Open Center for the 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

2014

Legal Domicile

Tax Period

2023-10-01 to 2024-09-30

Open Center for the Arts, founded in 2014, is a small nonprofit in the Arts, Culture & Humanities sector that reported $476K in total revenue in fiscal year 2023. Revenue surged 134% from the prior year, signaling strong growth momentum.

Mission

OPENs mission is to provide a space where all can come together to share showcase and refine their artistic talents while connecting their growth to the community.

Program Service Accomplishments

Program 1

Expenses: $172,939 Revenue: $42,221

Artecito is a bimonthly workshop presented via zoom and in person at different community locations This project was created in collaboration with Lincoln Park Zoo and were able to present 26...

Artecito is a bimonthly workshop presented via zoom and in person at different community locations This project was created in collaboration with Lincoln Park Zoo and were able to present 26 workshops in the last calendar year. Participants explore different plants and wildlife through a presentation and reinforced through an Art activity.

Program 2

Expenses: $95,127 Revenue: $0

CommonWealth was OPENs first original theatrical play premiered produced written and directed by Artists Luis Crespo. As part of the development of the script we hosted a series of devising workshops at OPEN and community events for residents to get involved and share narratives and themse that are important in their neighborhood. "CommonWealth"ran for nine performances between April 11-21 at OPEN. The gallery space was transformed and alternative routes were used to get audience members into the stage. The goal was to create an interactive experience where participants could immerse themselves and join in during key moments of the play. Overall it was a great experience and are looking forward to the next one.

Program 3

Expenses: $89,663 Revenue: $0

Carino: Festival de Cine was co-founded with Dos Muchachos Filmworks in 2022. This Festival provides a platform for young filmmakers to showcase short films while having a review pannel of industry experts reviewing and providing feedback of their films. While the two day festival takes place in the fall the preparations start earlier in the year with the Urban Film Crew at OPEN. During the summer months the Urban Film Crew consisting of youth 16-24 explore North Lawndale and South Lawndale to interview residents to foster connections by listening to their stories and hopes for their neighborhood. The interviews were then shaped into a documentary that was presented during the festival.

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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 $428,907

Program Service Revenue $46,836

Investment Income $0

Other Revenue $0

TOTAL REVENUE $475,743

Expense Breakdown

Grants Paid $0

Salaries & Benefits $253,927

Fundraising Expenses $58,364

Program Expenses $357,729

Other Expenses $210,052

TOTAL EXPENSES $463,979

Year-over-Year Comparison

	2023	2022	Change
Revenue	$475,743	$202,960	+1.3%
Expenses	$463,979	$282,972	+0.6%
Net Income	$11,764	$-80,012	-1.1%

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

N/A

Volunteers

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Jorge Magana	Executive Director	40.00	Officer	$0	$0	$0
Ivan Torres	Board Member	5.00	Officer	$0	$0	$0
Carmen Vergara	Board Member	5.00	Officer	$0	$0	$0
Reyna Hernandez	Board Member	5.00	Officer	$0	$0	$0
Jaime Arteaga	Board Member	5.00	Officer	$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	$475,743	$463,979	$36,074	$11,764
2023	$289,136	$290,429	$24,310	$-1,293
2022	$202,960	$282,972	$1,177	$-80,012