National Quilt Museum
Legal name: The National Quilt Museum Inc
Nonprofit profile at a glance
- EIN
- 611193387
- IRS 990 coverage
- 2009–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Paducah, KY, USA
- Phone
- 2704428856
- Rating
- 80
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Museum, Museum Activities
Reported finances
- Revenue
- $1,416,897
- Expenses
- $1,037,896
- Assets
- $6,863,795
- Liabilities
- $560,705
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
5 people listed
Executive titles in this filing
- Bonnie Schrock (Executive Director)
- Meredith Schroeder (Board President)
- Barbara Veazey (Vice President)
Highest reported compensation
- Bonnie Schrock (Executive Director): $114,386 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 National Quilt Museum serves both our home community and the broader quilting community. NQM has become Americas premier museum for contemporary quilting. Our collection features many of the best quilts made since 1980. Our exhibitions present and celebrate the work of America’s finest quilters. While many art museums of all types across America have been working to collect and present more works by women, more than 95% of **NQM’s** collection is composed of quilts by women makers. **NQM’s** educational programs serve young people and adults, both at the museum and online. Finally, **NQM** is a driver of cultural opportunity and tourism development in our region. We are currently working to ensure that the next 30 years are as productive and successf.
What it reported doing in 2024
Presented exhibits on site and throughout the country to educate the public about the art, history, and heritage of quiltmaking, including the diversity of quilts and their makers.
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.
- Includes noncash contributions: Reported contributions include donated property or goods.
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 some filed totals do not add up.
Rating breakdown
- Financial Efficiency: 65
- Transparency & Controls: 86
- Accountability: 100
- Sustainability: 74
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 66.7%; rating input score 67
- Program expense ratio: 74.9%; rating input score 75
- Fundraising efficiency: $7.6 raised per $1 spent on fundraising; rating input score 29; 29th percentile among comparable filings
Transparency & Controls
- Consistency checks: 93.3%; rating input score 93; 22nd 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: 8 of 8 controls in place; rating input score 100
- 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: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 26.7%; rating input score 82; 82nd percentile among comparable filings
- Total-asset coverage ratio: 6.61; rating input score 88; 88th percentile among comparable filings
- Liabilities to assets ratio: 0.08; rating input score 45; 45th percentile among comparable filings
- Officer compensation ratio: 11%; rating input score 33; 33rd percentile among comparable filings
Growth
- Program expense growth: 1.3% per year; rating input score 100; 23rd percentile among comparable filings
- Revenue growth: 1.1% per year; rating input score 100; 19th percentile among comparable filings
- Asset growth: 5.1% per year; rating input score 100; 39th percentile among comparable filings
Details
- What they do: 1 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 66.7% of revenue deployed · 74.9% of spending went to programs
- Governance: 4 of 4 board members independent · 8 of 8 filing controls reported
- Programs: 2 filed program accomplishments · $778K in reported program spending
- Leadership: top reported pay $114K · 5 people listed
- Consistency: 29 of 30 current checks pass · 1 finding to review
- Schedules: 6 filed schedules · includes major donors
- Filing history: 14 filing years from 2009 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 — Financial Efficiency: Fundraising efficiency scored 29/100.
- Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
- Moderate — Sustainability: Officer compensation ratio scored 33/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 45/100.