LAKES AREA MUSIC FESTIVAL

EIN: 454807315 501(c)(3) Arts, Culture & Humanities

BRAINERD, MN

Total Revenue
$1,108,290
Total Expenses
$1,228,623
Total Assets
$115,696
Net Assets
$59,992
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2013
Legal Domicile
MN
Principal Officer
CURT NIELSEN
Phone
2189637908
Tax Period
2023-10-01 to 2024-09-30

LAKES AREA MUSIC FESTIVAL, founded in 2013, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.1M in total revenue in fiscal year 2023. Revenue surged 26% from the prior year, signaling strong growth momentum. Expenses of $1.2M exceeded revenue, resulting in a 11% operating deficit.

Mission

THE ORGANIZATION SPARKS CONNECTIONS BETWEEN ITS CENTRAL MINNESOTA COMMUNITY AND THE NATION'S TOP CLASSICAL PERFORMERS TO CREATE TRANSFORMATIVE MUSICAL EXPERIENCES.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $918,563
Program Service Revenue $181,260
Investment Income $6,313
Other Revenue $2,154
TOTAL REVENUE $1,108,290

Expense Breakdown

Grants Paid $0
Salaries & Benefits $291,648
Fundraising Expenses $112,799
Program Expenses $1,002,931
Other Expenses $936,975
TOTAL EXPENSES $1,228,623

Year-over-Year Comparison

2023 2022 Change
Revenue $1,108,290 $877,309 +0.3%
Expenses $1,228,623 $899,612 +0.4%
Net Income $-120,333 $-22,303 +4.4%
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

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Governance

Voting Members
15
Independent Members
15
Employees
14
Volunteers
250

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
5
$85,000
Total Directors
15
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CURT NIELSEN CHAIR 10.00
Officer Director
$0 $0 $0
GINNY KNUDSON VICE-CHAIR 2.00
Officer Director
$0 $0 $0
JULIE STEIFF SECRETARY 3.00
Officer Director
$0 $0 $0
JOHN INGLEMAN TREASURER 10.00
Officer Director
$0 $0 $0
KARI CHRISTIANSEN BOARD MEMBER 1.00
Director
$0 $0 $0
CYNTHIA JANES BOARD MEMBER 1.00
Director
$0 $0 $0
CHERYL KARLGAARD BOARD MEMBER 1.00
Director
$0 $0 $0
LOKI KARUNA BOARD MEMBER 1.00
Director
$0 $0 $0
PATTY NORGAARD BOARD MEMBER 1.00
Director
$0 $0 $0
CHRISTINE ROBERTS BOARD MEMBER 1.00
Director
$0 $0 $0
CAROL RUSSELL BOARD MEMBER 1.00
Director
$0 $0 $0
CHUCK SCHOTZKO BOARD MEMBER 1.00
Director
$0 $0 $0
BRETT SEVERSON BOARD MEMBER 1.00
Director
$0 $0 $0
JON STEBLAY BOARD MEMBER 1.00
Director
$0 $0 $0
RUTH ANN WEFALD BOARD MEMBER 1.00
Director
$0 $0 $0
SCOTT LYKINS EXECUTIVE DI 40.00
Officer
$85,000 $0 $85,000
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 $1,108,290 $1,228,623 $115,696 $-120,333
2023 $877,309 $899,612 $161,884 $-22,303
2022 $847,084 $881,875 $181,172 $-34,791
2021 $699,532 $592,905 $288,539 $106,627
2020 $484,142 $395,357 $186,754 $88,785
2019 $518,869 $554,340 $52,344 $-35,471
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