BOCA RATON MUSEUM OF ART

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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

1973

Legal Domicile

Principal Officer

JODY HARRISON GRASS

Phone

5613922500

Tax Period

2023-10-01 to 2024-09-30

BOCA RATON MUSEUM OF ART, founded in 1973, is a community nonprofit in the Arts, Culture & Humanities sector that reported $6.7M in total revenue in fiscal year 2023. Revenue surged 67% from the prior year, signaling strong growth momentum. Expenses of $8.2M exceeded revenue, resulting in a 21% operating deficit.

Mission

THE MUSEUM OF ART IS AN EDUCATIONAL AND CULTURAL FACILITY WHICH WAS ESTABLISHED TO PROMOTE AND ENCOURAGE THE UNDERSTANDING, ENJOYMENT, AND APPRECIATION OF FINE AND VISUAL ARTS THROUGH PERMANENT AND ROTATING EXHIBITS AND SPECIAL EVENTS. ALSO, TO DEVELOP, COORDINATE, AND ENCOURAGE THE ORGANIZATION OF FINE AND VISUAL ART ACTIVITY AND LEARNING BY GROUPS OF ALL AGES BY PROVIDING CLASSES IN VARIOUS MEDIUMS.

Program Service Accomplishments

Program 1

Expenses: $1,706,349 Revenue: $1,185,314

THE MUSEUM'S ART SCHOOL OFFERS STUDIO INSTRUCTION IN A VARIETY OF MEDIUMS INCLUDING PAINTING, DRAWING, CERAMICS, WATERCOLOR, JEWELRY, AND PHOTOGRAPHY. THE ART SCHOOL ALSO OFFERS SUMMER YOUTH SESSIONS...

Program 2

Expenses: $879,611 Revenue: $159,006

THE MUSEUM'S EDUCATIONAL PROGRAMS PROVIDE VARIED LEARNING EXPERIENCES INCLUDING SCHOOL TOURS, INTERNSHIPS, TEACHER DEVELOPMENT, LECTURES, SYMPOSIA, CONCERTS, FILM SCREENINGS, INTERGENERATIONAL...

THE MUSEUM'S EDUCATIONAL PROGRAMS PROVIDE VARIED LEARNING EXPERIENCES INCLUDING SCHOOL TOURS, INTERNSHIPS, TEACHER DEVELOPMENT, LECTURES, SYMPOSIA, CONCERTS, FILM SCREENINGS, INTERGENERATIONAL PROJECTS, DOCENT TOURS, AND INFORMATIONAL OBJECT LABELS AND TEXT PANELS TO ENCOURAGE THE VISITOR'S APPRECIATION OF THE COLLECTION AND SPECIAL EXHIBITIONS.

Program 3

Expenses: $2,267,918 Revenue: $0

THE MUSEUM'S CURATORIAL DEPARTMENT TAKES EXTRAORDINARY EFFORT TO CARE AND EXHIBIT MUSEUM COLLECTIONS AND PRESENT SPECIAL EXHIBITIONS AS WELL AS OVERSEE INSTALLATIONS IN THE SCULPTURE GARDEN AND THE ART SCHOOL'S SCULPTURE PARK. IN ADDITION, THE MUSEUM'S ART IN PUBLIC PLACES INITIATIVE IS AN ONGOING PROJECT, WHICH LOANS SCULPTURES TO CIVIC AND PUBLIC VENUES.

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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 $4,756,812

Program Service Revenue $1,344,320

Investment Income $631,268

Other Revenue $17,479

TOTAL REVENUE $6,749,879

Expense Breakdown

Grants Paid $212,649

Salaries & Benefits $3,373,632

Fundraising Expenses $1,282,156

Program Expenses $5,279,176

Other Expenses $4,569,810

TOTAL EXPENSES $8,156,091

Year-over-Year Comparison

	2023	2022	Change
Revenue	$6,749,879	$4,050,864	+0.7%
Expenses	$8,156,091	$8,077,993	+0.0%
Net Income	$-1,406,212	$-4,027,129	-0.7%

