ChiArts Foundation

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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

Mirja Spooner

Phone

8477549301

Tax Period

2024-07-01 to 2025-06-30

ChiArts Foundation, founded in 2019, is a community nonprofit in the Education sector that reported $3.4M in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion.

Mission

SUPPORT AND PROMOTION OF ARTS EDUCATION PROGRAMS AT CHICAGO HIGH SCHOOL FOR THE ARTS. THE ORGANIZATION MAY ALSO SUPPORT OTHER EDUCATIONAL ACTIVITIES IN FURTHERANCE OF THE ARTS.

Program Service Accomplishments

Program 1

Expenses: $2,597,793

SUPPORT AND PROMOTION OF THE DEVELOPMENT AND DELIVERY OF THE ARTS EDUCATION PROGRAMS FOR THE CHICAGO HIGH SCHOOL FOR THE ARTS.

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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 $3,485,366

Program Service Revenue $0

Investment Income $18,006

Other Revenue $-114,949

TOTAL REVENUE $3,388,423

Expense Breakdown

Grants Paid $2,487,591

Salaries & Benefits $638,115

Fundraising Expenses $350,447

Program Expenses $2,597,793

Other Expenses $264,747

TOTAL EXPENSES $3,390,453

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,388,423	$3,020,667	+0.1%
Expenses	$3,390,453	$4,099,986	-0.2%
Net Income	$-2,030	$-1,079,319	-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

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

$181,425

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Johnny Merrifield	Executive Dir.	40.00	Officer	$164,641	$16,784	$181,425
JOSE OCHOA	FORMER EXECUTIVE DIRECTOR	40.00		$63,722	$11,979	$75,701
Mirja Spooner Haffner	CHAIRPERSON	4.00	Officer Director	$0	$0	$0
Gary Metzner	Vice Chair	4.00	Officer Director	$0	$0	$0
Erin Clifford	Secretary	4.00	Officer Director	$0	$0	$0
Christina Huizar	Treasurer	4.00	Officer Director	$0	$0	$0
CHARDAI JOHNSON	Director	1.00	Director	$0	$0	$0
Steven Collens	Director	1.00	Director	$0	$0	$0
Elissa Hamid Efroymson	Director	1.00	Director	$0	$0	$0
Arnett Faulkner	Director	1.00	Director	$0	$0	$0
LISA SIMMONS	Director	1.00	Director	$0	$0	$0
PETER FIDLER	Director	1.00	Director	$0	$0	$0
Ronald B Grais	Director	1.00	Director	$0	$0	$0
Sandra P Guthman	Director	1.00	Director	$0	$0	$0
John H Hart	Director	1.00	Director	$0	$0	$0
DUFFIE ADELSON	Director	1.00	Director	$0	$0	$0
Tom Hurvis	Director	1.00	Director	$0	$0	$0
Pamela Johnson	Director	1.00	Director	$0	$0	$0
Jessica Darrow	Director	1.00	Director	$0	$0	$0
Marshall Lindsey	Director	1.00	Director	$0	$0	$0
Samera Syeda Ludwig	Director	1.00	Director	$0	$0	$0
David Mabie	Director	1.00	Director	$0	$0	$0
Michael J McIntosh II	Director	1.00	Director	$0	$0	$0
Jill Snyder	Director	1.00	Director	$0	$0	$0
Amyisha Rigia	Director	1.00	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
2025	$3,388,423	$3,390,453	$2,028,599	$-2,030
2024	$3,020,667	$4,099,986	$1,959,134	$-1,079,319
2023	$1,910,555	$3,284,859	$2,872,519	$-1,374,304
2021	$6,204,679	$1,882,319	$4,911,639	$4,322,360