AMERICAN FOLK 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

1961

Legal Domicile

Principal Officer

JASON T BUSCH

Phone

2125959533

Tax Period

2024-07-01 to 2025-06-30

AMERICAN FOLK ART MUSEUM, founded in 1961, is a community nonprofit in the Arts, Culture & Humanities sector that reported $6.1M in total revenue in fiscal year 2024. Revenue grew 11% year-over-year, indicating healthy expansion. Net assets of $16.9M represent 33 months of operating reserves.

Mission

FOUNDED IN 1961 THE AMERICAN FOLK ART MUSEUM IS THE NATIONS MUSEUM OF FOLK AND SELF-TAUGHT ARTISTS. CANDID GENUINE AND UNEXPECTED. AFAM CELEBRATES THE CREATIVITY OF INDIVIDUALS WHOSE SINGULAR TALENTS HAVE BEEN REFINED THROUGH PERSONAL EXPERIENCE RATHER THAN FORMAL ARTISTIC TRAINING WITH A COLLECTION SPANNING 7,500 WORKS OF ART FROM FOUR CENTURIES AND NEARLY EVERY CONTINENT THE MUSEUM ENGAGES PEOPLE OF ALL BACKGROUNDS THROUGH ITS COLLECTIONS EXHIBITIONS PUBLICATIONS AND PUBLIC PROGRAMS AS THE LEADING FORUM SHAPING THE UNDERSTANDING AND APPRECIATION OF FOLK AND SELF-TAUGHT ART THANKS TO THE GENEROUS SUPPORT OF OUR MEMBER PATRONS AND DONORS ADMISSION IS ALWAYS FREE.

Program Service Accomplishments

Program 1

Expenses: $1,169,994 Revenue: $242,876

EXHIBITIONS AND COLLECTIONS - DEVELOPMENT AND PRESENTATION OF EXHIBITIONS AND PROGRAMS THAT PRESENT NEW IDEAS ARTISTS AND ARTWORKS THAT SHAPE AND DEFINE THE FIELD OF FOLK ART AND WORK OF SELF-TAUGHT ARTISTS. THE MUSEUM ALSO MAINTAINS AND PRESERVES A COMPREHENSIVE COLLECTION OF MORE THAT 7,000 OBJECTS; LOANS ARTWORKS TO OTHER INSTITUTIONS; ORGANIZES TRAVELING EXHIBITIONS AND MAKES ITS COLLECTION AVAILABLE FOR STUDY.

Program 2

Expenses: $563,014 Revenue: $574,340

MUSEUM GIFT SHOP AND E-COMMERCE PLATFORM MAKES MERCHANDISE AVAILABLE TO THE PUBLIC INCLUDING HAND-MADE ITEMS ARTISTIC REPRODUCTIONS AND PUBLICATIONS THAT REFLECT THE MISSION AND VISION OF THE MUSEUM.

Program 3

Expenses: $354,115 Revenue: $82,339

EDUCATION PROGRAMS THAT BENEFIT PRE-K THROUGH 12TH GRADE STUDENTS WITH SINGLE CLASS VISITS; MUSEUM-SCHOOL PARTNERSHIPS; TEEN DOCENT PROGRAMS AND SUMMER CAMP PROGRAMS; MONTHLY FAMILY PROGRAMS HANDS ON WORKSHOPS FOR ADULTS WEEKLY MUSIC EVENTS PROGRAMS FOR SENIORS WITH ALZHEIMERS DISEASE TOURS FOR BLIND AND VISTORS WITH LOW VISION A YEAR-LONG PAID INTERNSHIP FOR LAGUARDIA COMMUNITY COLLEGE STUDENTS PROFESSIONAL DEVELOPMENT WORKSHOPS FOR NYC TEACHERS AND OPEN HOUSES FOR TEACHERS AND SCHOOL ADMINISTRATORS; AN EDUCATIONAL LIBRARY AND STUDY CENTER FOR THE BENEFIT OF SCHOLARS AND RESEARCHERS AND THE GENERAL PUBLIC BY APPOINTMENT; AND ADULT PROGRAMS THAT SERVE LIFE-LONG LEARNERS WITH A ROBUST PROGRAM OF LECTURES FILMS DOCENT TOURS SYMPOSIA AND SPECIAL EVENTS.

