Westfield Historical Society

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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

1972

Legal Domicile

Principal Officer

Brian Remite

Tax Period

2023-01-01 to 2023-12-31

Westfield Historical Society, founded in 1972, is a small nonprofit that reported $132K in total revenue in fiscal year 2023. Revenue fell 21% from the prior year — a significant decline worth monitoring. Expenses of $188K exceeded revenue, resulting in a 42% operating deficit.

Mission

The mission of the Westfield Historical Society (WHS) is to preserve, interpret and encourage an interest in history, Westfield, and its residents through educational efforts and community outreach programs. (Contd Sch. O)

Program Service Accomplishments

Program 1

Expenses: $101,886 Revenue: $107,711

Other educational programs include guest speakers and films on historic matters, presentations at public schools and local clubs on colonial living, field trips to historic sites and monthly...

Other educational programs include guest speakers and films on historic matters, presentations at public schools and local clubs on colonial living, field trips to historic sites and monthly luncheons with speakers on historic and community subjects. Attendance at these programs is estimated at approximately 4,000.

Program 2

Expenses: $49,877 Revenue: $28,651

The Miller-Cory House (circa 1740) is owned and operated by the Society as a living museum and is registered a State and National historic site. Approximately 2,000 individuals visited the museum...

The Miller-Cory House (circa 1740) is owned and operated by the Society as a living museum and is registered a State and National historic site. Approximately 2,000 individuals visited the museum, with 13 showcases provided and approximlately 60 tours given. Presentations include shearing of live sheep and making wool, demonstrations of weaving, tin piercing, lace making and crafts for children.

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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 $53,250

Program Service Revenue $13,060

Investment Income $32,633

Other Revenue $33,310

TOTAL REVENUE $132,253

Expense Breakdown

Grants Paid $0

Salaries & Benefits $34,190

Fundraising Expenses $1,710

Program Expenses $151,763

Other Expenses $153,608

TOTAL EXPENSES $187,798

Year-over-Year Comparison

	2023	2022	Change
Revenue	$132,253	$167,948	-0.2%
Expenses	$187,798	$206,060	-0.1%
Net Income	$-55,545	$-38,112	+0.5%

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

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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

$32,955

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Carol Goggi	Executive Assistant	25.00	Key Emp	$28,975	$0	$28,975
Nina Sylvester	Services Coordinator	5.00	Key Emp	$3,980	$0	$3,980
James H Lange	Board Trustee	2.00	Director	$0	$0	$0
Mary Konsolaki	Board Trustee	2.00	Director	$0	$0	$0
Barbara Hale	Board Trustee	2.00	Director	$0	$0	$0
Jeffrey Pate	Board Trustee	2.00	Director	$0	$0	$0
Ken Mirsky	Board Trustee	2.00	Director	$0	$0	$0
Beverly Mack	Board Trustee	2.00	Director	$0	$0	$0
Jacqueline Brevard	Board Trustee	2.00	Director	$0	$0	$0
Gregory B Blasi	Board Trustee	2.00	Director	$0	$0	$0
Deborah Bailey	Board Trustee	2.00	Director	$0	$0	$0
Will Goldberger	Board Trustee	2.00	Director	$0	$0	$0
Susan Feldman	Board Trustee	2.00	Director	$0	$0	$0
Barbara Burton	Board Trustee	2.00	Director	$0	$0	$0
Elizabeth Siano	Board Trustee	2.00	Officer Director	$0	$0	$0
Arlene Soong	Board Trustee	2.00	Officer Director	$0	$0	$0
Sarah Warthen	Board Trustee	2.00	Officer Director	$0	$0	$0
Brian Remite	Board Trustee	2.00	Officer Director	$0	$0	$0
Lowell Schantz	Board Trustee	2.00	Officer Director	$0	$0	$0
Carole Shaffer-Koros	Board Trustee	2.00	Officer 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
2024	No data	No data	No data	No data
2023	$132,253	$187,798	$2,063,634	$-55,545
2022	$167,948	$206,060	$2,053,994	$-38,112
2021	$129,100	$158,879	$2,242,651	$-29,779
2020	$220,848	$234,630	$2,303,507	$-13,782
2019	$162,903	$225,647	$2,206,246	$-62,744
2018	$191,740	$200,954	$2,180,141	$-9,214