GEORGE EASTMAN 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

1947

Legal Domicile

Principal Officer

JACQUELINE DISTEFANO

Phone

5853274800

Tax Period

2022-01-01 to 2022-12-31

GEORGE EASTMAN MUSEUM, founded in 1947, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $12.6M in total revenue in fiscal year 2022. The organization ran a surplus of $3.6M, a strong 29% operating margin.

Mission

THE MISSION OF THE GEORGE EASTMAN MUSEUM, AS A RESEARCH AND EDUCATIONAL INSTITUTION, HAS THREE INTERRELATED GOALS:(CONTINUED ON SCHEDULE O) -PROVIDE LEADERSHIP IN THE FIELDS OF PHOTOGRAPHY AND CINEMA;-PRESERVE AND DEVELOP OUR WORLD CLASS COLLECTIONS OF PHOTOGRAPHY AND CINEMA, AS WELL AS GEORGE EASTMAN'S ESTATE, A NATIONAL HISTORIC LANDMARK; AND-SERVE OUR COMMUNITIES, IN GREATER ROCHESTER AND ELSEWHERE

Program Service Accomplishments

Program 1

Expenses: $2,041,744 Revenue: $1,072,668

MUSEUM OPERATING ACTIVITIES AND FUNCTIONS: IN 2022, APPROXIMATELY 82,000 PEOPLE VISITED THE GEORGE EASTMAN MUSEUM, CONTINUING THE REBOUND FROM OUR PANDEMIC-RELATED CLOSINGS. THIS LARGE INFLUX OF...

MUSEUM OPERATING ACTIVITIES AND FUNCTIONS: IN 2022, APPROXIMATELY 82,000 PEOPLE VISITED THE GEORGE EASTMAN MUSEUM, CONTINUING THE REBOUND FROM OUR PANDEMIC-RELATED CLOSINGS. THIS LARGE INFLUX OF VISITORS WAS FROM THE ROCHESTER COMMUNITY AND FROM AROUND THE WORLD. OUR VISITORS EXPERIENCED PHOTOGRAPHIC EXHIBITIONS, SELF-GUIDED AND MOBILE TOURS OF THE HISTORIC HOUSE AND GARDENS, FILM SCREENINGS, A DISCOVERY ROOM FOR INTERACTIVE LEARNING, AND THE MUSEUM STORE AND EATERY. THE MUSEUM CONTINUED TO OFFER A ROBUST SCHEDULE OF ONLINE PROGRAMING THAT FOSTERED ENGAGEMENT WITH A GLOBAL AUDIENCE. (CONTINUED ON SCHEDULE O)THE MUSEUM EXPANDED ITS RESOURCES THAT ARE ACCESSIBLE ONLINE, INCLUDING ITS ONLINE DATABASE OF OUR COLLECTIONS, ONLINE FINDING AIDS FROM OUR ARCHIVAL HOLDINGS, AND AN EXTENSIVE ARRAY OF ONLINE AUDIO AND VIDEO RECORDINGS. THE MUSEUM'S L. JEFFREY SELZNICK SCHOOL OF FILM PRESERVATION, ONE OF THE FIRST GRADUATE SCHOOL PROGRAMS IN FILM PRESERVATION, WITH MORE THAN 275 ALUMNI EMPLOYED IN PROFESSIONAL POSITIONS IN 29 COUNTRIES, FURTHER DEVELOPED ITS CURRICULUM RELATED TO DIGITAL PRESERVATION TECHNIQUES. THE MUSEUM REVITALIZED AND RENEWED ITS INCLUSIVE EDUCATION AND OUTREACH EFFORTS, WHICH ARE DEDICATED TO THE DIVERSE POPULATION OF K-12 STUDENTS AND FAMILIES IN THE ROCHESTER COMMUNITY. THE MUSEUM CREATED AND PROVIDED FOR PRE-K THROUGH COLLEGE AGE STUDENTS EXPERIENCES THAT EMPHASIZE PARTICIPATORY LEARNING AS WELL AS FOSTER VISUAL AND DIGITAL LITERACY, THE HISTORY OF PHOTOGRAPHY AND GLOBAL COMPETENCE.

Program 2

Expenses: $5,030,594 Revenue: $866,468

COLLECTIONS, PRESERVATION AND EXHIBITIONS: THE MUSEUM IS THE STEWARD OF THE WORLD'S LEADING COLLECTION COVERING THE FIELDS OF PHOTOGRAPHY, CINEMA AND RELATED TECHNOLOGY, AS WELL AS GEORGE EASTMAN'S HISTORIC MANSION, GARDENS, FURNITURE, DECORATIVE OBJECTS, AND PERSONAL PAPERS. IN 2022, THE MUSEUM ACQUIRED 2,382 OBJECTS, DISPLAYED 7 EXHIBITIONS, AND LENT COLLECTION OBJECTS TO NUMEROUS MUSEUMS AROUND THE WORLD. DURING 2022, THE MUSEUM DISPLAYED THE EXHIBITION "JOSHUA RASHAAD MCFADDEN: I BELIEVE I'LL RUN ON", WHICH USED PHOTOGRAPHY TO CRITICALLY EXAMINE RACE, MASCULINITY, SEXUALITY, AND GENDER IN THE UNITED STATES. (CONTINUED ON SCHEDULE O) THE MUSEUM IS ONE OF THE LEADING MOTION PICTURE ARCHIVES IN THE WORLD, HOME TO MORE THAN 28,000 FILM TITLES, 3 MILLION OBJECTS OF CINEMATIC EPHEMERA, A FILM SCREENING PROGRAM, AND AN ACTIVE FILM PRESERVATION AND DIGITIZATION PROGRAM. THE MUSEUM RUNS AN ACTIVE BOOK PUBLISHING PROGRAM FOCUSED ON CATALOGS OF THE EXHIBITIONS RECOGNIZED BY THE MUSEUM AND SUBJECTS RELATED TO THE MUSEUM'S COLLECTIONS.

