Civic Intelligence

Racine Art Museum Association Inc

EIN 39-1018155 • 501(c)3 • Racine, WI

View Organization Page

Profile

The mission of the racine art museum is to exhibit, collect, preserve, and educate in the contemporary visual arts.

441 Main StreetRacine, WI 53403

www.ramart.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

25th percentile

0.03x

Higher debt load relative to assets than 25% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

47th percentile

0.20x

Higher debt load relative to revenue than 47% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

10th percentile

-26%

Higher net margin than 10% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

57th percentile

$208,064

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 10.5% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

22nd percentile

-3.1%

Faster asset growth than 22% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

9th percentile

-30%

Faster revenue growth than 9% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets25th percentile

Assets

Down

$12,492,523

Down $406,005 (-3.1%) from 2023

Liabilities

Down

$394,002

Down $91,831 (-19%) from 2023

Net Assets

Down

$12,098,521

Down $314,174 (-2.5%) from 2023

Operations
Liabilities / Revenue47th percentileNet Margin10th percentile

Revenue

Down

$1,979,918

Down $843,902 (-30%) from 2023

Expenses

Up

$2,491,124

Up $226,204 (+10.0%) from 2023

Net Income

Down

-$511,206

Down $1,070,106 (-191%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth22nd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2010: $13,569,827Liabilities 2010: $90,705Net Assets 2010: $13,479,1222010Assets 2011: $13,023,126Liabilities 2011: $80,324Net Assets 2011: $12,942,8022011Assets 2012: $12,909,867Liabilities 2012: $68,929Net Assets 2012: $12,840,9382012Assets 2013: $13,003,464Liabilities 2013: $70,408Net Assets 2013: $12,933,0562013Assets 2014: $12,758,144Liabilities 2014: $70,631Net Assets 2014: $12,687,5132014Assets 2015: $12,117,241Liabilities 2015: $110,230Net Assets 2015: $12,007,0112015Assets 2016: $11,925,007Liabilities 2016: $103,698Net Assets 2016: $11,821,3092016Assets 2017: $12,016,326Liabilities 2017: $93,036Net Assets 2017: $11,923,2902017Assets 2018: $11,839,792Liabilities 2018: $81,268Net Assets 2018: $11,758,5242018Assets 2019: $12,662,826Liabilities 2019: $186,996Net Assets 2019: $12,475,8302019Assets 2020: $12,408,720Liabilities 2020: $345,323Net Assets 2020: $12,063,3972020Assets 2021: $13,099,169Liabilities 2021: $323,843Net Assets 2021: $12,775,3262021Assets 2022: $11,889,290Liabilities 2022: $238,358Net Assets 2022: $11,650,9322022Assets 2023: $12,898,528Liabilities 2023: $485,833Net Assets 2023: $12,412,6952023Assets 2024: $12,492,523Liabilities 2024: $394,002Net Assets 2024: $12,098,5212024

Highlighted filing

2024

Assets$12,492,523
Liabilities$394,002
Net Assets$12,098,521
Open 2024 Filing

Operations Trend

Revenue Growth9th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2010: $1,190,853Expenses 2010: $1,781,708Net Income 2010: -$590,8552010Revenue 2011: $1,385,158Expenses 2011: $1,913,103Net Income 2011: -$527,9452011Revenue 2012: $2,427,691Expenses 2012: $1,945,025Net Income 2012: $482,6662012Revenue 2013: $1,509,108Expenses 2013: $1,970,762Net Income 2013: -$461,6542013Revenue 2014: $1,801,986Expenses 2014: $1,967,890Net Income 2014: -$165,9042014Revenue 2015: $1,703,769Expenses 2015: $1,911,339Net Income 2015: -$207,5702015Revenue 2016: $1,435,172Expenses 2016: $2,030,047Net Income 2016: -$594,8752016Revenue 2017: $1,669,680Expenses 2017: $2,034,140Net Income 2017: -$364,4602017Revenue 2018: $2,454,747Expenses 2018: $1,932,443Net Income 2018: $522,3042018Revenue 2019: $1,985,211Expenses 2019: $1,924,334Net Income 2019: $60,8772019Revenue 2020: $1,465,725Expenses 2020: $1,832,166Net Income 2020: -$366,4412020Revenue 2021: $1,971,714Expenses 2021: $1,946,092Net Income 2021: $25,6222021Revenue 2022: $2,118,021Expenses 2022: $2,200,688Net Income 2022: -$82,6672022Revenue 2023: $2,823,820Expenses 2023: $2,264,920Net Income 2023: $558,9002023Revenue 2024: $1,979,918Expenses 2024: $2,491,124Net Income 2024: -$511,2062024

