THE RESIDENCY

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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

2020

Legal Domicile

Principal Officer

BEN SECORD

Phone

2063882995

Tax Period

2024-07-01 to 2024-12-31

THE RESIDENCY, founded in 2020, is a small nonprofit in the Arts, Culture & Humanities sector that reported $531K in total revenue in fiscal year 2024. Revenue fell 53% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $208K, a strong 39% operating margin.

Mission

THE RESIDENCY SEEKS TO BUILD A POWERFUL COMMUNITY OF YOUNG HIP-HOP ARTISTS EQUIPPED WITH THE ARTISTIC AND LEADERSHIP SKILLS, BUSINESS ACUMEN, AND MENTORSHIP NECESSARY TO BECOME PROFESSIONAL ARTISTS AND CULTURAL CHANGE MAKERS. THROUGH THEIR PARTICIPATION IN THE RESIDENCY, YOUNG ARTISTS FROM LOW-INCOME FAMILIES ACQUIRE TANGIBLE ARTISTIC AND PROFESSIONAL SKILLS WHILE ALSO GAINING CONFIDENCE, TEAMWORK, AND A DEEPENED UNDERSTANDING OF THEIR OWN IDENTITY AND POWER.

Program Service Accomplishments

Program 1

Expenses: $146,377 Revenue: $0

MONTH LONG INTENSIVE WORKSHOP WHERE UP TO 45 YOUNG PEOPLE (AGES 16-24) PARTICIPATE IN EITHER A VOCAL OR PRODUCTION TRACK. DURING THE INTENSIVE, YOUTH WRITE ORIGINAL SONGS, RECORD IN A PROFESSIONAL...

MONTH LONG INTENSIVE WORKSHOP WHERE UP TO 45 YOUNG PEOPLE (AGES 16-24) PARTICIPATE IN EITHER A VOCAL OR PRODUCTION TRACK. DURING THE INTENSIVE, YOUTH WRITE ORIGINAL SONGS, RECORD IN A PROFESSIONAL STUDIO AND PERFORM IN FRONT OF HUNDREDS OF PEOPLE AT A PREMIERE SEATTLE VENUE. IN ADDITION TO MAKING, RECORDING AND PERFORMING THEIR MUSIC, THE YOUTH PARTICIPATE IN A NUMBER OF ENGAGING PANEL DISCUSSIONS WITH LEADERS IN THE NORTHWEST CREATIVE COMMUNITY. THE RESIDENCY EXISTS TO BREAK DOWN BARRIERS TO EQUITABLE ARTS LEARNING. WE CONTINUE TO CENTER BLACK, INDIGENOUS, & P.O.C IDENTIFYING YOUNG ARTISTS FROM LOW-INCOME FAMILIES TO HELP ACQUIRE TANGIBLE ARTISTIC AND PROFESSIONAL SKILLS WHILE ALSO GAINING CONFIDENCE, TEAMWORK, AND A DEEPENED UNDERSTANDING OF THEIR OWN IDENTITY AND POWER. IN AN EFFORT TO ADDRESS FINANCIAL DIFFICULTIES AND TO HONOR THEIR WORK AS ARTISTS, YOUTH PARTICIPANTS RECEIVE STIPENDS AT THE COMPLETION OF THE RESIDENCY. FURTHER, PARTICIPANTS RECEIVE SUBSIDIZED TRANSPORTATION AND MEALS THROUGHOUT THE RESIDENCY TO MINIMIZE POTENTIAL CHALLENGES TO FULL PARTICIPATION IN THE PROGRAM.

Program 2

Expenses: $105,214 Revenue: $38,200

THE YEAR-ROUND PROGRAM INCLUDES PARTICIPATING IN PERFORMANCES IN FRONT OF HUNDREDS OF PEOPLE AT A PREMIERE SEATTLE VENUE AND A NUMBER OF ENGAGING PANEL DISCUSSIONS WITH LEADERS IN THE NORTHWEST...

THE YEAR-ROUND PROGRAM INCLUDES PARTICIPATING IN PERFORMANCES IN FRONT OF HUNDREDS OF PEOPLE AT A PREMIERE SEATTLE VENUE AND A NUMBER OF ENGAGING PANEL DISCUSSIONS WITH LEADERS IN THE NORTHWEST CREATIVE COMMUNITY.

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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 $363,375

Program Service Revenue $38,200

Investment Income $4,009

Other Revenue $125,805

TOTAL REVENUE $531,389

Expense Breakdown

Grants Paid $21,180

Salaries & Benefits $191,019

Fundraising Expenses $36,160

Program Expenses $251,591

Other Expenses $97,023

TOTAL EXPENSES $323,622

Year-over-Year Comparison

	2024	2023	Change
Revenue	$531,389	$1,137,830	-0.5%
Expenses	$323,622	$556,877	-0.4%
Net Income	$207,767	$580,953	-0.6%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JONATHAN CUNNINGHAM	PRESIDENT, TREASURER, DIRE	5.00	Officer Director	$0	$0	$0
BEN SECORD	SECRETARY, DIRECTOR	40.00	Officer Director	$0	$0	$0
BEN HAGGERTY	VICE PRESIDENT, DIRECTOR	1.00	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
2024	$531,389	$323,622	$1,138,513	$207,767
2023	$686,378	$649,041	$357,381	$37,337
2022	$584,028	$447,175	$323,777	$136,853
2021	$253,681	$276,961	$162,379	$-23,280
2020	$273,922	$89,162	$197,734	$184,760