THE WAUKEGAN HISTORICAL SOCIETY 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

1968

Legal Domicile

Principal Officer

LORI A NERHEIM

Phone

8473361859

Tax Period

2025-01-01 to 2025-12-31

THE WAUKEGAN HISTORICAL SOCIETY INC, founded in 1968, is a small nonprofit that reported $186K in total revenue in fiscal year 2025. Revenue fell 86% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $45K, a strong 24% operating margin.

Mission

THE MISSION OF THE WAUKEGAN HISTORICAL SOCIETY IS TO PRESERVE OUR HISTORY, HONOR OUR STORIES AND INSPIRE OUR FUTURE.

Program Service Accomplishments

Program 1

Expenses: $15,425 Revenue: $1,076

1)MUSEUM, LIBRARY RESEARCH SERVICES AND GIFT SHOP:(A) THE WAUKEGAN HISTORY MUSEUM AT THE CARNEGIE FEATURES NEWLY DESIGNED DYNAMIC WAUKEGAN HISTORY AND NATURAL RESOURCES EXHIBIT AND A SPECIAL RAY...

1)MUSEUM, LIBRARY RESEARCH SERVICES AND GIFT SHOP:(A) THE WAUKEGAN HISTORY MUSEUM AT THE CARNEGIE FEATURES NEWLY DESIGNED DYNAMIC WAUKEGAN HISTORY AND NATURAL RESOURCES EXHIBIT AND A SPECIAL RAY BRADBURY EXHIBIT ROOM, AND ALSO CONTAINS AN EXTENSIVE RESEARCH ARCHIVAL LIBRARY OF PHOTOS AND DOCUMENTS ON ALL ASPECTS OF WAUKEGAN'S HISTORY;(B) THE HAINES HOUSE MUSEUM IN BOWEN PARK HOUSES EXHIBITS, PHOTOGRAPHS, AND ARTIFACTS REPRESENTING THE RICH HISTORY OF WAUKEGAN. THE MUSEUMS ARE JOINTLY OPERATED BY THE SOCIETY AND THE WAUKEGAN PARK DISTRICT.

Program 2

Expenses: $111 Revenue: $950

OUTREACH TO THE COMMUNITY OF WAUKEGAN: THIS OUTREACH INCLUDES: (A) FREE HISTORY PROGRAMS TO SCHOOLS AND OTHER COMMUNITY ORGANIZATIONS; (B) PERIODIC NEWSLETTERS POSTED ONLINE FOR MEMBERS AND FRIENDS; (C) AN ANNUAL HOLIDAY OPEN HOUSE FOR THE PUBLIC; AND (D) AN ANNUAL MEETING FOR MEMBERS TO LEARN ABOUT PROJECTS UNDERWAY AT THE SOCIETY, AND TO VOTE ON ELECTION OF OFFICERS AND NEW BOARD MEMBERS.

Program 3

Expenses: $1,309 Revenue: $5,842

SPECIAL EVENTS: EXAMPLES INCLUDE: (A) OAKWOOD CEMETERY WALK, A "LIVING HISTORY" EVENT SHOWCASING THE RICH HISTORY OF WAUKEGAN; (B) WALKING TOURS FOR THE PUBLIC OF OTHER WAUKEGAN AREAS OF INTEREST...

SPECIAL EVENTS: EXAMPLES INCLUDE: (A) OAKWOOD CEMETERY WALK, A "LIVING HISTORY" EVENT SHOWCASING THE RICH HISTORY OF WAUKEGAN; (B) WALKING TOURS FOR THE PUBLIC OF OTHER WAUKEGAN AREAS OF INTEREST; (C) SCHOOL OUTREACH WALKING TOURS; (D) TOURS OF HISTORIC WAUKEGAN HOMES.

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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 (2025)

Revenue Breakdown

Contributions & Grants $164,282

Program Service Revenue $7,868

Investment Income $14,051

Other Revenue $0

TOTAL REVENUE $186,201

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $45

Program Expenses $117,827

Other Expenses $141,096

TOTAL EXPENSES $141,096

Year-over-Year Comparison

	2025	2024	Change
Revenue	$186,201	$1,377,778	-0.9%
Expenses	$141,096	$574,201	-0.8%
Net Income	$45,105	$803,577	-0.9%

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

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
LORI NERHEIM	PRESIDENT	10.00	Officer Director	$0	$0	$0
DANE MORGAN	VICE PRESIDENT	3.00	Officer Director	$0	$0	$0
MONICA BURMEISTER	TREASURER	7.00	Officer Director	$0	$0	$0
JULIO ARGUETA	SECRETARY	2.00	Officer Director	$0	$0	$0
AARON ARNOLD	DIRECTOR	3.00	Director	$0	$0	$0
KAREN CARLSON	DIRECTOR	2.00	Director	$0	$0	$0
PATRICK COSGROVE	DIRECTOR	7.00	Director	$0	$0	$0
DIANA DRETSKE	DIRECTOR	5.00	Director	$0	$0	$0
VICKI MATTSON	DIRECTOR	2.00	Director	$0	$0	$0
MAGGIE MORALES	DIRECTOR	3.00	Director	$0	$0	$0
SUSAN MUSACCHIO	DIRECTOR	3.00	Director	$0	$0	$0
THEODORE POTKONJAK	DIRECTOR	2.00	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	$186,201	$141,096	$1,182,805	$45,105
2024	$1,377,778	$574,201	$1,137,700	$803,577