KALAMAZOO INSTITUTE OF ARTS (EIN 381617060) - 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

1924

Legal Domicile

Principal Officer

PERRY WOLFE

Phone

2693497775

Tax Period

2023-09-01 to 2024-08-31

KALAMAZOO INSTITUTE OF ARTS, founded in 1924, is a community nonprofit in the Arts, Culture & Humanities sector that reported $5.3M in total revenue in fiscal year 2023. Revenue surged 54% from the prior year, signaling strong growth momentum. Net assets of $34.1M represent 78 months of operating reserves.

Mission

TO PROVIDE THE RESIDENTS OF SOUTHWEST MICHIGAN WITH THE OPPORTUNITY TO BOTH APPRECIATE AND CREATE VISUAL ART.

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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 $2,831,926

Program Service Revenue $818,901

Investment Income $1,494,143

Other Revenue $114,781

TOTAL REVENUE $5,259,751

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,287,056

Fundraising Expenses $722,030

Program Expenses $3,834,771

Other Expenses $2,486,775

TOTAL EXPENSES $5,773,831

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,259,751	$3,411,059	+0.5%
Expenses	$5,773,831	$4,494,148	+0.3%
Net Income	$-514,080	$-1,083,089	-0.5%

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

134

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

$471,385

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHELLE HARGRAVE	EXECUTIVE DI	40.00	Officer	$0	$0	$0
CHRISTINE SCHELLER	FINANCE DIRE	40.00	Officer	$0	$0	$0
BELINDA TATE	FORMER ED	40.00	Officer	$309,946	$11,004	$320,950
DREW MCVAY	PAST DIR. OF	40.00	Officer	$80,517	$2,543	$83,060
CARRIE PICKETT-ERWAY	FORMER ED	40.00	Officer	$67,375	$0	$67,375
REHEMA BARBER	CURATORIAL A	40.00	Highest	$104,924	$9,783	$114,707
PERRY WOLFE	CHAIR	1.00	Officer Director	$0	$0	$0
DANIELLE MASON ANDERSON	1ST VICE PRE	1.00	Officer Director	$0	$0	$0
BJORN GREEN	2ND VICE CHA	1.00	Officer Director	$0	$0	$0
SABRINA PRITCHETT-EVANS	TREASURER	1.00	Officer Director	$0	$0	$0
LORI KNAPP	SECRETARY	1.00	Officer Director	$0	$0	$0
JACK MICHAEL	DIRECTOR	1.00	Director	$0	$0	$0
DR VISHAL GUPTA	DIRECTOR	1.00	Director	$0	$0	$0
DR CHERYL DICKSON	DIRECTOR	1.00	Director	$0	$0	$0
DR KEITH KENTER	DIRECTOR	1.00	Director	$0	$0	$0
JAMES LIGGINS JR	DIRECTOR	1.00	Director	$0	$0	$0
INDIA MANNS	DIRECTOR	1.00	Director	$0	$0	$0
IAN KENNEDY	DIRECTOR	1.00	Director	$0	$0	$0
SONYA BERNARD-HOLLINS	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS TURNER	DIRECTOR	1.00	Director	$0	$0	$0
ERIN VISSCHER	DIRECTOR	1.00	Director	$0	$0	$0
DR L MARSHALL WASHINGTON	DIRECTOR	1.00	Director	$0	$0	$0
JAMIE WILLIAMS	DIRECTOR	1.00	Director	$0	$0	$0
JIM STEPHANAK	DIRECTOR	1.00	Director	$0	$0	$0
DEANNE HARTMAN	DIRECTOR	1.00	Director	$0	$0	$0
EMILY LEE	DIRECTOR	1.00	Director	$0	$0	$0
DAVID ALLAN FEASTER	DIRECTOR	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
2025	No data	No data	No data	No data
2024	$5,259,751	$5,773,831	$34,506,303	$-514,080
2023	$3,411,059	$4,494,148	$32,555,064	$-1,083,089
2022	$3,174,337	$3,587,234	$32,825,294	$-412,897
2021	$4,067,933	$3,042,534	$37,022,410	$1,025,399
2020	$3,309,220	$3,536,757	$32,150,435	$-227,537
2019	$2,560,643	$3,914,629	$31,788,647	$-1,353,986
2018	$6,588,612	$3,824,536	$34,074,382	$2,764,076

KALAMAZOO INSTITUTE OF ARTS