LAKE WALES ARTS COUNCIL INC (EIN 237350046) - Form 990 Financial Analysis & Trantor Score

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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

1972

Legal Domicile

Principal Officer

TOMMY FRANK

Phone

8636768426

Tax Period

2023-06-01 to 2024-05-31

LAKE WALES ARTS COUNCIL INC, founded in 1972, is a small nonprofit in the Arts, Culture & Humanities sector that reported $430K in total revenue in fiscal year 2023. Revenue fell 35% from the prior year — a significant decline worth monitoring. Expenses of $673K exceeded revenue, resulting in a 56% operating deficit.

Mission

PROMOTION OF THE VISUAL AND PERFORMING ARTS IN LAKE WALES, FLORIDA

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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 $306,812

Program Service Revenue $86,539

Investment Income $7,570

Other Revenue $29,373

TOTAL REVENUE $430,294

Expense Breakdown

Grants Paid $0

Salaries & Benefits $131,094

Fundraising Expenses $2,566

Program Expenses $612,924

Other Expenses $542,132

TOTAL EXPENSES $673,226

Year-over-Year Comparison

	2023	2022	Change
Revenue	$430,294	$665,035	-0.4%
Expenses	$673,226	$670,318	+0.0%
Net Income	$-242,932	$-5,283	+45.0%

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

500

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
MARY BETH CORWITH	BOARD MEMBER	1.00	Director	$0	$0	$0
JESSICA GARRETT	PRESIDENT	1.00	Officer Director	$0	$0	$0
RUSTY INGLEY	BOARD MEMBER	1.00	Director	$0	$0	$0
ALEIA NAVARROW	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
ANALISA NOVOSEL	BOARD MEMBER	1.00	Director	$0	$0	$0
GAIL QUAM	BOARD MEMBER	1.00	Director	$0	$0	$0
ALRICKY SMITH	TREASURER	1.00	Officer Director	$0	$0	$0
LARKIN SMITH	BOARD MEMBER	1.00	Director	$0	$0	$0
REBECCA THOMAS	BOARD MEMBER	1.00	Director	$0	$0	$0
KRISTIN VANPRAET	SECRETARY	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	$301,200	$194,867	$1,814,311	$106,333
2024	$430,294	$673,226	$1,725,669	$-242,932
2023	$665,035	$670,318	$1,948,136	$-5,283
2022	$466,226	$476,696	$1,816,498	$-10,470
2021	$356,424	$429,043	$1,840,832	$-72,619
2020	$468,868	$442,748	$1,907,192	$26,120
2019	$381,020	$403,280	$1,856,409	$-22,260

LAKE WALES ARTS COUNCIL INC