VIRGINIA PROJECT INC MAINE'S FIRST… - Form 990 Financial Data

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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

1997

Legal Domicile

Principal Officer

MICHAEL WALTON

Phone

2074434242

Tax Period

2024-01-01 to 2024-12-31

VIRGINIA PROJECT INC MAINE'S FIRST SHIP, founded in 1997, is a small nonprofit in the Arts, Culture & Humanities sector that reported $210K in total revenue in fiscal year 2024. Revenue fell 21% from the prior year — a significant decline worth monitoring. Expenses of $265K exceeded revenue, resulting in a 27% operating deficit.

Mission

RECONSTRUCTION OF 1607 PINNACE VIRGINIA OF SAGADAHOC, MAINTENANCE OF HISTORIC BATH, MAINE FREIGHT SHED, AND PROMOTING THE HISTORY OF MAINE'S FIRST ENGLISH SETTLEMENT

Program Service Accomplishments

Program 1

Expenses: $218,230 Revenue: $21,557

RECONSTRUCTION AND OPERATION OF 1607 PINNACE VIRIGINIA OF SAGADAHOC AND PROMOTION OF THE HISTORY OF MAINE'S FIRST ENGLISH SETTLEMENT AND EARLY SHIPBUILDING HERITAGE

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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 $144,474

Program Service Revenue $21,469

Investment Income $33,201

Other Revenue $10,363

TOTAL REVENUE $209,507

Expense Breakdown

Grants Paid $0

Salaries & Benefits $96,393

Fundraising Expenses $14,016

Program Expenses $218,230

Other Expenses $168,812

TOTAL EXPENSES $265,205

Year-over-Year Comparison

	2024	2023	Change
Revenue	$209,507	$266,843	-0.2%
Expenses	$265,205	$232,015	+0.1%
Net Income	$-55,698	$34,828	-2.6%

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

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
ALLISON HEPLER	SECRETARY	2.00	Officer Director	$0	$0	$0
LORI BENSON	VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
JEREMY BLAIKLOCK	PRESIDENT	5.00	Officer Director	$0	$0	$0
DORSEY HARRISON	DIRECTOR	2.00	Officer Director	$0	$0	$0
WILLIAM NIELSON	DIRECTOR	2.00	Director	$0	$0	$0
DANIEL SORTWELL	DIRECTOR	2.00	Director	$0	$0	$0
ROWAN WAGNER	DIRECTOR	2.00	Director	$0	$0	$0
MICHAEL WALTON	TREASURER	2.00	Officer Director	$0	$0	$0
DANA LEONARD	DIRECTOR	2.00	Director	$0	$0	$0
MATTHEW GOODMAN	DIRECTOR	2.00	Director	$0	$0	$0
EDWIN ROGERS	DIRECTOR	2.00	Director	$0	$0	$0
JOHN JOSEPH SMITH	DIRECTOR	2.00	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	$209,507	$265,205	$1,183,554	$-55,698
2023	$266,843	$232,015	$1,234,883	$34,828
2022	$160,473	$235,939	$1,146,796	$-75,466
2021	$211,663	$88,565	$1,285,068	$123,098
2020	$235,662	$81,435	$1,129,505	$154,227

VIRGINIA PROJECT INC MAINE'S FIRST SHIP