The Appraisal Foundation (EIN 232493621) - 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

1987

Legal Domicile

Principal Officer

Kelly Davids

Phone

2023477722

Tax Period

2023-01-01 to 2023-12-31

The Appraisal Foundation, founded in 1987, is a community nonprofit that reported $3.5M in total revenue in fiscal year 2023. Revenue fell 26% from the prior year — a significant decline worth monitoring. Expenses of $5.5M exceeded revenue, resulting in a 55% operating deficit.

Mission

To advance the valuation profession by setting standards of excellence, promoting education and upholding the public trust.

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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 $121,824

Program Service Revenue $3,325,388

Investment Income $82,523

Other Revenue $0

TOTAL REVENUE $3,529,735

Expense Breakdown

Grants Paid $425,000

Salaries & Benefits $2,429,643

Fundraising Expenses $0

Program Expenses $4,241,818

Other Expenses $2,627,912

TOTAL EXPENSES $5,482,555

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,529,735	$4,780,600	-0.3%
Expenses	$5,482,555	$5,101,592	+0.1%
Net Income	$-1,952,820	$-320,992	+5.1%

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

$483,459

Total Directors

Key Employees

$703,389

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Dayton D Nordin	Chair	1.00	Officer Director	$0	$0	$0
Tracy Johnston	Vice Chair	1.00	Officer Director	$0	$0	$0
Raymond Wagester	Treasurer	1.00	Officer Director	$0	$0	$0
Francois Gregoire	Secretary	1.00	Officer Director	$0	$0	$0
Randall Kopfer	Immediate Past Chair	1.00	Officer Director	$0	$0	$0
Lawrence Colorito	Trustee	1.00	Director	$0	$0	$0
Shaun Fitzgerald	Trustee	1.00	Director	$0	$0	$0
Dave Ganun	Trustee	1.00	Director	$0	$0	$0
Krysta Gerstner	Trustee	1.00	Director	$0	$0	$0
Chris Greenwalt	Trustee	1.00	Director	$0	$0	$0
Leigh Lester	Trustee	1.00	Director	$0	$0	$0
Robert Morrison	Trustee	1.00	Director	$0	$0	$0
Cindy Rosenberg	Trustee	1.00	Director	$0	$0	$0
Steven Sherman	Trustee	1.00	Director	$0	$0	$0
Shelly Tanaka	Trustee	1.00	Director	$0	$0	$0
Robert W Taylor	Trustee	1.00	Director	$0	$0	$0
Smedmore Bernard	Trustee (Joined)	1.00	Director	$0	$0	$0
David Doering	Trustee (Joined)	1.00	Director	$0	$0	$0
Meredith Meuwly	Trustee (Joined)	1.00	Director	$0	$0	$0
Scott Schafer	Trustee (Joined)	1.00	Director	$0	$0	$0
Jillian White	Trustee (Resigned 06/2023)	1.00	Director	$0	$0	$0
Randal Dawson	Trustee (Appointed 10/2023)	1.00	Director	$0	$0	$0
David S Bunton	President	37.50	Officer	$372,312	$111,147	$483,459
Kelly Davids	Senior Vice President	37.50	Key Emp	$261,788	$4,883	$266,671
Edna Nkemngu	VP, Finance & Administration	37.50	Key Emp	$218,127	$8,523	$226,650
Lisa Desmarais	VP, Appraisal Issues	37.50	Key Emp	$209,136	$932	$210,068
Aida Dedajic	Director, Engagements	37.50	Highest	$112,089	$6,566	$118,655
Amy Kaufman	Director, Communications	37.50	Highest	$112,071	$6,023	$118,094

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	$3,529,735	$5,482,555	$10,715,170	$-1,952,820
2022	$4,780,600	$5,101,592	$11,800,010	$-320,992
2021	$4,033,745	$3,573,081	$12,806,075	$460,664
2020	$5,278,973	$3,574,129	$11,185,160	$1,704,844
2019	$5,106,303	$4,367,216	$8,978,414	$739,087
2018	$5,947,762	$3,720,426	$6,860,651	$2,227,336

The Appraisal Foundation