ASBURY PARK ARTS COUNCIL 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

2019

Legal Domicile

Principal Officer

MICHAEL SODANO

Phone

2672581153

Tax Period

2024-01-01 to 2024-12-31

ASBURY PARK ARTS COUNCIL INC, founded in 2019, is a small nonprofit in the Arts, Culture & Humanities sector that reported $123K in total revenue in fiscal year 2024. Revenue surged 41% from the prior year, signaling strong growth momentum.

Mission

TO SUPPORT, ADVOCATE AND PROMOTE ARTS-CENTRIC INITIATIVES, BUSINESSES AND DEVELOPMENT IN ASBURY PARK, NEW JERSEY. THE ORGANIZATION'S PRIMARY GOAL IS TO ENSURE THE ARTS ARE CONSIDERED IN MUNICIPAL POLICY-MAKING VIA THE CREATION AND IMPLEMENTATION OF THE ARTS AND CULTURE PLAN WITHIN THE ASBURY PARK MASTER PLAN. THE ORGANIZATION WAS FORMED TO BE A BRIDGE BETWEEN THE LOCAL ARTS COMMUNITY AND THE CITY OF ASBURY PARK, FOSTERING THE UNDERSTANDING THAT ARTS ARE THE ECONOMIC ENGINE OF THE CITY.

Program Service Accomplishments

Program 1

Expenses: $69,176

THE ORGANIZATION WORKS TO SUPPORT, ADVOCATE AND PROMOTE ARTSCENTRIC INITIATIVES, BUSINESSES AND DEVELOPMENT IN ASBURY PARK, NEW JERSEY. THIS INCLUDES WORKING TO CREATE AND IMPLEMENT AN ARTS AND...

THE ORGANIZATION WORKS TO SUPPORT, ADVOCATE AND PROMOTE ARTSCENTRIC INITIATIVES, BUSINESSES AND DEVELOPMENT IN ASBURY PARK, NEW JERSEY. THIS INCLUDES WORKING TO CREATE AND IMPLEMENT AN ARTS AND CULTURE PLAN IN PARTNERSHIP WITH THE CITY AND EXECUTING PROGRAMS IN THE LOCAL COMMUNITY INCLUDING PAINTING MURALS AND BEAUTIFYING INFRASTRUCTURE, AND HOSTING NETWORKING MEETINGS AND A THREE MINUTE FILM CHALLENGE.

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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 $123,192

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $123,192

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $29,637

Program Expenses $69,176

Other Expenses $120,146

TOTAL EXPENSES $120,146

Year-over-Year Comparison

	2024	2023	Change
Revenue	$123,192	$87,259	+0.4%
Expenses	$120,146	$180,927	-0.3%
Net Income	$3,046	$-93,668	-1.0%

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

$77,140

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL SODANO	PRESIDENT	2.00	Officer	$0	$0	$0
BOB ELLIS	TREASURER	2.00	Officer	$0	$0	$0
JENN HAMPTON	VICE PRESIDE	2.00	Officer	$0	$0	$0
CARRIE TURNER	SECRETARY/EX	35.00	Officer	$77,140	$0	$77,140
PAUL MCEVILY	TRUSTEE	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	$123,192	$120,146	$74,093	$3,046
2023	$87,259	$180,927	$61,665	$-93,668
2022	$238,195	$102,038	$154,753	$136,157
2022	$239,195	$103,038	$154,753	$136,157