GREENWICH ART SOCIETY INC

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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

1953

Legal Domicile

Principal Officer

ANNA PATALANO

Phone

2036291533

Tax Period

2023-09-01 to 2024-08-31

GREENWICH ART SOCIETY INC, founded in 1953, is a small nonprofit in the Arts, Culture & Humanities sector that reported $261K in total revenue in fiscal year 2023. Revenue decreased 7% compared to the prior year.

Mission

FOUNDED IN 1912 BY THE COS COB COLONY OF AMERICAN EXPRESSIONISTS, THE GREENWICH ART SOCIETY'S MISSION IS TO FURTHER EDUCATION AND STIMULATE INTEREST IN THE VISUAL ARTS THROUGH CLASSES, EXHIBITIONS, LECTURES, AND GALLERY TRIPS. THE ORGANIZATIONS SERVES TO PROMOTE A CULTURAL COTRIBUTION THROUGH SCHOLARSHIPS AND EDUCATIONAL OUTREACH PROGRAMS TO UNDERSERVED GROUPS AND INDIVIDUALS.

Program Service Accomplishments

Program 1

Expenses: $153,276 Revenue: $182,162

ART CLASSES - CONDUCTED FOUR SEMESTERS OF ART CLASSES IN OUR OWN STUDIO WITH A TOTAL OF 390 SEMESTER OF STUDENTS.

Program 2

Expenses: $13,773 Revenue: $17,835

ART SHOWS - CONDUCTED TWO JURIED ART SHOWS IN PUBLIC VENUES.

Program 3

Expenses: $17,193

OUTREACH - AS PART OF AN INITIATIVE TO REACH UNDERSERVED STUDENTS IN THE GREATER FAIRFIELD COUNTY AREA, THE GREENWICH ART SOCIETY PROVIDES ART PROGRAMS INVOLVING MUSIC AND ART TO EXPOSE INNER CITY...

OUTREACH - AS PART OF AN INITIATIVE TO REACH UNDERSERVED STUDENTS IN THE GREATER FAIRFIELD COUNTY AREA, THE GREENWICH ART SOCIETY PROVIDES ART PROGRAMS INVOLVING MUSIC AND ART TO EXPOSE INNER CITY CHILDREN TO EXPOSE INNER CITY CHILDREN TO CULTURAL ENRICHMENT ACTIVITIES THAT THEIRSCHOOLS ARE NOT ABLE TO PROVIDE.

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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 $53,419

Program Service Revenue $199,997

Investment Income $7,091

Other Revenue $0

TOTAL REVENUE $260,507

Expense Breakdown

Grants Paid $0

Salaries & Benefits $137,039

Fundraising Expenses $599

Program Expenses $184,242

Other Expenses $143,759

TOTAL EXPENSES $280,798

Year-over-Year Comparison

	2023	2022	Change
Revenue	$260,507	$279,609	-0.1%
Expenses	$280,798	$263,607	+0.1%
Net Income	$-20,291	$16,002	-2.3%

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

N/A

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

$107,817

Total Directors

$2,190

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CAROL DIXON	DIRECTOR, INSTRUCTIOR	3.00	Director	$2,190	$0	$2,190
MADELEINE JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
LINA MORIELLI	DIRECTOR	1.00	Director	$0	$0	$0
JOSEPH FULLER	DIRECTOR	1.00	Director	$0	$0	$0
ANNA PATALANO	PRESIDENT, MANAGING DIRECT	25.00	Officer	$56,260	$0	$56,260
MARY NEWCOMB	VP, OUTREACH ADIMINISTRATO	30.00	Officer	$49,037	$0	$49,037
ELLEN GORDON	VP PUBLIC RELATIONS	2.00	Officer	$2,520	$0	$2,520
ARNOLD BRAFF	TREASURER	2.00	Officer	$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	No data	No data	No data	No data
2024	$260,507	$280,798	$186,969	$-20,291
2022	$259,988	$243,820	$191,068	$16,168
2021	$229,551	$234,717	$198,944	$-5,166
2020	$194,687	$230,145	$203,878	$-35,458
2019	$311,458	$276,053	$216,202	$35,405
2018	$275,148	$221,550	$179,405	$53,598