BALTIMORE MUSEUM OF INDUSTRY 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

1981

Legal Domicile

Principal Officer

ANITA KASSOF

Phone

4107274808

Tax Period

2024-07-01 to 2025-06-30

BALTIMORE MUSEUM OF INDUSTRY INC, founded in 1981, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.5M in total revenue in fiscal year 2024. Revenue grew 17% year-over-year, indicating healthy expansion.

Mission

TO COLLECT, PRESERVE, AND INTERPRET THE INDUSTRIAL AND TECHNOLOGICAL HERITAGE OF THE BALTIMORE REGION FOR THE PUBLIC BY PRESENTING EDUCATIONAL PROGRAMS AND EXHIBITS THAT EXPLORE THE STORIES OF MARYLAND'S INDUSTRIES AND THE PEOPLE WHO CREATED AND WORKED IN THEM.

Program Service Accomplishments

Program 1

Expenses: $1,318,372 Revenue: $313,312

EDUCATIONAL PROGRAMMING: BMI SERVED 24,455 STUDENTS, TEACHERS, AND CHAPERONES IN FY25. THIS IS A NOTABLE INCREASE OF 5,000 OVER FY24, ESPECIALLY GIVEN MANY SCHOOLS' DIFFICULTY IN BOOKING BUSES. OF...

EDUCATIONAL PROGRAMMING: BMI SERVED 24,455 STUDENTS, TEACHERS, AND CHAPERONES IN FY25. THIS IS A NOTABLE INCREASE OF 5,000 OVER FY24, ESPECIALLY GIVEN MANY SCHOOLS' DIFFICULTY IN BOOKING BUSES. OF THE TOTAL NUMBER, 3,148 WERE TITLE I STUDENTS FOR WHICH THE BMI PROVIDED AN 80% SUBSIDY IN ADMISSION. THE BMI ALSO SERVED 1,438 YOUNG ENGINEERS IN FY25 THROUGH ITS MARYLAND ENGINEERING CHALLENGES PROGRAM HELD ON THE BMI CAMPUS. LASTLY, TO MAINTAIN EXCELLENCE IN ITS 14 EDUCATIONAL PROGRAMS AND ENSURE THEY MEET MARYLAND COLLEGE & CAREER READINESS STANDARDS, THE BMI HELD WORKSHOPS AND PROFESSIONAL DEVELOPMENT SESSIONS FOR ITS MUSEUM EDUCATORS.

Program 2

Expenses: $752,912 Revenue: $178,930

EXHIBITIONS & COLLECTIONS: THE CURATORIAL AFFAIRS TEAM CONTINUES TO PROMOTE STORIES OF BALTIMORE'S INDUSTRIAL HERITAGE THROUGH NEW EXHIBITS, PRESERVATION AND DISSEMINATION OF COLLECTIONS AND ARCHIVED ITEMS. IN FY25, THE MUSEUM GREW THE COLLECTION OF ARTIFACTS, DOCUMENTS, AND PHOTOGRAPHS THROUGH FORMAL ACCESSION OF DONATIONS, INCLUDING THE BGE ARCHIVE AND THE A. AUBREY BODINE COLLECTION, BOTH OF WHICH REPRESENT HISTORIC AND CULTURAL SIGNIFICANCE FOR THE CITY OF BALTIMORE AND SURROUNDING REGIONS.

Program 3

Expenses: $5,019 Revenue: $1,193

PUBLIC PROGRAMMING: THROUGH ITS PUBLIC PROGRAMMING AND CAMPUS ACTIVATION IN FY25, THE BMI CONTINUES TO FIND WAYS TO CREATE A WELCOMING ENVIRONMENT FOR ALL COMMUNITY MEMBERS. THE MONTHLY NETWORKING...

