THE CHELSEA FACTORY INC

EIN: 862026695 501(c)(3) Arts, Culture & Humanities

NEW YORK, NY

Total Revenue
$1,574,295
Total Expenses
$3,772,403
Total Assets
$242,469
Net Assets
$208,819
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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
2021
Legal Domicile
DE
Principal Officer
LAUREN KIEL
Phone
6145315502
Tax Period
2024-07-01 to 2025-06-30

THE CHELSEA FACTORY INC, founded in 2021, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.6M in total revenue in fiscal year 2024. Revenue fell 68% from the prior year — a significant decline worth monitoring. Expenses of $3.8M exceeded revenue, resulting in a 140% operating deficit.

Mission

CHELSEA FACTORY EXISTED TO SUPPORT THE ARTISTS, ENSEMBLES, AND ARTS ORGANIZATIONS OF NEW YORK CITY AS WE EMERGE FROM THE COVID-19 PANDEMIC. WITH AN EMPHASIS ON SUPPORT FOR ARTISTS FROM HISTORICALLY EXCLUDED COMMUNITIES, CHELSEA FACTORY PROVIDED HIGHLY SUBSIDIZED CREATION AND PRESENTATION SPACE, PRODUCTION RESOURCES, AND DYNAMIC CONNECTIONS THAT AIM TO CREATE TRANSFORMATIVE EXPERIENCES FOR ITS ARTISTS AND PARTNERS ACROSS GENRES.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $296,179
Program Service Revenue $2,101,248
Investment Income $-823,825
Other Revenue $693
TOTAL REVENUE $1,574,295

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,090,597
Fundraising Expenses $79,756
Program Expenses $3,112,314
Other Expenses $2,681,806
TOTAL EXPENSES $3,772,403

Year-over-Year Comparison

2024 2023 Change
Revenue $1,574,295 $4,954,408 -0.7%
Expenses $3,772,403 $5,654,719 -0.3%
Net Income $-2,198,108 $-700,311 +2.1%
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

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Governance

Voting Members
5
Independent Members
4
Employees
82
Volunteers
4

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
2
$357,421
Total Directors
5
$357,421
Key Employees
1
$194,188
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JIM HERBERT FOUNDER & BOARD CHAIR 1.00
Officer Director
$0 $0 $0
LAUREN KIEL EXECUTIVE DIRECTOR/TREASURER 40.00
Officer Director
$315,370 $42,051 $357,421
ANDREA MILLER BOARD MEMBER 1.00
Director
$0 $0 $0
ARIELLE PATRICK BOARD MEMBER 1.00
Director
$0 $0 $0
LINDA SHELTON BOARD MEMBER 1.00
Director
$0 $0 $0
DONALD BORROR MANAGING DIRECTOR 40.00
Key Emp
$179,722 $14,466 $194,188
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 $1,574,295 $3,772,403 $242,469 $-2,198,108
2024 $4,954,408 $5,654,719 $7,035,924 $-700,311
2023 $3,354,785 $5,977,631 $10,225,308 $-2,622,846
2022 $3,828,840 $3,590,065 $6,049,280 $238,775
2021 $4,895,352 $82,176 $4,912,478 $4,813,176
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