HONOLULU MUSEUM OF ART (EIN 990079713) - Form 990 Financial Analysis & Trantor Score

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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

1922

Legal Domicile

Principal Officer

HALONA NORTON-WESTBROOK

Phone

8085328700

Tax Period

2022-07-01 to 2023-06-30

HONOLULU MUSEUM OF ART, founded in 1922, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $11.6M in total revenue in fiscal year 2022. Revenue fell 66% from the prior year — a significant decline worth monitoring. Expenses of $17.0M exceeded revenue, resulting in a 47% operating deficit.

Mission

TO CREATE RELEVANT AND TRANSFORMATIVE EXPERIENCES THROUGH THE STUDY, PRESERVATION, PRESENTATION AND CREATION OF ART.

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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 (2022)

Revenue Breakdown

Contributions & Grants $7,465,596

Program Service Revenue $1,590,643

Investment Income $1,654,001

Other Revenue $869,569

TOTAL REVENUE $11,579,809

Expense Breakdown

Grants Paid $0

Salaries & Benefits $9,168,696

Fundraising Expenses $2,000,454

Program Expenses $10,673,732

Other Expenses $7,840,099

TOTAL EXPENSES $17,008,795

Year-over-Year Comparison

	2022	2021	Change
Revenue	$11,579,809	$34,218,717	-0.7%
Expenses	$17,008,795	$14,597,060	+0.2%
Net Income	$-5,428,986	$19,621,657	-1.3%

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

194

Volunteers

232

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

$649,515

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KATHLEEN SULLIVAN WO	TRUSTEE & CHAIRMAN	3.00	Officer Director	$0	$0	$0
SHARON TWIGG-SMITH	TRUSTEE & VICE CHAIRMAN	2.00	Officer Director	$0	$0	$0
HERB CONLEY	TRUSTEE & VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
RAJIV BATRA	TRUSTEE & TREASURER	2.00	Officer Director	$0	$0	$0
PATRICIA LEE	TRUSTEE & SECRETARY	2.00	Officer Director	$0	$0	$0
KAILI CHUN	TRUSTEE	1.00	Director	$0	$0	$0
JOSH FELDMAN	TRUSTEE	1.00	Director	$0	$0	$0
MARK FUKUNAGA	TRUSTEE	1.00	Director	$0	$0	$0
PRISCILLA GROWNEY	TRUSTEE	1.00	Director	$0	$0	$0
MICHELLE HO	TRUSTEE	1.00	Director	$0	$0	$0
LYNNE JOHNSON	TRUSTEE	1.00	Director	$0	$0	$0
JAMES LALLY	TRUSTEE	1.00	Director	$0	$0	$0
VIOLET SW LOO	TRUSTEE	1.00	Director	$0	$0	$0
MELISSA LUM	TRUSTEE (7/1/22 - 1/23/23)	1.00	Director	$0	$0	$0
AMBER STRONG MAKAIAU	TRUSTEE	1.00	Director	$0	$0	$0
AVI MANNIS	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL WATANABE	TRUSTEE	1.00	Director	$0	$0	$0
JAIDEV WATUMULL	TRUSTEE	1.00	Director	$0	$0	$0
JULIAN AKO	TRUSTEE	1.00	Director	$0	$0	$0
JUDITH PYLE	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT STEELE	TRUSTEE	1.00	Director	$0	$0	$0
HALONA NORTON-WESTBROOK	DIRECTOR/CEO	40.00	Officer	$400,646	$30,737	$431,383
HALL PENNI	CHIEF OPERATING OFFICER	40.00	Officer	$141,823	$13,195	$155,018
FUSATO EARL	CHIEF FINANCIAL OFFICER	40.00	Officer	$59,584	$3,530	$63,114
WHITNEY CATHERINE LYN	DIRECTOR OF CURATORIAL AFF	40.00	Highest	$138,758	$19,447	$158,205
MORRISON JASON REID	DIRECTOR OF CAMPUS OPERATI	40.00	Highest	$134,044	$0	$134,044

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	$11,579,809	$17,008,795	$123,852,618	$-5,428,986
2022	$34,218,717	$14,597,060	$121,950,376	$19,621,657
2021	$12,640,830	$12,422,976	$136,524,458	$217,854
2020	$14,530,778	$15,164,116	$124,144,992	$-633,338
2019	$17,263,318	$14,257,610	$124,169,703	$3,005,708
2018	$14,141,143	$15,128,330	$120,049,953	$-987,187

HONOLULU MUSEUM OF ART