FRIENDS OF THE HASTINGS PERFORMING… - Form 990 Financial Data

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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

RICHARD FRANKLIN

Phone

2699484400

Tax Period

2024-07-01 to 2025-06-30

FRIENDS OF THE HASTINGS PERFORMING ARTS CENTER, founded in 2021, is a small nonprofit in the Arts, Culture & Humanities sector that reported $339K in total revenue in fiscal year 2024. Revenue decreased 16% compared to the prior year.

Mission

TO COORDINATE, PROMOTE, ENCOURAGE, DEVELOP AND PRESENT ACTIVITIES IN THE FIELD OF THE ARTS AS DEFINDED AND LIMITED BY SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND REGULATIONS PROMULGATED THEREUNDER IN BARRY COUNTY, MICHIGAN AND SURROUNDING AREAS.

Program Service Accomplishments

Program 1

Expenses: $363,827 Revenue: $79,616

TO COORDINATE, PROMOTE, ENCOURAGE, DEVELOP AND PRESENT ACTIVITIES IN THE FIELD OF 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 $243,412

Program Service Revenue $79,616

Investment Income $15,638

Other Revenue $0

TOTAL REVENUE $338,666

Expense Breakdown

Grants Paid $164,860

Salaries & Benefits $16,147

Fundraising Expenses $150

Program Expenses $363,827

Other Expenses $182,970

TOTAL EXPENSES $363,977

Year-over-Year Comparison

	2024	2023	Change
Revenue	$338,666	$404,759	-0.2%
Expenses	$363,977	$261,397	+0.4%
Net Income	$-25,311	$143,362	-1.2%

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
RICHARD FRANKLIN	PRESIDENT	1.00	Officer Director	$0	$0	$0
KAREN HOFFMAN	TREASURER	1.00	Officer Director	$0	$0	$0
ERIN WALLER	SECRETARY	1.00	Officer Director	$0	$0	$0
SANDRA BILLINGSLEY	TRUSTEE	1.00	Director	$0	$0	$0
BOB GASKILL	TRUSTEE	1.00	Director	$0	$0	$0
ELLIOT PEREZ	TRUSTEE	1.00	Director	$0	$0	$0
JOAN SCHROEDER	TRUSTEE	1.00	Director	$0	$0	$0
RANDY TEEGARDIN	TRUSTEE	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	$338,666	$363,977	$349,148	$-25,311
2024	$404,759	$261,397	$349,096	$143,362
2023	$291,641	$226,601	$208,187	$65,040
2022	$230,155	$100,477	$135,921	$129,678

FRIENDS OF THE HASTINGS PERFORMING ARTS CENTER