GRAND RAPIDS ART MUSEUM FOUNDATION

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1991

Legal Domicile

Principal Officer

CINDY MEYERS FOLEY

Phone

6168312904

Tax Period

2023-10-01 to 2024-09-30

GRAND RAPIDS ART MUSEUM FOUNDATION, founded in 1991, is a small nonprofit in the Arts, Culture & Humanities sector that reported $837K in total revenue in fiscal year 2023. Expenses of $1.8M exceeded revenue, resulting in a 112% operating deficit.

Mission

TO PROVIDE FINANCIAL SUPPORT FOR THE GRAND RAPIDS ART MUSEUM.

Program Service Accomplishments

Program 1

Expenses: $1,679,200

TO PROVIDE FINANCIAL SUPPORT FOR THE GRAND RAPIDS ART MUSEUM'S OPERATIONS AND SPECIAL PROJECTS. THE GRAND RAPIDS ART MUSEUM FOUNDATION WAS FORMED TO GENERATE AND RECEIVE CONTRIBUTIONS OF PROPERTY OF ANY KIND, BOTH REAL AND PERSONAL, GIVEN TO IT, AND TO ADMINISTER SUCH PROPERTY IN A MANNER CONSISTENT WITH AND IN SUPPORT OF THE PRINCIPLES, OBJECTIVES AND PROGRAMS OF THE GRAND RAPIDS ART MUSEUM BY PROVIDING FINANCIAL SUPPORT FOR ITS OPERATIONS AND SPECIAL PROJECTS. THE FUNDS COLLECTED ARE SUBJECT TO DONOR RESTRICTIONS, WHICH REQUIRE THAT THE PRINCIPAL IS INVESTED AND THE INCOME DERIVED FROM INVESTMENTS BE USED FOR SUPPORT OF THE GRAND RAPIDS ART MUSEUM OPERATIONS.

🔒

Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

Sign in to view Trantor Score and financial metrics

Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $61,581

Program Service Revenue $0

Investment Income $775,890

Other Revenue $0

TOTAL REVENUE $837,471

Expense Breakdown

Grants Paid $1,679,200

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $1,679,200

Other Expenses $97,357

TOTAL EXPENSES $1,776,557

Year-over-Year Comparison

	2023	2022	Change
Revenue	$837,471	$798,932	+0.0%
Expenses	$1,776,557	$1,079,053	+0.6%
Net Income	$-939,086	$-280,121	+2.4%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

🔒

Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

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	2.00	Officer	$0	$28,431	$169,531
LAURETTA K MURPHY	PRESIDENT	2.00	Officer Director	$0	$0	$0
JIM OVERBECK	SECRETARY/TR	1.00	Officer Director	$0	$0	$0
THOMAS A DEMEESTER	BOARD MEMBER	1.00	Director	$0	$0	$0
WILLIAM LOWRY	BOARD MEMBER	1.00	Director	$0	$0	$0
JANET NISBETT	BOARD MEMBER	1.00	Director	$0	$0	$0
DOUGLAS PADNOS	BOARD MEMBER	1.00	Director	$0	$0	$0
JEFF SMITH	BOARD MEMBER	1.00	Director	$0	$0	$0
CORINNE SPRAGUE	BOARD MEMBER	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
2024	$837,471	$1,776,557	$26,683,490	$-939,086
2023	$798,932	$1,079,053	$23,008,034	$-280,121
2022	$953,673	$979,027	$21,257,299	$-25,354
2021	$1,462,954	$93,122	$26,204,075	$1,369,832
2020	$665,788	$103,017	$21,411,738	$562,771
2019	$804,873	$98,530	$20,461,672	$706,343
2018	$819,147	$729,534	$19,852,356	$89,613