AIR CONDITIONING & REFRIGERATION INDUSTRY PROMOTION FUND OF MASSACHUSETTS

EIN: 222509619

QUINCY, MA

Total Revenue
$509,193
Total Expenses
$887,976
Total Assets
$497,029
Net Assets
$399,085
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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
1976
Legal Domicile
MA
Principal Officer
STEPHEN AFFANATO
Phone
6174054221
Tax Period
2024-01-01 to 2024-12-31

AIR CONDITIONING & REFRIGERATION INDUSTRY PROMOTION FUND OF MASSACHUSETTS, founded in 1976, is a small nonprofit that reported $509K in total revenue in fiscal year 2024. Expenses of $888K exceeded revenue, resulting in a 74% operating deficit.

Mission

THE AIR CONDITIONING & REFRIGERATION INDUSTRY PROMOTION FUND PROVIDES EDUCATION AND VOCATIONAL ASSISTANCE TO ITS MEMBERS.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $30,000
Program Service Revenue $446,417
Investment Income $32,776
Other Revenue $0
TOTAL REVENUE $509,193

Expense Breakdown

Grants Paid $30,000
Salaries & Benefits $0
Fundraising Expenses $0
Other Expenses $857,976
TOTAL EXPENSES $887,976

Year-over-Year Comparison

2024 2023 Change
Revenue $509,193 $491,415 +0.0%
Expenses $887,976 $527,695 +0.7%
Net Income $-378,783 $-36,280 +9.4%
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

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Governance

Voting Members
16
Independent Members
16
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
2
$0
Total Directors
16
$0
Key Employees
1
$288,592
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JEFF POTTER TRUSTEE 2.50
Director
$0 $0 $0
MARC DONATO TRUSTEE 2.50
Director
$0 $0 $0
ROBERT LYONS PRESIDENT 2.50
Officer Director
$0 $0 $0
WILLIAM FLEMING TRUSTEE 2.50
Director
$0 $0 $0
JOHN CANAVAN TRUSTEE 2.50
Director
$0 $0 $0
MICHAEL DIMATTIA TRUSTEE 2.50
Director
$0 $0 $0
TROY DINAPOLI TRUSTEE 2.50
Director
$0 $0 $0
MICHAEL GRINNELL TRUSTEE 2.50
Director
$0 $0 $0
WILLIAM LYNCH TRUSTEE 2.50
Director
$0 $0 $0
BOB POIRIER VICE PRESIDENT 2.50
Officer Director
$0 $0 $0
JOSEPH DONOVAN TRUSTEE 2.50
Director
$0 $0 $0
BRUCE BAKER TRUSTEE 2.50
Director
$0 $0 $0
JOE VAIKNORAS TRUSTEE 2.50
Director
$0 $0 $0
HUGH LEAHY TRUSTEE 2.50
Director
$0 $0 $0
GEOFF FARINHA TRUSTEE 2.50
Director
$0 $0 $0
ELLIOTT DRAKE TRUSTEE 2.50
Director
$0 $0 $0
STEPHEN AFFANATO DIRECTOR 2.50
Key Emp
$0 $46,143 $288,592
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 $509,193 $887,976 $497,029 $-378,783
2023 $491,415 $527,695 $781,968 $-36,280
2022 $457,980 $559,310 $818,248 $-101,330
2021 $384,721 $375,747 $987,801 $8,974
2020 $369,592 $226,366 $911,227 $143,226
2019 $383,639 $366,555 $764,588 $17,084
2018 $422,218 $310,814 $748,036 $111,404
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