Key West Art and Historical Society Inc

Nonprofit profile at a glance

EIN
590660461
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Key West, FL, USA
Phone
3052956616
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$2,807,003
Expenses
$2,775,434
Assets
$4,588,518
Liabilities
$308,932

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

16 people listed

Executive titles in this filing

  • ENID TORREGROSA (PRESIDENT)
  • JOHN O'LEARY (1ST VICE PRESIDENT)
  • SAM KAUFMAN (2ND VICE PRESIDENT)
  • MICHAEL GIEDA (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MICHAEL GIEDA (EXECUTIVE DIRECTOR): $189,737 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the key west art and historical society is to preserve the culture of the Florida keys through exhibiting and displaying regional art, architecture, and history for the purpoose of educating the community and visiting public.

What it reported doing in 2024

Conduct educational programs, engaging children and adults in learning experiences to promote the cultural heritage of the Florida keys. Programming: -artcamp: an art and history based camp that runs through summer and school breaks. Scholarships are provided for many underserved children. Homeschool: an art and history based immersive program for homeschool families. Family museum day: a free art program that rotates through museums on the first sunday of every month. The distinguished speaker series, which began in fy2014 is a lecture series pertaining to Florida keys art and history. Speakers included. Historic harbor sails: a lecture series aboard the argo navis; topics vary. Happy hour with the historian: a curator led lecture; topics vary.total impact: 120,000+ individuals.

Operating model

Revenue model
Earned-program. 74% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 67
  • Accountability: 95
  • Sustainability: 47
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 94.6%; rating input score 95
  • Program expense ratio: 82%; rating input score 82
  • Fundraising efficiency: $3.05 raised per $1 spent on fundraising; rating input score 9; 9th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 20th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 1.1%; rating input score 38; 38th percentile among comparable filings
  • Total-asset coverage ratio: 1.65; rating input score 55; 55th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 66; 66th percentile among comparable filings
  • Officer compensation ratio: 6.8%; rating input score 42; 42nd percentile among comparable filings

Growth

  • Program expense growth: 8% per year; rating input score 100; 55th percentile among comparable filings
  • Revenue growth: 6.6% per year; rating input score 100; 52nd percentile among comparable filings
  • Asset growth: 10.6% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 94.6% of revenue deployed · 82% of spending went to programs
  • Governance: 15 of 15 board members independent · 7 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $2.3M in reported program spending
  • Leadership: top reported pay $190K · 16 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 9/100.
  • Moderate — Sustainability: Operating margin scored 38/100.
  • Review — Sustainability: Total-asset coverage ratio scored 55/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 42/100.