MAINE STATE BAR ASSOCIATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1891

Legal Domicile

Principal Officer

ANGELA P ARMSTRONG

Phone

2076227523

Tax Period

2023-10-01 to 2024-09-30

MAINE STATE BAR ASSOCIATION, founded in 1891, is a community nonprofit that reported $1.5M in total revenue in fiscal year 2023. Revenue decreased 10% compared to the prior year. Expenses of $1.4M left a modest 3% surplus.

Mission

THE MAINE STATE BAR ASSOCIATION PROMOTES THE HONOR, DIGNITY AND PROFESSIONALISM OF LAWYERS, ADVANCES THE KNOWLEDGE, SKILLS AND INTERESTS OF ITS MEMBERS, AND SUPPORTS THE PUBLIC INTEREST IN A FAIR AND EFFECTIVE SYSTEM OF JUSTICE.

Program Service Accomplishments

Program 1

THE CONTINUING LEGAL EDUCATION (CLE) DEPARTMENT PRODUCES AND PRESENTS CLE OPPORTUNITIES FOR ATTORNEYS SEEKING CREDITS TO MEET MAINE BAR LICENSING REQUIREMENTS.

Program 2

THE LAWYER REFERRAL SERVICE (LRS) PROVIDES REFERRALS TO MEMBERS OF THE PUBLIC SEEKING ATTORNEY ASSISTANCE OR REPRESENTATION IN SPECIFIC AREAS OF LAW AND WITHIN SPECIFIC GEOGRAPHIC AREAS OF THE STATE.

Program 3

THE WINTER BAR CONFERENCE (WBC) AND SUMMER BAR CONFERENCE (SBC) ARE ANNUAL MEMBERSHIP MEETINGS, TYPICALLY HELD IN JANUARY AND JUNE, RESPECTIVELY. THE WBC AND SBC PROVIDE ATTENDEES NETWORKING...

THE WINTER BAR CONFERENCE (WBC) AND SUMMER BAR CONFERENCE (SBC) ARE ANNUAL MEMBERSHIP MEETINGS, TYPICALLY HELD IN JANUARY AND JUNE, RESPECTIVELY. THE WBC AND SBC PROVIDE ATTENDEES NETWORKING OPPORTUNITIES AND CONTINUING LEGAL EDUCATION SESSIONS. THE MSBA TYPICALLY HOLDS ITS ANNUAL BUSINESS MEETING IN CONJUNCTION WITH THE WBC.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $1,392,724

Investment Income $65,095

Other Revenue $27,278

TOTAL REVENUE $1,485,097

Expense Breakdown

Grants Paid $0

Salaries & Benefits $620,327

Fundraising Expenses $0

Other Expenses $817,011

TOTAL EXPENSES $1,437,338

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,485,097	$1,658,459	-0.1%
Expenses	$1,437,338	$1,466,609	0.0%
Net Income	$47,759	$191,850	-0.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

350

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$128,413

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANGELA P ARMSTRONG	EXECUTIVE DI	40.00	Officer	$112,283	$16,130	$128,413
ASHA A ECHEVERRIA ESQ	BIPOC LAWYER	1.00	Director	$0	$0	$0
CHERYL CUTLIFFE ESQ	TREASURER	1.00	Officer Director	$0	$0	$0
CHRISTOPHER HARMON ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
HALEY B HALL ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
JASON ANTON ESQ	PUBLIC SRVC.	1.00	Director	$0	$0	$0
JASON DENNIS ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
JILL CRAMER ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
JONATHAN DUNITZ ESQ	PRESIDENT	1.00	Officer Director	$0	$0	$0
JOSEPH TALBOT ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
MEEGAN J BURBANK ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
NEIL PRENDERGAST ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
PAWEL BINCZYK ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
RACHEL OKUN ESQ	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
REBECCA TALBERT ESQ	IN-HOUSE COU	1.00	Director	$0	$0	$0
SAMANTHA BAKER ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
SANCHITA MUKHERJEE ESQ	NEW LAWYERS	1.00	Director	$0	$0	$0
SARAH MITCHELL ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
SHEA WATSON ESQ	WOMEN'S LAW	1.00	Director	$0	$0	$0
STACY STITHAM ESQ	IMMEDIATE PA	1.00	Director	$0	$0	$0
SUSAN FAUNCE ESQ	PRESIDENT EL	1.00	Officer Director	$0	$0	$0
TERESA CLOUTIER ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
TONYA H JOHNSON ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0
ZACHARY MCNALLY ESQ	GOVERNOR-DIS	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$1,485,097	$1,437,338	$2,423,893	$47,759
2023	$1,658,459	$1,466,609	$2,277,016	$191,850
2022	$1,486,409	$1,294,766	$2,005,901	$191,643
2021	$1,324,568	$1,144,468	$1,890,500	$180,100
2020	$1,496,687	$1,265,912	$1,628,005	$230,775
2019	$1,488,558	$1,388,920	$1,470,184	$99,638
2018	$1,316,192	$1,290,257	$1,174,758	$25,935