MUSICAL INSTRUMENT 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

2005

Legal Domicile

Principal Officer

CRAIG CULY

Phone

4804786000

Tax Period

2024-01-01 to 2024-12-31

MUSICAL INSTRUMENT MUSEUM, founded in 2005, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $41.1M in total revenue in fiscal year 2024. The organization ran a surplus of $20.1M, a strong 49% operating margin.

Mission

THE MUSICAL INSTRUMENT MUSEUM (MIM) ENRICHES OUR WORLD BY COLLECTING, PRESERVING, AND MAKING ACCESSIBLE AN ASTONISHING VARIETY OF MUSICAL INSTRUMENTS AND PERFORMANCE VIDEOS FROM EVERY COUNTRY IN THE WORLD. MIM OFFERS GUESTS A WELCOMING AND FUN EXPERIENCE, INCOMPARABLE INTERACTIVE TECHNOLOGY, DYNAMIC PROGRAMMING, AND EXCEPTIONAL MUSICAL PERFORMANCES. MIM FOSTERS APPRECIATION OF THE WORLD'S DIVERSE CULTURES BY SHOWING HOW WE INNOVATE, ADAPT, AND LEARN FROM EACH OTHER TO CREATE MUSIC - THE LANGUAGE OF THE SOUL.

Program Service Accomplishments

Program 1

Expenses: $13,111,043 Revenue: $3,975,876

GALLERIES AND SPECIAL EXHIBITIONS: MORE THAN 300 DISPLAYS WITH STATE-OF-THE-ART AUDIO-VISUAL TECHNOLOGY IMMERSE GUESTS IN MUSIC FROM EVERY COUNTRY IN THE WORLD. TEMPORARY SPECIAL EXHIBITIONS DIVE...

GALLERIES AND SPECIAL EXHIBITIONS: MORE THAN 300 DISPLAYS WITH STATE-OF-THE-ART AUDIO-VISUAL TECHNOLOGY IMMERSE GUESTS IN MUSIC FROM EVERY COUNTRY IN THE WORLD. TEMPORARY SPECIAL EXHIBITIONS DIVE DEEPER INTO MUSICAL TOPICS THROUGH ORIGINAL STORYTELLING. HANDS-ON GALLERIES INVITE GUESTS TO MAKE THEIR OWN MUSIC.

Program 2

Expenses: $3,407,066 Revenue: $4,954,249

MIM MUSIC THEATER: MIM OFFERS OVER 300 CONCERTS YEARLY IN AN INTIMATE, ACOUSTICALLY SUPERB ENVIRONMENT. PERFORMANCES ARE CURATED TO BRING THE GALLERIES TO LIFE, CONNECTING AUDIENCES TO DIVERSE LIVE...

Program 3

Expenses: $838,315 Revenue: $62,224

EDUCATION AND PUBLIC PROGRAMS: PEOPLE OF ALL AGES LEARN THROUGH MUSIC AT MIM. EDUCATION OFFERINGS INCLUDE CHILDREN'S CLASSES, A STUDENT FIELD TRIP PROGRAM THAT WELCOMES UP TO 70,000 PARTICIPANTS...

EDUCATION AND PUBLIC PROGRAMS: PEOPLE OF ALL AGES LEARN THROUGH MUSIC AT MIM. EDUCATION OFFERINGS INCLUDE CHILDREN'S CLASSES, A STUDENT FIELD TRIP PROGRAM THAT WELCOMES UP TO 70,000 PARTICIPANTS ANNUALLY, TEACHER PROFESSIONAL DEVELOPMENT WORKSHOPS, AND EDUCATIONAL EXPERIENCES FOR ADULTS AND SENIORS. WEEKEND PUBLIC PROGRAMS CALLED SIGNATURE EVENTS BRING THE COMMUNITY TOGETHER TO CELEBRATE WORLD CULTURES, MUSICAL GENRES, AND ICONIC ARTISTS.

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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 $26,620,531

Program Service Revenue $8,276,011

Investment Income $5,707,391

Other Revenue $496,864

TOTAL REVENUE $41,100,797

Expense Breakdown

Grants Paid $72,893

Salaries & Benefits $6,895,149

Fundraising Expenses $710,315

Program Expenses $17,356,424

Other Expenses $14,048,300

TOTAL EXPENSES $21,016,342

Year-over-Year Comparison

	2024	2023	Change
Revenue	$41,100,797	N/A	N/A
Expenses	$21,016,342	N/A	N/A
Net Income	$20,084,455	$0	N/A

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

115

Volunteers

533

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

$268,857

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CRAIG D CULY	EXECUTIVE DIRECTOR/TREASURER	40.00	Officer	$235,125	$33,732	$268,857
MANUAL A JORDAN PEREZ	DEPUTY DIRECTOR & CHIEF CURATOR	40.00	Highest	$220,985	$21,179	$242,164
KIM PRITCHARD	DIRECTOR OF HR (LEFT 9/2024)	40.00	Highest	$134,784	$10,633	$145,417
BRIAN DREDLA	CHIEF ENGAGEMENT OFFICER	40.00	Highest	$128,155	$14,254	$142,409
LACEY HAUSER	RETAIL OPERATIONS DIRECTOR	40.00	Highest	$105,140	$26,565	$131,705
ROBERT G WESTON JR	CHAIRMAN	1.00	Officer Director	$0	$0	$0
RICHARD T BURKE	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
GAIL J DORN	SECRETARY	1.00	Officer Director	$0	$0	$0
STACIA ANDERSON	DIRECTOR	1.00	Director	$0	$0	$0
ERIC BIEBER	DIRECTOR (LEFT 11/2024)	1.00	Director	$0	$0	$0
TODD BLACKWELL	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD D BURNS	DIRECTOR	1.00	Director	$0	$0	$0
MARC L FELIX	DIRECTOR	1.00	Director	$0	$0	$0
JUSTIN KARIM	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT G MCMAHON	DIRECTOR	1.00	Director	$0	$0	$0
BOB SMITH	DIRECTOR (LEFT 7/2024)	1.00	Director	$0	$0	$0
ROBERT J ULRICH	DIRECTOR	30.00	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	$41,100,797	$21,016,342	$199,605,235	$20,084,455