FARIBAULT ART CENTER INC

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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

1965

Legal Domicile

Principal Officer

MATTHEW LONG

Phone

5073327372

Tax Period

2024-01-01 to 2024-12-31

FARIBAULT ART CENTER INC, founded in 1965, is a small nonprofit in the Arts, Culture & Humanities sector that reported $467K in total revenue in fiscal year 2024. Revenue fell 40% from the prior year — a significant decline worth monitoring. Net assets of $1.2M represent 32 months of operating reserves.

Mission

ART FACILITY AVAILABLE TO THE PUBLIC PROVIDING CLASSES AND PROMOTING ARTS THROUGH EXHIBITS, FESTIVALS, PLAY PRODUCTIONS, AND OTHER PROGRAMS.

Program Service Accomplishments

Program 1

Expenses: $398,846

THEATRICAL PRODUCTIONS AND EVENTS: PROVIDE COMMUNITY THEATER TO ALLOW MEMBERS OF THE COMMUNITY THE OPPORTUNITY TO PARTICIPATE IN LOCAL PRODUCTIONS. PROVIDE A VENUE FOR COMMUNITY GROUPS TO HAVE SHOWS AND EVENTS. PROVIDE A VENUE FOR THE PRODUCTIONS OF NON-PROFIT THEATER GROUPS. PROVIDE A VENUE FOR CONCERTS, COMMUNITY TALENT SHOWS, AND OTHER ART EXPERIENCES FOR THE COMMUNITY. 8829 TICKETS WERE SOLD IN 2024. OVERALL OVER 12,000 PEOPLE PARTICIPATED ACROSS ALL PROGRAMMING (FREE AND TICKED).

Program 2

Expenses: $19,613

ART CLASSES: PROVIDE ACCESS TO VISUAL AND PERFORMING ARTS CLASSES FOR COMMUNITY MEMBERS INCLUDING CLASSES FOR AT- RISK YOUTH AND THE UNDERSERVED POPULATIONS. 227 STUDENTS ENRAOLLED IN 2024.

Program 3

Expenses: $9,667

ART GALLERY: PROVIDE A GALLERY FOR LOCAL ARTISTS TO DISPLAY THEIR WORK AND TO ASSIST THESE ARTISTS IN THEIR DEVELOPMENT, BOTH AS ARTISTS AND IN BUILDING CAREERS IN THOSE FIELDS. THE GALLERY ALSO...

ART GALLERY: PROVIDE A GALLERY FOR LOCAL ARTISTS TO DISPLAY THEIR WORK AND TO ASSIST THESE ARTISTS IN THEIR DEVELOPMENT, BOTH AS ARTISTS AND IN BUILDING CAREERS IN THOSE FIELDS. THE GALLERY ALSO SERVES AS A TEACHING TOOL FOR LOCAL STUDENTS TO STUDY ART TECHNIQUES AND METHODS.

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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 $215,170

Program Service Revenue $240,944

Investment Income $2,228

Other Revenue $9,131

TOTAL REVENUE $467,473

Expense Breakdown

Grants Paid $850

Salaries & Benefits $162,961

Fundraising Expenses $3,623

Program Expenses $455,840

Other Expenses $325,225

TOTAL EXPENSES $489,036

Year-over-Year Comparison

	2024	2023	Change
Revenue	$467,473	$774,274	-0.4%
Expenses	$489,036	$526,609	-0.1%
Net Income	$-21,563	$247,665	-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

Volunteers

606

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

$61,040

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JULIE FAKLER	EXECUTIVE DI	40.00	Officer	$61,040	$0	$61,040
GARRET FITZGERALD	BOARD MEMBER	1.00	Director	$0	$0	$0
TODD GINTER	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
WANDA HOLMGREN	BOARD MEMBER	1.00	Director	$0	$0	$0
VICKI KANNE	BOARD MEMBER	1.00	Director	$0	$0	$0
MATTHEW LONG	PRESIDENT	1.00	Officer Director	$0	$0	$0
ROSEMARIE MARRACCINI	BOARD MEMBER	1.00	Director	$0	$0	$0
KANDICE NELSON	BOARD MEMBER	1.00	Director	$0	$0	$0
KELLY NYGAARD	BOARD MEMBER	1.00	Director	$0	$0	$0
TODD ROST	BOARD MEMBER	1.00	Director	$0	$0	$0
JESSICA SCHWIE	SECRETARY	1.00	Officer Director	$0	$0	$0
CHERYL STIENBERG	TREASURER	1.00	Officer Director	$0	$0	$0
ANDREA TURINI	BOARD MEMBER	1.00	Director	$0	$0	$0
PETER VANSLUIS	CITYAPPOINTE	1.00	Director	$0	$0	$0
SADIE WATTS	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	$467,473	$489,036	$1,492,106	$-21,563
2023	$774,274	$526,609	$1,503,644	$247,665
2022	$549,752	$576,892	$1,256,137	$-27,140
2021	$658,197	$432,626	$1,285,717	$225,571
2020	$427,872	$335,288	$1,236,267	$92,584
2019	$532,653	$546,155	$1,198,906	$-13,502
2018	$507,207	$503,543	$1,218,740	$3,664