RICHMOND MUSEUM ASSOCIATION INC

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1962

Legal Domicile

Principal Officer

KAREN BUCHANAN

Phone

5102357387

Tax Period

2024-01-01 to 2024-12-31

RICHMOND MUSEUM ASSOCIATION INC, founded in 1962, is a small nonprofit in the Arts, Culture & Humanities sector that reported $258K in total revenue in fiscal year 2024. Revenue decreased 13% compared to the prior year. Expenses of $307K exceeded revenue, resulting in a 19% operating deficit.

Mission

TO EXPLORE, COLLECT, DOCUMENT, PRESENT, CELEBRATE AND PRESERVE THE HISTORICAL HERITAGE AND CULTURAL PRESENCE OF THE CITY OF RICHMOND AND ITS SURROUNDING AREAS.

Program Service Accomplishments

Program 1

Expenses: $229,886 Revenue: $29,513

TO EXPLORE, COLLECT, DOCUMENT, PRESENT, CELEBRATE AND PRESERVE THE HISTORICAL HERITAGE AND CULTURAL PRESENCE OF THE CITY OF RICHMOND AND ITS SURROUNDING AREAS. TO DESIGN AND MAINTAIN ATTRACTIVE...

TO EXPLORE, COLLECT, DOCUMENT, PRESENT, CELEBRATE AND PRESERVE THE HISTORICAL HERITAGE AND CULTURAL PRESENCE OF THE CITY OF RICHMOND AND ITS SURROUNDING AREAS. TO DESIGN AND MAINTAIN ATTRACTIVE GROUNDS SURROUNDING THE MUSEUM BUILDING, WHICH ITSELF IS A HISTORICAL CARNEGIE LIBRARY BUILDING. TO CELEBRATE AND HONOR THE CITY OF RICHMOND'S WORLD WAR II HOMEFRONT EFFORTS AND CONTRIBUTIONS, INCLUDING THE WORLD RECORD BREAKING PRODUCTION OF SHIPS AT THE RICHMOND KAISER SHIPYARDS, THROUGH THE PRESERVATION OF THE SHIPYARD'S LAST EXISTING SHIP, THE S.S. RED OAK VICTORY.

🔒

Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

Sign in to view Trantor Score and financial metrics

Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $170,371

Program Service Revenue $29,513

Investment Income $36,996

Other Revenue $20,805

TOTAL REVENUE $257,685

Expense Breakdown

Grants Paid $0

Salaries & Benefits $82,577

Fundraising Expenses $37,904

Program Expenses $229,886

Other Expenses $224,597

TOTAL EXPENSES $307,174

Year-over-Year Comparison

	2024	2023	Change
Revenue	$257,685	$297,518	-0.1%
Expenses	$307,174	$259,201	+0.2%
Net Income	$-49,489	$38,317	-2.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

🔒

Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

$58,240

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EVELYN SANTOS	EXECUTIVE DI	40.00	Officer	$58,240	$0	$58,240
KAREN BUCHANAN	PRESIDENT	1.00	Officer	$0	$0	$0
JIM DAVIS	VICE PRESIDE	1.00	Officer	$0	$0	$0
RICH CHIVERS	SECRETARY	1.00	Officer	$0	$0	$0
JEFF BUTLER	TREASURER	1.00	Officer	$0	$0	$0
ANDREW BUTT	MEMBER	1.00	Director	$0	$0	$0
GEORGE COLE	MEMBER	1.00	Director	$0	$0	$0
JOHN ZIESENHENNE	MEMBER	1.00	Director	$0	$0	$0
KATHERYN SIBLY	MEMBER	1.00	Director	$0	$0	$0
LUIS PALACIOS	MEMBER	1.00	Director	$0	$0	$0
LYNN MAACK	MEMBER	1.00	Director	$0	$0	$0
STEVE GILFORD	MEMBER	1.00	Director	$0	$0	$0
TOM LYONS	MEMBER	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
2024	$257,685	$307,174	$540,504	$-49,489
2023	$297,518	$259,201	$598,142	$38,317
2022	$126,636	$239,861	$640,666	$-113,225
2021	$213,643	$273,029	$777,178	$-59,386
2020	$195,610	$337,518	$842,627	$-141,908
2017	$309,620	$301,000	$1,295,183	$8,620