THE TOLEDO MUSEUM OF ART

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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

1901

Legal Domicile

Principal Officer

ADAM LEVINE

Phone

4192558000

Tax Period

2024-07-01 to 2025-06-30

THE TOLEDO MUSEUM OF ART, founded in 1901, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $38.0M in total revenue in fiscal year 2024. Revenue surged 42% from the prior year, signaling strong growth momentum. Net assets of $420.5M represent 133 months of operating reserves.

Mission

FOR 124 YEARS, THE TOLEDO MUSEUM OF ART HAS OFFERED FREE ADMISSION TO ONE OF THE WORLD'S GREAT ART COLLECTIONS HOUSED IN ITS GREEK REVIVAL MAIN BUILDING AND THE GLASS PAVILION. THE MUSEUM HAS AN EXTENSIVE EDUCATION PROGRAM, OFFERING CURRICULUM-BASED SCHOOL TOURS AS WELL AS ADULT AND CHILDREN'S ART CLASSES.

Program Service Accomplishments

Program 1

Expenses: $25,542,699 Revenue: $2,625,062

THE TOLEDO MUSEUM OF ART OPERATES AND MAINTAINS ART GALLERIES, STUDIO SPACES AND AN ART LIBRARY FOR THE BENEFIT OF THE GENERAL PUBLIC. THIS INCLUDES EDUCATIONAL SCHOLARSHIP, RESEARCH, CONSERVATION...

THE TOLEDO MUSEUM OF ART OPERATES AND MAINTAINS ART GALLERIES, STUDIO SPACES AND AN ART LIBRARY FOR THE BENEFIT OF THE GENERAL PUBLIC. THIS INCLUDES EDUCATIONAL SCHOLARSHIP, RESEARCH, CONSERVATION, DOCUMENTATION AND PRESENTATION OF A PERMANENT COLLECTION OF ART TOTALING NEARLY 24,700 OBJECTS.

Program 2

Expenses: $2,764,777 Revenue: $664,875

WITH AN EMPHASIS ON ART EDUCATION, THE MUSEUM INTEGRATES ART INTO THE LIVES OF PEOPLE. THE FAMILY CENTER OFFERS ART-BASED ACTIVITIES FREE OF CHARGE. WHILE THERE IS A CHARGE FOR MOST FORMAL CLASSES...

WITH AN EMPHASIS ON ART EDUCATION, THE MUSEUM INTEGRATES ART INTO THE LIVES OF PEOPLE. THE FAMILY CENTER OFFERS ART-BASED ACTIVITIES FREE OF CHARGE. WHILE THERE IS A CHARGE FOR MOST FORMAL CLASSES, THE MUSEUM HAS AN ACTIVE SCHOLARSHIP PROGRAM TO SUPPORT STUDENTS WHO WOULD NOT HAVE THE ACCESS OR MEANS TO PURSUE ART CLASSES. THE MUSEUM ALSO PROVIDES BUS FUNDS TO LOCAL SCHOOLS AND COMMUNITY CENTERS TO ALLOW SCHOOL CHILDREN THE OPPORTUNITY TO TOUR THE MUSEUM IN DOCENT-LED CURRICULUM. FOR THIS REPORTING PERIOD, THE MUSEUM PROVIDED OVER 700 SCHOLARSHIPS TO ITS 2,000 CLASS ATTENDEES AND HOSTED OVER 700 DOCENT-LED TOURS FOR BOTH CHILDREN AND ADULTS, WITH APPROXIMATELY 14,000 ATTENDEES.

Program 3

Expenses: $1,323,712 Revenue: $0

THE MUSEUM ORGANIZES AND PRESENTS SPECIAL EXHIBITIONS OF ITS PERMANENT COLLECTION, HOSTS TRAVELING EXHIBITIONS AND ORGANIZES EXHIBITIONS, SOMETIMES IN COLLABORATION WITH OTHER ART MUSEUMS. THE MUSEUM OFFERS PROGRAMS ASSOCIATED WITH THESE EXHIBITIONS INCLUDING MUSIC, HANDS-ON ACTIVITIES, LECTURES AND OTHER EVENTS THAT ARE AVAILABLE TO THE GENERAL PUBLIC.

