NFA FOUNDATION 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

1986

Legal Domicile

Principal Officer

KATHLEEN MCCARTHY

Phone

8608872505

Tax Period

2024-07-01 to 2025-06-30

NFA FOUNDATION INC, founded in 1986, is a community nonprofit in the Philanthropy & Grantmaking sector that reported $4.6M in total revenue in fiscal year 2024. Revenue decreased 16% compared to the prior year. Expenses of $3.9M left a modest 14% surplus.

Mission

THE NFA FOUNDATION ADVANCES OPPORTUNITIES AT NORWICH FREE ACADEMY BY SOLICITING, ACCEPTING, AND PRUDENTLY MANAGING DONATED AND ENDOWED FUNDS. THE FOUNDATION ACTIVELY BUILDS AWARENESS, ENGAGES ALUMNI, NURTURES RELATIONSHIPS, AND DEVELOPS PARTNERSHIPS TO BENEFIT THE ACADEMY'S STUDENTS, FACULTY, AND STAFF.

Program Service Accomplishments

Program 1

Expenses: $3,343,371 Revenue: $29,813

THE FOUNDATION PRIMARILY SOLICITS AND RECEIVES CONTRIBUTIONS AND BEQUESTS FOR THE NORWICH FREE ACADEMY (NFA). THE FOUNDATION ALSO HELD FOUR REUNION EVENTS IN 2025. THIS PROVIDED OPPORTUNITIES FOR...

THE FOUNDATION PRIMARILY SOLICITS AND RECEIVES CONTRIBUTIONS AND BEQUESTS FOR THE NORWICH FREE ACADEMY (NFA). THE FOUNDATION ALSO HELD FOUR REUNION EVENTS IN 2025. THIS PROVIDED OPPORTUNITIES FOR ALUMNI IN BOSTON AND FLORIDA TO CONNECT WITH FELLOW NFA ALUMNI RESIDING IN THEIR CITIES. ADDITIONALLY, TWO REUNIONS WERE HELD FOR MEMBERS OF THE CLASSES OF 1965-1973 AS THE RED & WHITE REUNION AND 1942-1964 AS THE JUBILEE REUNION.

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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 $1,083,124

Program Service Revenue $29,813

Investment Income $3,479,845

Other Revenue $7,821

TOTAL REVENUE $4,600,603

Expense Breakdown

Grants Paid $3,042,535

Salaries & Benefits $508,889

Fundraising Expenses $240,862

Program Expenses $3,343,371

Other Expenses $386,400

TOTAL EXPENSES $3,937,824

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,600,603	$5,507,209	-0.2%
Expenses	$3,937,824	$3,870,297	+0.0%
Net Income	$662,779	$1,636,912	-0.6%

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

$377,375

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD FREEMAN	DIRECTOR OF FINANCE (UNTIL 03/25)	5.00	Officer	$0	$44,915	$195,842
KATHLEEN MCCARTHY	EXECUTIVE DIRECTOR	40.00	Officer	$130,078	$51,455	$181,533
MARK TRAMONTOZZI	PRESIDENT AND DIRECTOR	2.00	Officer Director	$0	$0	$0
DIANA BOISCLAIR	VICE PRESIDENT AND DIRECTOR	2.00	Officer Director	$0	$0	$0
CHERYL RITACCO	SECRETARY AND DIRECTOR	2.00	Officer Director	$0	$0	$0
MARK D WOODS	TREASURER AND DIRECTOR	2.00	Officer Director	$0	$0	$0
ALLYN L BROWN III	DIRECTOR	1.00	Director	$0	$0	$0
DEVOL S JOYNER	DIRECTOR	1.00	Director	$0	$0	$0
MARIA MIRNADA	DIRECTOR	1.00	Director	$0	$0	$0
TODD POSTLER	DIRECTOR	1.00	Director	$0	$0	$0
DANIEL KING	DIRECTOR	1.00	Director	$0	$0	$0
DENISE LINDELL	DIRECTOR	1.00	Director	$0	$0	$0
KEITH FONTAINE	DIRECTOR (AS OF 11/24)	1.00	Director	$0	$0	$0
THOMAS HAMMOND	DIRECTOR (UNTIL 5/25)	1.00	Director	$0	$0	$0
B MICHAEL RAUH JR	DIRECTOR (UNTIL 11/24)	1.00	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
2025	$4,600,603	$3,937,824	$92,282,022	$662,779
2024	$5,507,209	$3,870,297	$85,767,761	$1,636,912
2023	$3,730,231	$3,831,267	$80,177,189	$-101,036
2022	$5,415,738	$14,635,807	$77,129,817	$-9,220,069
2021	$4,783,238	$5,559,306	$96,937,787	$-776,068
2020	$3,787,771	$3,939,380	$79,362,336	$-151,609
2019	$3,263,606	$3,669,163	$80,648,346	$-405,557