SUMMIT ARTSPACE

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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

1991

Legal Domicile

Principal Officer

HEATHER MEEKER

Phone

3303768480

Tax Period

2022-07-01 to 2023-06-30

SUMMIT ARTSPACE, founded in 1991, is a small nonprofit in the Arts, Culture & Humanities sector that reported $360K in total revenue in fiscal year 2022. Expenses of $318K left a modest 12% surplus.

Mission

SUMMIT ARTSPACE CONNECTS ARTISTS AND ARTIST-SERVING ORGANIZATIONS TO THE COMMUNITY AND TO THE RESOURCES THEY NEED TO THRIVE PROFESSIONALLY, CREATIVELY, AND FINANCIALLY. ITS CORE VALUES OF CREATIVITY, COLLABORATION, AND COMMUNITY GUIDE THE CURRENT STRATEGIC PLAN, WHICH FOCUSES ON SIX KEY PRIORITY AREAS: 1) SUPPORTING ARTISTS AT ALL LEVELS OF THEIR CREATIVE JOURNEY, 2) ENCOURAGING PARTICIPATION IN THE ARTS THROUGH EDUCATION AND OUTREACH, 3) SERVING AS A VITAL CREATIVE RESOURCE FOR THE COMMUNITY, 4) INCREASING AWARENESS AND VISIBILITY THROUGHOUT THE COMMUNITY, 5) BUILDING FINANCIAL SUSTAINABILITY THROUGH REVENUE GROWTH AND 6) DIVERSIFYING ARTISTS WE SERVE. ADDITIONALLY, SUMMIT ARTSPACE SEEKS TO BUILD PUBLIC AWARENESS CONCERNING THE VALUE OF ARTISTS AS CONTRIBUTORS TO OUR AREA'S CREATIVE ECONOMY, QUALITY OF LIFE, AND PLACE-MAKING FOR THOSE THAT LIVE, WORK OR GO TO SCHOOL IN SUMMIT AND CONTIGUOUS COUNTIES.

Program Service Accomplishments

Program 1

Expenses: $75,676 Revenue: $10,815

SUMMIT ARTSPACE IS HOME TO FIVE GALLERIES: THE TAYLOR MAIN GALLERY, INTERSECTIONS GALLERY, WELCOME GALLERY, HORIZONS GALLERY AND FORUM GALLERY. THESE GALLERIES HOST OVER 25 EXHIBITIONS A YEAR...

SUMMIT ARTSPACE IS HOME TO FIVE GALLERIES: THE TAYLOR MAIN GALLERY, INTERSECTIONS GALLERY, WELCOME GALLERY, HORIZONS GALLERY AND FORUM GALLERY. THESE GALLERIES HOST OVER 25 EXHIBITIONS A YEAR, FEATURING LOCAL ARTISTS AND ENGAGING THOUSANDS OF VISITORS, BOTH IN-PERSON AND VIRTUALLY. QUARTERLY EXHIBITION CYCLES FEATURE A WIDE VARIETY OF ARTISTS AND VISUAL MEDIUMS, AND A COMBINATION OF JURIED, SOLO AND GROUP ARTIST EXHIBITIONS. SUMMIT ARTSPACE MAINTAINS PUBLIC HOURS ON FRIDAYS AND SATURDAYS AND SPECIAL EVENTS. SUMMIT ARTSPACE CURATE SPACES THROUGHOUT THE COMMUNITY TO DISPLAY ART TO OVER 30,000 INDIVIDUALS DURING THEIR DAILY ACTIVITIES.

Program 2

Expenses: $49,858 Revenue: $34,929

PROGRAMS TO ASSIST ARTISTS WITH WRAPAROUND CARE AND PROFESSIONAL SKILLS ARE AN IMPORTANT OPPORTUNITY FOR SUMMIT ARTSPACE TO IMPLEMENT THE AKRON CULTURAL PLAN ACROSS MULTIPLE PRIORITIES, INCLUDING...

PROGRAMS TO ASSIST ARTISTS WITH WRAPAROUND CARE AND PROFESSIONAL SKILLS ARE AN IMPORTANT OPPORTUNITY FOR SUMMIT ARTSPACE TO IMPLEMENT THE AKRON CULTURAL PLAN ACROSS MULTIPLE PRIORITIES, INCLUDING TALENT DEVELOPMENT. A SIGNATURE OFFERING IS ITS ARTIST CARE PROGRAMS (ARTIST LAUNCHPAD, PROFESSIONAL PRACTICE, AND ONE-TO-ONE), WHICH PROVIDE ENTREPRENEURIAL AND SKILL-BUILDING SESSIONS FROM LOCAL ARTISTS AND CONTENT EXPERTS TO SUPPORT ARTISTS AS THEY DEVELOP THEIR PRACTICES. PARTICIPATING ARTISTS REPRESENT MULTIPLE MEDIUMS INCLUDING THEATRE, DANCE AND VISUAL ART. PROGRAMS ARE OFFERED ON A SLIDING SCALE, AND MOST OFFER SCHOLARSHIPS TO PARTICIPANTS WHO REQUIRE FINANCIAL SUPPORT. SUMMIT ARTSPACE ALSO COLLABORATES WITH LOCAL ARTISTS AND ARTS/CULTURE ORGANIZATIONS TO OFFER REHEARSAL, MEETING, INSTRUCTION AND SPACE AT AN IN-KIND OR REDUCED RATE.