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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 $25,033,316

Program Service Revenue $5,010,131

Investment Income $9,050,332

Other Revenue $-1,101,808

TOTAL REVENUE $37,991,971

Expense Breakdown

Grants Paid $183,216

Salaries & Benefits $13,785,999

Fundraising Expenses $2,591,723

Program Expenses $29,631,188

Other Expenses $23,230,880

TOTAL EXPENSES $37,200,095

Year-over-Year Comparison

	2024	2023	Change
Revenue	$37,991,971	$26,811,697	+0.4%
Expenses	$37,200,095	$45,545,663	-0.2%
Net Income	$791,876	$-18,733,966	-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

336

Volunteers

350

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

$1,026,255

Total Directors

Key Employees

$412,772

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RANDY OOSTRA	DIRECTOR	1.00	Director	$0	$0	$0
JOE NAPOLI	DIRECTOR	1.00	Director	$0	$0	$0
SHARON SPEYER	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
THOMAS WINSTON	SECRETARY	1.00	Officer Director	$0	$0	$0
ELIZABETH BRADY	DIRECTOR	1.00	Director	$0	$0	$0
JUDITH HERB	DIRECTOR	1.00	Director	$0	$0	$0
MIKE HYLANT	DIRECTOR	1.00	Director	$0	$0	$0
SUSAN PALMER	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
MIKE THAMAN	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
DAVID KROCK	DIRECTOR	1.00	Director	$0	$0	$0
RITA MANSOUR	DIRECTOR	1.00	Director	$0	$0	$0
PAT BOWE	TREASURER	1.00	Officer Director	$0	$0	$0
RODNEY EASON	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
JAY SECOR	DIRECTOR	1.00	Director	$0	$0	$0
SARA JANE DEHOFF	CHAIRMAN	1.00	Officer Director	$0	$0	$0
CYNTHIA THOMPSON	DIRECTOR	1.00	Director	$0	$0	$0
LISA MCDUFFIE	DIRECTOR	1.00	Director	$0	$0	$0
ROMULES DURANT	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN CHAMBERS	DIRECTOR	1.00	Director	$0	$0	$0
SHANKH MITRA	DIRECTOR THRU 12-31-24	1.00	Director	$0	$0	$0
DR GREGORY POSTEL	DIRECTOR THRU 12-31-24	1.00	Director	$0	$0	$0
DR DIONE SOMERVILLE	DIRECTOR	1.00	Director	$0	$0	$0
MARGY TRUMBULL	DIRECTOR	1.00	Director	$0	$0	$0
JOAQUIN CINTRON-VEGA	DIRECTOR THRU 12-31-24	1.00	Director	$0	$0	$0
MIKE BAUER	DIRECTOR	1.00	Director	$0	$0	$0
MAJIDA MOURAD	DIRECTOR	1.00	Director	$0	$0	$0
PRAKASH KARAMCHANDANI	DIRECTOR	1.00	Director	$0	$0	$0
ANN MCCAULEY	DIRECTOR	1.00	Director	$0	$0	$0
ADAM LEVINE	EXECUTIVE DIRECTOR	70.00	Officer	$565,419	$36,082	$601,501
PATRICIA O'TOOLE	CHIEF FINANCIAL OFFICER	55.00	Officer	$175,647	$15,318	$190,965
JENNIFER MCCARY	CHIEF CULTURE AND BRAND EX	55.00	Officer	$222,607	$11,182	$233,789
ANDREA GARDNER	DEPUTY DIRECTOR	55.00	Key Emp	$172,762	$28,331	$201,093
GARY GONYA	DIRECTOR OF BRAND STRATEGY (END 09-30-24)	55.00	Key Emp	$195,695	$15,984	$211,679
DEB BALL	DIRECTOR OF PEOPLE AND TALENT	55.00	Highest	$122,904	$24,831	$147,735
DIANE WRIGHT	SENIOR CURATOR OF GLASS AND CONTEMP CRAFT	55.00	Highest	$120,303	$13,144	$133,447
RHONDA SEWELL	DIRECTOR OF ADVOCACY AND EXTERNAL AFFAIRS	55.00	Highest	$125,880	$14,445	$140,325
LAURIE FRENCH	DIRECTOR OF IT	55.00	Highest	$114,438	$17,262	$131,700
MARK GOETZ	DIRECTOR OF FINANCE (END 12-31-24)	55.00	Highest	$107,615	$8,716	$116,331

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	$37,991,971	$37,200,095	$451,754,073	$791,876
2024	$26,811,697	$45,545,663	$403,754,328	$-18,733,966
2023	$72,028,653	$29,578,022	$376,222,917	$42,450,631
2022	$28,971,557	$28,692,282	$305,696,186	$279,275
2021	$18,709,059	$19,323,092	$363,312,718	$-614,033
2020	$17,532,700	$23,156,439	$292,072,764	$-5,623,739
2019	$26,475,038	$21,775,558	$300,615,422	$4,699,480
2018	$31,643,464	$21,891,810	$302,315,348	$9,751,654