FREDERICK BOOK ARTS CENTER 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

2018

Legal Domicile

Principal Officer

SARA FRIEDMAN

Phone

3012289816

Tax Period

2023-01-01 to 2023-12-31

FREDERICK BOOK ARTS CENTER INC, founded in 2018, is a small nonprofit in the Arts, Culture & Humanities sector that reported $220K in total revenue in fiscal year 2023. Revenue decreased 10% compared to the prior year. Expenses of $258K exceeded revenue, resulting in a 17% operating deficit.

Mission

SINCE 2018, FBAC HAS OFFERED A WIDE VARIETY OF HIGH-QUALITY CLASSES AND EVENTS. WE HOST SHOWS, ARTISTS TALKS, FIRST SATURDAY EVENTS, AND TAKE PART IN MANY OF THE EVENTS DURING THE YEAR IN THE BUSTLING FREDERICK COMMUNITY SUCH AS PRIDE FESTIVAL. OUR NONPROFIT WEATHERED THE YEARS OF COVID, AND HAS EMERGED A STRONGER ORGANIZATION WITH ADDED STAFF. IN 2023, WE HOSTED OVER 900 PEOPLE AT OUR CLASSES AND EVENTS, AND CONCENTRATED ON REBUILDING OUR MEMBERSHIP AND OUR BOARD (SEVERAL OF WHICH HAD CHANGES IN DUTIES DURING AND AFTER COVID AND COULD NO LONGER SERVE). AS A GROWING ORGANIZATION COMMITTED TO THE AREA, WE HAVE MOVED TOWARDS THE HIRING OF A NEW EXECUTIVE DIRECTOR (AS A PAID POSITION FOR THE FIRST TIME IN OUR ORGANIZATION). THIS WILL BE IN THE START OF 2025. ACCORDING TO THE DATA ON OUR CLASSES FROM 2023, OF THE 900+ (COMPARABLE TO LAST YEAR'S NUMBERS WITH LESS TIME OPEN) PEOPLE REACHED THROUGH OUR CLASSES, OVER 90% WERE FROM MD, OF WHICH OVER 60% ARE LOCATED IN THE IMMEDIATE FREDERICK AREA. AS FOR OUR SOCIAL MEDIA PRESENCE ON FACEBOOK (META), WE HAVE 4500+ (4300+ FROM THE PREVIOUS YEAR), WITH MOST BEING FROM THE GREATER FREDERICK AREA. OUR INSTAGRAM HAS 2600+ FOLLOWERS, AND WE ARE ACTIVE ON TWITTER (X) AND ARE BEGINNING BOTH YOUTUBE CHANNELS AND TIKTOK TO REACH YOUNGER AUDIENCES. OUR NEWSLETTER DELIVERED BY EMAIL HAS A REACH OF OVER 1000 PEOPLE, MOSTLY CONCENTRATED IN WESTERN MARYLAND. IN 2022, WE BEGAN THE RENOVATIONS OF A NEW BUILDING AT 127 SOUTH CARROLL STREET, ALONGSIDE THE OWNERSHIP OF S.C.O.F. LLC, IN A NEW LEASE WHICH BEGAN IN NOVEMBER 2023. THIS NEW BUILDING PROVIDES FBAC WITH A KEY LOCATION IN THE NEW CARROLL STREET CREATIVE DISTRICT (ALONGSIDE OTHER ORGS LIKE THE DELAPLAINE ARTS CENTER, AND SKYSTAGE), WITH MORE SPACE AND A CUSTOMIZED INTERIOR TO ACCOMMODATE ADA CUSTOMERS MORE READILY, AND TO GIVE US MORE SPACE, AS A GROWING ORGANIZATION, TO OFFER CLASSES AND EDUCATIONAL PROGRAMMING. WITH A CORE KEEN STAFF THAT HAVE WORKED TOGETHER FOR SEVERAL YEARS AND AN INCOMING ED, WE HAVE CONSOLIDATED OUR EFFORTS INTO ATTRACTING MORE CUSTOMERS AND ARTISTS FOR OUR PROGRAMS AND OUTREACH/COMMUNITY EQUIPMENT IN 2023.

