PRACTISING LAW INSTITUTE

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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

1933

Legal Domicile

Principal Officer

SHARON L CRANE

Phone

2128245700

Tax Period

2024-01-01 to 2024-12-31

PRACTISING LAW INSTITUTE, founded in 1933, is a major nonprofit in the Education sector that reported $114.3M in total revenue in fiscal year 2024.

Mission

PRACTISING LAW INSTITUTE IS A NONPROFIT LEARNING ORGANIZATION DEDICATED TO KEEPING ATTORNEYS AND OTHER PROFESSIONALS AT THE FOREFRONT OF KNOWLEDGE AND EXPERTISE, AS WELL AS PREPARING THEM TO FULFILL THEIR PRO BONO RESPONSIBILITIES. (SEE SCHEDULE O)ORGANIZATION'S MISSION (CONTINUED)THE INSTITUTE IS CHARTERED BY THE REGENTS OF THE UNIVERSITY OF THE STATE OF NEW YORK, AND WAS FOUNDED IN 1933 BY HAROLD P. SELIGSON. THE INSTITUTE PROVIDES THE HIGHEST QUALITY, ACCREDITED, CONTINUING LEGAL AND PROFESSIONAL EDUCATION PROGRAMS IN A VARIETY OF FORMATS WHICH AREDELIVERED BY 4,433 VOLUNTEER FACULTY INCLUDING PROMINENT LAWYERS, JUDGES, INVESTMENT BANKERS, ACCOUNTANTS, CORPORATE COUNSEL, AND U.S. AND INTERNATIONAL GOVERNMENT SPEAKERS. THE INSTITUTE PUBLISHES A COMPREHENSIVE LIBRARY OF TREATISES, COURSE HANDBOOKS AND ANSWER BOOKSTHAT ARE ALSO AVAILABLE THROUGH THE PLI PLUS ONLINE PLATFORM. A SIGNIFICANT PART OF THE INSTITUTE'S MISSION IS A COMMITMENT TO THE PRO BONO COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $86,915,288 Revenue: $100,780,091

PROGRAMS: IN 2024, THE INSTITUTE PROVIDED LIVE SEMINARS, LIVE WEBCASTS, ON-DEMAND SEMINARS, AND AUDIO AND VIDEO DOWNLOADS. APPROXIMATELY 1,129,492 CONTINUING EDUCATION ACCREDITATION CERTIFICATES WERE...

Program 2

Expenses: $16,368,477 Revenue: $9,262,689

PUBLISHING SERVICES SUPPLEMENT THE SEMINARS OFFERED BY THE INSTITUTE TO PROVIDE THE MOST UP-TO-DATE, RELEVANT INFORMATION AND RESOURCE MATERIALS. ANNUALLY THE INSTITUTE PROVIDES COURSE HANDBOOKS...

PUBLISHING SERVICES SUPPLEMENT THE SEMINARS OFFERED BY THE INSTITUTE TO PROVIDE THE MOST UP-TO-DATE, RELEVANT INFORMATION AND RESOURCE MATERIALS. ANNUALLY THE INSTITUTE PROVIDES COURSE HANDBOOKS, TREATISES, AND SUPPLEMENTS WHICH ARE IMPORTANT IN PROVIDING THE LEGAL COMMUNITY AND ALLIED PROFESSIONALS WITH THE TOOLS TO STAY ABREAST OF NEW LEGAL DEVELOPMENTS. IN 2024, THERE WERE 283 COURSE HANDBOOKS, 33 TREATISES AND ANSWER BOOKS, AND 93 TREATISE SUPPLEMENTS RELEASED. 139 TREATISES WERE AVAILABLE FOR DOWNLOAD ON THE KINDLE DIGITAL READER. OTHER REVENUE INCLUDES SUBSCRIPTION TO PLI PLUS (AN ONLINE DATABASE).

