HARVARD LAW REVIEW 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

1902

Legal Domicile

Principal Officer

SOPHIA HUNT

Phone

6174954650

Tax Period

2024-07-01 to 2025-06-30

HARVARD LAW REVIEW ASSOCIATION, founded in 1902, is a community nonprofit that reported $5.1M in total revenue in fiscal year 2024. Revenue fell 45% from the prior year — a significant decline worth monitoring. Net assets of $45.3M represent 107 months of operating reserves.

Mission

ADVANCEMENT OF LEGAL STUDY IN SUPPORT OF HARVARD LAW SCHOOL THROUGH THE PUBLISHING OF HIGH QUALITY LEGAL SCHOLARSHIP EIGHT TIMES A YEAR IN PERIODICAL FORM, AS WELL AS THE UNIFORM SYSTEM OF CITATION (AKA THE BLUEBOOK) AS REVISED FROM TIME TO TIME.

Program Service Accomplishments

Program 1

Expenses: $3,193,904 Revenue: $2,719,210

THE HARVARD LAW REVIEW ASSOCIATION PUBLISHES BOOKS AND PERIODICALS FOR THE ADVANCEMENT OF LEGAL STUDY IN SUPPORT OF HARVARD LAW SCHOOL.

Program 2

Expenses: $153,243 Revenue: $1,535,178

THE HARVARD LAW REVIEW ASSOCIATION PUBLISHES BOOKS AND PERIODICALS ONLINE FOR THE ADVANCEMENT OF LEGAL STUDY IN SUPPORT OF HARVARD LAW SCHOOL.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $4,254,388

Investment Income $852,568

Other Revenue $0

TOTAL REVENUE $5,106,956

Expense Breakdown

Grants Paid $195,484

Salaries & Benefits $391,236

Fundraising Expenses $0

Program Expenses $3,347,147

Other Expenses $4,524,903

TOTAL EXPENSES $5,111,623

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,106,956	$9,336,088	-0.5%
Expenses	$5,111,623	$3,537,033	+0.4%
Net Income	$-4,667	$5,799,055	-1.0%

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

105

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
PROFESSOR ANDREW CRESPO	TRUSTEE	1.00	Director	$0	$0	$0
PROFESSOR CAROL STEIKER	TRUSTEE	1.00	Director	$0	$0	$0
DEAN JOHN MANNING	INTERIM DEAN	1.00	Director	$0	$0	$0
JUDGE PAUL ENGELMAYER	TRUSTEE	1.00	Director	$0	$0	$0
DAVID FRIEDMAN	GRADUATE TREASURER	1.00	Director	$0	$0	$0
JAMIE MIGUEL EL KOURY	TERM ENDED 02/2025	1.00	Officer	$0	$0	$0
SOPHIA HUNT	TERM ENDED 01/2025	1.00	Officer	$0	$0	$0
GREGORY TERRELL SEABROOKS	PRESIDENT-VOLUME 139: 01/2025-01/2026	40.00	Officer	$0	$0	$0
DERRICK WANG	TREASURER-VOLUME 139: 02/2025-02/2026	40.00	Officer	$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	$5,106,956	$5,111,623	$50,636,505	$-4,667
2024	No data	No data	No data	No data
2023	$4,462,781	$3,705,358	$39,926,525	$757,423
2022	$5,393,640	$3,371,527	$37,169,383	$2,022,113
2021	$5,473,265	$4,041,560	$39,557,472	$1,431,705
2020	$2,907,706	$2,372,805	$28,295,295	$534,901
2019	$3,589,293	$2,586,858	$27,232,675	$1,002,435
2018	$3,303,052	$2,404,362	$25,962,408	$898,690