Chicago Art Department

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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

MIKE NOURSE

Phone

3127254223

Tax Period

2023-01-01 to 2023-12-31

Chicago Art Department, founded in 2005, is a small nonprofit in the Arts, Culture & Humanities sector that reported $551K in total revenue in fiscal year 2023. Revenue surged 46% from the prior year, signaling strong growth momentum. The organization ran a surplus of $126K, a strong 23% operating margin.

Mission

Cultivates new and emerging Chicago artists, and aims to benefit artists by exploring art and learning. Through exhibitions, artist residencies, classes/workshops and community building, we are dedicated to cultivating new voices, ideas, and practices in contemporary art.

Program Service Accomplishments

Program 1

Expenses: $348,498 Revenue: $77,305

The Studio Residency program supported various artists throughout the year. CAD provided these artists with shared studio space to create work, opportunities to exhibit their own work and curate...

The Studio Residency program supported various artists throughout the year. CAD provided these artists with shared studio space to create work, opportunities to exhibit their own work and curate other exhibitions. Held a series of monthly workshops for middle school student group at Walsh Elementary. Provided funded residencies called the Core Residency Program at CAD and project support to individual 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 (2023)

Revenue Breakdown

Contributions & Grants $464,059

Program Service Revenue $77,305

Investment Income $0

Other Revenue $9,560

TOTAL REVENUE $550,924

Expense Breakdown

Grants Paid $92,943

Salaries & Benefits $114,049

Fundraising Expenses $11,862

Program Expenses $348,498

Other Expenses $218,388

TOTAL EXPENSES $425,380

Year-over-Year Comparison

	2023	2022	Change
Revenue	$550,924	$376,720	+0.5%
Expenses	$425,380	$324,224	+0.3%
Net Income	$125,544	$52,496	+1.4%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MIKE NOURSE	Chair	5.00	Officer Director	$0	$0	$0
BIRDIE SOTI	Director	1.00	Director	$0	$0	$0
NAT SOTI	Treasurer	5.00	Officer Director	$0	$0	$0
DIVA NEIMS	Secretary	5.00	Officer Director	$0	$0	$0
Patric McCoy	Director	1.00	Director	$0	$0	$0
Art Kuyakanon	Director	1.00	Director	$0	$0	$0
Erika Dudley	Vice Chair	5.00	Officer Director	$0	$0	$0
Gary Kuzminski	Director	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	No data	No data	No data	No data
2023	$550,924	$425,380	$719,079	$125,544
2022	$376,720	$324,224	$247,092	$52,496
2021	$263,396	$232,869	$122,784	$30,527
2020	$191,079	$198,921	$72,374	$-7,842
2019	$236,500	$208,505	$80,258	$27,995