FIRSTWORKS (EIN 222597014) - 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

1984

Legal Domicile

Principal Officer

KATHLEEN D PLETCHER

Phone

4014214278

Tax Period

2024-07-01 to 2025-06-30

FIRSTWORKS, founded in 1984, is a community nonprofit in the Arts, Culture & Humanities sector that reported $1.5M in total revenue in fiscal year 2024. Revenue decreased 15% compared to the prior year.

Mission

FIRSTWORKS' MISSION IS TO ENRICH THE CULTURAL, EDUCATIONAL, AND ECONOMIC FABRIC OF RHODE ISLAND BY ENGAGING DIVERSE AUDIENCES WITH WORLD-CLASS PERFORMING ARTS AND EDUCATION.

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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 $1,303,529

Program Service Revenue $242,521

Investment Income $1,101

Other Revenue $0

TOTAL REVENUE $1,547,151

Expense Breakdown

Grants Paid $0

Salaries & Benefits $569,304

Fundraising Expenses $180,000

Program Expenses $1,160,930

Other Expenses $1,064,981

TOTAL EXPENSES $1,634,285

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,547,151	$1,820,065	-0.1%
Expenses	$1,634,285	$1,885,455	-0.1%
Net Income	$-87,134	$-65,390	+0.3%

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

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

$111,070

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NIRVA LAFORTUNE	PRESIDENT	1.00	Director	$0	$0	$0
J RICHARD RATCLIFFE	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
AKANKSHA AGA	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
KEVIN S HUNDLEY CPA	TREASURER	1.00	Officer Director	$0	$0	$0
KAREN E SILVA EDD CHE	SECRETARY	1.00	Director	$0	$0	$0
ALISSA BATEMAN	TRUSTEE	1.00	Director	$0	$0	$0
KYLE ADAMONIS	TRUSTEE	1.00	Director	$0	$0	$0
NICOLE CHAKRABORTY	TRUSTEE	1.00	Director	$0	$0	$0
BRENDAN CHIPLEY ROANE	TRUSTEE	1.00	Director	$0	$0	$0
WENDY KAGAN	TRUSTEE	1.00	Director	$0	$0	$0
SUI-LI KHOE	TRUSTEE	1.00	Director	$0	$0	$0
H JACK MARTIN	TRUSTEE	1.00	Director	$0	$0	$0
LT GOVERNOR SABINA MATOS	TRUSTEE	1.00	Director	$0	$0	$0
LESLIE R RAVESTEIN	TRUSTEE	1.00	Director	$0	$0	$0
MELISSA SNAPE	TRUSTEE	1.00	Director	$0	$0	$0
ISABELLE TADMOURY	TRUSTEE	1.00	Director	$0	$0	$0
EVAN VILLARI	TRUSTEE	1.00	Director	$0	$0	$0
GRAFTON WILLEY IV	TRUSTEE	1.00	Director	$0	$0	$0
TOMAS AVILA	TRUSTEE	1.00	Director	$0	$0	$0
ALAN CHILLE	HONORARY TRUSTEE	1.00	Director	$0	$0	$0
ROBERT J ALLIO	BOARD ADVISOR	1.00	Director	$0	$0	$0
DEMING E SHERMAN ESQ	BOARD ADVISOR	1.00	Director	$0	$0	$0
KATHLEEN PLETCHER	EX OFFICIO	40.00	Officer	$97,783	$13,287	$111,070

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	$1,547,151	$1,634,285	$572,812	$-87,134
2024	$1,820,065	$1,885,455	$843,653	$-65,390
2023	$1,285,970	$1,273,782	$876,541	$12,188
2022	$2,002,777	$1,844,938	$834,571	$157,839
2021	$1,099,379	$949,438	$765,712	$149,941
2020	$875,749	$878,698	$455,598	$-2,949
2019	$1,503,023	$1,489,073	$342,171	$13,950
2018	$1,396,913	$1,388,091	$341,277	$8,822

FIRSTWORKS