516 Arts

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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

2006

Legal Domicile

Principal Officer

April Chalay

Phone

5052421445

Tax Period

2024-01-01 to 2024-12-31

516 Arts, founded in 2006, is a small nonprofit in the Arts, Culture & Humanities sector that reported $384K in total revenue in fiscal year 2024. Revenue fell 28% from the prior year — a significant decline worth monitoring. Expenses of $728K exceeded revenue, resulting in a 89% operating deficit.

Mission

516 ARTS is a non-collecting contemporary art museum in Albuquerque, New Mexico that celebrates thought-provoking art in the here and now. At the core of its mission, 516 ARTS seeks to connect contemporary artists and diverse audiences. Through exhibitions and public programs that feature a mix of local, national, and international artists, 516 ARTS offers programs that inspire curiosity, dialogue, and creative experimentation.

Program Service Accomplishments

Program 1

Expenses: $277,529 Revenue: $172,518

Exhibitions and Public ProgramsIn 2024, 516 ARTS presented a series of contemporary art exhibitions and over 40 public programs, including artist talks, panel discussions, performances, highlighting our continued collaborative approach. Our programming emphasized underrepresented voices and community-driven dialogue, reaching over 8,000 people in person and over 10,000 through digital and broadcast media. Admissions to the exhibitions are free to remain accessible.

Program 2

Expenses: $112,050

Youth Education516 ARTS expanded its youth education programs in 2024, serving over 750 students through in-school workshops, exhibition tours, youth-led art projects, youth exhibitions, and our 516 BRIDGES peer-to-peer program. This included partnerships with APS Title I schools and community groups to ensure inclusive, arts-based learning experiences focused on identity, place, and creative expression.

Program 3

Expenses: $92,027

Fulcrum FundThe Fulcrum Fund, part of the Andy Warhol Foundations Regional Regranting Program, awarded $55,565 in direct grants to New Mexico-based artists for independent, public-facing projects...

Fulcrum FundThe Fulcrum Fund, part of the Andy Warhol Foundations Regional Regranting Program, awarded $55,565 in direct grants to New Mexico-based artists for independent, public-facing projects. The process included an open call and a panel of national guest jurors. The program continues to support experimental, risk-taking practices outside traditional institutions.

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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 $221,397

Program Service Revenue $172,518

Investment Income $0

Other Revenue $-9,940

TOTAL REVENUE $383,975

Expense Breakdown

Grants Paid $55,565

Salaries & Benefits $350,052

Fundraising Expenses $70,033

Program Expenses $481,606

Other Expenses $310,139

TOTAL EXPENSES $727,576

Year-over-Year Comparison

	2024	2023	Change
Revenue	$383,975	$535,013	-0.3%
Expenses	$727,576	$715,709	+0.0%
Net Income	$-343,601	$-180,696	+0.9%

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

$91,220

Total Directors