GIG HARBOR BOATSHOP

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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

2006

Legal Domicile

Principal Officer

ERIK CARLSON

Phone

2538579344

Tax Period

2023-01-01 to 2023-12-31

GIG HARBOR BOATSHOP, founded in 2006, is a small nonprofit in the Philanthropy & Grantmaking sector that reported $199K in total revenue in fiscal year 2023. Revenue surged 115% from the prior year, signaling strong growth momentum. Expenses of $174K left a modest 12% surplus.

Mission

PRESERVE THE HISTORIC EDDON BOATYARD AND ITS TRADITIONAL USES TO PERPETURATE, AND BUILD AWARENESS OF, THE CULTURAL LIVELIHOODS ON GIG HARBOR'S WORKING WATERFRONT.

Program Service Accomplishments

Program 1

Expenses: $109,310 Revenue: $45,205

RAISE AWARENESS OF THE WORKING WATERFRONT, ITS HISTORIC USE AND CONTEMPORARY FUNCTIONS, WHILE PROVIDING PROGRAM OPPORTUNITIES FOR THE COMMUNITY TO DEVELOP BOATBUILDING, BOAT REPAIR, AND BOAT-USE...

RAISE AWARENESS OF THE WORKING WATERFRONT, ITS HISTORIC USE AND CONTEMPORARY FUNCTIONS, WHILE PROVIDING PROGRAM OPPORTUNITIES FOR THE COMMUNITY TO DEVELOP BOATBUILDING, BOAT REPAIR, AND BOAT-USE SKILLS AND BY ENHANCING COMMUNITY KNOWLEDGE OF THE KEY OCCUPATIONS THAT INFLUENCED THE SETTLEMENT, ARCHITECTURE, AND FUNCTION OF THE GIG HARBOR WATERFRONT.

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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 (2023)

Revenue Breakdown

Contributions & Grants $153,677

Program Service Revenue $45,205

Investment Income $0

Other Revenue $0

TOTAL REVENUE $198,882

Expense Breakdown

Grants Paid $0

Salaries & Benefits $83,830

Fundraising Expenses $10,692

Program Expenses $109,310

Other Expenses $90,286

TOTAL EXPENSES $174,116

Year-over-Year Comparison

	2023	2022	Change
Revenue	$198,882	$92,695	+1.1%
Expenses	$174,116	$159,906	+0.1%
Net Income	$24,766	$-67,211	-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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERIK CARLSON	PRESIDENT	2.00	Officer Director	$0	$0	$0
STEPHANIE PAYNE	BOARD MEMBER	2.00	Director	$0	$0	$0
JOHN MCMILLAN	TREASURER	2.00	Officer Director	$0	$0	$0
JAIME STORKMAN	SECRETARY	2.00	Officer Director	$0	$0	$0
REID EKBERG	BOARD MEMBER	2.00	Director	$0	$0	$0
SARAH FISKEN	BOARD MEMBER	2.00	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
2024	No data	No data	No data	No data
2023	$198,882	$174,116	$563,272	$24,766
2022	$92,695	$159,906	$529,188	$-67,211
2021	$238,033	$169,023	$585,392	$69,010
2020	$131,785	$91,859	$517,506	$39,926
2019	$212,072	$196,095	$480,474	$15,977
2018	$241,355	$240,529	$473,481	$826