NORTH HAVEN FOUNDATION

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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

1965

Legal Domicile

Principal Officer

JESSE RUTTER

Phone

2075944421

Tax Period

2023-07-01 to 2024-06-30

NORTH HAVEN FOUNDATION, founded in 1965, is a small nonprofit that reported $422K in total revenue in fiscal year 2023. Revenue fell 25% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $107K, a strong 25% operating margin.

Mission

THE MISSION OF THE FOUNDATION IS TO ASSIST GRADUATES OF THE NORTH HAVEN COMMUNITY SCHOOL AND ADULT RESIDENTS OF THE ISLAND IN THEIR PURSUIT OF A POST SECONDARY EDUCATION, AND TO SUPPORT THE NORTH HAVEN COMMUNITY SCHOOL IN SUPPORT OF ITS EXTRA CURRICULAR AND TUITION PROGRAMS AND COLLEGE COUNSELING.

Program Service Accomplishments

Program 1

Expenses: $173,849

TO PROVIDE FINANCIAL ASSISTANCE TO FAMILIES OF GRADUATES OF THE NORTH HAVEN COMMUNITY SCHOOL AND OTHERS WITH SUBSTANTIAL CONNECTIONS TO THE TOWN OF NORTH HAVEN. DURING THE YEAR ENDING JUNE 30, 2023 FAMILIES OF TWELVE STUDENTS FROM NORTH HAVEN WERE ASSISTED WITH COLLEGE EXPENSES IN THE AMOUNT OF 164,198

Program 2

Expenses: $29,000

TO ASSIST NORTH HAVEN COMMUNITY SCHOOL WITH PROGRAMS, INCLUDING COLLEGE PLANNING FOR HIGH SCHOOL SENIORS, SUMMER SCHOOL, ACAMDEMIC TUTORING AND OTHER EDUCATIONAL PROGRAMS.

Program 3

Expenses: $51,100

TO ASSIST FAMILIES IN NEED WITH TUITION FOR NORTH HAVEN ARTS AND ENRICHMENT LAUGH AND LEARN PRESCHOOL AND TODDLER PROGRAMS

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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 $119,736

Program Service Revenue $0

Investment Income $302,350

Other Revenue $0

TOTAL REVENUE $422,086

Expense Breakdown

Grants Paid $253,949

Salaries & Benefits $0

Fundraising Expenses $48,382

Program Expenses $253,949

Other Expenses $60,867

TOTAL EXPENSES $314,816

Year-over-Year Comparison

	2023	2022	Change
Revenue	$422,086	$559,197	-0.2%
Expenses	$314,816	$253,455	+0.2%
Net Income	$107,270	$305,742	-0.6%

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

N/A

Volunteers

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LINDA N CABOT	TRUSTEE	N/A	Director	$0	$0	$0
PATRICIA CURTIS	CO-VICE PRES	N/A	Officer Director	$0	$0	$0
JANICE HOPKINS	PRESIDENT	N/A	Officer Director	$0	$0	$0
CHALRES CUNNINGHAM JR	CO-VICE PRES	N/A	Officer Director	$0	$0	$0
ELIZABETH LOVELL	TRUSTEE	N/A	Director	$0	$0	$0
KATHLEEN MACY	TRUSTEE	N/A	Director	$0	$0	$0
BRYNE MURPHY	TURSTEE	N/A	Director	$0	$0	$0
CHARLES F PINGREE	TRUSTEE	N/A	Director	$0	$0	$0
JESSE RUTTER	TREASURER AN	N/A	Officer Director	$0	$0	$0
HAVEN HOPKINS STONE	EXECUTIVE DI	N/A	Officer Director	$0	$0	$0
DAVID TESTA	TRUSTEE	N/A	Director	$0	$0	$0
LAURIE WARREN	TRUSTEE	N/A	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
2025	No data	No data	No data	No data
2024	$422,086	$314,816	$5,770,081	$107,270
2023	$559,197	$253,455	$5,292,378	$305,742
2022	$621,495	$230,658	$4,860,567	$390,837
2021	$536,925	$139,264	$5,504,744	$397,661
2020	$344,758	$155,368	$4,279,436	$189,390
2019	$538,515	$150,651	$4,167,060	$387,864