Project X Foundation for Art and Criticism (EIN 421547728) - Form 990 Financial Analysis & Trantor Score

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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

1997

Legal Domicile

Principal Officer

Jeff Beall

Phone

3239820279

Tax Period

2022-07-01 to 2023-06-30

Project X Foundation for Art and Criticism, founded in 1997, is a small nonprofit in the Arts, Culture & Humanities sector that reported $400K in total revenue in fiscal year 2022. Revenue surged 141% from the prior year, signaling strong growth momentum. Expenses of $450K exceeded revenue, resulting in a 12% operating deficit.

Mission

Publish X-TRA, a quarterly journal of contemporary art criticism, available nationwide via newsstands, bookstores, and the web. Present public events (lectures, panel discussions, screenings, performances) in Los Angeles.

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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 $368,898

Program Service Revenue $31,267

Investment Income $8

Other Revenue $0

TOTAL REVENUE $400,173

Expense Breakdown

Grants Paid $0

Salaries & Benefits $274,771

Fundraising Expenses $42,029

Program Expenses $228,612

Other Expenses $174,734

TOTAL EXPENSES $449,505

Year-over-Year Comparison

	2022	2021	Change
Revenue	$400,173	$166,253	+1.4%
Expenses	$449,505	$203,712	+1.2%
Net Income	$-49,332	$-37,459	+0.3%

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

$96,225

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Nora Khan	Executive Dir.	30.00	Officer	$67,292	$0	$67,292
Elizabeth Pulsinelli	Exec. Editor	3.00	Officer	$28,933	$0	$28,933
Jeff Beall	Director	3.00	Officer Director	$0	$0	$0
Chris Hoff	Director	3.00	Director	$0	$0	$0
Kim Allen-Niesen	Secretary	3.00	Officer Director	$0	$0	$0
Karen Moss	CEO	3.00	Director	$0	$0	$0
Mara Gladstone	CFO	3.00	Officer Director	$0	$0	$0
Ian Stanton	Director	3.00	Director	$0	$0	$0
Kenric McDowell	Director	3.00	Director	$0	$0	$0
Meghan Gordon	Director	3.00	Director	$0	$0	$0
Laura Gutierrez	Director	3.00	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
2023	$400,173	$449,505	$108,717	$-49,332
2021	$212,034	$174,591	$137,531	$37,443

Project X Foundation for Art and Criticism