ARTSPACE

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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

JESSICA NORIE

Phone

8013550538

Tax Period

2024-01-01 to 2024-12-31

ARTSPACE, founded in 1980, is a community nonprofit that reported $5.9M in total revenue in fiscal year 2024. Net assets of $20.2M represent 41 months of operating reserves.

Mission

ARTSPACE CREATES AFFORDABLE LIVING AND WORK SPACE FOR ARTISTS, CULTURAL ORGANIZATIONS, NON-PROFITS AND OTHERS TO REVITALIZE AND PROMOTE STABLE, VIBRANT AND SAFE COMMUNITIES. ARTSPACE ALSO UTILIZES NEW MARKETS TAX CREDITS IN LOW INCOME COMMUNITIES.

Program Service Accomplishments

Program 1

Expenses: $5,527,997 Revenue: $5,627,031

HOUSING - REVITALIZING THE COMMUNITY AND PROVIDING AFFORDABLE RENTAL UNITS TO LOW AND MODERATE INCOME TENANTS THROUGH BUILDING RENOVATIONS AND IMPROVEMENTS. COMMUNITY REDEVELOPMENT PROJECTS AND...

HOUSING - REVITALIZING THE COMMUNITY AND PROVIDING AFFORDABLE RENTAL UNITS TO LOW AND MODERATE INCOME TENANTS THROUGH BUILDING RENOVATIONS AND IMPROVEMENTS. COMMUNITY REDEVELOPMENT PROJECTS AND CREATION OF NEW AFFORDABLE HOUSING PROJECTS.

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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 $198,955

Program Service Revenue $5,627,031

Investment Income $81,308

Other Revenue $0

TOTAL REVENUE $5,907,294

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,349,752

Fundraising Expenses $175,075

Program Expenses $5,527,997

Other Expenses $4,701,989

TOTAL EXPENSES $6,051,741

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,907,294	$6,085,723	0.0%
Expenses	$6,051,741	$6,149,978	0.0%
Net Income	$-144,447	$-64,255	+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

$306,634

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ELIZABETH EVENSEN	CHAIR	1.00	Officer Director	$0	$0	$0
JOHN MILLIKEN	SECRETARY/TREASURER	1.00	Officer Director	$0	$0	$0
ELIZABETH BRERETON	BOARD MEMBER	1.00	Director	$0	$0	$0
KIM HANNAY	BOARD MEMBER	1.00	Director	$0	$0	$0
ROBERT LAKE	BOARD MEMBER	1.00	Director	$0	$0	$0
WENDY LEONELLI	BOARD MEMBER	1.00	Director	$0	$0	$0
KATHIE MILLER	BOARD MEMBER	1.00	Director	$0	$0	$0
ALISON PTAK	BOARD MEMBER	1.00	Director	$0	$0	$0
IRA RUBENFELD	BOARD MEMBER	1.00	Director	$0	$0	$0
PAULA SANDLIAN	BOARD MEMBER	1.00	Director	$0	$0	$0
JENNIFER SPEERS	BOARD MEMBER	1.00	Director	$0	$0	$0
JESSICA NORIE	PRESIDENT	40.00	Officer	$284,639	$21,995	$306,634
CYNTHIA FRANKE	DEPUTY DIRECTOR	40.00	Highest	$140,000	$12,345	$152,345
ANNASTASIA KAESSNER	DIRECTOR OF ASSET MANAGEMENT	40.00	Highest	$118,077	$4,502	$122,579

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	$5,907,294	$6,051,741	$31,496,945	$-144,447
2023	$6,085,723	$6,149,978	$32,349,714	$-64,255
2022	$7,535,260	$5,146,631	$35,152,188	$2,388,629
2021	$4,832,458	$4,858,580	$34,050,741	$-26,122
2020	$4,813,637	$4,596,880	$35,006,190	$216,757
2019	$5,445,976	$4,647,934	$35,609,028	$798,042
2018	$4,391,541	$4,219,766	$39,432,857	$171,775