The Lace 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

1981

Legal Domicile

Principal Officer

KIM DAVIS

Phone

4087304695

Tax Period

2023-01-01 to 2023-12-31

The Lace Museum, founded in 1981, is a small nonprofit in the Arts, Culture & Humanities sector that reported $162K in total revenue in fiscal year 2023. The organization ran a surplus of $27K, a strong 16% operating margin.

Mission

THE PURPOSE OF THE ORGANIZATION IS TO EDUCATE THE PUBLIC ABOUT THE HISTORY OF LACE AND LACE-MAKING ALONG WITH PRESENTING CURRENT TRENDS IN THE ART. THIS IS ACCOMPLISHED BY PRESERVING AND DISPLAYING LACE AND LACE-MAKING TOOLS, BY OFFERING CLASSES IN LACE-MAKING, MAKING LACE AND LACE MAKING TOOLS AVAILABLE FOR PURCHASE TO THE PUBLIC,THROUGH THE MUSEUM'S WEBSITE, CALENDAR AND IT'S NEWSLETTER.

Program Service Accomplishments

Program 1

Expenses: $115,969 Revenue: $86,896

THE PURPOSE OF THE ORGANIZATION IS TO EDUCATE THE PUBLIC ABOUT THE HISTORY OF LACE AND LACE-MAKING ALONG WITH PRESENTING CURRENT TRENDS IN THE ART. THIS IS ACCOMPLISHED BY PRESERVING AND DISPLAYING LACE AND LACE-MAKING TOOLS, BY OFFERING CLASSES IN LACE-MAKING, MAKING LACE AND LACE MAKING TOOLS AVAILABLE FOR PURCHASE TO THE PUBLIC, THROUGH THE MUSEUM'S WEBSITE, CALENDAR AND IT'S NEWSLETTER.

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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 $52,451

Program Service Revenue $78,860

Investment Income $3,980

Other Revenue $27,121

TOTAL REVENUE $162,412

Expense Breakdown

Grants Paid $2,836

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $115,969

Other Expenses $133,038

TOTAL EXPENSES $135,874

Year-over-Year Comparison

	2023	2022	Change
Revenue	$162,412	$155,695	+0.0%
Expenses	$135,874	$147,974	-0.1%
Net Income	$26,538	$7,721	+2.4%

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
KAREN ALGER	Chairman	25.00	Officer Director	$0	$0	$0
KIM DAVIS	Mg Director/Sec	60.00	Officer Director	$0	$0	$0
FRANCESCA MILLER-MOORE	BOARD MEMBER	1.00	Director	$0	$0	$0
DONNA BENNETT	BOARD MEMBER	1.00	Director	$0	$0	$0
PAULA HARTEN	BOARD MEMBER	1.00	Director	$0	$0	$0
HEATHER NORRIS	BOARD MEMBER	1.00	Director	$0	$0	$0
JOAN BRASH	BOARD MEMBER	1.00	Director	$0	$0	$0
FLORENCE BASS	BOARD MEMBER	5.00	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
2024	No data	No data	No data	No data
2023	$162,412	$135,874	$941,440	$26,538
2022	$155,695	$147,974	$905,458	$7,721
2021	$154,987	$143,152	$918,803	$11,835
2020	$108,193	$71,171	$892,163	$37,022
2019	$76,783	$71,547	$847,673	$5,236
2018	$78,591	$62,900	$830,112	$15,691
2017	$54,557	$49,440	$817,918	$5,117