Highlighted filing

2024

Revenue$1,979,918
Expenses$2,491,124
Net Income-$511,206
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$12,492,523
Liabilities
$394,002
Net assets
$12,098,521
Revenue
$1,979,918
Expenses
$2,491,124
Net income
-$511,206
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.5$0.39$12.1$1.98$2.49$0.51
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.9$0.49$12.4$2.82$2.26$0.56
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.9$0.24$11.7$2.12$2.20$0.08
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.1$0.32$12.8$1.97$1.95$0.03
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.4$0.35$12.1$1.47$1.83$0.37
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.7$0.19$12.5$1.99$1.92$0.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.8$0.08$11.8$2.45$1.93$0.52
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.0$0.09$11.9$1.67$2.03$0.36
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.9$0.10$11.8$1.44$2.03$0.59
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.1$0.11$12.0$1.70$1.91$0.21
2014Summary only. Only limited summary data is available for this year.$12.8$0.07$12.7$1.80$1.97$0.17
2013Summary only. Only limited summary data is available for this year.$13.0$0.07$12.9$1.51$1.97$0.46
2012Summary only. Only limited summary data is available for this year.$12.9$0.07$12.8$2.43$1.95$0.48
2011Summary only. Only limited summary data is available for this year.$13.0$0.08$12.9$1.39$1.91$0.53
2010Summary only. Only limited summary data is available for this year.$13.6$0.09$13.5$1.19$1.78$0.59
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 3, 2025
Return Version
2024v5.2
Gross Receipts
$2,807,263
Mission and Program Overview

Mission

The mission of the Racine Art Museum is to exhibit, collect, preserve, and educate in the contemporary visual arts.

The mission is to exhibit, collect, preserve, and educate in the contemporary visual arts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$6,526,557$7,456,885▲ $930,328
Land, Buildings, and Equipment, Net$3,779,699$3,559,005▼ $220,694
Investments Other Securities$782,557$794,132▲ $11,575
Savings and Temporary Cash Investments$255,657$193,449▼ $62,208
Inventories for Sale or Use$71,316$64,694▼ $6,622
Prepaid Expenses and Deferred Charges$38,185$35,335▼ $2,850
Cash and Non-Interest-Bearing Accounts$13,769$18,503▲ $4,734
Pledges and Grants Receivable$993,310$9,940▼ $983,370
Accounts Receivable$3,743$7,711▲ $3,968
Total Assets$12,898,528$12,492,523▼ $406,005
Other Assets Total$433,735$352,869▼ $80,866
Liabilities
Other Liabilities$340,965$282,928▼ $58,037
Accounts Payable and Accrued Expenses$125,469$93,770▼ $31,699
Deferred Revenue$19,399$17,304▼ $2,095
Total Liabilities$485,833$394,002▼ $91,831
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,086,288$7,082,782▲ $996,494
Net Assets With Donor Restrictions$6,326,407$5,015,739▼ $1,310,668
Total Net Assets Fund Balance$12,412,695$12,098,521▼ $314,174
Total Liabilities and Net Assets / Fund Balance$12,898,528$12,492,523▼ $406,005

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,537,791$4,239,861$7,777,652
Equipment$15,712$493,720$509,432
Other Land Buildings$5,502$67,543$73,045
Other Securities$794,132--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$6,189,301-▲ $586,190$846,954$5,920,507
2023$6,192,165-▲ $501,043$496,251$6,189,301
2022$7,444,241$276▼ $476,562$767,244$6,192,165
2021$6,500,801$264▲ $1,059,153$107,396$7,444,241
2020$6,573,138$264▲ $191,574$252,454$6,500,801
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bruce PepichExecutive DirectorFT$193,369$14,695$208,064