Program 3

Expenses: $71,688 Revenue: $85,940

SUMMIT ARTSPACE IS HOME TO NEARLY 30 ARTISTS AND ARTIST-SERVING ORGANIZATIONS FOR WORKING STUDIO SPACE THAT ALLOW ARTISTS TO CREATE WORK AND ENGAGE WITH THE PUBLIC. THE BUILDING, FORMALLY THE...

SUMMIT ARTSPACE IS HOME TO NEARLY 30 ARTISTS AND ARTIST-SERVING ORGANIZATIONS FOR WORKING STUDIO SPACE THAT ALLOW ARTISTS TO CREATE WORK AND ENGAGE WITH THE PUBLIC. THE BUILDING, FORMALLY THE HEADQUARTERS OF THE AKRON BEACON JOURNAL AND THE AKRON PUBLIC LIBRARY, IS OWNED BY THE COUNTY OF SUMMIT, WHICH IS A VALUED PARTNER IN ENSURING FREE AND PUBLIC ACCESS TO THE ARTS. SUMMIT ARTSPACE PRODUCES PUBLIC PROGRAMS THAT ENCOURAGE A ROBUST AND SUSTAINED "EXCHANGE" BETWEEN THE NORTHEAST OHIO RESIDENTS AND SUMMIT COUNTY ARTISTS. OUTCOMES INCLUDE INCREASED ARTS ENGAGEMENT, DIRECT CONNECTIONS WITH LOCAL ARTISTS, AND ARTWORK SALES. EVENTS INCLUDE ARTWALK, ARTIST SUNDAY, THE ARTS ALIVE AWARDS, AND COLLABORATIONS WITH OTHER ORGANIZATIONS SUCH AS JUNIOR LEADERSHIP AKRON AND THE STATE OF OHIO POET LAUREATE.

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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 (2022)

Revenue Breakdown

Contributions & Grants $234,750

Program Service Revenue $131,684

Investment Income $21

Other Revenue $-6,489

TOTAL REVENUE $359,966

Expense Breakdown

Grants Paid $0

Salaries & Benefits $174,972

Fundraising Expenses $40,638

Program Expenses $197,222

Other Expenses $142,728

TOTAL EXPENSES $317,700

Year-over-Year Comparison

	2022	2021	Change
Revenue	$359,966	$347,579	+0.0%
Expenses	$317,700	$354,852	-0.1%
Net Income	$42,266	$-7,273	-6.8%

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

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

$69,197

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
HEATHER MEEKER	EXECUTIVE DI	40.00	Officer	$66,842	$2,355	$69,197
GINA BETTI	TRUSTEE	1.00	Director	$0	$0	$0
LOU CAMERATO	TRUSTEE	1.00	Director	$0	$0	$0
LINDA DIEFENDORFF	TREASURER	2.00	Officer Director	$0	$0	$0
KRISTEN DOWEY	TRUSTEE	1.00	Director	$0	$0	$0
MEGANN EBERHART	TRUSTEE	1.00	Director	$0	$0	$0
JOHN FITZPATRICK	TRUSTEE	1.00	Director	$0	$0	$0
KURT KLEIDON	TRUSTEE	1.00	Director	$0	$0	$0
DIANE LIGHTNER	PRESIDENT	2.00	Officer Director	$0	$0	$0
NIKKI MARCHMON-BOYKIN	TRUSTEE	1.00	Director	$0	$0	$0
JILL OLDHAM	TRUSTEE	1.00	Director	$0	$0	$0
ROBERTA ROGERS	TRUSTEE	1.00	Director	$0	$0	$0
STARLEEN SAULSBERRY	TRUSTEE	1.00	Director	$0	$0	$0
MICHELE SETZER	TRUSTEE, RES	1.00	Director	$0	$0	$0
STEPHANIE SMITH	TRUSTEE	1.00	Director	$0	$0	$0
CRYSTAL SNYDER	TRUSTEE	1.00	Director	$0	$0	$0
KAREN STARR	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL STEEL	VICE PRESIDE	2.00	Officer Director	$0	$0	$0
ROBERT TRATTNER	TRUSTEE	1.00	Director	$0	$0	$0
LARRY TUCKER	SECRETARY	2.00	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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$359,966	$317,700	$327,392	$42,266
2022	$347,579	$354,852	$253,899	$-7,273
2021	$242,438	$203,297	$272,915	$39,141
2020	$165,379	$201,877	$260,576	$-36,498
2018	$217,575	$196,029	$279,774	$21,546