LOCUST PROJECTS 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

2001

Legal Domicile

Principal Officer

DEBRA SCHOLL

Phone

3055768570

Tax Period

2022-07-01 to 2023-06-30

LOCUST PROJECTS INC, founded in 2001, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.7M in total revenue in fiscal year 2022. Revenue surged 85% from the prior year, signaling strong growth momentum. The organization ran a surplus of $406K, a strong 25% operating margin.

Mission

LOCUST PROJECTS IS AN ALTERNATIVE, NOT FOR PROFIT, MIAMI-BASED EXHIBITION SPACE DEDICATED TO PROVIDING CONTEMPORARY VISUAL ARTISTS THE FREEDOM TO EXPERIMENT WITH NEW IDEAS AND METHODS WITHOUT THE PRESSURES OF GALLERY SALES OR OTHER LIMITATIONS.

Program Service Accomplishments

Program 1

Expenses: $714,715

PROVIDED EXHIBITION SPACE AND PUBLIC EXPOSURE FOR SITE-SPECIFIC VISUAL ARTWORK BY PRESENTING WORKS OF SEVERAL LOCAL, NATIONAL AND INTERNATIONAL ARTISTS.

Program 2

Expenses: $101,951

PROVIDED INCUBATOR GRANTS TO VISIONARY ARTISTS FOR INNOVATIVE PUBLICLY ACCESSIBLE PROJECTS THROUGH WAVEMAKER PROGRAM.

Program 3

Expenses: $30,899

PROVIDED INTENSIVE ART SUMMER CAMP FOR HIGH SCHOOL STUDENTS WITH AN INTEREST IN ART, DESIGN AND EXPLORING CREATIVE CAREERS TO LEARN FROM PROFESSIONAL ARTISTS.

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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 (2022)

Revenue Breakdown

Contributions & Grants $1,741,180

Program Service Revenue $3,723

Investment Income $-22,424

Other Revenue $-67,665

TOTAL REVENUE $1,654,814

Expense Breakdown

Grants Paid $55,400

Salaries & Benefits $434,921

Fundraising Expenses $215,988

Program Expenses $913,076

Other Expenses $758,417

TOTAL EXPENSES $1,248,738

Year-over-Year Comparison

	2022	2021	Change
Revenue	$1,654,814	$893,712	+0.9%
Expenses	$1,248,738	$1,125,806	+0.1%
Net Income	$406,076	$-232,094	-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

Total Directors

Key Employees

$167,500

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ELIZABETH PETERSEN	DIRECTOR	4.00	Director	$0	$0	$0
CHRISTOPHER LOMAX	DIRECTOR	4.00	Director	$0	$0	$0
DIANE MOSS	DIRECTOR	4.00	Director	$0	$0	$0
WILLIAM CHARLES	DIRECTOR	4.00	Director	$0	$0	$0
BRIAN COOPER	DIRECTOR	4.00	Director	$0	$0	$0
ADLER GUERRIER	DIRECTOR	4.00	Director	$0	$0	$0
AMY POLLACK	DIRECTOR	4.00	Director	$0	$0	$0
ANTONIA WRIGHT	DIRECTOR	4.00	Director	$0	$0	$0
AVRA JAIN	DIRECTOR	4.00	Director	$0	$0	$0
BRIAN HELLER	DIRECTOR	4.00	Director	$0	$0	$0
SUNITA BHAGWAN	DIRECTOR	4.00	Director	$0	$0	$0
CARLOS R LAGO	DIRECTOR	4.00	Director	$0	$0	$0
DAWN ADELS FINE	DIRECTOR	4.00	Director	$0	$0	$0
DEBRA FRANK	SECRETARY	4.00	Officer Director	$0	$0	$0
DEBRA SCHOLL	CHAIRMAN OF THE BOARD	5.00	Officer Director	$0	$0	$0
DIANE GROB	DIRECTOR	4.00	Director	$0	$0	$0
ELIZABETH BAILEY	DIRECTOR	4.00	Director	$0	$0	$0
ELIZABETH WITHSTANDLEY	DIRECTOR	4.00	Director	$0	$0	$0
JAMIE ODABACHIAN	DIRECTOR	4.00	Director	$0	$0	$0
JILLIAN CHOI	DIRECTOR	4.00	Director	$0	$0	$0
RICHARD ARREGUI	DIRECTOR	4.00	Director	$0	$0	$0
JOHN DEVINE	VICE CHAIR	4.00	Officer Director	$0	$0	$0
JOHN JOSEPH LIN	DIRECTOR	4.00	Director	$0	$0	$0
JUAN ALONSO	DIRECTOR	4.00	Director	$0	$0	$0
KAREN BOYER	DIRECTOR	4.00	Director	$0	$0	$0
LAUREN GNAZZO	DIRECTOR	4.00	Director	$0	$0	$0
LINDA ADLER	DIRECTOR	4.00	Director	$0	$0	$0
MUNISHA UNDERHILL	DIRECTOR	4.00	Director	$0	$0	$0
NICOLE CHIPI	DIRECTOR	4.00	Director	$0	$0	$0
PAUL JACOBER	DIRECTOR	4.00	Director	$0	$0	$0
RAUL GUIJARRO DE PABLO	DIRECTOR	4.00	Director	$0	$0	$0
BETTE ANN FIALKOV	DIRECTOR	4.00	Director	$0	$0	$0
STEVEN LANSTER	TREASURER	4.00	Officer Director	$0	$0	$0
STEWART MERKIN	DIRECTOR	4.00	Director	$0	$0	$0
MARIA C BECHILY	DIRECTOR	4.00	Director	$0	$0	$0
LORIE MERTES	EXECUTIVE DIRECTOR	65.00	Key Emp	$167,500	$0	$167,500

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
2023	$1,654,814	$1,248,738	$1,329,179	$406,076
2022	$893,712	$1,125,806	$222,802	$-232,094
2021	$876,801	$785,895	$422,993	$90,906
2020	$1,135,706	$804,765	$381,204	$330,941
2019	$778,411	$885,550	$55,850	$-107,139
2018	$829,822	$830,513	$175,582	$-691