THE FINE ARTS ASSOCIATION

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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

1957

Legal Domicile

Principal Officer

NOELLE SIERADZKI

Phone

4409517500

Tax Period

2024-08-01 to 2025-07-31

THE FINE ARTS ASSOCIATION, founded in 1957, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.6M in total revenue in fiscal year 2024. Revenue decreased 7% compared to the prior year. Expenses of $2.9M exceeded revenue, resulting in a 12% operating deficit.

Mission

OUR MISSION: CREATE AND DISCOVER BEAUTY TO FOSTER A COMMUNITY EMPOWERED BY THE ARTS. THIS REFLECTS OUR HIGHEST ASPIRATIONS FOR OUR ORGANIZATION AS WE STRIVE FOR ARTISTIC EXCELLENCE AND REPRESENTS THE PEDAGOGICAL PRINCIPAL IN ALL OUR EDUCATIONAL PROGRAMS AND PERFORMANCES. WE USE THIS STATEMENT PROVOCATIVELY UNDERSTANDING THAT THE WORD BEAUTY IS A SUBJECTIVE CONCEPT. YET WE SEE BEAUTY IN MUCH MORE THAN THE ART ITSELF. WE SEE BEAUTY IN THE PROCESS OF CREATION AND DISCOVERY. WE SEE BEAUTY WHEN A CHILD LEARNS HOW TO MAKE THEIR FIRST SOUND ON A FLUTE OR PAINTS THEIR FIRST PICTURE. WE SEE BEAUTY WHEN A PREVIOUSLY SHY STUDENT CAN DELIVER THEIR FIRST LINES ON STAGE. WE SEE BEAUTY WHEN A CHILD STRUGGLING WITH EMOTIONAL OR COMMUNICATION CHALLENGES CAN POSITIVELY EXPRESS THEMSELVES AND WHAT THEY FEEL THROUGH MUSIC OR ART THERAPY. WE SEE BEAUTY IN THE INSPIRATION OUR STUDENTS, TEACHERS, PERFORMERS, AND CLIENTS PROVIDE AND THE ASPIRATIONS THEY HOLD ONTO FIRMLY. WE SEE BEAUTY IN EVERYONE AND THE POTE

Program Service Accomplishments

Program 1

Expenses: $2,610,205 Revenue: $1,921,748

THE FINE ARTS ASSOCIATION (FAA) WAS FOUNDED IN 1957 TO BRING QUALITY ARTS PROGRAMMING TO NORTHEAST OHIO. OUR PROFESSIONAL FACULTY OF TEACHING ARTISTS PROVIDE INSTRUCTION IN VISUAL ARTS, MUSIC, DANCE AND THEATRE THROUGH CLASSES AND PRIVATE LESSONS, BOTH ONSITE AND OFFSITE. DURING THE SUMMER MONTHS, CAMPS ARE OFFERED IN MANY DISCIPLINES. STUDENTS ARE GIVEN THE OPPORTUNITY TO PERFORM AT RECITALS AND SHARE DAYS THROUGHOUT THE YEAR. ADDITIONALLY, FAA OFFERS GROUP AND INDIVIDUAL SERVICES IN BOTH MUSIC AND ARTS THERAPIES ALONG WITH ADAPTED PROGRAMMING AND SPECIALIZED WORKSHOPS. OFF-SITE CREATIVE ARTS THERAPIES SERVICES ARE AVAILABLE TO PRESCHOOLS, PRIVATE/PUBLIC SCHOOLS, NURSING HOMES, HOSPITALS, AND OTHER COMMUNITY-BASED AGENCIES, TAILORED TO THEIR SPECIFIC NEEDS. OVER 1,800 PEOPLE OF ALL AGES CURRENTLY PARTICIPATE IN OUR EDUCATION AND CREATIVE ARTS THERAPIES PROGRAMS. FAA PRODUCES FOUR THEATRE PRODUCTIONS EACH YEAR, WITH AT LEAST ONE GEARED TOWARDS FAMILIES. ONE PERFORMANCE OF EACH PRODUCTION IS SENSORY-FRIENDLY. WE OFFER A SERIES OF FREE PERFORMANCES FEATURING OUR FACULTY ALONG WITH COMMUNITY MUSICIANS. THERE ARE CONCERTS THROUGHOUT THE YEAR BY BOTH OUR COMMUNITY CHORUS AND COMMUNITY WIND ENSEMBLE AND WE HOST "TUBA CHRISTMAS" EACH DECEMBER INVOLVING MUSICIANS FROM ACROSS THE REGION. WE ALSO PRODUCE OTHER DANCE SHOWCASES IN THE WINTER AND SPRING ATTRACTING HUNDREDS OF FAMILY AND COMMUNITY MEMBERS. ANNUALLY, MORE THAN 14,000 PEOPLE ARE REACHED THROUGH OUR VARIOUS RECITALS AND PERFORMANCES.

