NATIONAL RETAIL FEDERATION INC

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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

2025-03-01 to 2026-02-28

NATIONAL RETAIL FEDERATION INC, founded in 1911, is a mid-sized nonprofit that reported $93.4M in total revenue in fiscal year 2025. Revenue surged 24% from the prior year, signaling strong growth momentum.

Mission

NRF'S MISSION IS TO ADVANCE AND PROTECT THE INTERESTS OF THE RETAIL INDUSTRY AND TO HELP RETAILERS ACHIEVE EXCELLENCE IN ALL AREAS OF THEIR BUSINESS.

Program Service Accomplishments

Program 1

NRF ADVANCES AND PROTECTS THE INTERESTS OF THE RETAIL INDUSTRY THROUGH ITS LEGISLATIVE AND REGULATORY ADVOCACY. THESE EFFORTS FOCUS ON THE ISSUES THAT DIRECTLY AFFECT THE RETAIL BUSINESS INCLUDING...

NRF ADVANCES AND PROTECTS THE INTERESTS OF THE RETAIL INDUSTRY THROUGH ITS LEGISLATIVE AND REGULATORY ADVOCACY. THESE EFFORTS FOCUS ON THE ISSUES THAT DIRECTLY AFFECT THE RETAIL BUSINESS INCLUDING CREDIT AND PAYMENTS POLICY, LABOR BENEFITS AND EMPLOYMENT PRACTICES, TRADE AND TAX POLICY, AMONG OTHERS.

Program 2

NRF HELPS RETAILERS ACHIEVE EXCELLENCE IN ALL AREAS OF THEIR BUSINESS THROUGH ITS ANNUAL CONVENTION, CONFERENCES AND WORKSHOPS. THESE EVENTS BRING RETAILERS TOGETHER WITH INDUSTRY THOUGHT LEADERS AND SUPPLIERS TO EXPLORE RESEARCH ON THE FUTURE OF RETAIL; EXAMINE BENCHMARKING AND BEST PRACTICES OF INDUSTRY PEERS; AND LEARN ABOUT CUTTING EDGE PRODUCTS FROM THE INDUSTRY'S LEADING SOLUTION PROVIDERS. DESIGNED TO MEET THE NEEDS OF A VARIETY OF RETAIL DISCIPLINES INCLUDING STRATEGY AND RETAIL OPERATIONS, TECHNOLOGY, E-COMMERCE, LOSS PREVENTION AND MARKETING THE EVENTS ATTRACT MORE THAN 40,000 INDUSTRY PROFESSIONALS ANNUALLY.

Program 3

NRF HELPS ITS MEMBERS ACHIEVE EXCELLENCE IN THEIR BUSINESS THROUGH INFORMATION DISSEMINATION ON TOPICS THAT RANGE FROM DATA SECURITY, E-COMMERCE, SALES TRENDS, TO FACILITATION OF PEER TO PEER...

NRF HELPS ITS MEMBERS ACHIEVE EXCELLENCE IN THEIR BUSINESS THROUGH INFORMATION DISSEMINATION ON TOPICS THAT RANGE FROM DATA SECURITY, E-COMMERCE, SALES TRENDS, TO FACILITATION OF PEER TO PEER INTERACTION THAT CREATE WORKABLE SOLUTIONS TO BUSINESS CHALLENGES SUCH AS LEVERAGING TECHNOLOGY IN AN UNCERTAIN ECONOMY AND MANAGING GENERATIONAL DIFFERENCES. THE WORK IS CONDUCTED BY OVER 40 INDUSTRY COUNCILS AND TASK FORCES.

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $90,649,067

Investment Income $2,284,792

Other Revenue $481,437

TOTAL REVENUE $93,415,296

Expense Breakdown

Grants Paid $0

Salaries & Benefits $31,693,291

Fundraising Expenses $0

Other Expenses $61,141,634

TOTAL EXPENSES $92,834,925

Year-over-Year Comparison

	2025	2024	Change
Revenue	$93,415,296	$75,217,888	+0.2%
Expenses	$92,834,925	$75,855,292	+0.2%
Net Income	$580,371	$-637,404	-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

120

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

$7,392,326

Total Directors

$6,311,852

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	$5,100,934	$1,210,918	$6,311,852
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 (THRU 01/26)	0.50	Director	$0	$0	$0
JOSEPH DITTMAR	DIRECTOR	0.50	Director	$0	$0	$0
MICHAEL FIDDELKE	DIRECTOR (AS OF 01/26)	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	0.50	Director	$0	$0	$0
ANTHONY HUCKER	DIRECTOR	0.50	Director	$0	$0	$0
IAN KAHN	DIRECTOR	0.50	Director	$0	$0	$0
HAL LAWTON	DIRECTOR	0.50	Director	$0	$0	$0
CONNOR MARSDEN	DIRECTOR (AS OF 01/26)	0.50	Director	$0	$0	$0
BILLY MAY	DIRECTOR (AS OF 01/26)	0.50	Director	$0	$0	$0
MARC METRICK	DIRECTOR (THRU 01/26)	0.50	Director	$0	$0	$0
SUSAN MORRIS	DIRECTOR	0.50	Director	$0	$0	$0
STEVEN PRESTON	DIRECTOR	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 (THRU 06/25)	0.50	Director	$0	$0	$0
KIMBERLY SMITH	DIRECTOR (THRU 01/26)	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
STEVEN WILLIAMS	DIRECTOR	0.50	Director	$0	$0	$0
TIFFANY ZARFAS WILLIAMS	DIRECTOR	0.50	Director	$0	$0	$0
MICHELLE WLAZALO	DIRECTOR (AS OF 01/26)	0.50	Director	$0	$0	$0
STEPHANIE MARTZ	SECRETARY AND GENERAL COUNSEL	41.50	Officer	$971,571	$108,903	$1,080,474
DAVID FRENCH	SVP, GOVERNMENT RELATIONS	50.00	Highest	$1,153,569	$114,853	$1,268,422
WILLIAM THORNE	SVP, PUBLIC RELATIONS/ED	50.00	Highest	$843,185	$104,061	$947,246
SUSAN NEWMAN	SVP, CONFERENCES	50.00	Highest	$667,993	$88,792	$756,785
ARTEMIS SAKELL	SENIOR DIRECTOR, EXHIBITS	50.00	Highest	$639,644	$50,413	$690,057
JILL DVORAK	SVP, CONTENT-EDUCATION	50.00	Highest	$541,262	$87,953	$629,215

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
2026	$93,415,296	$92,834,925	$78,381,729	$580,371
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