GRAND RAPIDS ART MUSEUM (EIN 381387136) - Form 990 Financial Analysis & Trantor Score

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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

1910

Legal Domicile

Principal Officer

CINDY MEYERS FOLEY

Phone

6168312904

Tax Period

2023-10-01 to 2024-09-30

GRAND RAPIDS ART MUSEUM, founded in 1910, is a community nonprofit in the Arts, Culture & Humanities sector that reported $5.0M in total revenue in fiscal year 2023. Expenses of $7.9M exceeded revenue, resulting in a 58% operating deficit.

Mission

CONNECTING PEOPLE THROUGH ART, CREATIVITY, AND DESIGN.

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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 (2023)

Revenue Breakdown

Contributions & Grants $4,233,059

Program Service Revenue $388,142

Investment Income $8,907

Other Revenue $375,621

TOTAL REVENUE $5,005,729

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,586,713

Fundraising Expenses $594,020

Program Expenses $4,347,655

Other Expenses $5,206,261

TOTAL EXPENSES $7,913,741

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,005,729	$4,844,303	+0.0%
Expenses	$7,913,741	$7,892,423	+0.0%
Net Income	$-2,908,012	$-3,048,120	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

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

$169,531

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CINDY MEYERS FOLEY	DIRECTOR AND	38.00	Officer	$141,100	$28,431	$169,531
ERIN GRAVELYN	PRESIDENT	3.00	Officer Director	$0	$0	$0
LIZBETH O'SHAUGHNESSY	VICE-PRESIDE	3.00	Officer Director	$0	$0	$0
JIM OVERBECK	SECRETARY/TR	1.00	Officer Director	$0	$0	$0
SCOTT BRANC	TRUSTEE	1.00	Director	$0	$0	$0
PAT BREWER	TRUSTEE	1.00	Director	$0	$0	$0
JUDY TYNER	TRUSTEE	1.00	Director	$0	$0	$0
MEG GOEBEL	TRUSTEE	1.00	Director	$0	$0	$0
JEFFERY GURNEY	TRUSTEE	1.00	Director	$0	$0	$0
INDIA MANNS	TRUSTEE	1.00	Director	$0	$0	$0
JANE BOYLES MEILNER	TRUSTEE	1.00	Director	$0	$0	$0
STEPHANIE NAITO	TRUSTEE	1.00	Director	$0	$0	$0
ALFIELD REEVES	TRUSTEE	1.00	Director	$0	$0	$0
CHRISTOPHER ROSMARIN	TRUSTEE	1.00	Director	$0	$0	$0
CAROL SAROSIK	TRUSTEE	1.00	Director	$0	$0	$0
JAMES SCHIPPER	TRUSTEE	1.00	Director	$0	$0	$0
ALEXANDER THIBODEAU	TRUSTEE	1.00	Director	$0	$0	$0
MITCHELL WATT	TRUSTEE	1.00	Director	$0	$0	$0
SHELLY BARNETTE-DAWSON	DEP DIR FOR	40.00	Highest	$106,939	$30,648	$137,587

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
2024	$5,005,729	$7,913,741	$61,955,134	$-2,908,012
2023	$4,844,303	$7,892,423	$65,451,844	$-3,048,120
2022	$10,952,010	$7,266,158	$68,920,116	$3,685,852
2021	$12,119,660	$6,233,946	$63,932,796	$5,885,714
2020	$2,966,437	$6,577,380	$67,664,552	$-3,610,943
2019	$4,229,983	$7,647,234	$70,908,082	$-3,417,251
2018	$9,555,790	$7,410,221	$74,476,420	$2,145,569

GRAND RAPIDS ART MUSEUM