SARASOTA ACADEMY OF THE ARTS INC

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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

2012

Legal Domicile

Principal Officer

MARY STEWART KENNEDY

Phone

9413772278

Tax Period

2023-07-01 to 2024-06-30

SARASOTA ACADEMY OF THE ARTS INC, founded in 2012, is a community nonprofit in the Education sector that reported $2.4M in total revenue in fiscal year 2023. Revenue grew 18% year-over-year, indicating healthy expansion.

Mission

THE MISSION OF SARASOTA ACADEMY OF THE ARTS (SAA) IS TO PROVIDE A MOTIVATING, CHALLENGING, AND CREATIVE LEARNING CLIMATE WITH A SAFE, CARING, FAMILY ATMOSPHERE. SAA WILL PROVIDE STUDENTS INTERESTED IN VISUAL AND PERFORMING ARTS WITH RIGOROUS ACADEMIC SKILLS IN LINE WITH FLORIDA STANDARDS AND A STRONG INFUSION OF THE ARTS.

Program Service Accomplishments

Program 1

Expenses: $1,789,524

Sarasota Academy of the Arts (SAA) is a public charter school authorized by the Sarasota County School Board to provide a free public education for students in grades kindergarten through eight. SAA had an enrollment of 202 students at the end of its first year, and now serves 191 students. As a public school, SAA follows the calendar of the traditional public schools, 180 days of instruction for eight hours per day. The niche provided by SAA is that of a performing and visual arts school, open to all students within commuting distance. The students in the past have participated in onstage musical performances including Broadway Our Way and Disney Our Way musicals, and many community service activities. The middle school music program completed performances with our National Beta Team in Orlando. These activities are directly related to the Mission Statement in that we wish to develop students who are well-rounded with self-confidence in themselves.Throughout the year the students participated in several community service activities ranging from raising funds for the families hurt by Hurricane Helene and food campaigns. Students attend SAA for an extended day 8:15 AM to 4:15 PM. This allows each student to participate in the core academic classes expected in any school day. It also allows for classes in physical education, Spanish, art, technology, and music. Students needing extra help, have access to services provided in ESOL, exceptional education, gifted classes as well as intensive math and reading.

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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 $238,602

Program Service Revenue $2,096,339

Investment Income $84

Other Revenue $16,440

TOTAL REVENUE $2,351,465

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,254,904

Fundraising Expenses $0

Program Expenses $1,789,524

Other Expenses $1,029,720

TOTAL EXPENSES $2,284,624

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,351,465	$1,999,628	+0.2%
Expenses	$2,284,624	$2,214,788	+0.0%
Net Income	$66,841	$-215,160	-1.3%

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

170

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
MARY STEWART KENNEDY	President	1.00	Officer Director	$0	$0	$0
DENISE VERHEUL	Vice President	1.00	Officer Director	$0	$0	$0
DAN DEMBICKI	Treasurer	1.00	Officer Director	$0	$0	$0
DEAN BRENNEMAN	Secretary	1.00	Officer Director	$0	$0	$0
PATRICK MIZAK	MEMBER	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
2025	No data	No data	No data	No data
2024	$2,351,465	$2,284,624	$4,951,934	$66,841
2023	$1,999,628	$2,214,788	$5,092,420	$-215,160
2022	$1,997,005	$1,849,885	$1,841,111	$147,120
2021	$2,038,774	$1,810,056	$1,147,117	$228,718
2020	$2,255,887	$2,096,716	$1,129,297	$159,171
2019	$2,345,909	$2,377,198	$998,719	$-31,289
2018	$2,401,368	$2,247,024	$1,068,040	$154,344