PUBLIC PROGRAMMING: THROUGH ITS PUBLIC PROGRAMMING AND CAMPUS ACTIVATION IN FY25, THE BMI CONTINUES TO FIND WAYS TO CREATE A WELCOMING ENVIRONMENT FOR ALL COMMUNITY MEMBERS. THE MONTHLY NETWORKING SERIES, INDUSTRY SOCIAL CLUB, FEATURED ROTATING PANELS OF EXPERTS IN A VARIETY OF INDUSTRIES THAT POWER BALTIMORE AND FUEL CONNECTION. LABOR + INNOVATION SOUGHT TO EXPLORE THE INTERSECTION OF ART AND INDUSTRY. THE SEASONAL FARMERS MARKET IS AN IMPORTANT GATHERING SPACE FOR NEIGHBORS AND A POINT OF CONNECTION FOR LOCAL ARTISANS AND GROWERS. IN ADDITION TO THOSE WHO TOOK PART IN OUR PUBLIC OFFERINGS, OVER 80,000 GUESTS TO THE MUSEUM ENJOYED OUR EDUCATIONAL AND IMMERSIVE EXHIBITS THAT GRANT A PEEK INTO THE RICH INDUSTRIAL HISTORY OF BALTIMORE.

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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 $1,141,133

Program Service Revenue $492,242

Investment Income $88,964

Other Revenue $773,782

TOTAL REVENUE $2,496,121

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,524,133

Fundraising Expenses $328,837

Program Expenses $2,076,303

Other Expenses $1,206,142

TOTAL EXPENSES $2,730,275

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,496,121	$2,136,870	+0.2%
Expenses	$2,730,275	$2,693,303	+0.0%
Net Income	$-234,154	$-556,433	-0.6%

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

$418,539

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL RAPHAEL	CHAIR, TRUSTEE	1.00	Officer Director	$0	$0	$0
JAY NWACHU	VICE CHAIR, TRUSTEE	1.00	Officer Director	$0	$0	$0
SMITHA GOPAL	TREASURER, TRUSTEE	1.00	Officer Director	$0	$0	$0
MADELINE STOKES	SECRETARY, TRUSTEE	1.00	Officer Director	$0	$0	$0
CHRIS BEDDARD	TRUSTEE	1.00	Director	$0	$0	$0
BOI CARPENTER	TRUSTEE	1.00	Director	$0	$0	$0
TED CARTER	TRUSTEE	1.00	Director	$0	$0	$0
JAMES DERIU	TRUSTEE	1.00	Director	$0	$0	$0
MATTHEW DOUD	TRUSTEE	1.00	Director	$0	$0	$0
KRISTEN ERNST	TRUSTEE	1.00	Director	$0	$0	$0
TIM EVANS	TRUSTEE	1.00	Director	$0	$0	$0
ANDY FRANK	TRUSTEE	1.00	Director	$0	$0	$0
QUINCY GOLDSMITH	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT HIME	TRUSTEE	1.00	Director	$0	$0	$0
JOE KOVARS	TRUSTEE	1.00	Director	$0	$0	$0
LAURA MCCOY	TRUSTEE	1.00	Director	$0	$0	$0
JEN MCLAUGHLIN	TRUSTEE	1.00	Director	$0	$0	$0
BRYAN PORTER	TRUSTEE	1.00	Director	$0	$0	$0
DESTINY-SIMONE RAMJOHN	TRUSTEE	1.00	Director	$0	$0	$0
PHIL TULKOFF	TRUSTEE	1.00	Director	$0	$0	$0
CORKIA WHITE	TRUSTEE	1.00	Director	$0	$0	$0
ANITA KASSOF	EXECUTIVE DIRECTOR	40.00	Officer	$127,776	$17,223	$144,999
MARGARET DE ARCANGELIS	DEPUTY DIRECTOR	40.00	Officer	$46,169	$3,449	$49,618
PAULA HANKINS	DIRECTOR OF OPERATIONS & FINANCE	40.00	Officer	$83,388	$22,364	$105,752
DEBORAH CADIN	DIRECTOR OF DEVELOPMENT	40.00	Officer	$95,170	$23,000	$118,170

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	$2,496,121	$2,730,275	$4,186,093	$-234,154
2024	No data	No data	No data	No data
2023	$2,502,006	$2,438,541	$4,559,380	$63,465
2022	$2,806,881	$2,094,485	$4,670,133	$712,396
2021	$1,773,547	$1,774,555	$4,422,944	$-1,008
2020	$2,097,519	$2,575,147	$4,041,463	$-477,628
2019	$2,773,873	$2,340,657	$4,444,855	$433,216
2018	$2,043,417	$2,213,375	$4,216,970	$-169,958