FESTIVAL OF THE ARTS IN GRAND RAPID

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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

2002

Legal Domicile

Principal Officer

BAIRD HAWKINS

Phone

6164591300

Tax Period

2022-10-01 to 2023-09-30

FESTIVAL OF THE ARTS IN GRAND RAPID, founded in 2002, is a small nonprofit in the Arts, Culture & Humanities sector that reported $247K in total revenue in fiscal year 2022. Revenue decreased 8% compared to the prior year. Expenses of $424K exceeded revenue, resulting in a 72% operating deficit.

Mission

THE FESTIVAL OF THE ARTS IN GRAND RAPIDS PURPOSE IS TO BRING VARIOUS TYPES OF ARTS TO THE CITY OF GRAND RAPIDS, MI.

Program Service Accomplishments

Program 1

Expenses: $309,785

THE FESTIVAL OF THE ARTS GRAND RAPIDS - AN ANNUAL ART FESTIVAL THAT IS HELD IN DOWNTOWN GRAND RAPIDS, MI. IT IS WEST MICHIGAN'S LARGEST SHOWCASE OF ARTS AND CULTURE, ALSO IT IS GRAND RAPIDS' BIGGEST...

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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 $135,144

Program Service Revenue $111,634

Investment Income $0

Other Revenue $0

TOTAL REVENUE $246,778

Expense Breakdown

Grants Paid $0

Salaries & Benefits $61,189

Fundraising Expenses $3,499

Program Expenses $309,785

Other Expenses $359,671

TOTAL EXPENSES $424,359

Year-over-Year Comparison

	2022	2021	Change
Revenue	$246,778	$266,955	-0.1%
Expenses	$424,359	$337,576	+0.3%
Net Income	$-177,581	$-70,621	+1.5%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARK AZKOUL	DIRECTOR	1.00	Director	$0	$0	$0
MAYOR ROSILYN BLISS	EX OFFICIO	N/A	Director	$0	$0	$0
ANDRIENNE BROWN-REASNER	DIRECTOR	1.00	Officer Director	$0	$0	$0
MISSY BUSH	DIRECTOR	1.00	Director	$0	$0	$0
ALYNN GUERRA	DIRECTOR	1.00	Director	$0	$0	$0
BAIRD HAWKINS	CHAIR	1.00	Officer Director	$0	$0	$0
JEFF KACZMARCZYK	SECRETARY	1.00	Officer Director	$0	$0	$0
KEN KNIGHT	DIRECTOR	1.00	Director	$0	$0	$0
DOUG MATTHEWS	DIRECTOR	1.00	Director	$0	$0	$0
STEPHANIE NAITO	DIRECTOR	1.00	Director	$0	$0	$0
MELISSA SUMMERS	DIRECTOR	2.00	Director	$0	$0	$0
EDDIE TADLOCK	VICE CHAIR	1.00	Director	$0	$0	$0
GLEN DEL VECCHIO	DIRECTOR	1.00	Director	$0	$0	$0
TOM VITALE	DIRECTOR	1.00	Director	$0	$0	$0
JANA WALLACE	TREASURER	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
2023	$246,778	$424,359	$161,448	$-177,581
2022	$266,955	$337,576	$344,769	$-70,621
2021	$278,418	$215,728	$263,163	$62,690
2020	$227,091	$137,831	$198,375	$89,260
2019	$391,326	$428,030	$108,427	$-36,704
2018	$256,526	$254,709	$144,443	$1,817