SUMMER OF 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

1995

Legal Domicile

Principal Officer

CHACE RAMEY

Phone

3193377944

Tax Period

2023-01-01 to 2023-12-31

SUMMER OF THE ARTS, founded in 1995, is a small nonprofit in the Arts, Culture & Humanities sector that reported $643K in total revenue in fiscal year 2023. Revenue surged 28% from the prior year, signaling strong growth momentum. Expenses of $557K left a modest 13% surplus.

Mission

THE MISSION OF SUMMER OF THE ARTS IS TO BUILD COMMUNITY IN THE IOWA CITY AREA, TO EXPERIENCE, LEARN ABOUT, AND ENJOY FREE ARTS AND CULTURAL PROGRAMMING.

Program Service Accomplishments

Program 1

Expenses: $386,849 Revenue: $121,712

SUMMER OF THE ARTS OFFERS EXPOSURE TO FREE, FAMILY-FRIENDLY ARTS AND CULTURE THROUGH THE IOWA ARTS FESTIVAL, IOWA CITY JAZZ FESTIVAL, FRIDAY NIGHT CONCERT SERIES, NORTHSIDE CONCERT SERIES, MUSIC ON THE MOVE, FREE MOVIE SERIES, AND HOLIDAY THIEVES MARKET. SUMMER OF THE ARTS ALSO HELPS OTHER ORGANIZATIONS FIND ENTERTAINMENT FOR THEIR FESTIVALS AND EVENTS.

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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 $509,498

Program Service Revenue $121,712

Investment Income $11,659

Other Revenue $0

TOTAL REVENUE $642,869

Expense Breakdown

Grants Paid $0

Salaries & Benefits $244,808

Fundraising Expenses $45,467

Program Expenses $386,849

Other Expenses $311,961

TOTAL EXPENSES $556,769

Year-over-Year Comparison

	2023	2022	Change
Revenue	$642,869	$501,463	+0.3%
Expenses	$556,769	$610,380	-0.1%
Net Income	$86,100	$-108,917	-1.8%

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

342

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

$69,918

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LISA BARNES	EXECUTIVE DI	40.00	Officer	$69,918	$0	$69,918
KYLIE BUDDIN	DIRECTOR	1.00	Director	$0	$0	$0
BRIANNA BURDS	DIRECTOR	1.00	Director	$0	$0	$0
GLEN CALLANAN	DIRECTOR	1.00	Director	$0	$0	$0
KIMBERLY DATCHUK	DIRECTOR	1.00	Director	$0	$0	$0
LATASHA DELOACH	DIRECTOR	1.00	Director	$0	$0	$0
LESLIE FINER	DIRECTOR	1.00	Director	$0	$0	$0
CREIGHTON GAYNOR	DIRECTOR	1.00	Director	$0	$0	$0
QUANDA HOOD	DIRECTOR	1.00	Director	$0	$0	$0
LEAH JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
JAY LEAVESSEUR	DIRECTOR	1.00	Director	$0	$0	$0
SHANER MAGALHAES	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
SCOTT MCGILL	DIRECTOR	1.00	Director	$0	$0	$0
CHACE RAMEY	PRESIDENT	2.00	Officer Director	$0	$0	$0
ABBY RESTKO	PAST PRESIDE	1.00	Officer Director	$0	$0	$0
JOHN RUPPEL	TREASURER	1.00	Officer Director	$0	$0	$0
JULI SEYDELL-JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
OFER SIVAN	DIRECTOR	1.00	Director	$0	$0	$0
KEN WALL	DIRECTOR	1.00	Director	$0	$0	$0
NATASHA WENDT	SECRETARY	1.00	Officer 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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$642,869	$556,769	$209,126	$86,100
2022	$501,463	$610,380	$120,676	$-108,917
2021	$535,316	$501,522	$235,479	$33,794
2020	$413,773	$302,093	$198,747	$111,680
2019	$583,978	$587,159	$86,049	$-3,181
2018	$591,977	$619,223	$84,309	$-27,246