THE BAKKEN

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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

1975

Legal Domicile

Principal Officer

HEATHER WALCH

Phone

6129263878

Tax Period

2023-01-01 to 2023-12-31

THE BAKKEN, founded in 1975, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.6M in total revenue in fiscal year 2023. Revenue decreased 12% compared to the prior year. Expenses of $3.1M exceeded revenue, resulting in a 92% operating deficit.

Mission

THE BAKKEN MUSEUM INSPIRES A PASSION FOR INNOVATION BY EXPLORING THE POTENTIAL FOR SCIENCE, TECHNOLOGY, AND THE HUMANITIES TO MAKE THE WORLD A BETTER PLACE.

Program Service Accomplishments

Program 1

Expenses: $1,375,003 Revenue: $193,249

EDUCATION PROGRAMS: THE BAKKEN PROVIDES SCIENCE, TECHNOLOGY, ENGINEERING AND MATH (STEM) EXPERIENCES THROUGH OFFSITE OUTREACH PROGRAMS, ONSITE FIELD TRIPS, INVENTION CAMPS, LEGO ROBOTICS SESSIONS AND INNOVATORS WORKSHOPS. OUR PROGRAMS INSPIRE THE NEXT GENERATION OF INNOVATORS TO TRANSFORM THE FUTURE.

Program 2

Expenses: $392,399 Revenue: $1,500

EXHIBITS AND COLLECTIONS: THE BAKKEN'S EXHIBITS ARE HANDS-ON DISPLAYS THAT EDUCATE, INSPIRE, AND SPARK INNOVATION WITHIN OUR VISITORS. THE BAKKEN'S UNDERGROUND VAULTS HOUSE A COLLECTION OF ARTIFACTS AND BOOKS. THE SCOPE OF THE COLLECTIONS IS THE INTERSECTION OF THE HISTORY OF ELECTRICITY AND MAGENTISM, AND THE LIFE SCIENCES AND MEDICINE. THE COLLECTIONS REFLECT EARL BAKKEN'S BELIEF IN THE IMPORTANCE OF STUDYING HISTORY, SELF-INQUIRY, AND EXPERIMENTATION. THEY ARE OPEN TO THE PUBLIC AND AVAILABLE FOR RESEARCH AND ARE BEING UTILIZED IN OUR EXHIBITS.

Program 3

Expenses: $347,297 Revenue: $446,351

PUBLIC PROGRAMS: THE BAKKEN INSPIRES A PASSION FOR INNOVATION FOR ALL CHILDREN, FAMILIES, AND ADULTS VISITING THE MUSEUM. PROGRAMMING INCLUDES DISCOVERY DAYS, SCIENCE STUDIOS, TOURS, EVENING EVENTS...

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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 $1,077,308

Program Service Revenue $641,100

Investment Income $-129,728

Other Revenue $2,795

TOTAL REVENUE $1,591,475

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,865,400

Fundraising Expenses $403,157

Program Expenses $2,114,699

Other Expenses $1,187,900

TOTAL EXPENSES $3,053,300

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,591,475	$1,802,676	-0.1%
Expenses	$3,053,300	$3,049,100	+0.0%
Net Income	$-1,461,825	$-1,246,424	+0.2%

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

175

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

$146,406

Total Directors