THE ARTS OF LIFE 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

1999

Legal Domicile

Principal Officer

JULIE GUSTAFSON

Phone

3128292787

Tax Period

2024-07-01 to 2025-06-30

THE ARTS OF LIFE INC, founded in 1999, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.3M in total revenue in fiscal year 2024.

Mission

ARTS OF LIFE SUPPORTS OVER 60 ADULT ARTISTS WITH DISABILITIES AT TWO COLLECTIVE ART STUDIOS IN THE CHICAGOLAND AREA. STUDIO PROGRAMMING IS DICTATED BY THE SPECIFIC INTERESTS AND TALENTS OF OUR ARTISTS, WHO WORK COLLABORATIVELY WITH VOLUNTEERS AND STAFF TO MANAGE AND DEVELOP THE STUDIO. WE ARE GUIDED BY THE PRINCIPLES THAT ALL ARTISTS, REGARDLESS OF DISABILITY, SHOULD HAVE THE OPPORTUNITY TO BE MEMBERS OF AN ARTISTIC COMMUNITY THAT 1)DEVELOPS ORGANICALLY BASED ON THEIR INDIVIDUAL AND COLLECTIVE NEEDS; 2)IS CONSTANTLY SHAPED BY THEIR OPINIONS, CHOICES, AND INTERESTS; AND 3)CONTRIBUTES TO THE LARGER ARTS COMMUNITY AND SOCIETY IN GENERAL.

Program Service Accomplishments

Program 1

Expenses: $1,875,177 Revenue: $1,209,611

THE ORGANIZATION PROVIDES HIGH QUALITY, INNOVATIVE SERVICES THROUGH THE ARTS TO INTELLECTUAL AND DEVELOPMENTALLY DISABLED ADULTS IN THE CHICAGOLAND AREA.

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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 $1,045,805

Program Service Revenue $1,190,196

Investment Income $1,836

Other Revenue $71,514

TOTAL REVENUE $2,309,351

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,693,768

Fundraising Expenses $394,612

Program Expenses $1,875,177

Other Expenses $763,860

TOTAL EXPENSES $2,457,628

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,309,351	$2,236,950	+0.0%
Expenses	$2,457,628	$2,398,510	+0.0%
Net Income	$-148,277	$-161,560	-0.1%

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
JULIE GUSTAFSON	PRESIDENT	2.00	Officer Director	$0	$0	$0
RACHEL MARTELL	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
MATT MICHRINA	TREASURER	2.00	Officer Director	$0	$0	$0
JOE MCLLHATTAN	SECRETARY	2.00	Officer Director	$0	$0	$0
PATTY KLINGBIEL	DIRECTOR	2.00	Director	$0	$0	$0
JOHN TROXEL-CZMYR	DIRECTOR	2.00	Director	$0	$0	$0
SARAH RIDDELL	DIRECTOR	2.00	Director	$0	$0	$0
CORTNEY LEDERER	DIRECTOR	2.00	Director	$0	$0	$0
SEAN HICKS	DIRECTOR	2.00	Director	$0	$0	$0
JEFF GOLDBERG	DIRECTOR	2.00	Director	$0	$0	$0
JENNIFER MASI	DIRECTOR	2.00	Director	$0	$0	$0
PATRICIA CHRISTENSEN-REES	DIRECTOR	2.00	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	$2,309,351	$2,457,628	$927,139	$-148,277
2024	$2,236,950	$2,398,510	$992,510	$-161,560
2023	$1,746,616	$1,737,602	$873,963	$9,014
2022	$1,651,270	$1,385,639	$862,987	$265,631
2021	$1,232,153	$970,445	$595,747	$261,708
2020	$970,408	$949,211	$446,809	$21,197