MUSCARELLE MUSEUM OF ART FOUNDATION

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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

DAVID M BRASHEAR

Phone

7572212717

Tax Period

2024-07-01 to 2025-06-30

MUSCARELLE MUSEUM OF ART FOUNDATION, founded in 2012, is a community nonprofit in the Arts, Culture & Humanities sector that reported $3.2M in total revenue in fiscal year 2024. Revenue fell 50% from the prior year — a significant decline worth monitoring. Expenses of $13.7M exceeded revenue, resulting in a 331% operating deficit.

Mission

THE MISSION OF THE MUSCARELLE MUSEUM OF ART IS TO FOSTER THE FULL INTEGRATION OF A DYNAMIC ART MUSEUM INTO THE LIFE AND LIBERAL ARTS MISSION OF WILLIAM & MARY AND TO SERVE AS A MODEL OF CURATORIAL EXCELLENCE AND A CATALYST FOR ART EXPLORATION AT WILLIAM & MARY AND IN THE SURROUNDING COMMUNITY. THE MUSCARELLE MUSEUM OF ART WILL PLAY A LEADERSHIP ROLE IN THE CREATION OF A VIBRANT NEW INTEGRATED ARTS COMPLEX AT WILLIAM & MARY. THE MUSCARELLE WILL BE AN IMPRESSIVE PORTAL TO A FACILITY THAT WILL ACCOMMODATE ALL PERFORMING AND FINE ARTS DEPARTMENTS, ENCOURAGE THE PARTICIPATION OF MANY OTHER UNIVERSITY DISCIPLINES, AND BRING TOGETHER THE CAMPUS AND THE LARGER COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $13,206,200

THE MUSCARELLE MUSEUM CARES FOR AND MANAGES THE COLLECTION AND COORDINATION OF TRAVELING EXHIBITIONS. THE MUSEUM INCURS COSTS FOR CONSERVATION, ACQUISITION, SHIPPING, AND CARE OF ARTWORK.

Program 2

Revenue: $228,227

THE MUSCARELLE MUSEUM OF ART PRESENTED EXHIBITS WHICH DERIVED INCOME FROM ADMISSIONS AS WELL AS EXHIBIT SALES.

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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 $2,750,995

Program Service Revenue $228,227

Investment Income $264,171

Other Revenue $-73,344

TOTAL REVENUE $3,170,049

Expense Breakdown

Grants Paid $0

Salaries & Benefits $218,416

Fundraising Expenses $71,215

Program Expenses $13,206,200

Other Expenses $13,452,869

TOTAL EXPENSES $13,671,285

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,170,049	$6,399,191	-0.5%
Expenses	$13,671,285	$590,641	+22.1%
Net Income	$-10,501,236	$5,808,550	-2.8%

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

N/A

Volunteers

100

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

$261,805

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS W GILLMAN	CHAIR	10.00	Officer Director	$0	$0	$0
JUDITH FOREHAND STARKEY	VICE CHAIR	10.00	Officer Director	$0	$0	$0
TJ CARDWELL	SECRETARY	10.00	Officer Director	$0	$0	$0
GRANT HAGEN	TREASURER	10.00	Officer Director	$0	$0	$0
BETSY C ANDERSON	TRUSTEE	1.00	Director	$0	$0	$0
MARI ANN BANKS	TRUSTEE	1.00	Director	$0	$0	$0
SUSAN S CARRON	TRUSTEE	1.00	Director	$0	$0	$0
DAVID CRANK	TRUSTEE	1.00	Director	$0	$0	$0
ANN CRITCHFIELD	TRUSTEE	1.00	Director	$0	$0	$0
ELIZABETH W DELK	TRUSTEE	1.00	Director	$0	$0	$0
DANIEL A DUTCHER	TRUSTEE	1.00	Director	$0	$0	$0
DAWN EDMISTON	TRUSTEE	1.00	Director	$0	$0	$0
CARRIE O GARLAND	TRUSTEE	1.00	Director	$0	$0	$0
BETSY HANLON	TRUSTEE	1.00	Director	$0	$0	$0
JANE KAPLAN	TRUSTEE	1.00	Director	$0	$0	$0
LEANNE D KURLAND	TRUSTEE	1.00	Director	$0	$0	$0
ELAINE S MCBETH	TRUSTEE	1.00	Director	$0	$0	$0
PENNY MEREDITH	TRUSTEE	1.00	Director	$0	$0	$0
ANN B MILLIMAN	TRUSTEE	1.00	Director	$0	$0	$0
PAULA MOORADIAN	TRUSTEE	1.00	Director	$0	$0	$0
JOSEPH L MUSCARELLE	TRUSTEE	1.00	Director	$0	$0	$0
TINA NOVOGRATZ	TRUSTEE	1.00	Director	$0	$0	$0
JAMES D PENNY	TRUSTEE	1.00	Director	$0	$0	$0
HELEN B REVELEY	TRUSTEE	1.00	Director	$0	$0	$0
KATHLEEN M RING	TRUSTEE	1.00	Director	$0	$0	$0
CHRISTINE C ROWLAND	TRUSTEE	1.00	Director	$0	$0	$0
JANE Y SPURLING	TRUSTEE	1.00	Director	$0	$0	$0
STEPHANIE TUTTLE	TRUSTEE	1.00	Director	$0	$0	$0
BRITT H VAN DEUSEN	TRUSTEE	1.00	Director	$0	$0	$0
DAVID M BRASHEAR	PRESIDENT	10.00	Officer	$0	$59,720	$261,805

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	$3,170,049	$13,671,285	$4,309,057	$-10,501,236
2024	$6,399,191	$590,641	$13,246,946	$5,808,550
2023	$1,689,197	$425,877	$7,444,592	$1,263,320
2022	$2,224,466	$618,792	$6,257,755	$1,605,674
2021	$811,627	$454,795	$4,761,738	$356,832
2020	$932,914	$612,443	$4,235,539	$320,471
2020	$931,669	$785,457	$4,253,539	$146,212
2019	$905,727	$794,889	$3,940,038	$110,838
2018	$1,360,009	$1,277,727	$3,946,228	$82,282
2017	$2,089,643	$2,421,943	$4,071,244	$-332,300