FRIENDS OF THE M (EIN 822978503) - Form 990 Financial Analysis & Trantor Score

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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

KATHERINE BEANE

Phone

6517974057

Tax Period

2024-07-01 to 2025-06-30

FRIENDS OF THE M, founded in 2017, is a small nonprofit in the Arts, Culture & Humanities sector that reported $223K in total revenue in fiscal year 2024. Revenue surged 74% from the prior year, signaling strong growth momentum. The organization ran a surplus of $112K, a strong 50% operating margin.

Mission

FRIENDS OF THE M IS ORGANIZED AND WILL OPERATE EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES, AND EXCLUSIVELY FOR THE BENEFIT, TO SUPPORT THE FUNCTIONS OF, AND TO ASSIST IN CARRYING OUT THE PURPOSE OF MINNESOTA MUSEUM OF AMERICAN ART, A MINNESOTA NONPROFIT CORPORATION.

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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 $191,989

Program Service Revenue $31,230

Investment Income $0

Other Revenue $0

TOTAL REVENUE $223,219

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $84,928

Other Expenses $110,724

TOTAL EXPENSES $110,724

Year-over-Year Comparison

	2024	2023	Change
Revenue	$223,219	$128,141	+0.7%
Expenses	$110,724	$93,792	+0.2%
Net Income	$112,495	$34,349	+2.3%

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

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

$177,800

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JIM RUSTAD	CHAIR	1.00	Officer Director	$0	$0	$0
ANN RUHR PIFER	SECRETARY	1.00	Officer Director	$0	$0	$0
GERRY STENSON	TREASURER	1.00	Officer Director	$0	$0	$0
PATTY WHITAKER	DIRECTOR	1.00	Director	$0	$0	$0
DR KATE BEANE	DIRECTOR	1.00	Director	$0	$13,835	$177,800

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	$223,219	$110,724	$102,432	$112,495
2024	$128,141	$93,792	$4,958,896	$34,349
2023	$133,626	$115,467	$5,043,833	$18,159
2022	$135,075	$101,264	$5,123,466	$33,811
2021	$143,200	$94,712	$5,076,441	$48,488
2020	$385,046	$105,781	$5,028,206	$279,265
2019	$720,405	$136,826	$5,015,022	$583,579
2018	$161,793	$77,283	$5,066,793	$84,510

FRIENDS OF THE M