VILLAGE IMPROVEMENT ASSOCIATION OF… - 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

1906

Legal Domicile

Principal Officer

COLLEEN BAILIE

Phone

2039374233

Tax Period

2024-07-01 to 2025-06-30

VILLAGE IMPROVEMENT ASSOCIATION OF WEST HAVEN INC, founded in 1906, is a community nonprofit in the Education sector that reported $2.4M in total revenue in fiscal year 2024. Expenses of $2.3M left a modest 4% surplus.

Mission

PUBLIC LIBRARY - MAINTENANCE OF BOOKS, PERIODICALS, AUDIO VISUAL AND RELATED PROGRAMS FOR PUBLIC USE. PROVIDE LIBRARY SERVICES TO THE GENERAL PUBLIC OF THE CITY OF WEST HAVEN, CONNECTICUT COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $1,838,281 Revenue: $29,213

PUBLIC LIBRARY SERVICES - MAINTENANCE OF BOOKS, PERIODICALS, AUDIO, VISUALS AND RELATED LIBRARY PROGRAMS FOR PUBLIC USE.

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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 $2,086,487

Program Service Revenue $29,213

Investment Income $240,580

Other Revenue $0

TOTAL REVENUE $2,356,280

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,557,620

Fundraising Expenses $33,247

Program Expenses $1,838,281

Other Expenses $693,913

TOTAL EXPENSES $2,251,533

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,356,280	$2,198,069	+0.1%
Expenses	$2,251,533	$2,314,690	0.0%
Net Income	$104,747	$-116,621	-1.9%

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

$115,861

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
COLLEEN BAILIE	EXECUTIVE DI	40.00	Officer	$99,077	$16,784	$115,861
LEONARD ADAMS	FIRST VICE P	2.00	Officer Director	$0	$0	$0
MICHELLE BERNARDI	ASSISTANT TR	2.00	Officer Director	$0	$0	$0
PAT DONNELLY	DIRECTOR	2.00	Director	$0	$0	$0
JOSEPH FORTINO	DIRECTOR	2.00	Director	$0	$0	$0
JOHN GALVIN	DIRECTOR	2.00	Director	$0	$0	$0
BILL HEFFERNAN	PRESIDENT	2.00	Officer Director	$0	$0	$0
CURTIS HODGKINS	DIRECTOR	2.00	Director	$0	$0	$0
CHARLES E GUNNING JR	TREASURER	2.00	Officer Director	$0	$0	$0
WILLIAM LANG	DIRECTOR	2.00	Director	$0	$0	$0
MARY MALENDA	RECORDING SE	2.00	Officer Director	$0	$0	$0
ALAN OLENICK	DIRECTOR	2.00	Director	$0	$0	$0
ELAINE KHU	ASSISTANT SE	2.00		$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	$2,356,280	$2,251,533	$5,058,033	$104,747
2024	$2,198,069	$2,314,690	$4,907,056	$-116,621
2023	$2,066,583	$2,068,126	$4,944,103	$-1,543
2022	$1,680,395	$1,871,114	$4,926,565	$-190,719
2021	$2,034,778	$1,799,801	$5,488,172	$234,977
2020	$1,682,224	$1,883,818	$5,184,672	$-201,594
2019	$1,644,971	$1,821,776	$5,230,127	$-176,805

VILLAGE IMPROVEMENT ASSOCIATION OF WEST HAVEN INC