FRIENDS OF GALE FREE LIBRARY

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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

1989

Legal Domicile

Principal Officer

Janet Foley

Phone

5088293348

Tax Period

2023-01-01 to 2023-12-31

FRIENDS OF GALE FREE LIBRARY, founded in 1989, is a micro nonprofit that reported $74K in total revenue in fiscal year 2023. Revenue surged 41% from the prior year, signaling strong growth momentum. The organization ran a surplus of $27K, a strong 36% operating margin.

Mission

Arts, culture & humanities: We have been able to maintain gifts to the library, benefitting tens of thousands of people using Gale Free Library resources.

Program Service Accomplishments

Program 1

Expenses: $11,052 Revenue: $0

Professional landscaping and exterior maintenance provided at Gale Free Library

Program 2

Expenses: $20,000 Revenue: $0

Grants to Gale Free Library to purchase library materials and support programming

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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 $60,321

Program Service Revenue $0

Investment Income $7,034

Other Revenue $6,421

TOTAL REVENUE $73,776

Expense Breakdown

Grants Paid $31,052

Salaries & Benefits $0

Fundraising Expenses $3,556

Program Expenses $31,052

Other Expenses $16,177

TOTAL EXPENSES $47,229

Year-over-Year Comparison

	2023	2022	Change
Revenue	$73,776	$52,315	+0.4%
Expenses	$47,229	$45,953	+0.0%
Net Income	$26,547	$6,362	+3.2%

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

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
Penny Morgan	fundraising cochair	3	Director	$0	$0	$0
Sue Albertini	At Large	1	Director	$0	$0	$0
Patricia Korandanis	at large	5	Director	$0	$0	$0
Charles Skillings	Membership Chair	2	Officer	$0	$0	$0
Stephanie Adams	Vice President	3	Officer	$0	$0	$0
Karen Cavan	President	3	Officer	$0	$0	$0
Janet Foley	Treasurer	3	Officer	$0	$0	$0
Karen Shapiro	Clerk	2	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
2024	No data	No data	No data	No data
2023	$73,776	$47,229	$979,054	$26,547
2022	$52,315	$45,953	$797,097	$6,362
2021	$135,428	$2,027	$950,776	$133,401
2020	$94,787	$2,250	$817,375	$92,537