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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 $448,105

Program Service Revenue $1,921,748

Investment Income $222,782

Other Revenue $0

TOTAL REVENUE $2,592,635

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,998,415

Fundraising Expenses $147,379

Program Expenses $2,610,205

Other Expenses $894,982

TOTAL EXPENSES $2,893,397

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,592,635	$2,777,326	-0.1%
Expenses	$2,893,397	$3,083,187	-0.1%
Net Income	$-300,762	$-305,861	0.0%

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

111

Volunteers

200

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

$121,622

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PAUL HOLM	FORMER CEO	40.00	Officer	$121,622	$0	$121,622
ERIC BARBE	PRESIDENT	1.00	Officer Director	$0	$0	$0
STEPHEN BAUM	DIRECTOR	1.00	Director	$0	$0	$0
TERI DANIEL CUTTS	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN FIFE	DIRECTOR	1.00	Director	$0	$0	$0
ROBIN HOPKINS	DIRECTOR	1.00	Director	$0	$0	$0
JACK KAPALKA	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL LAURIO	ASST TREASUR	1.00	Officer Director	$0	$0	$0
DANA LUTZ	DIRECTOR	1.00	Director	$0	$0	$0
TONYA MAROUS	DIRECTOR	1.00	Director	$0	$0	$0
LAURIE PRINCIPE	DIRECTOR	1.00	Director	$0	$0	$0
LORETTA RANDOLPH	DIRECTOR	1.00	Director	$0	$0	$0
TERESA REID	DIRECTOR	1.00	Director	$0	$0	$0
RANDALL SHARPE	DIRECTOR	1.00	Director	$0	$0	$0
NOELLE SIERADZKI	CURRENT PRES	1.00	Officer Director	$0	$0	$0
ROY SMITH	TREASURER	1.00	Officer Director	$0	$0	$0
DAVID STEGER	SECRETARY	1.00	Officer Director	$0	$0	$0
JESSE STYLES	DIRECTOR	1.00	Director	$0	$0	$0
ELENI VOSICKY	DIRECTOR	1.00	Director	$0	$0	$0
ERICA WIGTON	DIRECTOR	1.00	Director	$0	$0	$0
EMILY ZOCCHI	DIRECTOR	1.00	Director	$0	$0	$0
JENNIFER HALAPY	DIRECTOR	1.00	Director	$0	$0	$0
JOHN ROGERS	CURRENT TREA	1.00	Director	$0	$0	$0
JOHN ROGERS	DIRECTOR	1.00	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
2025	$2,592,635	$2,893,397	$5,581,179	$-300,762
2024	$2,777,326	$3,083,187	$6,114,923	$-305,861
2023	$2,487,056	$2,516,596	$6,486,020	$-29,540
2022	$1,634,832	$2,218,387	$5,808,862	$-583,555
2021	$1,367,391	$1,844,515	$6,805,041	$-477,124
2020	$1,750,900	$2,041,420	$6,475,358	$-290,520
2019	$1,800,991	$1,895,363	$6,621,737	$-94,372
2018	$1,723,600	$1,934,503	$6,586,172	$-210,903