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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 $108,779,664

Investment Income $4,263,863

Other Revenue $1,263,116

TOTAL REVENUE $114,306,643

Expense Breakdown

Grants Paid $23,816,365

Salaries & Benefits $55,973,342

Fundraising Expenses $0

Program Expenses $103,283,765

Other Expenses $32,543,707

TOTAL EXPENSES $112,333,414

Year-over-Year Comparison

	2024	2023	Change
Revenue	$114,306,643	$114,795,383	0.0%
Expenses	$112,333,414	$104,353,364	+0.1%
Net Income	$1,973,229	$10,442,019	-0.8%

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

360

Volunteers

4433

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

$4,175,099

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ADRIAN E DOLLARD	CHAIR OF THE BOARD	1.00	Officer Director	$0	$0	$0
LYNN K NEUNER	VICE CHAIR OF THE BOARD	1.00	Officer Director	$0	$0	$0
ROBERT P BARTLETT III	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
PHILIP R BRYCE	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
DEVEREUX CHATILLON	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
ELLEN M COSGROVE	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
JONATHAN I FORREST	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
HON DIANE GUJARATI	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
DAWSON HORN III	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
LARRY H KRANTZ	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
MEI LIN KWAN-GETT	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
CARMEN J LAWRENCE	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
JAI MASSARI	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
TROY A MCKENZIE	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
TIFFANY MOLLER	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
HON DIANNE T RENWICK	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
NOGA ROSENTHAL	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
TAMMY L ROY	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
SAMUEL W SEYMOUR	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
KATHERINE J STOLLER	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
HON ELIZABETH S STONG	BOARD OF TRUSTEES	1.00	Director	$0	$0	$0
SHARON L CRANE	PRESIDENT	40.00	Officer	$788,230	$109,492	$897,722
CRAIG A MILLER	CHIEF CUSTOMER OFFICER	40.00	Officer	$521,199	$89,101	$610,300
CHRISTOPHER ROUSSEAU	CHIEF INFORMATION OFFICER	40.00	Officer	$446,696	$81,027	$527,723
DAVID M SMITH	CHIEF MARKETING OFFICER	40.00	Officer	$401,381	$88,462	$489,843
KARA O'BRIEN	CHIEF CONTENT OFFICER (AS OF 05/24)	40.00	Officer	$361,155	$82,816	$443,971
EMILIA SIMA	CFO & TREASURER (AS OF 05/24)	40.00	Officer	$364,988	$54,628	$419,616
JOAN D STERNBERG	SR VP, HR & FACILITIES (THRU 08/24)	40.00	Officer	$320,141	$51,395	$371,536
ALAN G COHEN	CHIEF BUSINESS OFFICER (THRU 06/24)	40.00	Officer	$262,886	$38,204	$301,090
SAMANTHA GOLDSBERRY	SECRETARY TO THE BOARD & EXEC ASST	40.00	Officer	$88,911	$24,387	$113,298
GEORGE M WILSON	DIRECTOR, SEC INSTITUTE	40.00	Highest	$387,279	$82,722	$470,001
JAMES SCAFIDI	VP, MEMB. SALES & A/C SVCS.	40.00	Highest	$361,208	$79,676	$440,884
SYLVIA M ABADIER	DIR, MEMBERSHIP SALES	40.00	Highest	$290,748	$74,635	$365,383
KIRSTEN TALMAGE	SVP, STRATEGIC PLANNING & B.A.	40.00	Highest	$280,380	$74,842	$355,222
DAVID THAU	SR. MANAGER, MEMBERSHIP SALES	40.00	Highest	$273,012	$73,403	$346,415

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	$114,306,643	$112,333,414	$207,984,144	$1,973,229
2023	$114,795,383	$104,353,364	$202,302,388	$10,442,019
2022	$104,241,520	$99,504,040	$183,860,951	$4,737,480
2021	$109,173,484	$94,288,607	$169,437,578	$14,884,877
2020	$97,703,423	$91,088,481	$151,296,767	$6,614,942
2019	$83,439,702	$80,362,044	$131,421,368	$3,077,658
2018	$104,647,888	$105,554,765	$116,115,613	$-906,877