Richmond Art Museum

Nonprofit profile at a glance

EIN
356005040
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Richmond, IN, USA
Phone
7659660256
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Art Museums

Official website

Reported finances

Revenue
$670,444
Expenses
$506,234
Assets
$2,747,380
Liabilities
$5,249

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

Leadership & pay

20 people listed

Executive titles in this filing

  • NICOLE STULTS (PRESIDENT)
  • JENNIFER LEWIS (1ST VICE PRESIDENT)
  • MARCIA FOSTER (2ND VICE PRESIDENT)
  • SHAUN DINGWERTH (EXECUTIVE DIRECTOR)

Highest reported compensation

  • SHAUN DINGWERTH (EXECUTIVE DIRECTOR): $126,506 total reported compensation

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

Overview

Mission

Promote art culture/appreciation

What it reported doing in 2024

To promote art culture & encourage appreciation of art among citizens throughout the community, especially young people in richmond schools by providing free exhibits of all media of art in the galleries of mcguire hall. In addition to exhibits, the museum offers educational classes, lectures, workshops, etc. And maintains a permanent collection of american & foreign art work. Approx. 12,609 individuals benefited.

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

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 73
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76.7%; rating input score 77
  • Program expense ratio: 70%; rating input score 70
  • Fundraising efficiency: $5.69 raised per $1 spent on fundraising; rating input score 21; 21st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 24.5%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 5.43; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 78; 78th percentile among comparable filings
  • Officer compensation ratio: 25%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: 4.2% per year; rating input score 100; 38th percentile among comparable filings
  • Revenue growth: 5.9% per year; rating input score 100; 49th percentile among comparable filings
  • Asset growth: -2.4% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 76.7% of revenue deployed · 70% of spending went to programs
  • Governance: 19 of 19 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $354K in reported program spending
  • Leadership: top reported pay $127K · 20 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 7 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.

  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 21/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.