Open Book

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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

1998

Legal Domicile

Principal Officer

Barbara Crosby

Phone

6122152572

Tax Period

2024-01-01 to 2024-12-31

Open Book, founded in 1998, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.4M in total revenue in fiscal year 2024. Revenue surged 85% from the prior year, signaling strong growth momentum. The organization ran a surplus of $243K, a strong 18% operating margin.

Mission

Open Book is a community gathering place dedicated to diverse and dynamic creativity, conversation, and collaboration rooted in the literary and book arts.

Program Service Accomplishments

Program 1

Expenses: $1,013,944

Open Book owns and operates the facility that serves as a permanent home for three founding nonprofit entities: Milkweed Editions, The Loft Literary Center, and Minnesota Center for Book Arts...

Open Book owns and operates the facility that serves as a permanent home for three founding nonprofit entities: Milkweed Editions, The Loft Literary Center, and Minnesota Center for Book Arts. Additional nonprofits and for-profits also rent space within Open Book and contribute to the creative community. Open Book spurs collaboration with many and varied community organizations and individuals through hosted events in the Open Book space, bringing hundreds of readings, classes, workshops, exhibitions, programs, and other events and convening in our spaces. An average of 14,000 visitors visit Open Book monthly.

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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 $653,965

Program Service Revenue $618,221

Investment Income $62,771

Other Revenue $27,702

TOTAL REVENUE $1,362,659

Expense Breakdown

Grants Paid $0

Salaries & Benefits $203,044

Fundraising Expenses $52,014

Program Expenses $1,013,944

Other Expenses $916,288

TOTAL EXPENSES $1,119,332

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,362,659	$737,400	+0.8%
Expenses	$1,119,332	$1,074,699	+0.0%
Net Income	$243,327	$-337,299	-1.7%

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

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Barbara Crosby	Chair	1.00	Officer Director	$0	$0	$0
Mark Evenson	Vice Chair	1.00	Officer Director	$0	$0	$0
Shannon Fitzgerald	Secretary	1.00	Officer Director	$0	$0	$0
Vanessa Tennyson	Treasurer	1.00	Officer Director	$0	$0	$0
Daniel Slager	Director	1.00	Director	$0	$0	$0
Sheila Glancy Letscher	Director	1.00	Director	$0	$0	$0
Elysa Voshell	Director	1.00	Director	$0	$0	$0
Hema Viswanathan	Director	1.00	Director	$0	$0	$0
Arleta Little	Director	1.00	Director	$0	$0	$0
Melinda Ward	Director	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	$1,362,659	$1,119,332	$3,852,018	$243,327
2023	$737,400	$1,074,699	$3,547,110	$-337,299
2022	$449,004	$761,376	$3,876,583	$-312,372
2021	$386,668	$552,834	$4,393,030	$-166,166
2020	$439,061	$617,922	$4,490,786	$-178,861
2019	$479,682	$699,535	$4,549,397	$-219,853
2018	$487,437	$721,420	$4,654,365	$-233,983