RAPID CITY FINE ARTS COUNCIL INC

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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

1968

Legal Domicile

Principal Officer

ANJELICA SASSE

Phone

6053944101

Tax Period

2024-01-01 to 2024-12-31

RAPID CITY FINE ARTS COUNCIL INC, founded in 1968, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.0M in total revenue in fiscal year 2024. Revenue grew 15% year-over-year, indicating healthy expansion.

Mission

THE RAPID CITY FINE ARTS COUNCIL'S MISSIONS IS TO CHAMPION THE POWER OF ART TO BRING ALL KINDS OF PEOPLE TOGETHER, MAKE ART MORE ACCESSIBLE, MORE INTEGRAL AND MORE INSPIRING FOR THE COMMUNITIES SERVED.

Program Service Accomplishments

Program 1

Expenses: $789,248 Revenue: $396,454

ARTS EDUCATION, EXHIBITS, EVENTS AND INFRASTRUCTURE: THE RAPID CITY FINE ARTS COUNCIL IS CHARGED, THROUGH CITY ORDINANCE, TO BE THE ARTS ADVISOR TO THE CITY OF RAPID CITY. THE ARTS COUNCIL WORKS TO LEVERAGE THE ARTS TO PROVIDE ECONOMIC AND SOCIAL BENEFITS TO PEOPLE IN THE BLACK HILLS REGION THROUGH VARIOUS AVENUES. THE ARTS COUNCIL MAINTAINS A PERMANENT COLLECTION AND PRODUCES PROFESSIONALLY CURATED EXHIBITS OF REGIONAL STATURE, AND BOTH ARE FREE TO THE PUBLIC FOR VIEWING. THE ARTS COUNCIL PROVIDES GALLERY EXPERIENCES FOR CHILDREN THROUGH VARIOUS PROGRAMMING AND OFFERS A VARIETY OF ART CLASSES AND CAMPS FOR ALL AGES. THE ARTS COUNCIL PROVIDES PERFORMING ARTS OPPORTUNITIES BY PRODUCING SHOWS AND FESTIVALS THAT ALLOWS PEOPLE IN THE AREA TO PARTICIPATE AND/OR WATCH.

Program 2

Revenue: $224,017

FACILITY MANAGEMENT AND MAINTENANCE: THE RAPID CITY ARTS COUNCIL MANAGES THE DAHL ARTS CENTER THROUGH A CONTRACT WITH THE CITY OF RAPID CITY. THE ARTS COUNCIL MANAGES THE BUILDING THROUGH PROACTIVE MANAGEMENT AND PREVENATIVE MAINTENANCE SCHEDULES. INDIVIDUALS, BUSINESSES AND OTHER NON-PROFITS USE THE BUILDING FOR VARIOUS FUNCTIONS AND EVENTS. THESE FUNCTIONS AND EVENTS ARE SCHEDULED AND OVERSEEN BY THE ARTS COUNCIL.

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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 $418,066

Program Service Revenue $620,471

Investment Income $2,467

Other Revenue $0

TOTAL REVENUE $1,041,004

Expense Breakdown

Grants Paid $0

Salaries & Benefits $543,114

Fundraising Expenses $21,196

Program Expenses $789,248

Other Expenses $498,806

TOTAL EXPENSES $1,041,920

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,041,004	$904,764	+0.2%
Expenses	$1,041,920	$819,571	+0.3%
Net Income	$-916	$85,193	-1.0%

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
CHARLES ABOUREZK	DIRECTOR	1.00	Director	$0	$0	$0
JASON ALLEY	DIRECTOR	1.00	Director	$0	$0	$0
KATE AMIREHTESHAMI	TREASURER	1.00	Officer Director	$0	$0	$0
DAVID KOVALESKI	DIRECTOR	1.00	Director	$0	$0	$0
NORA LEINEN	SECRETARY	1.00	Officer Director	$0	$0	$0
QUINTIN OWENS	DIRECTOR	1.00	Director	$0	$0	$0
HEATHER PICKERING	DIRECTOR	1.00	Director	$0	$0	$0
LANCE ROBERTS	DIRECTOR	1.00	Director	$0	$0	$0
ANJELICA SASSE	PRESIDENT	1.00	Officer Director	$0	$0	$0
AMY SAZUE	DIRECTOR	1.00	Director	$0	$0	$0
GARTH WADSWORTH	DIRECTOR	1.00	Director	$0	$0	$0
PATRICK WOODARD	VICE PRESIDE	1.00	Officer 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	$1,041,004	$1,041,920	$872,781	$-916
2023	$904,764	$819,571	$849,610	$85,193
2022	$725,522	$676,276	$699,466	$49,246
2021	$690,074	$635,517	$845,941	$54,557
2020	$515,706	$503,359	$834,669	$12,347
2019	$532,046	$631,282	$635,883	$-99,236
2018	$740,060	$621,937	$623,903	$118,123