GOLDSBORO VOLUNTEER FIRE COMPANY

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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

1996

Legal Domicile

Principal Officer

MICHAEL HEDSTROM

Tax Period

2023-01-01 to 2023-12-31

GOLDSBORO VOLUNTEER FIRE COMPANY, founded in 1996, is a small nonprofit that reported $804K in total revenue in fiscal year 2023. Revenue grew 11% year-over-year, indicating healthy expansion. Expenses of $752K left a modest 6% surplus.

Mission

VOLUNTEER FIRE COMPANY & SOCIAL CLUB ORGANIZED AND OPERATED TO PROVIDE FIRE PROTECTION, AMBULANCE AND RESCUE SERVICES TO THE GOLDSBORO AREA.

Program Service Accomplishments

Program 1

Expenses: $655,063

TO PROVIDE FIRE PROTECTION, AMBULANCE AND RESCUE SERVICES TO THE GOLDSBORO AREA.

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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 $116,712

Program Service Revenue $100,165

Investment Income $646

Other Revenue $586,508

TOTAL REVENUE $804,031

Expense Breakdown

Grants Paid $0

Salaries & Benefits $356,663

Fundraising Expenses $0

Program Expenses $655,063

Other Expenses $395,433

TOTAL EXPENSES $752,096

Year-over-Year Comparison

	2023	2022	Change
Revenue	$804,031	$723,351	+0.1%
Expenses	$752,096	$705,586	+0.1%
Net Income	$51,935	$17,765	+1.9%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAYNE HARING	TRUSTEE	3.00	Director	$0	$0	$0
FRED SANDERS	TRUSTEE	3.00	Director	$0	$0	$0
RYAN SHRAUDER	TRUSTEE	3.00	Director	$0	$0	$0
CAROLYN BAIR	VICE PRESIDE	10.00	Officer	$0	$0	$0
MICHAEL HEDSTROM	PRESIDENT	12.00	Officer	$0	$0	$0
NOELLE SMITH	SECRETARY/TR	10.00	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	$804,031	$752,096	$1,786,704	$51,935
2022	$723,351	$705,586	$1,771,552	$17,765
2021	$823,505	$576,877	$1,784,055	$246,628
2020	$621,328	$476,638	$1,564,053	$144,690
2019	$560,902	$473,244	$1,454,041	$87,658
2018	$566,630	$494,248	$1,410,827	$72,382