NEWPORT RESTORATION 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

1969

Legal Domicile

Principal Officer

AMELIA BERKOWITZ

Phone

4018497300

Tax Period

2024-01-01 to 2024-12-31

NEWPORT RESTORATION FOUNDATION, founded in 1969, is a community nonprofit that reported $4.6M in total revenue in fiscal year 2024. Revenue fell 31% from the prior year — a significant decline worth monitoring. Expenses of $7.1M exceeded revenue, resulting in a 56% operating deficit.

Mission

NRF PROMOTES AND INVESTS IN THE HERITAGE OF THE NEWPORT COMMUNITY, THE TRADITIONAL BUILDING TRADES, AND DORIS DUKE'S FINE AND DECORATIVE ARTS AND COLLECTIONS, FOR THE ENJOYMENT, EDUCATION AND INSPIRATION TO ALL.

Program Service Accomplishments

Program 1

Expenses: $3,420,493 Revenue: $353,102

ROUGH POINT IS A MUSEUM, OPEN TO THE PUBLIC, SHARING THE LIFE AND LEGACY OF DORIS DUKE THROUGH STORYTELLING ABOUT THE PEOPLE CONNECTED TO THE HOUSE'S HISTORY, CLIMATE CHANGE RESILIENCY AND HOW IT...

ROUGH POINT IS A MUSEUM, OPEN TO THE PUBLIC, SHARING THE LIFE AND LEGACY OF DORIS DUKE THROUGH STORYTELLING ABOUT THE PEOPLE CONNECTED TO THE HOUSE'S HISTORY, CLIMATE CHANGE RESILIENCY AND HOW IT IMPACTS THE BUILT ENVIRONMENT, AND CULTURAL HERITAGE THROUGH THE FINE AND DECORATIVE ARTS HER FAMILY COLLECTED. THE MUSEUM ALSO INCLUDES AN EXHIBITION ON 18TH CENTURY NEWPORT FURNITURE.

Program 2

Expenses: $2,723,694 Revenue: $3,036,293

THE FOUNDATION OWNS, PRESERVES, AND MAINTAINS APPROXIMATELY 70 18TH AND 19TH CENTURY BUILDINGS, PREDOMINANTLY IN NEWPORT. ALL BUT ONE OF THE HOUSES ARE RENTED TO RESIDENTIAL AND COMMERCIAL TENANT...

THE FOUNDATION OWNS, PRESERVES, AND MAINTAINS APPROXIMATELY 70 18TH AND 19TH CENTURY BUILDINGS, PREDOMINANTLY IN NEWPORT. ALL BUT ONE OF THE HOUSES ARE RENTED TO RESIDENTIAL AND COMMERCIAL TENANT STEWARDS. THE VERNON HOUSE IS ONE OF THE MOST SIGNIFICANT BUILDINGS IN NEWPORT, CURRENTLY HOSTING CONTEMPORARY DIALOGUE, COMMUNITY ENGAGEMENT, AND A PRESERVATION LEARNING LAB FOR THE HISTORIC TRADES INITIATIVE.

Program 3

Expenses: $106,970

WHITEHORNE HOUSE WAS A MUSEUM, DISPLAYING 18TH CENTURY NEWPORT FURNITURE AND RELATED DECORATIVE ARTS. THIS COLLECTION IS NOW HOUSED AS AN EXHIBITION IN ROUGH POINT. THE BUILDING IS OPEN BY...

WHITEHORNE HOUSE WAS A MUSEUM, DISPLAYING 18TH CENTURY NEWPORT FURNITURE AND RELATED DECORATIVE ARTS. THIS COLLECTION IS NOW HOUSED AS AN EXHIBITION IN ROUGH POINT. THE BUILDING IS OPEN BY APPOINTMENT ONLY, AS THE FOUNDATION RESEARCHES THE HISTORY OF THE HOUSE TO BETTER INFORM THE PROPERTIES FUTURE.

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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 $341,995

Program Service Revenue $3,353,850

Investment Income $745,422

Other Revenue $122,990

TOTAL REVENUE $4,564,257

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,163,145

Fundraising Expenses $0

Program Expenses $6,329,381

Other Expenses $3,961,837

TOTAL EXPENSES $7,124,982

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,564,257	$6,618,402	-0.3%
Expenses	$7,124,982	$6,575,465	+0.1%
Net Income	$-2,560,725	$42,937	-60.6%

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

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

$547,555

Total Directors

$373,302

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
FRANKLIN VAGNONE	PRESIDENT/ EXECUTIVE DIRECTOR (TO 8/24)	0.40	Officer Director	$348,703	$24,599	$373,302
JAMES ROSS	BOARD CHAIR/PRESIDENT (TO 4/24)	0.40	Officer Director	$0	$0	$0
AMELIA AMY BERKOWITZ	BOARD CHAIR/PRESIDENT (AS 4/24)	0.20	Officer Director	$0	$0	$0
C HUGH HILDESLEY	VICE CHAIR/VICE PRESIDENT (AS OF 4/24)	0.20	Officer Director	$0	$0	$0
DR M THERESE ANTONE	TREASURER	0.20	Officer Director	$0	$0	$0
MIKEL FOLCARELLI	SECRETARY	0.20	Officer Director	$0	$0	$0
EDITH MCBEAN	MEMBER AT LARGE	0.20	Director	$0	$0	$0
PHILIP MARSHALL	MEMBER AT LARGE (TO 12/24)	0.20	Director	$0	$0	$0
AMY ELIZABETH WINSOR	CHIEF OPERATING OFFICER & FINANCE DIRECTOR	40.00	Officer	$155,576	$18,677	$174,253
ALYSSA LOZUPONE	DIRECTOR OF PRESERVATION	40.00	Highest	$120,233	$13,131	$133,364

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	$4,564,257	$7,124,982	$38,405,901	$-2,560,725
2023	$6,618,402	$6,575,465	$40,390,921	$42,937
2022	$9,303,139	$6,267,610	$39,101,709	$3,035,529
2021	$7,225,727	$6,055,199	$38,992,264	$1,170,528