NORTHERN LIGHTS MUSIC FESTIVAL

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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

2004

Legal Domicile

Principal Officer

BARBARA BALDRICA

Phone

6099222965

Tax Period

2022-12-01 to 2023-11-30

NORTHERN LIGHTS MUSIC FESTIVAL, founded in 2004, is a small nonprofit in the Arts, Culture & Humanities sector that reported $450K in total revenue in fiscal year 2022.

Mission

GREAT MUSIC, THEATRE AND OPERA ON THE IRON RANGE IN HISTORIC AURORA, MINNESOTA.

Program Service Accomplishments

Program 1

Expenses: $423,421 Revenue: $77,734

NORTHERN LIGHTS IS FORTUNATE TO HAVE ACCESS TO AN ARRAY OF HISTORIC PERFORMANCE VENUES FOR ITS CONCERTS AND OPERAS.BY PERFORMING IN THESE UNIQUE VENUES, NORTHERN LIGHTS IS NOT ONLY ABLE TO BRING THE HIGHEST LEVEL OF CLASSICAL MUSIC TO IRON RANGE COMMUNITIES BUT TO CELEBRATE AND SHOWCASE THE ARCHITECTURAL GEMS FOUND IN NORTHEASTERN MINNESOTA.OUR VENUES INCLUDE; MESABI EAST SCHOOL AND HOLY ROSARY RC CHURCH IN AURORA, CHISHOLM HIGH SCHOOL AUDITORIUM, WASHINGTON AUDITORIUM IN ELY, THE COPPER TOP CHURCH IN DULUTH, B'NAI ABRAHAM IN VIRGINIA AND QUEEN OF PEACE RC IN HOYT LAKES AND OUR SAVIOR LUTHERAN CHURCH IN HIBBING.

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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 (2022)

Revenue Breakdown

Contributions & Grants $352,309

Program Service Revenue $73,706

Investment Income $144

Other Revenue $23,604

TOTAL REVENUE $449,763

Expense Breakdown

Grants Paid $0

Salaries & Benefits $24,150

Fundraising Expenses $9,411

Program Expenses $423,421

Other Expenses $446,318

TOTAL EXPENSES $470,468

Year-over-Year Comparison

	2022	2021	Change
Revenue	$449,763	$431,605	+0.0%
Expenses	$470,468	$410,471	+0.1%
Net Income	$-20,705	$21,134	-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

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

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
BARBARA BALDRICA	PRESIDENT	1.00	Director	$0	$0	$0
VEDA ZUPONCIC	ARTISTIC DIRECTOR	20.00	Director	$0	$0	$0
MATT UHAN	TREASURER	1.00	Director	$0	$0	$0
MARY MULARI	DIRECTOR	1.00	Director	$0	$0	$0
MARTIN ZUPONCIC	DIRECTOR	1.00	Director	$0	$0	$0
RHONDA ZUPONCIC	DIRECTOR	1.00	Director	$0	$0	$0
ERIKA BLEE	DIRECTOR	1.00	Director	$0	$0	$0
ERIK ERIE	DIRECTOR	1.00	Director	$0	$0	$0
PATTY PHILLIPS	DIRECTOR	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
2024	No data	No data	No data	No data
2023	$449,763	$470,468	$251,726	$-20,705
2022	$431,605	$410,471	$216,339	$21,134
2021	$390,095	$388,557	$228,855	$1,538
2020	$426,625	$349,714	$226,380	$76,911
2019	$363,668	$303,138	$145,502	$60,530
2018	$301,189	$284,464	$6,792	$16,725