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

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

$208,834

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JODY HARRISON GRASS	CHAIR	1.00	Officer Director	$0	$0	$0
JOHN DESPREZ II	VICE CHAIR	1.00	Officer Director	$0	$0	$0
PAOLA LUPTAK JAKOBSON	2ND VICE CHAIR	1.00	Officer Director	$0	$0	$0
GAIL E COHEN	TREASURER	1.00	Officer Director	$0	$0	$0
DANIEL WOLGIN	ASSISTANT TREASURER	1.00	Officer Director	$0	$0	$0
DR TAMARA MORGENSTERN	SECRETARY	1.00	Officer Director	$0	$0	$0
DALIA PABON STILLER	IMMEDIATE PAST CHAIR	1.00	Officer Director	$0	$0	$0
DOUG MITHUN	MEMBER-AT-LARGE	1.00	Director	$0	$0	$0
STACEY PACKER	MEMBER-AT-LARGE	1.00	Director	$0	$0	$0
BETH H DAVIS	CHAIR APPOINTEE	1.00	Officer Director	$0	$0	$0
JULIE CLAIRMONT SHIDE	CHAIR APPOINTEE	1.00	Director	$0	$0	$0
M ADAM BANKIER	TRUSTEE	1.00	Director	$0	$0	$0
DENNIS BEDLEY	TRUSTEE	1.00	Director	$0	$0	$0
MARLEEN BRODY	TRUSTEE	1.00	Director	$0	$0	$0
B MICHAEL BUDD	TRUSTEE	1.00	Director	$0	$0	$0
EDITH STEIN	TRUSTEE	1.00	Director	$0	$0	$0
MARTIN MALLINGER	TRUSTEE	1.00	Officer Director	$0	$0	$0
ZACHARY KIRSTEIN	TRUSTEE	1.00	Director	$0	$0	$0
ASA LOOF	TRUSTEE	1.00	Director	$0	$0	$0
DR KAREN MASHKIN	TRUSTEE	1.00	Director	$0	$0	$0
PAUL MILLER	TRUSTEE	1.00	Director	$0	$0	$0
JOHN TOLBERT	TRUSTEE	1.00	Director	$0	$0	$0
LIZA WAINGER	TRUSTEE	1.00	Director	$0	$0	$0
MARTA BATMASIAN	TRUSTEE	1.00	Director	$0	$0	$0
ANGELO BIANCO	TRUSTEE	1.00	Director	$0	$0	$0
RENEE BLATT	TRUSTEE	1.00	Director	$0	$0	$0
LORRAINE GILDEN	TRUSTEE	1.00	Director	$0	$0	$0
DANIEL HOSTETTLER	TRUSTEE	1.00	Director	$0	$0	$0
HOUDA SILCOCK	TRUSTEE	1.00	Director	$0	$0	$0
RAUL VALERO	TRUSTEE	1.00	Director	$0	$0	$0
NORMAN CODO	HONORARY TRUSTEE	1.00	Director	$0	$0	$0
JEAN COLKER	HONORARY TRUSTEE	1.00	Director	$0	$0	$0
JUNE GELB	HONORARY TRUSTEE	1.00	Director	$0	$0	$0
OLIVE JOHNSON	HONORARY TRUSTEE	1.00	Director	$0	$0	$0
PAT OHNELL	HONORARY TRUSTEE	1.00	Director	$0	$0	$0
MARLENE POMERANZ	HONORARY TRUSTEE	1.00	Director	$0	$0	$0
IRVIN LIPPMAN	EXECUTIVE DIRECTOR	40.00	Key Emp	$205,004	$3,830	$208,834
ROBERTA S KJELGAARD	DIRECTOR OF DEVELOPMENT	40.00	Highest	$121,465	$1,826	$123,291

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	$6,749,879	$8,156,091	$17,888,099	$-1,406,212
2023	$4,050,864	$8,077,993	$17,194,875	$-4,027,129
2022	$7,517,660	$8,086,917	$18,245,133	$-569,257
2021	$6,166,794	$5,261,866	$21,164,716	$904,928
2020	$5,563,112	$5,616,032	$20,229,910	$-52,920
2019	$7,096,609	$6,005,853	$20,602,528	$1,090,756
2018	$13,923,409	$5,601,857	$20,497,765	$8,321,552