LEESBURG ART FESTIVAL 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

1988

Legal Domicile

Principal Officer

RICHARD COLVIN

Phone

3523650232

Tax Period

2024-01-01 to 2024-12-31

LEESBURG ART FESTIVAL INC, founded in 1988, is a micro nonprofit in the Arts, Culture & Humanities sector that reported $84K in total revenue in fiscal year 2024. Revenue fell 47% from the prior year — a significant decline worth monitoring. Expenses of $111K exceeded revenue, resulting in a 32% operating deficit.

Mission

TO PROMOTE GROWTH AND VITALITY TO THE COMMUNITY, TO PROVIDE EDUCATIONAL OPPORTUNITIES IN THE ARTS FOR ALL AGES, TO PROMOTE CULTERAL EVENTS FOR THE COMMUNITY AND TO PROVIDE A CENTRAL LOCATION WHICH ATTRACTS TALENTED ARTISTS, ARTISANS, MUSICIANS AND APPRECIATIVE AUDIENCES.

Program Service Accomplishments

Program 1

Expenses: $35,883

LEESBURG ANNUAL ART FESTIVAL. PROVIDES ARTIST A VENUE TO DISPLAY AND SELL THEIR WORK, GIVING LOCAL RESIDENTS AN OPPORTUNITY TO SEE AND PURCHASE FINE ART.

Program 2

Expenses: $4,923

GALLERY. GOAL IS TO BRING ARTWORK FROM AROUND THE REGION TO DOWNTOWN LEESBURG, CREATING AN OPPORTUNITY FOR VISITORS TO EXPERIENCE ARTISTS THAT THEY WOULD OTHERWISE NEVER GET TO SEE.

Program 3

Expenses: $17,980

ROTARY SUMMER ART INSTITUTE. THIS PROGRAM PROVIDES INDIVIDUALIZED INSTRUCTION IN MANY ARTS DISCIPLINES, INCLUDING PAINTING, DRAWING, DRAMA, MUSIC AND POTTERY TO VARIOUS AGE GROUPS.

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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 $31,054

Program Service Revenue $52,774

Investment Income $0

Other Revenue $0

TOTAL REVENUE $83,828

Expense Breakdown

Grants Paid $0

Salaries & Benefits $50,529

Fundraising Expenses $8,094

Program Expenses $73,560

Other Expenses $60,098

TOTAL EXPENSES $110,627

Year-over-Year Comparison

	2024	2023	Change
Revenue	$83,828	$159,530	-0.5%
Expenses	$110,627	$120,824	-0.1%
Net Income	$-26,799	$38,706	-1.7%

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

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

$21,731

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD COLVIN	EXECUTIVE DI	40.00	Officer	$21,731	$0	$21,731
KRISTI BELL-BOLIEK	SECRETARY	N/A	Officer Director	$0	$0	$0
ALLYSON BERRY	DIRECTOR	N/A	Director	$0	$0	$0
ZAC BOLIEK	TREASURER	N/A	Officer Director	$0	$0	$0
JOSH FLOYD	VICE PRESIDE	N/A	Officer Director	$0	$0	$0
MICHAEL HUEY	DIRECTOR	N/A	Director	$0	$0	$0
AMANDA MCLEA	PRESIDENT	N/A	Officer Director	$0	$0	$0
LISA ROJAS	DIRECTOR	N/A	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	$83,828	$110,627	$36,071	$-26,799
2023	$159,530	$120,824	$62,870	$38,706
2022	$143,370	$169,380	$23,141	$-26,010
2021	$155,515	$149,532	$50,315	$5,983
2020	$144,903	$163,108	$41,470	$-18,205
2019	$219,710	$192,426	$51,127	$27,284