPS, AND STIMULATE THE CREATIVE ECONOMY - ALL IN THE SPIRIT OF INCLUSIVITY.

Program Service Accomplishments

Program 1

Expenses: $1,346,292 Revenue: $135,235

COLLECTION AND EXHIBITIONS: PRESERVE AND CARE FOR FITCHBURG ART MUSEUM'S PERMANENT ART COLLECTION; DISPLAY PERMANENT AND TEMPORARY EXHIBITIONS FOR THE EDUCATION AND ENJOYMENT OF THE PUBLIC; FEATURE EXHIBITIONS OF CONTEMPORARY NEW ENGLAND ARTISTS. / EDUCATIONAL PROGRAMS: PROVIDE LEARNING OPPORTUNITIES FOR ALL AGES IN THE GALLERIES; ARTIST AND CURATOR TALKS; PUBLIC AND SCHOOL GROUP TOURS; ART CLASSES; WORKSHOPS; AND TEACHER TRAINING. / COMMUNITY PARTNERSHIPS AND ENGAGEMENT: PARTNER WITH EDUCATIONAL AND CIVIC ORGANIZATIONS TO CREATE AND SUSTAIN A LIVABLE AND VIBRANT CITY AND REGION; COMMUNITY OUTREACH AND ACCESSIBILITY INITIATIVES; CREATE ECONOMY INITIATIVES.

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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 $1,113,502

Program Service Revenue $127,101

Investment Income $1,133,675

Other Revenue $3,803

TOTAL REVENUE $2,378,081

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,185,807

Fundraising Expenses $290,967

Program Expenses $1,346,292

Other Expenses $968,458

TOTAL EXPENSES $2,154,265

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,378,081	$1,645,952	+0.4%
Expenses	$2,154,265	$2,089,209	+0.0%
Net Income	$223,816	$-443,257	-1.5%

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

$129,808

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NADINE PRICE	PRESIDENT	4.00	Officer Director	$0	$0	$0
THOMAS DICONZA	VICE PRESIDENT	3.00	Officer Director	$0	$0	$0
KAREN SPINELLI	SECRETARY	3.00	Officer Director	$0	$0	$0
ROBERT GALLO	TREASURER	3.00	Officer Director	$0	$0	$0
HOLLY ELISSA BRUNO	TRUSTEE	1.00	Director	$0	$0	$0
CAROL CANNER	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN CHALIFOUX ZEPHYR	TRUSTEE (RESIGNED IN FY25)	1.00	Director	$0	$0	$0
ANNA CLEMENTI	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL DEMARCO	TRUSTEE	1.00	Director	$0	$0	$0
LUISA FERNANDEZ	TRUSTEE	1.00	Director	$0	$0	$0
GALE HURD	TREASURER	1.00	Director	$0	$0	$0
ROBERT JOKELA	TRUSTEE	1.00	Director	$0	$0	$0
PETER LAYTIN	TRUSTEE	1.00	Director	$0	$0	$0
RODERICK LEWIN	TRUSTEE	1.00	Director	$0	$0	$0
RACHEL LOPEZ	TRUSTEE	1.00	Director	$0	$0	$0
ACHLA MADAN	TRUSTEE	1.00	Director	$0	$0	$0
PATRICIA MARSHALL	TRUSTEE (RESIGNED IN FY25)	1.00	Director	$0	$0	$0
NADINE MARTEL	TRUSTEE (DECEASED IN FY25)	1.00	Director	$0	$0	$0
MARTIN MCNAMARA	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM MCSHEEHY	TRUSTEE	1.00	Director	$0	$0	$0
RICHARD NDI	TRUSTEE (RESIGNED IN FY25)	1.00	Director	$0	$0	$0
DANIELA RIVERA	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN ROETZER	TRUSTEE (DECEASED IN FY25)	1.00	Director	$0	$0	$0
JOSEPH SYLVIA	TRUSTEE (RESIGNED IN FY25)	1.00	Director	$0	$0	$0
LANEIA THOMAS	TRUSTEE	1.00	Director	$0	$0	$0
ANTHONY ZARRELLA	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN SALEM	TRUSTEE	1.00	Director	$0	$0	$0
DONNA HODGE	TRUSTEE	1.00	Director	$0	$0	$0
NICHOLAS CAPASSO	MUSEUM DIRECTOR	40.00	Officer	$129,808	$0	$129,808

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	$2,378,081	$2,154,265	$25,859,623	$223,816
2024	$1,645,952	$2,089,209	$24,647,159	$-443,257
2023	$1,528,643	$1,888,158	$23,572,182	$-359,515
2022	$3,920,400	$1,983,077	$22,486,019	$1,937,323
2022	$3,920,400	$1,978,202	$22,486,020	$1,942,198
2021	$5,731,661	$1,700,172	$25,526,367	$4,031,489
2020	$1,625,802	$1,625,291	$21,658,346	$511
2019	$3,368,080	$1,736,181	$21,748,967	$1,631,899
2018	$980,429	$1,498,341	$21,734,142	$-517,912