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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 $2,966,233

Program Service Revenue $982,404

Investment Income $1,844,831

Other Revenue $355,043

TOTAL REVENUE $6,148,511

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,090,203

Fundraising Expenses $626,810

Program Expenses $3,996,514

Other Expenses $2,916,426

TOTAL EXPENSES $6,006,629

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,148,511	$5,537,927	+0.1%
Expenses	$6,006,629	$6,661,763	-0.1%
Net Income	$141,882	$-1,123,836	-1.1%

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

$524,153

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JASON T BUSCH	DIRECTOR AND CEO	37.50	Officer	$331,886	$16,950	$348,836
MARK EDEN	CHIEF FINANCIAL OFFICER	37.50	Officer	$166,163	$9,154	$175,317
KARLEY A KLOPFENSTEIN	DEPUTY DIRECTOR AND CHIEF DEVELOPMENT OFFICER	37.50	Highest	$117,907	$11,326	$129,233
VALERIE ROUSSEAU	CURATORIAL CHAIR FOR EXHIBITIONS AND SENIOR CURATOR OF SELF-TAUGHT ART AND ART BRUT	37.50	Highest	$100,379	$18,797	$119,176
BRETT A ROBBINS	TREASURER	1.00	Officer Director	$0	$0	$0
BRIAN DONNELLY	TRUSTEE	1.00	Officer Director	$0	$0	$0
EDWARD V BLANCHARD JR	CHAIRMAN	1.00	Officer Director	$0	$0	$0
ELIZABETH V WARREN	PRESIDENT	1.00	Officer Director	$0	$0	$0
GAIL WRIGHT SIRMANS	TRUSTEE	1.00	Director	$0	$0	$0
JANE A SHALLAT	TRUSTEE	1.00	Director	$0	$0	$0
KARIN FIELDING	TRUSTEE	1.00	Director	$0	$0	$0
LAURA PARSONS	TRUSTEE	1.00	Director	$0	$0	$0
LAWRENCE B BENENSON	TRUSTEE	1.00	Director	$0	$0	$0
LESLIE SEEMAN	TRUSTEE	1.00	Director	$0	$0	$0
LUCY C DANZIGER	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
PETER RAPAPORT	TRUSTEE	1.00	Officer Director	$0	$0	$0
ROBERTA S TERKOWITZ	SECRETARY	1.00	Officer Director	$0	$0	$0
BRUCE J WENDEL	TRUSTEE	1.00	Director	$0	$0	$0
JULIA ALEXANDER	TRUSTEE	1.00	Director	$0	$0	$0
LUC M VOLATIER	TRUSTEE	1.00	Director	$0	$0	$0
BARBARA L GORDON	TRUSTEE	1.00	Officer Director	$0	$0	$0
WILLET BRACKEN EVANS	TRUSTEE	1.00	Director	$0	$0	$0
BEN Z COHEN	TRUSTEE	1.00	Director	$0	$0	$0
ELLEN BROOKS	TRUSTEE	1.00	Director	$0	$0	$0
CHRISTOPHER GIGIO	TRUSTEE	1.00	Director	$0	$0	$0
LANA MASOR	TRUSTEE	1.00	Director	$0	$0	$0
RAYMONDY THERMIDOR	TRUSTEE	1.00	Director	$0	$0	$0
JOYCE B COWIN	TRUSTEE	1.00	Director	$0	$0	$0
DAVID DELUCA	TRUSTEE	1.00	Director	$0	$0	$0
JOLIE ALTMAN	TRUSTEE	1.00	Director	$0	$0	$0
LYBRA CLEMONS	TRUSTEE	1.00	Director	$0	$0	$0
GILL HOLLAND	TRUSTEE	1.00	Director	$0	$0	$0
EDWARD SHAPIRO	TRUSTEE	1.00	Director	$0	$0	$0
JAMES ROHRBACH	TRUSTEE	1.00	Director	$0	$0	$0
LEE ANN DILLON	TRUSTEE	1.00	Director	$0	$0	$0
DENNIS PAUSTENBACH	TRUSTEE	1.00	Director	$0	$0	$0
RODNEY BEARD	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	$6,148,511	$6,006,629	$17,155,441	$141,882
2024	No data	No data	No data	No data
2023	$9,565,100	$5,366,290	$16,954,252	$4,198,810
2022	$5,728,873	$4,521,552	$11,749,573	$1,207,321
2021	$3,818,559	$3,973,404	$12,095,077	$-154,845
2020	$3,481,365	$3,661,559	$10,007,735	$-180,194
2019	$3,621,755	$4,121,826	$10,332,280	$-500,071
2018	$3,344,418	$4,206,590	$10,508,628	$-862,172