The National Quilt Museum Inc

EIN: 611193387 501(c)(3) Arts, Culture & Humanities

Paducah, KY

Total Revenue
$1,416,897
Total Expenses
$1,037,896
Total Assets
$6,863,795
Net Assets
$6,303,090
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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
1991
Legal Domicile
KY
Principal Officer
Bonnie Schrock
Phone
2704428856
Tax Period
2024-07-01 to 2025-06-30

The National Quilt Museum Inc, founded in 1991, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.4M in total revenue in fiscal year 2024. Revenue surged 42% from the prior year, signaling strong growth momentum. The organization ran a surplus of $379K, a strong 27% operating margin.

Mission

To promote the study and appreciation of comtemporary quilts

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $721,804
Program Service Revenue $440,449
Investment Income $12,799
Other Revenue $241,845
TOTAL REVENUE $1,416,897

Expense Breakdown

Grants Paid $0
Salaries & Benefits $524,566
Fundraising Expenses $94,936
Program Expenses $777,529
Other Expenses $513,330
TOTAL EXPENSES $1,037,896

Year-over-Year Comparison

2024 2023 Change
Revenue $1,416,897 $997,314 +0.4%
Expenses $1,037,896 $918,283 +0.1%
Net Income $379,001 $79,031 +3.8%
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

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Governance

Voting Members
4
Independent Members
4
Employees
17
Volunteers
30

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
4
$0
Total Directors
5
$114,386
Key Employees
1
$114,386
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Bonnie Schrock Executive Director 040.00
Director Key Emp
$114,386 $0 $114,386
Meredith Schroeder Board President 005.00
Officer Director
$0 $0 $0
Barbara Veazey Vice President 005.00
Officer Director
$0 $0 $0
Lynn Loyd Secretary 005.00
Officer Director
$0 $0 $0
John Durbin Treasurer 005.00
Officer 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 $1,416,897 $1,037,896 $6,863,795 $379,001
2024 $997,314 $918,283 $5,979,104 $79,031
2023 $983,789 $958,247 $5,894,465 $25,542
2022 $1,075,894 $893,413 $5,863,742 $182,481
2020 $815,760 $863,995 $5,813,261 $-48,235
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