Norway House (EIN 201129254) - 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

2004

Legal Domicile

Principal Officer

Christina Carleton

Phone

6128017702

Tax Period

2024-01-01 to 2024-12-31

Norway House, founded in 2004, is a community nonprofit in the Arts, Culture & Humanities sector that reported $7.5M in total revenue in fiscal year 2024. Revenue surged 283% from the prior year, signaling strong growth momentum. The organization ran a surplus of $4.4M, a strong 59% operating margin.

Mission

Norway House connects the United States with contemporary Norway through art, culture, and business.

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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 $6,488,267

Program Service Revenue $609,043

Investment Income $21,892

Other Revenue $382,481

TOTAL REVENUE $7,501,683

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,104,107

Fundraising Expenses $490,365

Program Expenses $1,724,804

Other Expenses $1,913,601

TOTAL EXPENSES $3,063,708

Year-over-Year Comparison

	2024	2023	Change
Revenue	$7,501,683	$1,959,249	+2.8%
Expenses	$3,063,708	$2,433,290	+0.3%
Net Income	$4,437,975	$-474,041	-10.4%

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

Volunteers

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

$275,805

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Loren Anderson	Chair	5.00	Officer Director	$0	$0	$0
Paul Rimmereid	Treasurer	3.00	Officer Director	$0	$0	$0
Linda Holmen	Secretary	3.00	Officer Director	$0	$0	$0
Robert Tunheim	Immediate Past Board Chair	5.00	Officer Director	$0	$0	$0
Gretchen Ambrosier	Board Member	1.00	Director	$0	$0	$0
Tony Albright	Board Member	1.00	Director	$0	$0	$0
Richard Engebretson	Board Member	1.00	Director	$0	$0	$0
Robsan Itana	Board Member	1.00	Director	$0	$0	$0
James Farstad	Board Member	1.00	Director	$0	$0	$0
Karen Grandstrand	Board Member	1.00	Director	$0	$0	$0
Paul Jackson	Board Member	1.00	Director	$0	$0	$0
Kirk Klopfenstein	Board Member	1.00	Director	$0	$0	$0
Mark Knapp	Board Member	1.00	Director	$0	$0	$0
Ryan Marth	Board Member	1.00	Director	$0	$0	$0
James Odlund	Board Member	1.00	Director	$0	$0	$0
Margy Peterson	Board Member	1.00	Director	$0	$0	$0
Paal Proeitz	Board Member	1.00	Director	$0	$0	$0
Kari Fedje Rasmus	Board Member	1.00	Director	$0	$0	$0
Ted Risdall	Board Member	1.00	Director	$0	$0	$0
Ellen Schmitt	Board Member	1.00	Director	$0	$0	$0
Christine Schulz	Board Member	1.00	Director	$0	$0	$0
Jill Skogheim	Board Member	1.00	Director	$0	$0	$0
Sonja Somdahl	Board Member	1.00	Director	$0	$0	$0
Mary Streed	Board Member	1.00	Director	$0	$0	$0
Carol Sundet-Meeker	Board Member	1.00	Director	$0	$0	$0
Erik Torgerson	Board Member	1.00	Director	$0	$0	$0
Sandy Wiese	Board Member	1.00	Director	$0	$0	$0
Christina Carleton	Executive Director	40.00	Officer	$124,941	$59	$125,000
Elizabeth Moorhead	Director of Finance	40.00	Officer	$69,783	$6,020	$75,803
Max Stevenson	Chief of Staff	40.00	Officer	$75,002	$0	$75,002

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	$7,501,683	$3,063,708	$22,147,488	$4,437,975
2023	$1,959,249	$2,433,290	$21,665,883	$-474,041
2022	$6,832,394	$1,466,562	$23,996,153	$5,365,832
2021	$2,850,328	$1,079,630	$14,269,923	$1,770,698
2020	$7,022,565	$1,001,751	$12,543,083	$6,020,814
2019	$3,505,716	$1,262,318	$6,768,306	$2,243,398
2018	$2,347,462	$1,206,793	$4,654,493	$1,140,669

Norway House