CONTEMPORARY ART FOUNDATION 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

1983

Legal Domicile

Principal Officer

CHARMAN DRIVER

Phone

9192615920

Tax Period

2024-07-01 to 2025-06-30

CONTEMPORARY ART FOUNDATION INC, founded in 1983, is a small nonprofit in the Arts, Culture & Humanities sector that reported $567K in total revenue in fiscal year 2024. Revenue decreased 6% compared to the prior year. Expenses of $767K exceeded revenue, resulting in a 35% operating deficit.

Mission

TO SOLICIT MONEY & PROPERTY TO BE USED TO PROMOTE THE EDUCATION, CULTURAL, AND ECONOMIC DEVELOPMENT OF RALEIGH'S ART COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $615,490 Revenue: $245,787

CAM RALEIGH IS A NON-COLLECTING CONTEMPORARY ART MUSEUM THAT PROVIDES AN ENVIRONMENT FOR TRANSFORMATION THROUGH EDUCATIONAL PROGRAMS, CULTURAL EXPERIENCES, AND BOLD, NON-TRADITIONAL EXHIBITIONS BY...

CAM RALEIGH IS A NON-COLLECTING CONTEMPORARY ART MUSEUM THAT PROVIDES AN ENVIRONMENT FOR TRANSFORMATION THROUGH EDUCATIONAL PROGRAMS, CULTURAL EXPERIENCES, AND BOLD, NON-TRADITIONAL EXHIBITIONS BY LIVING ARTISTS.

Program 2

Expenses: $0 Revenue: $42,066

THE BETTY EICHENBERGER ADAMS SOCIETY (BEAS) IS CAM'S WOMEN ONLY MEMBERSHIP GROUP WITH THE MISSION TO GENERATE, EDUCATE, AND PROMOTE INTEREST IN CONTEMPORARY ART IN RALEIGH AND BEYOND. THE BEAS SEEK TO ESTABLISH AND MAINTAIN A BASE OF SUPPORT FOR CAM, BECOMING PILLARS OF STRENGTH FOR CAM NOW, AND FOR FUTURE GENERATIONS.

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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 $261,446

Program Service Revenue $287,853

Investment Income $2,246

Other Revenue $15,870

TOTAL REVENUE $567,415

Expense Breakdown

Grants Paid $0

Salaries & Benefits $251,949

Fundraising Expenses $0

Program Expenses $615,490

Other Expenses $514,733

TOTAL EXPENSES $766,682

Year-over-Year Comparison

	2024	2023	Change
Revenue	$567,415	$602,722	-0.1%
Expenses	$766,682	$927,436	-0.2%
Net Income	$-199,267	$-324,714	-0.4%

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

$65,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KATE BOES	VICE CHAIR	1.00	Officer Director	$0	$0	$0
KRYSTIN KNOX	TREASURER	1.00	Officer Director	$0	$0	$0
CHARMAN DRIVER	CHAIR	1.00	Officer Director	$0	$0	$0
JANINE STEEL-ZANE	SECRETARY	1.00	Officer Director	$0	$0	$0
KARL AMELCHENKO	DIRECTOR	1.00	Director	$0	$0	$0
SHERI ERHART	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL ENGLISH	DIRECTOR	1.00	Director	$0	$0	$0
ADAM DERBYSHIRE	DIRECTOR	1.00	Director	$0	$0	$0
PAUL COGGINS	DIRECTOR	1.00	Director	$0	$0	$0
TYLER NACE	DIRECTOR	1.00	Director	$0	$0	$0
PERRI ANDERSON	DIRECTOR	1.00	Director	$0	$0	$0
SUZIE KOONCE	DIRECTOR	1.00	Director	$0	$0	$0
JOY SLOAN	DIRECTOR	1.00	Director	$0	$0	$0
ELIZABETH PURRINGTON	DIRECTOR	1.00	Director	$0	$0	$0
ABBY ROSS	DIRECTOR	1.00	Director	$0	$0	$0
LAURIE SUGG	DIRECTOR	1.00	Director	$0	$0	$0
TAYLOR WHITE	DIRECTOR	1.00	Director	$0	$0	$0
LISA MCGOWAN	IMMEDIATE PAST CHAIR	1.00	Director	$0	$0	$0
BETH ROBINSON	DIRECTOR	1.00	Director	$0	$0	$0
MELANIE REGNER	DIRECTOR	1.00	Director	$0	$0	$0
JESSICA CAPPS	DIRECTOR	1.00	Director	$0	$0	$0
PAUL BAKER	EXECUTIVE DIRECTOR	40.00	Officer	$65,000	$0	$65,000

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	$567,415	$766,682	$3,073,620	$-199,267
2024	$602,722	$927,436	$3,242,483	$-324,714
2022	$552,436	$700,163	$3,876,404	$-147,727
2021	$561,724	$773,436	$4,075,454	$-211,712
2020	$721,099	$961,751	$4,491,465	$-240,652
2019	$815,341	$1,100,221	$6,300,637	$-284,880
2018	$890,058	$1,164,937	$8,794,109	$-274,879