AMERICAN FRIENDS OF MASTERWORKS INC C/O BETTY KRULIK

EIN: 223037993 501(c)(3) International Affairs

IRVINGTON, NY

Total Revenue
$249,837
Total Expenses
$447,938
Total Assets
$72,456
Net Assets
$72,456
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1997
Legal Domicile
DE
Principal Officer
BETTY KRULIK
Phone
9175821300
Tax Period
2024-01-01 to 2024-12-31

AMERICAN FRIENDS OF MASTERWORKS INC C/O BETTY KRULIK, founded in 1997, is a small nonprofit in the International Affairs sector that reported $250K in total revenue in fiscal year 2024. Revenue fell 62% from the prior year — a significant decline worth monitoring. Expenses of $448K exceeded revenue, resulting in a 79% operating deficit.

Mission

THE FOUNDATION WAS FORMED TO SUPPORT DOMESTIC PROGRAMS, LECTURES AND EXHIBITIONS FOR THE PURPOSE OF EDUCATING THE PUBLIC ABOUT ART EDUCATION AND DEPICTING THE SCENERY AND TERRAIN OF BERMUDA

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $243,687
Program Service Revenue $0
Investment Income $0
Other Revenue $6,150
TOTAL REVENUE $249,837

Expense Breakdown

Grants Paid $435,000
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $435,000
Other Expenses $12,938
TOTAL EXPENSES $447,938

Year-over-Year Comparison

2024 2023 Change
Revenue $249,837 $654,860 -0.6%
Expenses $447,938 $406,600 +0.1%
Net Income $-198,101 $248,260 -1.8%
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

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Governance

Voting Members
10
Independent Members
10
Employees
N/A
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
4
$0
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CHARLOTTE SULLIVAN SECRETARY 10.00
Officer Director
$0 $0 $0
ANNE S WILLIAMS BOARD MEMBER 10.00
Director
$0 $0 $0
BETTY KRULIK TREASURER 10.00
Officer Director
$0 $0 $0
KATHARINE HAINES ASST. TREASURER 10.00
Officer Director
$0 $0 $0
CLAUDIA WARDMAN BOARD MEMBER 10.00
Director
$0 $0 $0
PAM GOLDIE-MORRISON BOARD MEMBER 10.00
Director
$0 $0 $0
MARY ELLEN SNOW CHAIRWOMAN 10.00
Officer Director
$0 $0 $0
SUSAN E MENCONI BOARD MEMBER 10.00
Director
$0 $0 $0
ASHLEY DUNNE BOARD MEMBER 10.00
Director
$0 $0 $0
STEPHANIE SEBESTA BOARD MEMBER 10.00
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 $249,837 $447,938 $72,456 $-198,101
2023 $654,860 $406,600 $275,557 $248,260
2022 $135,491 $157,522 $22,297 $-22,031
2021 $429,804 $543,052 $44,328 $-113,248
2020 $864,090 $718,250 $157,576 $145,840
2019 $527,778 $521,461 $11,736 $6,317
2018 $522,905 $578,369 $5,419 $-55,464
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