Kmac Museum

Nonprofit profile at a glance

EIN
610985312
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Louisville, KY, USA
Phone
5025890102
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Visual Arts Organizations

Reported finances

Revenue
$1,190,231
Expenses
$1,591,009
Assets
$5,307,840
Liabilities
$765,813

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

Leadership & pay

2 people listed

Executive titles in this filing

  • MICHELLE STAGGS (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MICHELLE STAGGS (EXECUTIVE DIRECTOR): $106,733 total reported compensation
  • JOEY YATES (CURITORIAL DIRECTOR): $78,083 total reported compensation

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

Overview

Mission

Kmac is louisvilles premier contemporary art museum in downtown louisville on museum row. Through exhibitions, education, and outreach, kmac works to connect people to art and creative practice.

What it reported doing in 2024

Education- educational offerings at kmac include camps, artist residencies, field trips, mobile museums, family workshops, and on and off site workshops. Field trips include a core-content based guided tour of exhibits, followed by hands-on art project that students can take home. Teachers choose between a thematic project that makes connection to current exhibits and a more specific, hands on project to make connections to current classroom study. Possible projects/media include bookmaking, printmaking, painting, drawing, fiber art, ceramics, wood, folk art, mixed media and more. The mobile museum outreach program offers hands on art pieces and projects with 13 different themes to engage students with art outside of the museum. The scholastic artist-in-residence program brings a professional artist.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

STRONG - 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: 85
  • Transparency & Controls: 83
  • Accountability: 91
  • Sustainability: 33
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 75.5%; rating input score 75
  • Fundraising efficiency: $10.22 raised per $1 spent on fundraising; rating input score 39; 39th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 87.5%; rating input score 88; 3rd percentile among comparable filings
  • Pay-setting controls: Limited
  • 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 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -33.7%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 3.34; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 11.6%; rating input score 32; 32nd percentile among comparable filings

Growth

  • Program expense growth: 6% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 1.3% per year; rating input score 100; 21st percentile among comparable filings
  • Asset growth: 2.5% per year; rating input score 100; 27th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 75.5% of spending went to programs
  • Governance: 30 of 30 board members independent · 7 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $1.2M in reported program spending
  • Leadership: top reported pay $107K · 2 people listed
  • Consistency: 27 of 29 current checks pass · 2 findings to review
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 13 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.

Key Signals

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

  • Moderate — Financial Efficiency: Fundraising efficiency scored 39/100.
  • High — Sustainability: Operating margin scored 5/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Schedule D revenue reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 32/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.