National Nordic Museum

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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

1980

Legal Domicile

Principal Officer

Lath Carlson

Phone

2067895707

Tax Period

2023-01-01 to 2023-12-31

National Nordic Museum, founded in 1980, is a community nonprofit in the Arts, Culture & Humanities sector that reported $5.7M in total revenue in fiscal year 2023. Revenue fell 21% from the prior year — a significant decline worth monitoring. Expenses of $6.7M exceeded revenue, resulting in a 16% operating deficit.

Mission

THE NATIONAL NORDIC MUSEUM SHARES NORDIC CULTURE, VALUES AND IDEAS WITH PEOPLE OF ALL AGES AND BACKGROUNDS TO CREATE CONNECTIONS, GENERATE DIALOGUE, AND INSPIRE NEW PERSPECTIVES.

Program Service Accomplishments

Program 1

Expenses: $4,254,994 Revenue: $1,280,503

THE NATIONAL NORDIC MUSEUM WAS FOUNDED FOR THE PURPOSE OF COLLECTING, PRESERVING, PROTECTING AND EXHIBITING MATERIAL THAT REFLECTS THE LIFE AND CULTURE OF IMMIGRANTS FROM NORDIC COUNTRIES. FOUNDED IN 1980, THE NORDIC MUSEUM IS THE LARGEST MUSEUM IN THE UNITED STATES TO HONOR THE LEGACY OF IMMIGRANTS FROM THE FIVE NORDIC COUNTRIES: DENMARK, FINLAND, ICELAND, NORWAY, AND SWEDEN.

Program 2

Expenses: $663,658 Revenue: $394,038

THE NATIONAL NORDIC MUSEUM CELEBRATES A VARIETY OF EVENTS THROUGHOUT THE YEAR, INCLUDING CONCERTS, CLASSES, CONFERENCES, FESTIVALS, FILM, AND FOOD.

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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 (2023)

Revenue Breakdown

Contributions & Grants $3,511,776

Program Service Revenue $1,360,637

Investment Income $313,358

Other Revenue $553,233

TOTAL REVENUE $5,739,004

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,935,824

Fundraising Expenses $850,432

Program Expenses $4,918,652

Other Expenses $3,738,728

TOTAL EXPENSES $6,674,552

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,739,004	$7,294,452	-0.2%
Expenses	$6,674,552	$6,552,140	+0.0%
Net Income	$-935,548	$742,312	-2.3%

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

522

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

$689,387

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERIC NELSON	CEO	60.0	Officer	$412,724	$0	$412,724
ANDREA MILLIKAN	COO	40.0	Officer	$170,492	$0	$170,492
ERIK PIHL	DIRECTOR OF DEVELOPMENT	50.0	Highest	$111,060	$0	$111,060
PAMELA BROOKS	DIRECTOR OF FINANCE AND HR	50.0	Officer	$106,171	$0	$106,171
LESLIE ANDERSON	CHIEF CURATOR	50.0	Highest	$102,746	$0	$102,746
HANS AARHUS	PRESIDENT	15.0	Officer Director	$0	$0	$0
JAY BRUNS III	VICE PRESIDENT	10.0	Officer Director	$0	$0	$0
MONICA LANGFELDT	SECRETARY	10.0	Officer Director	$0	$0	$0
EARL ECKLUND	TREASURER	10.0	Officer Director	$0	$0	$0
ANN-CHARLOTTE GAVEL ADAMS	TRUSTEE	2.0	Director	$0	$0	$0
TOR TOLLESSENALEX ALGARD	TRUSTEE	2.0	Director	$0	$0	$0
ELECTA ANDERSON	TRUSTEE	2.0	Director	$0	$0	$0
ANNE-LISE BERGER	TRUSTEE	2.0	Director	$0	$0	$0
LAURIE BLACK	TRUSTEE	2.0	Director	$0	$0	$0
JANN BLACKBOURN	TRUSTEE	2.0	Director	$0	$0	$0
ELISABETH BODAL	TRUSTEE	2.0	Director	$0	$0	$0
RAY BRANDSTROM	TRUSTEE	2.0	Director	$0	$0	$0
ULF EWALDSSON	TRUSTEE	2.0	Director	$0	$0	$0
MIKE HLASTALA	TRUSTEE	2.0	Director	$0	$0	$0
JONAS JONSSON	TRUSTEE	2.0	Director	$0	$0	$0
JANE KLAUSEN	TRUSTEE	2.0	Director	$0	$0	$0
TERJE LEIREN	TRUSTEE	2.0	Director	$0	$0	$0
OUTI MAKINIEMI	TRUSTEE	2.0	Director	$0	$0	$0
KURT MANCHESTER	TRUSTEE	2.0	Director	$0	$0	$0
JENS MOLBAK	TRUSTEE	2.0	Director	$0	$0	$0
TIMO NAALISVAARA	TRUSTEE	2.0	Director	$0	$0	$0
DAVID NELSON	TRUSTEE	2.0	Director	$0	$0	$0
KRYSTN NESSELQUIST	TRUSTEE	2.0	Director	$0	$0	$0
PER NOREN	TRUSTEE	2.0	Director	$0	$0	$0
AARON OVERLAND	TRUSTEE	2.0	Director	$0	$0	$0
TUULA RYTTILA	TRUSTEE	2.0	Director	$0	$0	$0
HENRIK STRABO	TRUSTEE	2.0	Director	$0	$0	$0
JOHAN STRAND	TRUSTEE	2.0	Director	$0	$0	$0
HELI SUOKKO	TRUSTEE	2.0	Director	$0	$0	$0
LISA TOFTEMARK	TRUSTEE	2.0	Director	$0	$0	$0
TOR TOLLESSEN	TRUSTEE	2.0	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
2023	$5,739,004	$6,674,552	$48,618,018	$-935,548
2022	$7,294,452	$6,552,140	$48,833,669	$742,312
2021	$3,740,373	$5,154,273	$49,217,466	$-1,413,900
2020	$3,149,448	$4,935,122	$50,444,558	$-1,785,674
2018	$13,373,743	$5,156,122	$58,701,901	$8,217,621