THE LAKE PLACID ASSOCIATION FOR MU… - Form 990 Financial Data

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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

1972

Legal Domicile

Principal Officer

TRACY SMITH

Phone

5185232512

Tax Period

2024-01-01 to 2024-12-31

THE LAKE PLACID ASSOCIATION FOR MUSIC DRAMA AND ART INC, founded in 1972, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $10.9M in total revenue in fiscal year 2024. Revenue surged 227% from the prior year, signaling strong growth momentum. The organization ran a surplus of $8.3M, a strong 76% operating margin.

Mission

THE LAKE PLACID CENTER FOR THE ARTS IS DEDICATED TO PRESENTING AND FOSTERING QUALITY ARTS, WHICH INSPIRE, ENRICH, EDUCATE, AND ENTERTAIN PEOPLE OF ALL AGES.

Program Service Accomplishments

Program 1

Expenses: $486,090 Revenue: $202,636

PRESENTING PROGRAMS: THE LAKE PLACID CENTER FOR THE ARTS PRESENTED ARTS PROGRAMS INCLUDING: 32 FILM SCREENINGS; 15 MUSIC PERFORMANCES; 9 DANCE PERFORMANCES; 12 THEATRE PERFORMANCES.

Program 2

Expenses: $466,685 Revenue: $297,483

GALLERY PROGRAMS: THE LAKE PLACID CENTER FOR THE ARTS PRESENTED 6 GALLERY EXHIBITIONS IN THE FINE ARTS GALLERY. THE LAKE PLACID CENTER FOR THE ARTS ALSO OPERATED A GALLERY ON MAIN STREET IN DOWNTOWN...

Program 3

Expenses: $271,867 Revenue: $176,055

EDUCATION PROGRAMS: THE LAKE PLACID CENTER FOR THE ARTS PRESENTED ARTS EDUCATION INCLUDING: 3 ARTS EDUCATION PROGRAMS; 7 THEATRE PERFORMANCES; 2 DANCE PERFORMANCES; 3 MUSIC PERFORMANCES; BALLET AND DANCE TRAINING SCHOOL WITH 1 RECITALS AND 32 WEEKS OF INSTRUCTION; 1 ARTISTIC RESIDENCIES.

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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 $9,933,225

Program Service Revenue $676,174

Investment Income $128,779

Other Revenue $192,525

TOTAL REVENUE $10,930,703

Expense Breakdown

Grants Paid $0

Salaries & Benefits $645,372

Fundraising Expenses $463,170

Program Expenses $1,224,642

Other Expenses $1,797,747

TOTAL EXPENSES $2,593,119

Year-over-Year Comparison

	2024	2023	Change
Revenue	$10,930,703	$3,341,164	+2.3%
Expenses	$2,593,119	$2,211,438	+0.2%
Net Income	$8,337,584	$1,129,726	+6.4%

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

$87,154

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES LEMONS	EXECUTIVE DI	40.00	Officer	$87,154	$0	$87,154
TERESA BRADY	TRUSTEE	1.00	Director	$0	$0	$0
CHERYL BRAUNSTEIN	TRUSTEE	1.00	Director	$0	$0	$0
MARYLOU BROWN	TRUSTEE	1.00	Director	$0	$0	$0
ADELE CONNORS	CO-PRESIDENT	1.00	Officer Director	$0	$0	$0
MIKE FOOTE	SECRETARY	1.00	Officer Director	$0	$0	$0
SARAH GALVIN	TRUSTEE	1.00	Director	$0	$0	$0
JOAN GIGNOUX	TRUSTEE	1.00	Director	$0	$0	$0
DEBBIE HEIDECORN	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
JENNIFER JENNINGS	TRUSTEE	1.00	Director	$0	$0	$0
CATHY JOHNSTON	TREASURER	1.00	Officer Director	$0	$0	$0
TAMMY LOEWY	TRUSTEE	1.00	Director	$0	$0	$0
NANCY MASTER	TRUSTEE	1.00	Director	$0	$0	$0
CATHY MCGRAW	TRUSTEE	1.00	Director	$0	$0	$0
MARGIE PHILO	TRUSTEE	1.00	Director	$0	$0	$0
DALE SKIVINGTON	TRUSTEE	1.00	Director	$0	$0	$0
TRACY SMITH	CO-PRESIDENT	1.00	Officer Director	$0	$0	$0
MICHAEL TARDIF	TRUSTEE	1.00	Director	$0	$0	$0
DENJA WEIBRECHT	TRUSTEE	1.00	Director	$0	$0	$0
ALLIE WITHEE	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
2024	$10,930,703	$2,593,119	$12,147,795	$8,337,584
2023	$3,341,164	$2,211,438	$4,119,947	$1,129,726
2022	$1,732,769	$1,720,444	$2,320,981	$12,325
2022	$1,220,099	$1,132,890	$3,046,882	$87,209
2021	$1,305,551	$1,182,221	$2,412,412	$123,330
2020	$1,389,311	$1,462,121	$2,105,151	$-72,810
2019	$1,235,931	$1,380,096	$2,079,659	$-144,165
2018	$1,364,100	$1,361,156	$2,256,658	$2,944

THE LAKE PLACID ASSOCIATION FOR MUSIC DRAMA AND ART INC