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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 (2022)

Revenue Breakdown

Contributions & Grants $8,294,726

Program Service Revenue $1,683,972

Investment Income $2,367,259

Other Revenue $256,193

TOTAL REVENUE $12,602,150

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,149,476

Fundraising Expenses $980,970

Program Expenses $7,072,338

Other Expenses $3,830,104

TOTAL EXPENSES $8,979,580

Year-over-Year Comparison

	2022	2021	Change
Revenue	$12,602,150	$12,306,953	+0.0%
Expenses	$8,979,580	$9,281,907	0.0%
Net Income	$3,622,570	$3,025,046	+0.2%

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

140

Volunteers

149

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

$511,085

Total Directors

$228,130

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NANNETTE NOCON	CHAIR	10.00	Officer Director	$0	$0	$0
KEVIN P GAVAGAN	TRUSTEE	1.00	Director	$0	$0	$0
KEVIN GLAZER	VICE CHAIR	2.00	Officer Director	$0	$0	$0
STEVEN L SCHWARTZ	VICE CHAIR	2.00	Officer Director	$0	$0	$0
CHRISTINE B WHITMAN	TREASURER	2.00	Officer Director	$0	$0	$0
BRUCE BARNES	DIRECTOR	60.00	Officer Director	$217,632	$10,498	$228,130
ANN L BURR	TRUSTEE	1.00	Director	$0	$0	$0
HC DIGBY CLEMENTS	TRUSTEE	1.00	Director	$0	$0	$0
KENNETH AFREDERICK	SECRETARY	2.00	Officer Director	$0	$0	$0
TERRY R TABER PHD	TRUSTEE	1.00	Director	$0	$0	$0
JEFFREY A KORCHEK ESQ	TRUSTEE	1.00	Director	$0	$0	$0
STEVEN J SASSON	TRUSTEE	1.00	Director	$0	$0	$0
DENNIS BUCHAN	TRUSTEE	1.00	Director	$0	$0	$0
DR ROBERT F ASBURY	TRUSTEE	1.00	Director	$0	$0	$0
DENNIS BASSETT	TRUSTEE	1.00	Director	$0	$0	$0
MARY ANN HETZER	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM J FERGUSON II	TRUSTEE	1.00	Director	$0	$0	$0
ROSS P LANZAFAME ESQ	TRUSTEE	1.00	Director	$0	$0	$0
SARAH C MANGELSDORF	TRUSTEE	1.00	Director	$0	$0	$0
JOHN A ULATOWSKI MD PHD MBA	TRUSTEE	1.00	Director	$0	$0	$0
DEBBY WILSON	TRUSTEE	1.00	Director	$0	$0	$0
ERIC R PALEY ESQ	TRUSTEE	1.00	Director	$0	$0	$0
LINDA BUTTRILL	TRUSTEE	1.00	Director	$0	$0	$0
BONNIE GARNER	TRUSTEE	1.00	Director	$0	$0	$0
DARRYL JACKSON	TRUSTEE	1.00	Director	$0	$0	$0
EDWIN J LOPEZ-SOTO ESQ	TRUSTEE	1.00	Director	$0	$0	$0
FABRICIO MORALES	TRUSTEE	1.00	Director	$0	$0	$0
JEFFREY J POLLOCK	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN S ROBFOGEL	TRUSTEE	1.00	Director	$0	$0	$0
JEFFRY A ROLOSON	TRUSTEE	1.00	Director	$0	$0	$0
MARGARET A SANCHEZ	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT A WOODHOUSE	TRUSTEE	1.00	Director	$0	$0	$0
JACQUELINE DISTEFANO	VP-FINANCE AND OPS	37.50	Officer	$132,238	$161	$132,399
LISA SEISCHAB	VP-DEVELOPMENT	37.50	Officer	$148,248	$2,308	$150,556

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	No data	No data	No data	No data
2022	$12,602,150	$8,979,580	$55,954,650	$3,622,570
2021	$12,306,953	$9,281,907	$59,825,841	$3,025,046
2020	$9,775,250	$8,566,761	$54,382,657	$1,208,489
2019	$10,090,397	$9,221,709	$48,373,408	$868,688
2019	$10,090,397	$9,221,709	$48,373,408	$868,688
2018	$9,836,662	$9,453,090	$43,387,052	$383,572