LAKE REGION ARTS COUNCIL

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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

1982

Legal Domicile

Principal Officer

Maxine Adams

Phone

2187395780

Tax Period

2022-07-01 to 2023-06-30

LAKE REGION ARTS COUNCIL, founded in 1982, is a small nonprofit in the Arts, Culture & Humanities sector that reported $829K in total revenue in fiscal year 2022. Revenue decreased 6% compared to the prior year.

Mission

The mission of Lake Region Arts Council is to encourage and support the vitality of the arts in west central MN

Program Service Accomplishments

Program 1

Expenses: $727,306 Revenue: $770,189

General Program-Distribute grants to arts organizations, individual artists, schools and others to produce and sponsor arts events. Print newsletter for individuals and organization. Maintain artist registry referral services. Offer support services. Maintain website and provide workshops.

Program 2

Expenses: $57,082 Revenue: $58,774

McKnight Foundation - Offer Career Development, Fellowship and Artist Small Grants to individual artists. Provide workshops and train artists to do school residencies. Maintain gallery space for...

McKnight Foundation - Offer Career Development, Fellowship and Artist Small Grants to individual artists. Provide workshops and train artists to do school residencies. Maintain gallery space for artist exhibits.

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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 (2022)

Revenue Breakdown

Contributions & Grants $820,768

Program Service Revenue $0

Investment Income $272

Other Revenue $8,195

TOTAL REVENUE $829,235

Expense Breakdown

Grants Paid $373,488

Salaries & Benefits $218,576

Fundraising Expenses $0

Program Expenses $784,388

Other Expenses $225,188

TOTAL EXPENSES $817,252

Year-over-Year Comparison

	2022	2021	Change
Revenue	$829,235	$880,468	-0.1%
Expenses	$817,252	$844,326	0.0%
Net Income	$11,983	$36,142	-0.7%

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

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

$88,595

Key Employees

$99,535

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Maxine Adams	Executive Director	040.00	Director Highest	$88,595	$0	$88,595
Rebecca J Davis	Executive Assistant	040.00	Key Emp	$51,511	$0	$51,511
Miranda Lape	Grants Manager	040.00	Key Emp	$48,024	$0	$48,024

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	No data	No data	No data	No data
2023	$829,235	$817,252	$167,913	$11,983
2022	$880,468	$844,326	$216,379	$36,142
2021	$633,356	$659,763	$331,018	$-26,407