WESTFIELD ARTS COLLECTIVE 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

2021

Legal Domicile

Principal Officer

BILL CRANDALL

Phone

9083916015

Tax Period

2024-01-01 to 2024-12-31

WESTFIELD ARTS COLLECTIVE INC, founded in 2021, is a small nonprofit in the Arts, Culture & Humanities sector that reported $458K in total revenue in fiscal year 2024. Revenue surged 40% from the prior year, signaling strong growth momentum. Net assets of $4.8M represent 127 months of operating reserves.

Mission

The Westfield Arts Collective (WAC) will provide an inclusive and collaborative community space to inspire and showcase the visual and performing arts, through creation, exhibition and education. (See Schedule O)

Program Service Accomplishments

Program 1

Expenses: $268,350 Revenue: $46,571

Westfield Arts Collectives programming represents a diverse range of artistic and community based programs including ongoing collaborations with the Westfield High School and Westfield Art Society...

Westfield Arts Collectives programming represents a diverse range of artistic and community based programs including ongoing collaborations with the Westfield High School and Westfield Art Society along with other community presentations. Each exhibit endeavors to represent the artistry of local professional and student artists. As the organization evolves, we will maintain extremely diverse programming so that all residents in the community and region feel represented and welcome at the events, classes, and facilities. The organization will be working closely with members of the community, local officials, community and business leaders, students, families and other constituents to ensure that it operates with the broadest level of engagement, inclusion, and transparency.

Program 2

In addition to artistic programming, the organization completed architectural schematic design and renderings for the proposed renovation and transformation of the historic Rialto theater to become the Center for Creativity @ The Rialto. Architectural design work was conducted with Mills + Schnoering Architects. These designs were used as the basis for a fundraising feasibility study conducted with fundraising counsel, The Angeletti Group. The reports and studies formed the basis for subsequent grant proposals to select institutional funders.

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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 $31,548

Program Service Revenue $268

Investment Income $379,520

Other Revenue $46,302

TOTAL REVENUE $457,638

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $189,613

Program Expenses $268,350

Other Expenses $368,483

TOTAL EXPENSES $499,883

Year-over-Year Comparison

	2024	2023	Change
Revenue	$457,638	$326,236	+0.4%
Expenses	$499,883	$356,457	+0.4%
Net Income	$-42,245	$-30,221	+0.4%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BETH CASSIE	PRESIDENT EMERITI	10.00	Director	$0	$0	$0
TOM JARDIM	DIRECTOR	2.00	Director	$0	$0	$0
DAWN MACKEY	DIRECTOR	2.00	Director	$0	$0	$0
KIRTI MALIK	DIRECTOR	2.00	Director	$0	$0	$0
RICHARD SOLOMON	DIRECTOR	2.00	Director	$0	$0	$0
DAVID VECA	DIRECTOR	2.00	Director	$0	$0	$0
MARGARET SMITH	VICE PRESIDENT	10.00	Officer Director	$0	$0	$0
BILL CRANDALL	PRESIDENT	10.00	Officer Director	$0	$0	$0
CARL SALISBURY	TREASURER	2.00	Officer Director	$0	$0	$0
NANCY GLEASON	SECRETARY	2.00	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	$457,638	$499,883	$8,895,933	$-42,245
2023	$326,236	$356,457	$9,087,161	$-30,221
2022	$179,610	$247,624	$9,048,171	$-68,014
2021	$5,094,670	$37,740	$5,064,114	$5,056,930
2021	$5,094,670	$37,740	$5,064,114	$5,056,930