Board Members and Trustees

NameTitle
John CrimmingsPresident
Debra KarpVice President
Carl HippDirector
Dale ZiertenDirector
Denise Roberts MckeeDirector
Eric MeierDirector
James C SmallDirector
James WalkerDirector
Janet PobarDirector
Julia OasDirector
Laura MaaskeDirector
Laura MillionDirector
Linea AnthonyDirector
Lisa Marie BarberDirector
Loretta OlsenDirector
Mark JaniukDirector
Nancy WheelerDirector
Nichole ElcanoDirector
Nicole FarboDirector
Susan BolandDirector
Toby SimpkinsDirector
Tony MayDirector
Vincent VenegasDirector
Clair HollandSecretary
Justin PetermanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,184,846
Program Service Revenue
$216,208
Investment Income
$493,457
Other Revenue
$85,407
All Other Contributions
$738,330
Change in Net Assets
$-511,206

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded9$1,077,161Fair Market Value (FMV)
Total Noncash Contributions9$1,077,161-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,011,559
Revenue Not Reported on Financial Statements
$-31,641
Revenue Not Reported on Form 990
$381,792
Other Revenue Adjustments
$-63,992
Total Revenue per Audited Statements
$2,393,351
Total Revenue per Form 990
$1,979,918
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,381,445
Other Expenses$1,108,457
Total Fundraising Expense$276,154
Grants and Similar Amounts Paid$1,222
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$623,230$160,337$158,340$941,907
Depreciation Depletion$199,732$35,879$5,824$241,435
Occupancy$218,536$4,938$1,854$225,328
Current Officers, Directors, Trustees, and Key Employees$147,392$37,919$37,447$222,758
Payroll Taxes$63,186$16,257$16,053$95,496
Advertising$68,266-$23,763$92,029
Other Employee Benefits$53,032$13,643$13,474$80,149
Fees for Services Other-$69,512-$69,512
All Other Expenses$42,326$6,684$200$49,210
Insurance$17,154$31,302-$48,456
Other Expenses$46,867$320$95$46,867
Information Technology$30,611$7,875$7,777$46,263
Office Expenses$22,181$20,968$2,904$46,053
Pension Plan Contributions$27,218$7,002$6,915$41,135
Fees for Service Investment Mgmnt Fees-$32,351-$32,351
Fees for Services Accounting-$26,123-$26,123
Travel$3,612$5,348$178$9,138
Conferences and Meetings$2,304--$2,304
Grants to Domestic Individuals$1,222--$1,222
Total Functional Expenses$1,735,233$479,737$276,154$2,491,124

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,707,525
Total Expenses per Form 990$2,491,124
Expenses per Audited Statements$2,458,773
Expenses Not Reported on Form 990$248,752
Expenses Not Reported on Financial Statements$32,351
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$97,320
Fundraising Direct Expenses$56,483
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$152,820$97,320$11,323$85,997
Total Events$152,820$97,320$56,483$40,837
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Leases$224,631
Finance Leases$58,297
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Line 6 explanation - the classes of members include individual, family/dual, senior, enthusiast 1, enthusiast 2, enthusiast 3, and enthusiast 4. Each member, regardless of class, shall be entitled to one vote on each matter submitted to a vote of the members.”

Form 990, Part VI, Section B, Line 11B

“Line 11b explanation - a draft of the 990 is emailed to all board members.”

Form 990, Part VI, Section B, Line 12C

“All board members and staff are required to disclose potential conflicts of interest. Other members of the board or committee determine if a conflict exists. When this occurs, the board member with a potential conflict of interest is asked to leave the room during the discussion and voting process.”

Form 990, Part VI, Section B, Line 15

“The board of directors reviews the compensation of staff as part of the annual budgeting process.”

