MUSKEGON MUSEUM OF ART FOUNDATION (EIN 383402560) - 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

1984

Legal Domicile

Principal Officer

FRANK BEDNAREK

Phone

2317202573

Tax Period

2023-07-01 to 2024-06-30

MUSKEGON MUSEUM OF ART FOUNDATION, founded in 1984, is a community nonprofit in the Philanthropy & Grantmaking sector that reported $2.7M in total revenue in fiscal year 2023. Revenue fell 55% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $778K, a strong 29% operating margin.

Mission

THE MUSKEGON MUSEUM OF ART FOUNDATION IS A NOT-FOR-PROFIT ORGANIZATION WHOSE PURPOSE IS TO PROMOTE UNDERSTANDING, EDUCATION, AND ENJOYMENT OF FINE ART TO THE CITIZENS OF MUSKEGON COUNTY AND ALL OF WEST MICHIGAN.

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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 $1,613,503

Program Service Revenue $313,350

Investment Income $365,889

Other Revenue $405,838

TOTAL REVENUE $2,698,580

Expense Breakdown

Grants Paid $0

Salaries & Benefits $988,213

Fundraising Expenses $170,475

Program Expenses $1,458,612

Other Expenses $932,683

TOTAL EXPENSES $1,920,896

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,698,580	$5,991,219	-0.5%
Expenses	$1,920,896	$2,042,499	-0.1%
Net Income	$777,684	$3,948,720	-0.8%

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

$116,311

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
FRANK BEDNAREK	CHAIRMAN	2.00	Officer Director	$0	$0	$0
KIMBERLY VAN KAMPEN	VICE-CHAIR	2.00	Officer Director	$0	$0	$0
MIKE OLTHOFF	2ND VICE CHA	2.00	Officer Director	$0	$0	$0
JOHN PRIDNIA	TREASURER	2.00	Officer Director	$0	$0	$0
CLAUDIA BERRY	SECRETARY	2.00	Officer Director	$0	$0	$0
NANCY CRANDALL	TRUSTEE	1.00	Director	$0	$0	$0
GAYLE DAVIS	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT DUBAULT	TRUSTEE	1.00	Director	$0	$0	$0
AMY HEISSER	TRUSTEE	1.00	Director	$0	$0	$0
ERIC RINGELBERG	TRUSTEE	1.00	Director	$0	$0	$0
JOHN SWANSON	TRUSTEE	1.00	Director	$0	$0	$0
JONATHAN WILSON	TRUSTEE	1.00	Director	$0	$0	$0
CHRIS WITHAM	TRUSTEE	1.00	Director	$0	$0	$0
KIRK HALLMAN	EXECUTIVE DI	40.00	Officer	$111,010	$5,301	$116,311

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	$2,698,580	$1,920,896	$22,515,826	$777,684
2023	$5,991,219	$2,042,499	$19,565,762	$3,948,720
2022	$6,428,246	$1,832,250	$15,356,338	$4,595,996
2021	$6,251,888	$1,406,341	$11,454,815	$4,845,547
2020	$1,366,370	$1,393,308	$6,392,956	$-26,938
2019	$1,550,735	$1,600,078	$6,267,858	$-49,343

MUSKEGON MUSEUM OF ART FOUNDATION