WHIPPANY RAILWAY MUSEUM

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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

1974

Legal Domicile

Principal Officer

STEVEN P HEPLER

Phone

9733018929

Tax Period

2023-01-01 to 2023-12-31

WHIPPANY RAILWAY MUSEUM, founded in 1974, is a small nonprofit in the Arts, Culture & Humanities sector that reported $195K in total revenue in fiscal year 2023. Expenses of $169K left a modest 13% surplus.

Mission

THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO EDUCATE THE PUBLIC ABOUT, AND CREATE AN INTEREST IN RAILROADS AND RAILROADING, BOTH HISTORICAL AND MODERN. THIS BROAD PURPOSE INCLUDES MODEL RAILROADING, THE RELATIONSHIP BETWEEN RAILROADS AND THE MAJOR INDUSTRIES THAT THEY SERVE, AND TO A MUCH LESSER EXTENT, OTHER MODES OF TRANSPORTATION.THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS ACCOMPLISHED THROUGH:1. THE ACQUISITION, RESTORATION, AND DISPLAY OF RAILROAD-RELATED HISTORICAL AND CURRENT ITEMS, AS WELL AS AN INDOOR AND OUTDOOR OPERATING MODEL RAILROAD.THE SCOPE OF THE PRIMARY EXHIBIT COLLECTION ALSO INCLUDES HISTORICAL AND CURRENT ITEMS RELATED TO MAJOR INDUSTRIES THAT ARE SERVED BY RAILROADS (THE COAL INDUSTRY, THE FARMING INDUSTRY, ETC).THE MUSEUM HAS ALSO DEDICATED A VERY SMALL PORTION OF ITS INDOOR EXHIBIT SPACE TO HISTORICAL PASSENGER OCEAN LINERS AND THE SHIPPING INDUSTRY.2. THEME AND ANTIQUE EXCURSION TRAIN RIDES FROM THE MUSEUM'S SITE AT WHIPPANY, NEW JERSEY

Program Service Accomplishments

Program 1

Expenses: $143,430 Revenue: $190,111

THEME AND ANTIQUE EXCURSION TRAIN RIDES FROM THE MUSEUM'S SITE AT WHIPPANY, NEW JERSEY TO ROSELAND, NEW JERSEY.THEME TRAINS FEATURE "THE EASTER BUNNY OR "SANTA CLAUS" TALKING TO THE CHILDREN AND...

THEME AND ANTIQUE EXCURSION TRAIN RIDES FROM THE MUSEUM'S SITE AT WHIPPANY, NEW JERSEY TO ROSELAND, NEW JERSEY.THEME TRAINS FEATURE "THE EASTER BUNNY OR "SANTA CLAUS" TALKING TO THE CHILDREN AND GIVING THEM TOYS, COLORING BOOKS, OR OTHER SMALL GIFTS.ANTIQUE TRAIN RIDES FEATURE THE USE OF AN ANTIQUE OR HISTORICAL PIECE OF RAILROAD EQUIPMENT (CABOOSES, LOCOMOTIVES, PASSENGER CARS, ETC.)WHILE ON SITE, THE PUBLIC IS ENCOURAGED TO COME INSIDE AND VISIT THE MUSEUM.

Program 2

Expenses: $1,928

MUSEUM OPERATIONS

Program 3

THE ACQUISITION, RESTORATION, AND DISPLAY OF RAILROAD-RELATED HISTORICAL AND CURRENT ITEMS, AS WELL AS AN INDOOR AND OUTDOOR OPERATING MODEL RAILROAD. THE EXHIBIT COLLECTION ALSO INCLUDES HISTORICAL AND CURRENT ITEMS RELATED TO MAJOR INDUSTRIES THAT ARE SERVED BY RAILROADS. IT SHOULD BE NOTED THE WHIPPANY RAILWAY MUSEUM BUILDING HAS FREE USE OF FACILITIES AND ELECTRICITY.

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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 $5,000

Program Service Revenue $187,434

Investment Income $45

Other Revenue $2,632

TOTAL REVENUE $195,111

Expense Breakdown

Grants Paid $507

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $145,358

Other Expenses $168,316

TOTAL EXPENSES $168,823

Year-over-Year Comparison

	2023	2022	Change
Revenue	$195,111	$199,665	0.0%
Expenses	$168,823	$173,215	0.0%
Net Income	$26,288	$26,450	0.0%

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

N/A

Volunteers

N/A

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
STEVEN P HEPLER	PRESIDENT	40.00	Officer Director	$0	$0	$0
JOSEPH F KRYGOSKI	VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
PAUL R TUPACZEWSKI	SECRETARY	1.00	Officer Director	$0	$0	$0
ALAN WISHENGRAD	TRUSTEE	20.00	Director	$0	$0	$0
PAUL BARTHOLOMEW	TRUSTEE	1.00	Director	$0	$0	$0
TERENCE MULLIGAN	TRUSTEE	1.00	Director	$0	$0	$0
FRED BRUNNER	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL DODGE	TRUSTEE	1.00	Director	$0	$0	$0
VICTOR FERRETTI	TRUSTEE	1.00	Director	$0	$0	$0
NANCY KRYGOSKI	TREASURER	1.00	Officer	$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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$195,111	$168,823	$1,367,545	$26,288
2022	$199,665	$173,215	$1,354,017	$26,450
2021	$129,956	$109,459	$1,319,910	$20,497
2020	$100,025	$83,912	$1,296,242	$16,113
2019	$180,935	$155,199	$1,281,321	$25,736
2018	$192,694	$124,832	$1,254,462	$67,862