Form 990, Part VI, Section C, Line 19

“UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Racine Art Museum Association Inc
EIN
39-1018155
Phone
2626388300
Address
441 MAIN STREET, RACINE, WI 53403

Signing Officer

Name
Robb Woulfe
Title
Executive Director
Phone
2626388300
Signed
2025-11-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Crimmings
Formed
1939
Legal Domicile
Wi
Voting Board Members
25
Independent Board Members
25
Employees
54
Volunteers
50

Preparer

Firm
Ritz Holman Llp
Address
330 E KILBOURN AVE SUITE 222, MILWAUKEE, WI 53202
Preparer
Diana G Luttmann
Phone
4142711451
Supplemental Narrative

Financial Statement Notes

PART III, LINE 1A:

“In accordance with policies generally followed by museums, objects of art that are accessioned into the museum's permanent collection have been excluded from the balance sheet.”

PART III, LINE 4:

“The association's permanent collection consists primarily of artwork of the highest quality by american artists with regional, national and international reputations, concentrating on ceramics, fibers, glass, metals, plastics, wood, artists' books and works on paper.”

PART V, LINE 4:

“The endowment includes board designated without donor restrictions and with donor restrictions net assets. Earnings on funds that are board designated or donor restricted are also considered designated or restricted for the determined purpose. Board designated funds and accumulated earnings of $1,135,742. Donor restricted funds and accumulated earnings of $4,525,294, collection acquisition additions of $208,460, education of $50,000, and earmarked gifts of $1,011.”

PART X, LINE 2:

“The association is exempt from income tax under section 501(c)(3) of the internal revenue code and is classified as other than a private foundation. Management has reviewed all tax positions recognized in previously filed tax returns and those expected to be taken in future tax returns. As of december 31, 2024, the association had no amounts related to unrecognized income tax benefits and no amounts related to accrued interest and penalties. The association does not anticipate any significant changes to unrecognized income tax benefits over the next year. The association is not under audit by any federal or state taxing authority.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Reclass of cost of sales in revenue on 990 -63,992.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Reclass of cost of sales in revenue on 990 63,992.”

Raw XML AppendixShowing 400 of 759 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
IRS990/AccountantCompileOrReviewInd00
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IRS990/AccountsPayableAccrExpnssGrp/EOYAmt093770
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IRS990/AccountsReceivableGrp/EOYAmt07711
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0THE MISSION IS TO EXHIBIT, COLLECT, PRESERVE, AND EDUCATE IN THE CONTEMPORARY VISUAL ARTS.
IRS990/AdvertisingGrp/FundraisingAmt023763
IRS990/AdvertisingGrp/ProgramServicesAmt068266
IRS990/AdvertisingGrp/TotalAmt092029
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IRS990/AllOtherExpensesGrp/TotalAmt049210
IRS990/AnnualDisclosureCoveredPrsnInd01
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IRS990/BackupWthldComplianceInd01
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IRS990/BooksInCareOfDetail/PhoneNum02626388300
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0441 MAIN STREET PO BOX 187
IRS990/BooksInCareOfDetail/USAddress/CityNm0RACINE
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0WI
IRS990/BooksInCareOfDetail/USAddress/ZIPCd053401
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt160
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt180
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt250
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IRS990/Form990PartVIISectionAGrp/PersonNm2DEBRA KARP
IRS990/Form990PartVIISectionAGrp/PersonNm3JUSTIN PETERMAN
IRS990/Form990PartVIISectionAGrp/PersonNm4CLAIR HOLLAND
IRS990/Form990PartVIISectionAGrp/PersonNm5ERIC MEIER
IRS990/Form990PartVIISectionAGrp/PersonNm6TONY MAY
IRS990/Form990PartVIISectionAGrp/PersonNm7LAURA MAASKE
IRS990/Form990PartVIISectionAGrp/PersonNm8JANET POBAR
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IRS990/Form990PartVIISectionAGrp/PersonNm17NICHOLE ELCANO
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IRS990/Form990PartVIISectionAGrp/PersonNm24JULIA OAS
IRS990/Form990PartVIISectionAGrp/PersonNm25TOBY SIMPKINS
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IRS990/Form990PartVIISectionAGrp/TitleTxt0EXECUTIVE DIR.
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
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