Salem Art Association EIN 93-0421613 Form 990 (PDF) Claim this org

Salem Art Association

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Uses art to boost creativity, improve lives, and build a stronger community. For fiscal year 2024 it reported $795K in revenue, $827K in expenses, and $492K in net assets.Pt I

Type
Public charity (501(c)(3)) · Arts & Culture
Location
Salem, OR
Website
www.salemart.org
Filings
5 on file (2020–2024)
Revenue
$795KFY2024
Expenses
$827K
Net assets
$492K
People
10
Filings
5
Updates
0
More identity details & actions ⌄
EIN  93-0421613 Public charity (501(c)(3)) Salem, OR
Form 990 (PDF)
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Size
$100K–1M
What they do
Uses art to boost creativity, improve lives, and build a stronger community.
Leadership
Matthew Boulay · Executive Director · $51K
Money in and out
$795K revenue, $827K expenses
Bottom line
70% program efficiency
Where the money goes · FY2024
Total revenue
$795K
Pt VIII · Ln 12
Total expenses
$827K
Pt IX · Ln 25
Net assets
$492K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$31K
Where spending went · Part IX cols B–D
Program services $0.70 Management & general $0.14 Fundraising $0.17
Program efficiency
70%
of spending reaches programs▼ -11% vs prior filing year
Operating runway
1.6mo
months of highly liquid reserves at operating expense rate▲ +45% vs prior filing year
Surplus margin
-4%
revenue over expenses, this year▲ +83% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$795K
FY2024▼ -20%
Expenses
$827K
FY2024▼ -33%
Total assets
$565K
FY2024▼ -2%
Total liabilities
$73K
FY2024▲ +43%
Total revenue
$795K
Pt VIII · Ln 12
Total expenses
$827K
Pt IX · Ln 25
Net assets
$492K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$31K
Total assetsPt X · Ln 16$565K
Program-expense ratioPt IX · col B70%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49
Mission & Programs · Part III

Where the work happens

3 program services account for $535K of program spending, described in the organization's own filed words · FY2024.
01

For more than 75 years, the salem art association has been presenting the annual salem art fair & festival as an integral part of the region's cultural calendar. The event draws between 15,000 and 25,000 people each year.

$289Kprogram expense
02

Located in historic bush's pasture park, the bush barn art center features three galleries, a gift gallery, and a permanent collection. The A.N. Bush gallery presents major interpretive exhibitions of regional, national, and international artists.

$190Kprogram expense
03

The salem art association's community arts education program aims to support a broad range of dynamic local arts projects. Most notably, cae engages thousands of students, administrators, teachers and parents each year through our artists in the schools initiative and the high school mentorship program.

$56Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CSalem Art Association
EINHdr · item D93-0421613
Principal addressHdr · item CSalem, OR
WebsiteHdr · item Jwww.salemart.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MOR
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A200)
Ruling yearIRS BMFNov 1941

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b9
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Executive Director
$51,412Pt VII · Sec A
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Matthew Boulay’s $51K as Executive Director is at the 45th percentile of top reported officer pay among 2213 $100K–1M 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 · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Sandra Burnett$32,469$112,074
Matthew Boulay$51,412$54,283$49,366$50,096

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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Statement of Revenue

Part VIII
Contributions & grants$481K · 61%
Program service revenue$262K · 33%
Other revenue$52K · 6%
Contributions & grants61%$481K
Program service revenue33%$262K
Other revenue6%$52K
Investment income$499
— government grantsLn 1e$70K
Total revenueLn 12$795K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.70 Management & general $0.14 Fundraising $0.17
Program services70%$576K
Management & general14%$114K
Fundraising17%$137K
Total functional expensesLn 25$827K

Balance Sheet

Part X · end of year
CashLn 1$106K
Total assetsLn 16$565K
Total liabilitiesLn 26$73K
Total net assetsLn 32$492K
Months of cash on handcomputed1.5

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $106K · Operating expenses (Pt IX) $827K · Less non-cash grants $7K · Cash operating expenses/yr $819K
1.6 months
Where the money goes
Program services
Program services $576K · Total expenses $827K
70%
Management & General
Management & general $114K · Total expenses $827K
14%
Fundraising
Fundraising $137K · Total expenses $827K
17%
Cost to raise $1
Fundraising expense (3-yr avg) $137K · Solicited contributions (3-yr avg) $316K
$0.43 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $481K · Total revenue $795K
61%
Government reliance
Government grants $70K · Total revenue $795K
9%
Earned-income share
Program service revenue $262K · Total revenue $795K
33%
Investment reliance
Investment income $499 · Total revenue $795K
+0.06%
Program self-sufficiency
Program service revenue $262K · Total expenses $827K
32%
Growth & trend
Revenue growth (YoY)
This year $795K · Prior year $994K
-20%
Revenue CAGR
FY2020 $600K · FY2024 $795K
+7%
Net-asset trend (YoY)
End of year $492K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $795K · Expenses $827K
-4%
Liabilities-to-Assets
Total liabilities — · Total assets $565K
Net-asset ratio
Net assets $492K · Total assets $565K
87%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $565K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Matthew Boulay · Reported title EXECUTIVE DIRECTOR · Highest reported compensation $51K · Total expenses $827K
6%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $469K · Total expenses $827K
57%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 70%
Overhead ratio 14%
Fundraising cost ratio 28%
Revenue growth -20%
Accounting fee ratio 1%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
See all 8 funders →
Grants paid · 2 grants · $49K · 2020–2020
Bush House MuseumOR · FY2020$46,891

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$795K revenue · viewing · ⤓ 990 PDF
FY2023$994K revenue · ⤓ 990 PDF
FY2022$1.1M revenue · ⤓ 990 PDF
FY2021$459K revenue · ⤓ 990 PDF
FY2020$600K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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