Asheville Area Arts Council (EIN 581371546) - Form 990 Financial Analysis & Trantor Score

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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

1979

Legal Domicile

Principal Officer

Katie Cornell

Phone

8282220436

Tax Period

2023-07-01 to 2024-06-30

Asheville Area Arts Council, founded in 1979, is a small nonprofit in the Arts, Culture & Humanities sector that reported $691K in total revenue in fiscal year 2023. Expenses of $591K left a modest 14% surplus.

Mission

Keep the arts at the heart of our community. ArtsAVL fulfills its mission by supporting arts organizations and artists in Buncombe County through connection, advocacy, and grants.

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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 $678,596

Program Service Revenue $12,700

Investment Income $4,137

Other Revenue $-4,680

TOTAL REVENUE $690,753

Expense Breakdown

Grants Paid $252,068

Salaries & Benefits $234,846

Fundraising Expenses $37,046

Program Expenses $488,601

Other Expenses $103,821

TOTAL EXPENSES $590,735

Year-over-Year Comparison

	2023	2022	Change
Revenue	$690,753	$641,426	+0.1%
Expenses	$590,735	$569,174	+0.0%
Net Income	$100,018	$72,252	+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

$79,506

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Katie Cornell	Executive Director/Secretary	40.00	Officer	$79,506	$0	$79,506
Pete Perez	Chair	2.00	Officer Director	$0	$0	$0
Brandy Bourne	Vice Chair	2.00	Officer Director	$0	$0	$0
Lori Hines	Treasurer	2.00	Officer Director	$0	$0	$0
Susan Harper	Board Member	2.00	Director	$0	$0	$0
Lauren Brunk	Board Member	1.00	Director	$0	$0	$0
Micah Mackenzie	Board Member	1.00	Director	$0	$0	$0
Luke Lingle	Board Member	2.00	Director	$0	$0	$0
Liz Whalen Tallent	Board Member	1.00	Director	$0	$0	$0
John Ager	Board Member	1.00	Director	$0	$0	$0
Alexa Kincaid	Board Member	1.00	Director	$0	$0	$0
Martin Moore	Board Member	1.00	Director	$0	$0	$0
Hannah Randall	Board Member	1.00	Director	$0	$0	$0
Kaye Phillips Zusmann	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	No data	No data	No data	No data
2024	$690,753	$590,735	$391,446	$100,018
2023	$641,426	$569,174	$278,897	$72,252
2022	$256,410	$293,283	$197,005	$-36,873
2021	$559,867	$490,820	$267,568	$69,047
2020	$172,949	$297,176	$181,690	$-124,227
2019	$279,633	$365,470	$287,555	$-85,837
2018	$357,502	$390,157	$370,916	$-32,655

Asheville Area Arts Council