Louisville Visual Art 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

1942

Legal Domicile

Principal Officer

Angela Hagan

Phone

5025848166

Tax Period

2024-06-01 to 2025-05-31

Louisville Visual Art Inc, founded in 1942, is a small nonprofit in the Arts, Culture & Humanities sector that reported $805K in total revenue in fiscal year 2024. Revenue decreased 15% compared to the prior year. Net assets of $2.5M represent 37 months of operating reserves.

Mission

To improve lives through visual arts education, community outreach, and artist support.

Program Service Accomplishments

Program 1

Expenses: $80,000 Revenue: $100,000

LVA's Curate, Purchase, Inspire (CPI) is an annual program funded by a single donor. A local artist is chosen to curate the purchase of art for a public space, thereby giving experience and resources to artists who haven't had access previously. Funds received are recognized as a pleadge recievable decrease and expenditures are recognized as "Collections of Art" under GAAP. These amounts are actual progam budgeted funds.

Program 2

Expenses: $75,364 Revenue: $84,616

LVA's CFAC program provises art education programs for after school in elementary and middle schools.

Program 3

Expenses: $4,140 Revenue: $21,185

LVA's Open Doors Program brings art education and art activities to traditionally ignored communities.

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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 $568,712

Program Service Revenue $164,908

Investment Income $26,610

Other Revenue $44,898

TOTAL REVENUE $805,128

Expense Breakdown

Grants Paid $0

Salaries & Benefits $405,140

Fundraising Expenses $101,857

Program Expenses $438,038

Other Expenses $469,883

TOTAL EXPENSES $875,023

Year-over-Year Comparison

	2024	2023	Change
Revenue	$805,128	$944,724	-0.1%
Expenses	$875,023	$903,994	0.0%
Net Income	$-69,895	$40,730	-2.7%

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

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

$68,975

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Beverly Cote	President	1.00	Officer Director	$0	$0	$0
Nicole Humphrey	Treasurer	1.00	Officer Director	$0	$0	$0
Don Cartwright	Board Member	1.00	Director	$0	$0	$0
Jon Cherry	Board Member	1.00	Director	$0	$0	$0
Jake Theisen	Board Member	1.00	Director	$0	$0	$0
Andrew Cozzens	Board Member	1.00	Director	$0	$0	$0
Conor Murphy	Board Member	1.00	Director	$0	$0	$0
Nathaniel Spencer	Board Member	1.00	Director	$0	$0	$0
Sarah Clevenger	Board Member	1.00	Director	$0	$0	$0
Christopher Fuller	Board Member	1.00	Director	$0	$0	$0
Steve Heine	Board Member	1.00	Director	$0	$0	$0
Julie Hohmann	Board Member	1.00	Director	$0	$0	$0
Jessica Kincaid	Board Member	1.00	Director	$0	$0	$0
Ann Klem	Board Member	1.00	Director	$0	$0	$0
Marti Kuehn	Board Member	1.00	Director	$0	$0	$0
Laura Ott	Board Member	1.00	Director	$0	$0	$0
Tabb Ormsby	Board Member	1.00	Director	$0	$0	$0
Leslie Parker	Board Member	1.00	Director	$0	$0	$0
Lucy Stansbury	Board Member	1.00	Director	$0	$0	$0
Mary Pat Stickler	Board Member	1.00	Director	$0	$0	$0
Chris Whelan	Board Member	1.00	Director	$0	$0	$0
Angela Hagan	Executive Director	40.00	Officer	$68,975	$0	$68,975

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	$805,128	$875,023	$2,740,477	$-69,895
2024	$944,724	$903,994	$3,031,510	$40,730
2023	$1,058,076	$1,047,277	$2,955,312	$10,799
2022	$1,768,956	$806,718	$2,968,309	$962,238
2021	$888,951	$643,364	$2,087,386	$245,587
2020	$690,462	$646,419	$1,471,978	$44,043
2019	$728,301	$705,966	$1,387,191	$22,335
2018	$759,747	$783,063	$1,312,947	$-23,316