Luma 8

Nonprofit profile at a glance

EIN
822325097
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
3122860297
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Cultural Organizations - Multipurpose

Reported finances

Revenue
$362,280
Expenses
$347,207
Assets
$46,075
Liabilities
$0

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

Leadership & pay

3 people listed

Executive titles in this filing

  • SHARENE SHARIATZADEH PHILIP (PRESIDENT)

Highest reported compensation

  • SHARENE SHARIATZADEH PHILIP (PRESIDENT): $121,752 total reported compensation

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

Overview

Mission

Luma8 strives to elevate the city of chicago as a focal point of artistic innovationto enrich the lives of its citizens and create economic impact,

What it reported doing in 2024

Create artistic innovation

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
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. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 92
  • Accountability: 5
  • Sustainability: 36
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 85.6%; rating input score 86
  • Program expense ratio: 89.3%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 1 of 8 controls in place; rating input score 12
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 4.2%; rating input score 49; 49th percentile among comparable filings
  • Total-asset coverage ratio: 0.13; rating input score 8; 8th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 35.1%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 8.1% per year; rating input score 100; 64th percentile among comparable filings
  • Revenue growth: 11.8% per year; rating input score 100; 76th percentile among comparable filings
  • Asset growth: 13.6% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 85.6% of revenue deployed · 89.3% of spending went to programs
  • Governance: 0 of 3 board members independent · 1 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $310K in reported program spending
  • Leadership: top reported pay $122K · 3 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 8 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 6 of 7 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 8/100.
  • Moderate — Sustainability: Operating margin scored 49/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.