CELTIC ARTS 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

1998

Legal Domicile

Principal Officer

CAYLEY SCHMID

Phone

3604164934

Tax Period

2023-01-01 to 2023-12-31

CELTIC ARTS FOUNDATION, founded in 1998, is a small nonprofit in the Arts, Culture & Humanities sector that reported $883K in total revenue in fiscal year 2023. Revenue decreased 19% compared to the prior year. Expenses of $992K exceeded revenue, resulting in a 12% operating deficit.

Mission

TO SPONSOR, ENCOURAGE AND PROMOTE CELTIC CULTURE THROUGH EVENTS AND EDUCATIONAL ACTIVITIES.

Program Service Accomplishments

Program 1

Expenses: $278,248 Revenue: $126,501

SPONSORED 2023 SKAGIT VALLEY HIGHLAND GAMES AND CELTIC FESTIVAL ATTENDED BY 10,000 GUESTS CELEBRATING TRADITIONAL SCOTISH MUSIC, ART AND SPORT. THIS TWO-DAY EVENT IS HELD ANNUALLY THE SECOND WEEK OF...

Program 2

Expenses: $344,180 Revenue: $243,934

MUSICAL INSTRUCTION AND SEMINARS AT THE ORGANIZATION'S ANNUAL WINTER SCHOOL THAT BRINGS TOGETHER THE WORLD'S FINEST BAGPIPERS, SCOTTISH DRUMMERS AND FIDDLERS WITH OTHER MUSICIANS FROM THROUGHOUT THE UNITED STATES AND CANADA. THIS EVENT IS COUPLED WITH THE MASTER OF SCOTTISH ARTS PERFORMANCE THAT IS OPEN TO THE GENERAL PUBLIC FEATURING THE INSTRUCTORS FROM THE WINTER SCHOOL PROGRAMS AND THE FINEST HIGHLAND DANCERS AT MONDS CENTER FOR THE ARTS IN EDMONDS, WASHINGTON. IN ADDITION, THE ORGANIZATION ALSO PRODUCES EVENTS IN WESTERN WASHINGTON PROMOTING AND EDUCATING THE GENERAL PUBLIC ON ASPECTS OF CELTIC CULTURE.

Program 3

Expenses: $26,538 Revenue: $11,754

THE CELTIC ARTS FOUNDATION SPONSORS THE BELLINGHAM CELTIC FESTIVAL. THE BELLINGHAM CELTIC FESTIVAL IS A COMMUNITY-DRIVEN, LOCALLY-SPONSORED, ARTISANAL, SMALL-BATCH WEEKEND CELEBRATING CELTIC MUSIC...

THE CELTIC ARTS FOUNDATION SPONSORS THE BELLINGHAM CELTIC FESTIVAL. THE BELLINGHAM CELTIC FESTIVAL IS A COMMUNITY-DRIVEN, LOCALLY-SPONSORED, ARTISANAL, SMALL-BATCH WEEKEND CELEBRATING CELTIC MUSIC AND CULTURETHROUGH CONCERTS, SESSIONS, WORKSHOPS, TEA, AND MORE.

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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 $415,127

Program Service Revenue $453,759

Investment Income $-45,825

Other Revenue $60,431

TOTAL REVENUE $883,492

Expense Breakdown

Grants Paid $10,550

Salaries & Benefits $218,123

Fundraising Expenses $0

Program Expenses $765,775

Other Expenses $763,698

TOTAL EXPENSES $992,371

Year-over-Year Comparison

	2023	2022	Change
Revenue	$883,492	$1,092,443	-0.2%
Expenses	$992,371	$641,782	+0.5%
Net Income	$-108,879	$450,661	-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

$93,357

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BILL BABB	PRESIDENT	2.00	Director	$0	$0	$0
TYRONE HEADE	SECRETARY	2.00	Director	$0	$0	$0
PATTY DUNN	VICE-PRESIDENT	2.00	Director	$0	$0	$0
JAN GOULD	TREASURER	6.00	Director	$0	$0	$0
MARILYN MCLEAN	DIRECTOR	2.00	Director	$0	$0	$0
JIM MONROE	DIRECTOR	2.00	Director	$0	$0	$0
WALTER BRIGGS	DIRECTOR	2.00	Director	$0	$0	$0
DAVE RYBERG	DIRECTOR	2.00	Director	$0	$0	$0
CAYLEY SCHMID	EXECUTIVE DIRECTOR	40.00	Officer	$93,357	$0	$93,357

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	$883,492	$992,371	$3,464,083	$-108,879
2022	$1,092,443	$641,782	$3,403,421	$450,661
2021	$1,117,015	$513,202	$3,104,935	$603,813
2020	$539,121	$585,135	$2,557,226	$-46,014
2019	$831,380	$821,262	$2,518,798	$10,118
2018	$716,943	$702,462	$2,481,211	$14,481