North Carolina Freedom Park

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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

2004

Legal Domicile

Principal Officer

Ruth Davis Proctor

Tax Period

2023-01-01 to 2023-12-31

North Carolina Freedom Park, founded in 2004, is a micro nonprofit in the Arts, Culture & Humanities sector that reported $47K in total revenue in fiscal year 2023. Revenue fell 98% from the prior year — a significant decline worth monitoring. Expenses of $7.0M exceeded revenue, resulting in a 14978% operating deficit.

Mission

The mission of the North Carolina Freedom Park is to build a monument to honor the African American experience and struggle for freedom in NC.

Program Service Accomplishments

Program 1

Expenses: $7,040,217

The organization successfully completed construction of the park and transferred to the State of North Carolina

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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 $42,960

Program Service Revenue $0

Investment Income $3,771

Other Revenue $0

TOTAL REVENUE $46,731

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $7,040,217

Other Expenses $7,046,150

TOTAL EXPENSES $7,046,150

Year-over-Year Comparison

	2023	2022	Change
Revenue	$46,731	$2,202,473	-1.0%
Expenses	$7,046,150	$68,965	+101.2%
Net Income	$-6,999,419	$2,133,508	-4.3%

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
Goldie Frinks Wells	Co-Chair	002.00	Officer Director	$0	$0	$0
David Warren	Co-Chair	010.00	Officer Director	$0	$0	$0
Victoria Gallagher	Secretary	002.00	Officer Director	$0	$0	$0
Ruth Proctor	Treasurer	002.00	Officer Director	$0	$0	$0
Christina Coffey	Bd Member	001.00	Director	$0	$0	$0
Stephen Dahlem	Bd Member	001.00	Director	$0	$0	$0
Reginald Hildebrand	Bd Member	004.00	Director	$0	$0	$0
Reginald Hodges	Bd Member	007.00	Director	$0	$0	$0
Joe Johnson	Bd Member	001.00	Director	$0	$0	$0
Brian Kubis	Bd Member	001.00	Director	$0	$0	$0
Tracy Lovett	Bd Member	001.00	Director	$0	$0	$0
Freddie Parker	Bd Member	001.00	Director	$0	$0	$0
Rebecca Quinn Wolf	Bd Member	001.00	Director	$0	$0	$0
Micheal Stevenson	Bd Member	001.00	Director	$0	$0	$0
Juanita Shearer-Swink	Bd Member	007.00	Director	$0	$0	$0
Chuck Watts	Bd Member	001.00	Director	$0	$0	$0
Angela Thrope Ex Officio	Bd Member	001.00	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
2023	$46,731	$7,046,150	$232,577	$-6,999,419
2022	$2,202,473	$68,965	$7,298,473	$2,133,508
2021	$1,627,434	$54,534	$5,230,261	$1,572,900
2020	$2,819,229	$35,671	$3,536,819	$2,783,558
2019	$396,774	$27,662	$751,333	$369,112
2018	$251,724	$48,905	$394,934	$202,819