FAME CENTER

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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

SHEILA FORTSON

Phone

3124690687

Tax Period

2024-01-01 to 2024-12-31

FAME CENTER, founded in 2018, is a small nonprofit in the Arts, Culture & Humanities sector that reported $413K in total revenue in fiscal year 2024. Revenue decreased 14% compared to the prior year. Expenses of $372K left a modest 10% surplus.

Mission

FAME CENTER IS A 501C3 NON-PROFIT FOR CHILDREAN AND ADULTS. FAME CENTER PROVIDES EQUITABLE ACCESS TO ARTS EDUCAITON SO THAT THE NEXT GENERATION HAS CREATIVE TOOLS TO UNCOVER THEIR POTENTIAL AND IMAGINE THEIR FUTURES.

Program Service Accomplishments

Program 1

FAME CENTER IS A 501C3 NON-PROFIT ORGANIZEATION DEDUCATED TO THE MUSIC AND ART EDUCAITON FOR CHILDREN ADN ADULTS. THROUGHOUT THE CALENDAR YEAR, FAME CENTER OFFERS FINE ARTS EDUCATION THROUGH MUSIC...

FAME CENTER IS A 501C3 NON-PROFIT ORGANIZEATION DEDUCATED TO THE MUSIC AND ART EDUCAITON FOR CHILDREN ADN ADULTS. THROUGHOUT THE CALENDAR YEAR, FAME CENTER OFFERS FINE ARTS EDUCATION THROUGH MUSIC LESSONS, DIGITAL AND VISUAL ARTS, COMPUTER CODING CLASSES, MUSICAL THEATER AND DRAMA CLASSES, CREATIVE WRITING CLASSES, AND MUSIC THERAPY FOR MENTAL HEALTH. OUR VISION IS TO ENRICH THE LIVES OF CHILDREN AND ADULTS IN EVERY COMMUNITY OF CHICAGO, THROUGH MUSIC AND ARTS EDUCATION, AND MUSIC THERAPY FOR THE PROMOTION OF MENTAL HEALTH.

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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 $104,886

Program Service Revenue $307,622

Investment Income $0

Other Revenue $0

TOTAL REVENUE $412,508

Expense Breakdown

Grants Paid $2,767

Salaries & Benefits $305,731

Fundraising Expenses $7,388

Other Expenses $63,953

TOTAL EXPENSES $372,451

Year-over-Year Comparison

	2024	2023	Change
Revenue	$412,508	$478,301	-0.1%
Expenses	$372,451	$578,413	-0.4%
Net Income	$40,057	$-100,112	-1.4%

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
SHEILA R FORTSON	EXECUTIVE DIRECTOR	040.00	Director	$0	$0	$0
JODIE KOSLOW MARTIN	BOARD CHAIR	001.00	Director	$0	$0	$0
RICHARD BLOOMFIELD	DIRECTOR	001.00	Director	$0	$0	$0
TWINIA BREWTON	DIRECTOR	001.00	Director	$0	$0	$0
ELIZABETH CARTER	DIRECTOR	001.00	Director	$0	$0	$0
ZACHARY DAY	DIRECTOR	001.00	Director	$0	$0	$0
MARC DOGGET	DIRECTOR	001.00	Director	$0	$0	$0
KEN GIBBS	DIRECTOR	001.00	Director	$0	$0	$0
COURTNEY JACKSON	DIRECTOR	001.00	Director	$0	$0	$0
GREG WILLIAMS	DIRECTOR	001.00	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	$412,508	$372,451	$194,446	$40,057
2023	$478,301	$571,589	$196,806	$-93,288
2023	$478,301	$578,413	$196,806	$-100,112
2022	$275,491	$509,665	$212,484	$-234,174
2021	$514,887	$454,243	$197,622	$60,644
2021	$649,228	$488,690	$297,517	$160,538
2020	$242,688	$201,835	$134,111	$40,853
2019	$95,235	$92,075	$38,313	$3,160