FREEPORT HISTORICAL SOCIETY

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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

1969

Principal Officer

ERIC C SMITH

Phone

2078653170

Tax Period

2023-01-01 to 2023-12-31

FREEPORT HISTORICAL SOCIETY, founded in 1969, is a small nonprofit that reported $191K in total revenue in fiscal year 2023. Expenses of $260K exceeded revenue, resulting in a 36% operating deficit.

Mission

TO ENCOURAGE THE SHARING AND ENJOYMENT OF THE LONG HISTORY OF FREEPORT, MAINE.

Program Service Accomplishments

Program 1

Expenses: $168,819 Revenue: $7,511

FREEPORT HISTORICAL SOCIETY PRESERVES THE HISTORY OF FREEPORT, MAINE THROUGH ITS COLLECTION OF ARCHIVES, ARTIFACTS, BUILDINGS AND LANDSCAPES; USES THESE COLLECTIONS IN ADDITION TO NEW RESEARCH AND...

FREEPORT HISTORICAL SOCIETY PRESERVES THE HISTORY OF FREEPORT, MAINE THROUGH ITS COLLECTION OF ARCHIVES, ARTIFACTS, BUILDINGS AND LANDSCAPES; USES THESE COLLECTIONS IN ADDITION TO NEW RESEARCH AND DISCOVERIES TO HOST PUBLIC EXHIBITIONS AND EDUCATIONAL PROGRAMS ON THE GEOGRAPHY, INDUSTRY, PEOPLE, AND CULTURE OF THE REGION; AND PARTNERS WITH OTHER COMMUNITY ORGANIZATIONS TO PROMOTE FREEPORT'S RICH HISTORY AND SENSE OF PLACE. IN 2022, FHS COMPLETED ALL MAJOR PHASES OF ITS BUILDING RENOVATIONS AT ITS MAIN STREET CAMPUS, INCLUDING MOVING ITS ARCHIVAL COLLECTIONS INTO THE NEW NONCOMBUSTIBLE STORAGE VAULT AND OPENING ITS NEWLY ACCESSIBLE ENTRANCE TO RENOVATED VISITOR SPACES, RESEARCH ROOM, AND EXHIBITION GALLERIES. THE RENOVATED CARRIAGE HOUSE OPENED AS THE HOME OF FREEPORT OYSTER BAR. FHS WORKED CLOSELY WITH TOWN LEADERS ON A YEARLONG DOWNTOWN VISION PROJECT OUTLINING GOALS FOR DEVELOPMENT AND PRESERVATION IN THE CENTER OF TOWN. OUTDOOR PROGRAMS CONTINUED WITH TOURS AND PROGRAMS OF LOCAL HISTORIC SITES, AND NEW EXHIBITS OPENED IN THE GALLERIES INCLUDING A NEW INTERACTIVE MAP TABLE SHOWING CENTURIES OF DEVELOPMENT IN THE TOWN. THE HISTORIC PETTENGILL FARM PROPERTY HOSTED EDUCATIONAL SCHOOL VISITS AS WELL AND THE ANNUAL COMMUNITY EVENT PETTENGILL FARM DAY.

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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 $135,841

Program Service Revenue $7,511

Investment Income $19,561

Other Revenue $27,606

TOTAL REVENUE $190,519

Expense Breakdown

Grants Paid $0

Salaries & Benefits $156,366

Fundraising Expenses $13,819

Program Expenses $168,819

Other Expenses $103,497

TOTAL EXPENSES $259,863

Year-over-Year Comparison

	2023	2022	Change
Revenue	$190,519	$194,986	0.0%
Expenses	$259,863	$223,881	+0.2%
Net Income	$-69,344	$-28,895	+1.4%

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

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

$69,373

Total Directors