BOARDSOURCE

EIN: 521681375 501(c)(3) Arts, Culture & Humanities

WASHINGTON, DC

Total Revenue
$3,460,379
Total Expenses
$5,999,352
Total Assets
$5,862,346
Net Assets
$4,566,292
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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
1990
Legal Domicile
DC
Principal Officer
MONIKA KALRA VARMA
Phone
2023492500
Tax Period
2025-01-01 to 2025-12-31

BOARDSOURCE, founded in 1990, is a community nonprofit in the Arts, Culture & Humanities sector that reported $3.5M in total revenue in fiscal year 2025. Revenue decreased 16% compared to the prior year. Expenses of $6.0M exceeded revenue, resulting in a 73% operating deficit.

Mission

TO INSPIRE AND SUPPORT NONPROFIT BOARDS AND EXECUTIVES TO LEAD JUSTLY AND WITH PURPOSE.

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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%)

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Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $374,575
Program Service Revenue $2,473,299
Investment Income $438,778
Other Revenue $173,727
TOTAL REVENUE $3,460,379

Expense Breakdown

Grants Paid $0
Salaries & Benefits $3,222,806
Fundraising Expenses $593,395
Program Expenses $3,979,082
Other Expenses $2,776,546
TOTAL EXPENSES $5,999,352

Year-over-Year Comparison

2025 2024 Change
Revenue $3,460,379 $4,133,997 -0.2%
Expenses $5,999,352 $4,972,900 +0.2%
Net Income $-2,538,973 $-838,903 +2.0%
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

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Governance

Voting Members
15
Independent Members
15
Employees
23
Volunteers
15

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
6
$557,982
Total Directors
15
$0
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MONIKA KALRA VARMA PRESIDENT & CEO 40.00
Officer
$378,046 $40,538 $418,584
JUDY RECKELHOFF CHIEF OF STAFF 40.00
Highest
$209,119 $19,646 $228,765
TARA HUFFMAN CHIEF PROGRAM & STRATEGY OFFICER 40.00
Highest
$191,037 $30,439 $221,476
STELLA FORD VP, STRATEGIC PARTNERSHIPS 40.00
Highest
$173,934 $22,391 $196,325
ANGELYN FRAZER-GILES DIR. GOVERNANCE NETWORKS & INNOV. 40.00
Highest
$136,617 $22,556 $159,173
MINA SHIN DIR. OF MEMBER ENGAGMT & MARKETING 40.00
Highest
$138,812 $14,182 $152,994
JOAN PAYNE VP, FINANCE 25.00
Officer
$134,037 $5,361 $139,398
MARK SHAMLEY CHAIR 3.00
Officer Director
$0 $0 $0
KEVIN WALKER VICE CHAIR 3.00
Officer Director
$0 $0 $0
KEITH LIEDERMAN TREASURER 2.00
Officer Director
$0 $0 $0
TERRI LEE FREEMAN SECRETARY 2.00
Officer Director
$0 $0 $0
JAMIE ALLISON BOARD MEMBER 2.00
Director
$0 $0 $0
SILVIA ARGUETA BOARD MEMBER 2.00
Director
$0 $0 $0
KYLE CALDWELL BOARD MEMBER 2.00
Director
$0 $0 $0
STEPHANIE HULL BOARD MEMBER 2.00
Director
$0 $0 $0
GENE TAKAGI BOARD MEMBER 3.00
Director
$0 $0 $0
SHERECE WEST-SCANTLEBURY BOARD MEMBER 3.00
Director
$0 $0 $0
SARAH KASTELIC BOARD MEMBER 1.00
Director
$0 $0 $0
GEORGE SUTTLES BOARD MEMBER 3.00
Director
$0 $0 $0
JULIA WILSON BOARD MEMBER 2.00
Director
$0 $0 $0
AMY SAMPLE WARD BOARD MEMBER 2.00
Director
$0 $0 $0
BO THAO-URABE BOARD 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 $3,460,379 $5,999,352 $5,862,346 $-2,538,973
2024 $4,133,997 $4,972,900 $8,983,934 $-838,903
2023 $4,124,939 $4,695,411 $10,111,728 $-570,472
2022 $3,803,950 $3,996,402 $10,860,434 $-192,452
2021 $9,425,118 $3,062,594 $10,359,989 $6,362,524
2020 $3,717,989 $4,772,934 $4,361,260 $-1,054,945
2019 $5,182,521 $6,376,823 $5,453,846 $-1,194,302
2018 $7,625,873 $6,239,221 $6,589,957 $1,386,652
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