Program Service Accomplishments

Program 1

Expenses: $40,272 Revenue: $17,597

CLASSES: WE OFFER A RANGE OF CLASSES IN LETTERPRESS, BOOK ARTS, PRINTMAKING, BOOKBINDING, PHOTOGRAPHY AND PAPER ARTS. AT THE END OF 2023, FBAC MOVED INTO OUR NEW LOCATION AT 127 SOUTH CARROLL STREET A MUCH LARGER FACILITY FOR US TO WORK FROM. WE ALSO CONSOLIDATED THE SILKSCREEN STUDIO INTO OUR MAIN BUILDING. WE HAD A RE-OPENING IN MID-YEAR AND HAVE BEEN RUNNING CLASSES CONTINUOUSLY SINCE. THERE WAS A LOT OF REORGANIZATION OF EQUIPMENT AND SUPPLIES (AFTER THE MOVE) TO DO TO SET UP OUR NEW CLASSES.

Program 2

Expenses: $21,967

OUTREACH: FBAC HAS SEVERAL VENTURES THAT FALL UNDER OUTREACH INCLUDING SCHOOL VISITS, HOSTING LOCAL EVENTS, FIRST SATURDAYS, ARTISTS TALKS, AND SHOWS. OUR NEW LOCATION HAS A LARGE GALLERY SPACE, A...

OUTREACH: FBAC HAS SEVERAL VENTURES THAT FALL UNDER OUTREACH INCLUDING SCHOOL VISITS, HOSTING LOCAL EVENTS, FIRST SATURDAYS, ARTISTS TALKS, AND SHOWS. OUR NEW LOCATION HAS A LARGE GALLERY SPACE, A STORE SPACE, AND A LARGE WORKSHOP AREA FOR COMMUNITY EQUIPMENT. FBAC ALSO EMPLOYED A NEW COMMUNITY STUDIO MANAGER TO OVERSEE THE OUTREACH EVENTS AND THE SETUP OF OUR SPACE. WE CONTINUE TO TAKE PART IN MANY EVENTS IN THE AREA SUCH AS THE PRIDE FESTIVAL AND FESTIVAL OF THE ARTS, AS WELL AS HOSTING OUR OWN COMMUNITY EVENTS.

Program 3

Expenses: $10,985 Revenue: $3,609

RENTAL EQUIPMENT: FBAC HAS A FULL BOOK BINDERY IN OPERATION, A LETTERPRESS AREA, PRINTMAKING EQUIPMENT AND OTHER RESOURCES WHICH WE OFFER FOR RENTAL TO THE PUBLIC. ASSISTANCE AND TRAINING IS OFFERED BY STAFF AND VOLUNTEERS TO EDUCATE THE PUBLIC ON THE USE OF THIS EQUIPMENT THROUGH A RENTAL PROGRAM, TO ENSURE SAFETY. THIS SERVICE IS TO PROVIDE ACCESS TO NECESSARY TOOLS FOR ARTISTS AND OTHER MEMBERS OF THE PUBLIC TO CARRY OUT PROJECTS, WHICH THEY WOULD NOT OTHERWISE HAVE THE ABILITY TO DO WITHOUT OUR EQUIPMENT.

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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 $166,418

Program Service Revenue $17,597

Investment Income $3

Other Revenue $36,156

TOTAL REVENUE $220,174

Expense Breakdown

Grants Paid $0

Salaries & Benefits $97,741

Fundraising Expenses $308

Program Expenses $73,224

Other Expenses $159,937

TOTAL EXPENSES $257,678

Year-over-Year Comparison

	2023	2022	Change
Revenue	$220,174	$243,945	-0.1%
Expenses	$257,678	$265,050	0.0%
Net Income	$-37,504	$-21,105	+0.8%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHNNY CARRERA	CEO & BOARD MEMBER	40.00	Officer Director	$0	$0	$0
SARA FRIEDMAN	CFO & BOARD PRES.	40.00	Officer Director	$0	$0	$0
LEE NEWMAN	BOARD TREASURER	40.00	Officer Director	$0	$0	$0
GREG WILSON	BOARD SECRETARY	2.00	Officer Director	$0	$0	$0
SUZANNE GROBBEL	BOARD VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
ALBERT B BARNHART JR	BOARD MEMBER	2.00	Director	$0	$0	$0
PIERRE BOWINS	BOARD MEMBER	2.00	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	$220,174	$257,678	$101,322	$-37,504
2022	$243,945	$265,050	$161,321	$-21,105