Arts Midwest Incorporated

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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

1973

Legal Domicile

Principal Officer

Torrie Allen

Phone

6123410755

Tax Period

2024-07-01 to 2025-06-30

Arts Midwest Incorporated, founded in 1973, is a community nonprofit in the Arts, Culture & Humanities sector that reported $7.1M in total revenue in fiscal year 2024. Expenses of $9.6M exceeded revenue, resulting in a 34% operating deficit.

Mission

Arts Midwest works collaboratively with private and public arts supporters to support, inform, and celebrate arts organizations and creative communities across the Midwest. Our mission is to build unprecedented opportunity across the Midwest by advancing creativity.

Program Service Accomplishments

Program 1

Expenses: $3,911,531 Revenue: $368,480

Regional Prosperity: Arts Midwest's Regional Prosperity programs support artists, arts leaders, organizations, and communities throughout the Midwest. Efforts include giving grants for arts events...

Regional Prosperity: Arts Midwest's Regional Prosperity programs support artists, arts leaders, organizations, and communities throughout the Midwest. Efforts include giving grants for arts events and activities; supporting artist tours; offering tools and resources for arts organizations and administrators; and providing services to our member State Arts Agencies.

Program 2

Expenses: $3,458,891

National Initiatives: Arts Midwest partners with the National Endowment for the Arts (NEA) and our five sister U.S. Regional Arts Organizations (USRAOs) to support the national arts sector. We manage two programs on behalf of the NEA: Shakespeare in American Communities and the NEA Big Read. Through these programs, we issue grants to organizations to connect young people with the work of William Shakespeare and conduct community reading programs - bringing high-quality arts activities to communities across the nation. We also work closely with the other five USRAOs to design and implement programs that collectively reach organizations across the United States.

Program 3

Expenses: $437,431

Celebrating Midwestern Creativity: Arts Midwest seeks to amplify Midwestern creativity. To that end, we honor, celebrate, and reward innovative artists and leaders in our region through a series of award programs. These awards recognize folk arts practitioners and culture bearers, disabled visual artists, and entrepreneurial arts administrators. We are also home to a storytelling initiative that amplifies Midwestern creativity. We commission and publish stories that go beyond traditional arts coverage and celebrate creativity in all its forms.

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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 (2024)

Revenue Breakdown

Contributions & Grants $6,293,734

Program Service Revenue $368,480

Investment Income $456,562

Other Revenue $0

TOTAL REVENUE $7,118,776

Expense Breakdown

Grants Paid $5,643,782

Salaries & Benefits $2,351,600

Fundraising Expenses $253,856

Program Expenses $7,807,853

Other Expenses $1,570,405

TOTAL EXPENSES $9,565,787

Year-over-Year Comparison

	2024	2023	Change
Revenue	$7,118,776	$7,338,709	0.0%
Expenses	$9,565,787	$6,473,618	+0.5%
Net Income	$-2,447,011	$865,091	-3.8%

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

$455,026

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Brian Tiemann	Chair (until 6/6/25)	3.00	Officer Director	$0	$0	$0
Gregory Volan	Treasurer/Secretary (thru 11/2024)	3.00	Officer Director	$0	$0	$0
Megan LangleyTreasurer	Secretary (as of 11/2024)	3.00	Officer Director	$0	$0	$0
Andre Perry Vice Chair thru	6/6/2025)/Chair (as of 6/6/25)	3.00	Officer Director	$0	$0	$0
Ailithir McGill	Vice Chair (as of 6/6/25)	3.00	Officer Director	$0	$0	$0
Jane Rasmussen	Member-at-Large (thru 11/2024)	3.00	Director	$0	$0	$0
Dionne Custer Edwards	Director	2.00	Director	$0	$0	$0
Jasmin De Forrest	Director (thru 11/2024)	2.00	Director	$0	$0	$0
Craig Howe	Director (thru 11/2024)	2.00	Director	$0	$0	$0
Mia Khimm	Director	2.00	Director	$0	$0	$0
George Tzougros	Director	2.00	Director	$0	$0	$0
Rishard Allen	Director	2.00	Director	$0	$0	$0
Cari Hatcher	Director	2.00	Director	$0	$0	$0
Christine Her	Director	2.00	Director	$0	$0	$0
Miah Michaelson	Director	2.00	Director	$0	$0	$0
Joe Williams	Director	2.00	Director	$0	$0	$0
Christina Woods	Director	2.00	Director	$0	$0	$0
Amy Spadafore	Director (as of 11/2024)	2.00	Director	$0	$0	$0
Emily Tau	Director (as of 11/2024)	2.00	Director	$0	$0	$0
Samantha Zhang	Director (as of 11/2024)	2.00	Director	$0	$0	$0
Zach Van Harris Jr	Director (as of 11/2024)	2.00	Director	$0	$0	$0
Torrie Allen	President & CEO	50.00	Officer	$233,778	$45,841	$279,619
Katelyn Shehu	Chief Financial Officer	45.00	Officer	$146,031	$29,376	$175,407
Anne Romens	Vice President	45.00	Highest	$125,449	$34,991	$160,440
Emily Anderson	Chief Administrative Officer	45.00	Highest	$100,925	$20,807	$121,732
Ellen Mueller	Director of Programs	45.00	Highest	$101,107	$6,275	$107,382

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	$7,118,776	$9,565,787	$12,028,701	$-2,447,011
2024	$7,338,709	$6,473,618	$14,690,677	$865,091
2023	$9,028,042	$9,421,779	$13,146,086	$-393,737
2022	$7,597,060	$8,599,951	$13,049,827	$-1,002,891
2021	$15,373,717	$9,496,593	$17,037,307	$5,877,124
2020	$11,204,276	$7,578,984	$10,884,327	$3,625,292
2019	$7,100,791	$6,807,906	$6,786,635	$292,885