GREAT LAKES CENTER FOR 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

2013

Legal Domicile

Principal Officer

KASSIA PERPICH

Phone

2314392600

Tax Period

2023-01-01 to 2023-12-31

GREAT LAKES CENTER FOR THE ARTS, founded in 2013, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $11.2M in total revenue in fiscal year 2023. Revenue surged 131% from the prior year, signaling strong growth momentum. The organization ran a surplus of $6.5M, a strong 58% operating margin.

Mission

INSPIRE, ENTERTAIN, EDUCATE, AND SERVE ALL IN NORTHERN MICHIGAN YEAR-ROUND BY PRESENTING EXCEPTIONAL EXPERIENCES ACROSS THE FULL SPECTRUM OF THE PERFORMING ARTS AND OFFERING IMPACTFUL EDUCATIONAL OPPORTUNITIES.

Program Service Accomplishments

Program 1

Expenses: $2,686,214 Revenue: $730,026

PRESENT A DIVERSE ARRAY OF PERFORMING ARTS EVENTS WITHIN THE CENTER'S MISSION AT AFFORDABLE TICKET PRICING.

Program 2

Expenses: $392,562

CURRICULUM-BASED EDUCATIONAL PROGRAMMING EVENTS THAT SERVED OVER 22,000 STUDENTS SINCE THE CENTER OPENED IN 2018.

Program 3

Expenses: $613,905 Revenue: $104,483

MANAGE AND OPERATE THE DOROTHY GERBER STRINGS PROGRAM, OFFERING STRINGS MUSIC EDUCATION TO YOUTH THROUGHOUT ANTRIM, CHARLEVOIX, AND EMMET COUNTIES TO INCLUDE 11 AREA SCHOOLS IN 2023.

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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 $10,258,480

Program Service Revenue $828,726

Investment Income $54,264

Other Revenue $53,999

TOTAL REVENUE $11,195,469

Expense Breakdown

Grants Paid $15,895

Salaries & Benefits $1,295,271

Fundraising Expenses $679,893

Program Expenses $3,692,681

Other Expenses $3,338,487

TOTAL EXPENSES $4,649,653

Year-over-Year Comparison

	2023	2022	Change
Revenue	$11,195,469	$4,842,724	+1.3%
Expenses	$4,649,653	$4,623,280	+0.0%
Net Income	$6,545,816	$219,444	+28.8%

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

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
BILL CLEMENTS	TREASURER	2.00	Officer Director	$0	$0	$0
DAVID CROUSE	DIRECTOR	2.00	Director	$0	$0	$0
ANDREW CUMMINGS	DIRECTOR	1.00	Director	$0	$0	$0
DON DEFOSSET	DIRECTOR	1.00	Director	$0	$0	$0
LIN HENKEL	DIRECTOR	1.00	Director	$0	$0	$0
LISA HERRICK PARKER	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD HIRREL	DIRECTOR	1.00	Director	$0	$0	$0
DAVID V JOHNSON	FOUNDING CHA	2.00	Officer Director	$0	$0	$0
PAUL KNAPP	DIRECTOR	2.00	Director	$0	$0	$0
BILL MANSFIELD	DIRECTOR	1.00	Director	$0	$0	$0
SANDY MOSHER	DIRECTOR	1.00	Director	$0	$0	$0
KATHLEEN OSWALD	CHAIR	5.00	Officer Director	$0	$0	$0
WILLIAM PARFET	VICE-CHAIR	2.00	Officer Director	$0	$0	$0
ANNETTE POCICA	DIRECTOR	1.00	Director	$0	$0	$0
IRENE ROGERSON	DIRECTOR	2.00	Director	$0	$0	$0
JANE WARNER	SECRETARY	2.00	Officer Director	$0	$0	$0
KURT WIETZKE	DIRECTOR	1.00	Director	$0	$0	$0
JASON ZYLSTRA	DIRECTOR	2.00	Director	$0	$0	$0
MARILYN CRAWFORD ENDED	DIRECTOR	1.00	Director	$0	$0	$0
STEVE CROSS ENDED	DIRECTOR	1.00	Director	$0	$0	$0
MATTHEW KACERGIS	EXECUTIVE DI	40.00	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
2024	No data	No data	No data	No data
2023	$11,195,469	$4,649,653	$42,987,678	$6,545,816
2022	$4,842,724	$4,623,280	$36,831,192	$219,444
2021	$6,372,255	$3,635,601	$37,486,193	$2,736,654
2020	$2,365,948	$3,569,269	$38,242,279	$-1,203,321
2019	$3,185,068	$4,146,134	$40,114,837	$-961,066
2018	$4,885,120	$2,866,488	$42,178,439	$2,018,632