SOURCE STUDIO 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

2017

Legal Domicile

Principal Officer

ALANA PIERCE

Phone

8653100532

Tax Period

2023-01-01 to 2023-12-31

SOURCE STUDIO INC, founded in 2017, is a micro nonprofit in the Human Services sector that reported $62K in total revenue in fiscal year 2023. Revenue fell 85% from the prior year — a significant decline worth monitoring. Expenses of $183K exceeded revenue, resulting in a 195% operating deficit.

Mission

SOURCE STUDIO IS A STUDIO WITH A MISSION IN THE NAME: SUSTAINED OPERATIONS UTILIZING RESOURCES FOR CULTURE, COMMUNITIES, AND THE ENVIRONMENT. FOUNDED BY MACARTHUR FELLOW AND ARTIST MEL CHIN, S.O.U.R.C.E IS AN ARTIST-CENTERED AND ACTION-ORIENTED STUDIO FOCUSED ON ARTISTIC APPROACHES THAT CONNECT PEOPLE WHILE ADDRESSING HUMAN CHALLENGES IN BOLD, BEAUTIFUL AND POETIC WAYS.

Program Service Accomplishments

Program 1

Expenses: $62,395

OUR ARTIST CONVENINGS BUILD CONNECTION, CAMARADERIE AND OPPORTUNITIES FOR SHARING METHODOLOGIES BETWEEN ARTISTS AND DIVERSE, MULTIDISCIPLINARY THINKERS.

Program 2

Expenses: $6,640

CORRINA MEHIEL FELLOWSHIP - FELLOWSHIP PROGRAM FOR WOMEN AND NON-BINARY ARTISTS ENGAGED IN PRESSING SOCIAL ISSUES AND WHO OFFER NEW VISIONS AND MEANINGFUL INTERACTIONS THROUGH THEIR CREATIVE...

CORRINA MEHIEL FELLOWSHIP - FELLOWSHIP PROGRAM FOR WOMEN AND NON-BINARY ARTISTS ENGAGED IN PRESSING SOCIAL ISSUES AND WHO OFFER NEW VISIONS AND MEANINGFUL INTERACTIONS THROUGH THEIR CREATIVE PRACTICES.

Program 3

Expenses: $43,132

OUR PROJECT FELLOWSHIP SUPPORTS ARTIST GUIDED RESEARCH & DEVELOPMENT AND DEEPER COLLABORATION WITH ARTISTS WHILE ENGAGING DIVERSE COMMUNITIES IN ARTIST-GUIDED CREATIVE INQUIRY AND PRACTICE.

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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 $61,200

Program Service Revenue $0

Investment Income $908

Other Revenue $0

TOTAL REVENUE $62,108

Expense Breakdown

Grants Paid $0

Salaries & Benefits $101,319

Fundraising Expenses $5,672

Program Expenses $112,167

Other Expenses $82,101

TOTAL EXPENSES $183,420

Year-over-Year Comparison

	2023	2022	Change
Revenue	$62,108	$404,242	-0.8%
Expenses	$183,420	$199,503	-0.1%
Net Income	$-121,312	$204,739	-1.6%

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

$80,450

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AMANDA WILES	EXECUTIVE DI	40.00	Officer	$75,000	$5,450	$80,450
CHRISTINA JENKINS	BOARD MEMBER	1.00	Director	$0	$0	$0
SINEAD LOPEZ	BOARD MEMBER	1.00	Director	$0	$0	$0
ALANA PIERCE	TREASURER	2.00	Officer Director	$0	$0	$0
PATRICIA WILLIAMS	SECRETARY	2.00	Officer Director	$0	$0	$0
TABITHA WILLIAMS	BOARD CHAIR	2.00	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
2024	No data	No data	No data	No data
2023	$62,108	$183,420	$299,942	$-121,312
2022	$404,242	$199,503	$424,580	$204,739
2021	$77,775	$161,908	$234,389	$-84,133
2020	$172,730	$106,209	$300,591	$66,521
2019	$308,226	$131,470	$231,031	$176,756