Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1990.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
72 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
20 people listed on the 990; $1.3M paid to officers and key staff.
Monika Kalra Varma’s $378K as President & CEO is at the 99th percentile of top reported officer pay among 3924 $1–10M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Monika Kalra Varma | $378,046 | $329,440 | $320,201 | — | — | — |
| Anne Wallestad | — | — | — | $276,622 | $293,914 | $241,962 |
| Judy Reckelhoff | $209,119 | $209,684 | $182,599 | $171,932 | $136,685 | $120,227 |
| Tara Huffman | $191,037 | $156,935 | — | — | — | — |
| Stella Ford | $173,934 | $178,362 | $157,086 | $147,267 | — | — |
| Andrew Davis | — | — | $165,699 | $151,860 | $132,185 | $121,659 |
| James Taylor | — | — | — | — | $158,176 | $148,763 |
| Mina Shin | $138,812 | — | $125,149 | — | — | — |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Empowering nonprofit leaders to govern with justice and purpose.
Questions for Boardsource
Your first name shows with your question. Boardsource answers here, for everyone.
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Membership and Other Fee for Service Programming
Over the course of 30+ years of direct engagement with boards and executives, boardsource has become the go-to governance resource for nonprofit organizations. We inspire, challenge, educate and support a growing community of members nationwide, and are committed to serving organizations of all sizes by providing affordable and scalable…
Thought Leadership
Boardsource's research and thought leadership highlight the importance of effective board leadership, addressing the challenges facing nonprofit leaders and identifying opportunities for greater sector impact.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2024 990, line by line.
Download 990
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $867K | $300K |
| InvestmentsLn 11–13 | $7.2M | $6.6M |
| Land, buildings, equipmentLn 10c | $676K | $752K |
| Total assetsLn 16 | $10.1M | $9.0M |
| LiabilitiesLn 26 | $2.2M | $1.9M |
| Net assetsLn 32 | $7.9M | $7.1M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $503K | $257K | $156K | $91K |
| Other salaries and wagesLn 7 | $1.9M | $1.4M | $350K | $101K |
| Pension plan contributionsLn 8 | $59K | $46K | $11K | $3K |
| Other employee benefitsLn 9 | $121K | $87K | $28K | $6K |
| Payroll taxesLn 10 | $176K | $125K | $37K | $14K |
| Legal feesLn 11b | $8K | $8K | ||
| Accounting feesLn 11c | $50K | $50K | ||
| Investment management feesLn 11f | $57K | $57K | ||
| Other fees for servicesLn 11g | $591K | $506K | $57K | $28K |
| Office expensesLn 13 | $78K | $69K | $7K | $2K |
| Information technologyLn 14 | $247K | $170K | $63K | $14K |
| RoyaltiesLn 15 | $10K | $7K | $3K | $577 |
| OccupancyLn 16 | $376K | $269K | $78K | $30K |
| TravelLn 17 | $58K | $40K | $15K | $3K |
| Conferences, conventions and meetingsLn 19 | $113K | $103K | $5K | $5K |
| InterestLn 20 | $17K | $12K | $4K | $971 |
| Depreciation, depletion and amortizationLn 22 | $63K | $45K | $13K | $5K |
| InsuranceLn 23 | $47K | $32K | $12K | $3K |
| Other expenses (24a–d)Ln 24 | $501K | $347K | $122K | $31K |
| All other expensesLn 24e | $7K | $5K | $2K | $379 |
| Total functional expensesLn 25 | $5.0M | $3.6M | $1.1M | $337K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest | $3.5M | $6.0M | −$2.5M | $4.6M | 990 PDF |
| FY2024 Viewing | $4.1M | $5.0M | −$839K | $7.1M | 990 PDF |
| FY2023 | $4.1M | $4.7M | −$570K | $7.9M | 990 PDF |
| FY2022 | $3.8M | $4.0M | −$192K | $8.2M | 990 PDF |
| FY2021 | $9.4M | $3.1M | $6.4M | $8.7M | 990 PDF |
| FY2020 | $3.7M | $4.8M | −$1.1M | $2.1M | 990 PDF |
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Schedules filed Part IV
See the full FY2024 990 (6 parts)
Part I · Summary $4,133,997 revenue, 12 lines filed
Part VI · Governance 13 of 13 board members independent, no flags
Part VIII · Statement of revenue $4,133,997 across 8 lines filed
Part IX · Statement of functional expenses $4,972,900 across 20 lines filed
Part X · Balance sheet $8,983,934 assets, 18 lines filed
Part XI · Reconciliation of net assets $7,092,591 net assets at year end
Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File
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