KALAMAZOO INSTITUTE OF ARTS

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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.

Program Service Accomplishments

Program 1

Expenses: $1,650,055 Revenue: $769,872

SCHOOL PROGRAMS INCLUDE CLASSES OF ART CREATION FOR STUDENTS RANGING FROM PRE-SCHOOL TO SENIOR CITIZENS. THE SCHOOL INCLUDES MANY AREAS RANGING FROM TWO-DIMENSIONAL MEDIA INCLUDING DESIGN, DRAWING...

SCHOOL PROGRAMS INCLUDE CLASSES OF ART CREATION FOR STUDENTS RANGING FROM PRE-SCHOOL TO SENIOR CITIZENS. THE SCHOOL INCLUDES MANY AREAS RANGING FROM TWO-DIMENSIONAL MEDIA INCLUDING DESIGN, DRAWING, PAINTING, PHOTOGRAPHY, WEAVING, AND PRINTMAKING. THE PROGRAM INCLUDES THREEDIMENSIONAL MEDIA INCLUDING GLASS, JEWELRY, SCULPTURE, AND CERAMICS. CREATIVE WRITING AND WELLNESS HAVE BEEN ADDED TO THE SELECTION OF CLASSES. THE HOLIDAY SALE IS A THREE-DAY EVENT FEATURING CREATIONS OF OVER 170 LOCAL ARTISTS WHO TEACH OR ATTEND THE SCHOOL.

Program 2

Expenses: $1,554,491 Revenue: $49,029

EXHIBITS AND PERMANENT COLLECTION INCLUDE FINE ART EXHIBITS FROM AROUND THE WORLD, FEATURED IN VARIOUS GALLERIES. ALSO ON EXHIBIT ARE WORKS FROM OVER 4,700 PIECES IN THE PERMANENT COLLECTION. THE...

EXHIBITS AND PERMANENT COLLECTION INCLUDE FINE ART EXHIBITS FROM AROUND THE WORLD, FEATURED IN VARIOUS GALLERIES. ALSO ON EXHIBIT ARE WORKS FROM OVER 4,700 PIECES IN THE PERMANENT COLLECTION. THE STRENGTH OF THE KIA'S PERMANENT COLLECTION IS AMERICAN ART, FROM EIGHTEENTH AND NINETEENTH- CENTURY PORTRAITURE AND LANDSCAPE PAINTING TO MODERN AND CONTEMPORARY ABSTRACTION AND FIGURATIVE WORKS.

Program 3

Expenses: $553,545

MUSEUM EDUCATION PROMOTES THE UNDERSTANDING OF THE VISUAL ARTS FOR ALL AGES, BACKGROUNDS, AND ABILITIES THROUGH TOURS, PROGRAMS, AND A RESEARCH LIBRARY. GUIDED TOURS FOR ALL AUDIENCES ARE AVAILABLE UPON REQUEST AND INCLUDE TOURS PLUS A HANDS-ON ART EXPERIENCES AND TOURS FOR INDIVIDUALS WITH SPECIAL NEEDS. OTHER PROGRAMS PERTINENT TO EXHIBITIONS AND COLLECTION OBJECTS ON DISPLAY INCLUDE A WEEKLY ARTBREAK SERIES FEATURING SPEAKERS AND VIDEOS ON ART-RELATED TOPICS, A MONTHLY ART DETECTIVES PROGRAMS FOR AGES 4 -8, BOOK DISCUSSIONS, AND COMMUNITYFOCUSED COLLABORATIVE EVENING PROGRAMS. MUSEUM EDUCATION ALSO COORDINATES ANNUAL EXHIBITIONS OF K-8 AND HIGH SCHOOL ART AND AN ANNUAL HIGH SCHOOL PORTFOLIO DAY.

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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