GALWAY VOLUNTEER FIRE CO 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

1923

Legal Domicile

Principal Officer

WILLIAM J SCHWAB

Phone

5183783969

Tax Period

2025-01-01 to 2025-12-31

GALWAY VOLUNTEER FIRE CO INC, founded in 1923, is a small nonprofit in the Public Safety sector that reported $427K in total revenue in fiscal year 2025. Expenses of $366K left a modest 14% surplus.

Mission

TO PROVIDE FIRE PROTECTION RESCUE AND EMERGENCY SERVICES TO THE RESIDENTS AND PROPERTY OWNERS IN THE TOWN AND VILLAGE OF GALWAY NEW YORK

Program Service Accomplishments

Program 1

Expenses: $31,694

EXPENSES FOR ANSWERING FIRE COMPANY EMERGENCY CALLS

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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 $359,900

Investment Income $39,024

Other Revenue $28,046

TOTAL REVENUE $426,970

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $1,159

Program Expenses $31,694

Other Expenses $366,440

TOTAL EXPENSES $366,440

Year-over-Year Comparison

	2025	2024	Change
Revenue	$426,970	$399,259	+0.1%
Expenses	$366,440	$394,825	-0.1%
Net Income	$60,530	$4,434	+12.7%

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
WARD LAFFORTHUN	TRUSTEE	N/A	Director	$0	$0	$0
JOSIAH WILBUR	TRUSTEE	N/A	Director	$0	$0	$0
JUSTIN DAINO	TRUSTEE	N/A	Director	$0	$0	$0
WILLIAM J SCHWAB	PRESIDENT	N/A	Officer	$0	$0	$0
KEVIN AURIGEMA	VICE PRESIDENT	N/A	Officer	$0	$0	$0
BRANDON SPAGNOLA	TRESURER	N/A	Officer	$0	$0	$0
TERI PUDNEY	SECRETARY	N/A	Officer	$0	$0	$0
CORBIN DANIO	SGT AT ARMS	N/A	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	$426,970	$366,440	$3,009,177	$60,530
2024	$399,259	$394,825	$3,001,306	$4,434