THE THOMAS R ELSASSER MEMORIAL SCH… - 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

1992

Legal Domicile

Principal Officer

KEVIN E GALLAGHER

Phone

2126834832

Tax Period

2024-08-01 to 2025-07-31

THE THOMAS R ELSASSER MEMORIAL SCHOLARSHIP FUND INC, founded in 1992, is a community nonprofit that reported $1.1M in total revenue in fiscal year 2024. Revenue surged 95% from the prior year, signaling strong growth momentum. The organization ran a surplus of $492K, a strong 45% operating margin.

Mission

THE CORPORATION WAS ESTABLISHED TO ACCEPT CONTRIBUTIONS FOR THE BENEFIT OF WIDOWS, CHILDREN, AND DEPENDENTS OF MEMBERS OF THE UNIFORMED FIREFIGHTERS ASSOCIATION OF GREATER NEW YORK, LOCAL 94 I.A.F.F., WHO HAVE DIED IN NON-LINE OF DUTY CIRCUMSTANCES.

Program Service Accomplishments

Program 1

Expenses: $79,500

THE CORPORATION PROVIDED GRANTS TO APPROXIMATELY 54 DEPENDENTS OF UFA MEMBERS WHO DIED IN NON-LINE OF DUTY CIRCUMSTANCES.

Program 2

Expenses: $467,182

THE CORPORATION PROVIDED FINANCIAL ASSISTANCE TO APPROXIMATELY 100 WIDOWS OF UFA MEMBERS WHO DIED IN NON-LINE OF DUTY CIRCUMSTANCES. THE CORPORATION ALSO PAID MEDICAL AND CATASTROPHIC INSURANCE...

THE CORPORATION PROVIDED FINANCIAL ASSISTANCE TO APPROXIMATELY 100 WIDOWS OF UFA MEMBERS WHO DIED IN NON-LINE OF DUTY CIRCUMSTANCES. THE CORPORATION ALSO PAID MEDICAL AND CATASTROPHIC INSURANCE PREMIUMS ON BEHALF OF SUCH WIDOWS.

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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 $434,473

Program Service Revenue $0

Investment Income $652,175

Other Revenue $136

TOTAL REVENUE $1,086,784

Expense Breakdown

Grants Paid $546,682

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $546,682

Other Expenses $48,026

TOTAL EXPENSES $594,708

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,086,784	$556,050	+1.0%
Expenses	$594,708	$584,730	+0.0%
Net Income	$492,076	$-28,680	-18.2%

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
KEVIN E GALLAGHER	CHAIRMAN	1.00	Director	$0	$0	$0
ANDREW ANSBRO	CO-CHAIRMAN	1.00	Director	$0	$0	$0
ROBERT STRAUB	TREASURER	1.00	Director	$0	$0	$0
SHEILA PETTIT	SECRETARY	1.00	Director	$0	$0	$0
JAMES BROSI	DIRECTOR	1.00	Director	$0	$0	$0
EDWARD BURKE	DIRECTOR	1.00	Director	$0	$0	$0
ANTONIO CARACCIOLO	DIRECTOR	1.00	Director	$0	$0	$0
FERN IODICE CURRAO	DIRECTOR	1.00	Director	$0	$0	$0
LYNNE DEFRANCO	DIRECTOR	1.00	Director	$0	$0	$0
WILLIAM KAMMERER	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS LAMACCHIA	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS J MCMANUS	DIRECTOR	1.00	Director	$0	$0	$0
WILLIAM NOLAN	DIRECTOR	1.00	Director	$0	$0	$0
JACK OEHM	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL PROFETA	DIRECTOR	1.00	Director	$0	$0	$0
STAN REIMER	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS RENO	DIRECTOR	1.00	Director	$0	$0	$0
TROY ROBERTS	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL BLOCK	DIRECTOR - PAST	1.00	Director	$0	$0	$0
MICHAEL BURKE	DIRECTOR - PAST	1.00	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
2025	$1,086,784	$594,708	$4,200,290	$492,076
2024	$556,050	$584,730	$4,031,838	$-28,680
2023	$375,600	$528,434	$3,688,462	$-152,834
2022	$670,293	$507,597	$3,644,825	$162,696
2021	$513,854	$460,414	$3,964,438	$53,440
2020	$81,376	$408,235	$3,397,811	$-326,859
2019	$319,917	$393,640	$3,574,262	$-73,723
2018	$294,271	$467,915	$3,663,522	$-173,644

THE THOMAS R ELSASSER MEMORIAL SCHOLARSHIP FUND INC