ROMARE BEARDEN FOUNDATION 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

2003

Legal Domicile

Principal Officer

TALLAL I ELBOUSHI

Phone

2126659550

Tax Period

2023-01-01 to 2023-12-31

ROMARE BEARDEN FOUNDATION INC, founded in 2003, is a small nonprofit in the Arts, Culture & Humanities sector that reported $604K in total revenue in fiscal year 2023. Revenue surged 22% from the prior year, signaling strong growth momentum. Expenses of $563K left a modest 7% surplus.

Mission

TO PERPETUATE ROMARE BEARDEN'S ARTISTIC AND INTELLECTUAL LEGACIES, AND TO PROMOTE PUBLIC AWARENESS AND APPRECIATION OF THE ARTS.

Program Service Accomplishments

Program 1

Expenses: $126,802 Revenue: $126,802

CATALOGUE RAISONNE PROJECT. PHASE THREE CONTINUES THE PROCESS OF ASSEMBLING MATERIALS AND RESEARCH OF OVER 2,500 WORKS, PHOTOGRAPHING NEW WORKS, VISITING COLLECTORS AND GALLERIES FOR RESEARCH, AND...

CATALOGUE RAISONNE PROJECT. PHASE THREE CONTINUES THE PROCESS OF ASSEMBLING MATERIALS AND RESEARCH OF OVER 2,500 WORKS, PHOTOGRAPHING NEW WORKS, VISITING COLLECTORS AND GALLERIES FOR RESEARCH, AND CONDUCTING ORAL HISTORIES FOR THE ONLINE DIGITAL CATALOGUE PROJECT. PARTNER: WILDENSTEIN PLATTNER INSTITUTE.

Program 2

Expenses: $5,000

THE FOUNDATION DEVELOPED AND PRESENTED SEVERAL PROGRAMS AS PART OF OUR THE "CINQUE ARTIST PROGRAM" ARTIST TALK SERIES PROVIDES A PLATFORM FOR MID- CAREER ARTIST. SPEAKERS ARE PAID AN HONORARIUM -...

THE FOUNDATION DEVELOPED AND PRESENTED SEVERAL PROGRAMS AS PART OF OUR THE "CINQUE ARTIST PROGRAM" ARTIST TALK SERIES PROVIDES A PLATFORM FOR MID- CAREER ARTIST. SPEAKERS ARE PAID AN HONORARIUM - CELEBRATION OF NANETTE ROHAN BEARDEN (JAN 3, 2023); RONNIE PHILLIPS (MARCH 7, 2023); WILLIE COLE (APRIL 26, 2023); YOLENE LEGRAND (MAY 18, 2023); REVISITING SPIRAL WITH ARTIST RICHARD MAYHEW (JULY 27, 2023)

Program 3

Revenue: $32,807

FOUNDATION TRAVELING EXHIBITION SHOWED AT TWO VENUES- LONG ISLAND MUSEUM, STONYBROOK, NY (MAY2023); CLAY ART CENTER, CHARLESTON, WV (NOV 2023); CO- DIRECTORS PERFORMED GALLERY TALK IN CHARLESTON...

FOUNDATION TRAVELING EXHIBITION SHOWED AT TWO VENUES- LONG ISLAND MUSEUM, STONYBROOK, NY (MAY2023); CLAY ART CENTER, CHARLESTON, WV (NOV 2023); CO- DIRECTORS PERFORMED GALLERY TALK IN CHARLESTON, WEST VIRGIINA

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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 $543,759

Program Service Revenue $32,807

Investment Income $116

Other Revenue $27,124

TOTAL REVENUE $603,806

Expense Breakdown

Grants Paid $0

Salaries & Benefits $396,554

Fundraising Expenses $84,067

Program Expenses $368,288

Other Expenses $166,591

TOTAL EXPENSES $563,145

Year-over-Year Comparison

	2023	2022	Change
Revenue	$603,806	$493,006	+0.2%
Expenses	$563,145	$283,009	+1.0%
Net Income	$40,661	$209,997	-0.8%

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

Governance

Voting Members

Independent Members

Employees

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DIANNE WHITFIELD- LOCKE TERM 2023	DIRECTOR	1.00	Director	$0	$0	$0
EMILIE DE BRIGARD	DIRECTOR	1.00	Director	$0	$0	$0
JOHANNE BRYANT-REID	DIRECTOR	1.00	Director	$0	$0	$0
TALLAL I ELBOUSHI	CHAIRMAN	1.00	Officer Director	$0	$0	$0
AKOSUA BARTHWELL EVANS	DIRECTOR	1.00	Director	$0	$0	$0
WALTER EVANS	DIRECTOR	1.00	Director	$0	$0	$0
ALVA G GREENBERG	DIRECTOR	1.00	Director	$0	$0	$0
IRIE HARRIS	DIRECTOR	1.00	Director	$0	$0	$0
RONALD DAVID JACKSON	DIRECTOR	1.00	Director	$0	$0	$0
IMANI LEWIS	TREASURER	1.00	Officer Director	$0	$0	$0
SHEILA ROHAN	DIRECTOR	1.00	Director	$0	$0	$0
ERIC SHINER	DIRECTOR	1.00	Director	$0	$0	$0
MICKELENE THOMAS	DIRECTOR	1.00	Director	$0	$0	$0
RHONDA MIMS	SECRETARY	1.00	Officer	$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	$603,806	$563,145	$2,672,699	$40,661
2022	$493,006	$283,009	$2,730,657	$209,997
2021	$240,778	$259,926	$2,658,009	$-19,148
2020	$114,414	$184,918	$2,047,427	$-70,504
2019	$118,880	$180,866	$2,152,195	$-61,986
2018	$103,971	$196,316	$2,217,029	$-92,345