NATIONAL RETAIL FEDERATION INC (EIN 135582627) - Form 990 Financial Analysis & Trantor Score

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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

1911

Legal Domicile

Principal Officer

MATTHEW SHAY

Phone

2027837971

Tax Period

2024-03-01 to 2025-02-28

NATIONAL RETAIL FEDERATION INC, founded in 1911, is a mid-sized nonprofit that reported $75.2M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion.

Mission

NRF'S MISSION IS TO ADVANCE AND PROTECT THE INTERESTS OF THE RETAIL INDUSTRY.

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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 $72,350,026

Investment Income $2,425,852

Other Revenue $442,010

TOTAL REVENUE $75,217,888

Expense Breakdown

Grants Paid $0

Salaries & Benefits $29,516,222

Fundraising Expenses $0

Other Expenses $46,339,070

TOTAL EXPENSES $75,855,292

Year-over-Year Comparison

	2024	2023	Change
Revenue	$75,217,888	$68,642,983	+0.1%
Expenses	$75,855,292	$67,172,037	+0.1%
Net Income	$-637,404	$1,470,946	-1.4%

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

125

Volunteers

500

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

$9,436,799

Total Directors

$8,395,435

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MATTHEW R SHAY	PRESIDENT AND CEO	41.50	Officer Director	$7,280,735	$1,114,700	$8,395,435
ROBERT EDDY	CHAIR	0.50	Officer Director	$0	$0	$0
MIKE GEORGE	IMMEDIATE PAST CHAIR	0.50	Officer Director	$0	$0	$0
JOHN FURNER	FIRST VICE CHAIR & IMMEDIATE PAST CHAIR	0.50	Officer Director	$0	$0	$0
ANISH MELWANI	SECOND VICE CHAIR	0.50	Officer Director	$0	$0	$0
BETH ABERG	DIRECTOR	0.50	Director	$0	$0	$0
MARGUERITE ADZICK	DIRECTOR	0.50	Director	$0	$0	$0
CHRISTOPHER BALDWIN	DIRECTOR	0.50	Director	$0	$0	$0
HORACIO BARBEITO	DIRECTOR	0.50	Director	$0	$0	$0
SHELLEY BRANSTEN	DIRECTOR	0.50	Director	$0	$0	$0
BRIAN CORNELL	DIRECTOR	0.50	Director	$0	$0	$0
JOSEPH DITTMAR	DIRECTOR	0.50	Director	$0	$0	$0
HARLEY FINKELSTEIN	DIRECTOR	0.50	Director	$0	$0	$0
MICHELLE GASS	DIRECTOR	0.50	Director	$0	$0	$0
DOUG HERRINGTON	DIRECTOR (START 1/25)	0.50	Director	$0	$0	$0
ANTHONY HUCKER	DIRECTOR	0.50	Director	$0	$0	$0
IAN KAHN	DIRECTOR	0.50	Director	$0	$0	$0
SURESH KRISHNA	DIRECTOR (THRU 1/25)	0.50	Director	$0	$0	$0
HAL LAWTON	DIRECTOR	0.50	Director	$0	$0	$0
MARC METRICK	DIRECTOR	0.50	Director	$0	$0	$0
STEVEN PRESTON	DIRECTOR (START 1/25)	0.50	Director	$0	$0	$0
DAVID RATNER	DIRECTOR	0.50	Director	$0	$0	$0
DAVID RAWLINSON II	DIRECTOR	0.50	Director	$0	$0	$0
SERGIO ROJAS	DIRECTOR	0.50	Director	$0	$0	$0
VIVEK SANKARAN	DIRECTOR	0.50	Director	$0	$0	$0
KIMBERLY SMITH	DIRECTOR	0.50	Director	$0	$0	$0
TONY SPRING	DIRECTOR	0.50	Director	$0	$0	$0
EDWARD W STACK	DIRECTOR	0.50	Director	$0	$0	$0
COLLEEN TAYLOR	DIRECTOR	0.50	Director	$0	$0	$0
CARRIE THARP	DIRECTOR	0.50	Director	$0	$0	$0
DAVID WILKINSON	DIRECTOR (THRU 1/25)	0.50	Director	$0	$0	$0
STEVEN WILLIAMS	DIRECTOR	0.50	Director	$0	$0	$0
TIFFANY ZARFAS WILLIAMS	DIRECTOR	0.50	Director	$0	$0	$0
STEPHANIE MARTZ	SECRETARY AND GENERAL COUNSEL	41.50	Officer	$935,976	$105,388	$1,041,364
DAVID FRENCH	SVP, GOVERNMENT RELATIONS	50.00	Highest	$1,101,767	$111,058	$1,212,825
WILLIAM THORNE	SVP, PUBLIC RELATIONS/ED	50.00	Highest	$789,120	$100,500	$889,620
SUSAN NEWMAN	SVP, CONFERENCES	50.00	Highest	$604,345	$91,141	$695,486
ARTEMIS SAKELL	SENIOR DIRECTOR, EXHIBITS	50.00	Highest	$589,153	$49,880	$639,033
MARTINE REARDON	CHIEF MARKETING OFFICER & EVP	50.00	Highest	$425,341	$49,173	$474,514

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	$75,217,888	$75,855,292	$75,734,964	$-637,404
2024	$68,642,983	$67,172,037	$55,908,163	$1,470,946
2023	$61,715,182	$65,108,511	$46,878,422	$-3,393,329
2022	$48,694,616	$51,465,679	$44,909,805	$-2,771,063
2021	$20,186,074	$37,768,720	$51,823,967	$-17,582,646
2020	$59,981,540	$56,375,612	$60,558,264	$3,605,928
2019	$56,814,461	$56,547,413	$53,192,980	$267,048

NATIONAL RETAIL FEDERATION INC