VIRGINIA LIBRARY ASSOCIATION

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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

1905

Legal Domicile

Principal Officer

JENNIFER BROWN

Phone

5403249521

Tax Period

2024-01-01 to 2024-12-31

VIRGINIA LIBRARY ASSOCIATION, founded in 1905, is a small nonprofit that reported $492K in total revenue in fiscal year 2024. Revenue decreased 8% compared to the prior year. Expenses of $435K left a modest 11% surplus.

Mission

THE PURPOSE OF THE VIRGINIA LIBRARY ASSOCIATION SHALL BE TO DEVELOP, PROMOTE, AND IMPROVE LIBRARY AND INFORMATION SERVICES, LIBRARY STAFF, AND THE PROFESSION OF LIBRARIANSHIP IN ORDER TO ADVANCE LITERACY AND LEARNING AND TO ENSURE ACCESS TO INFORMATION IN THE COMMONWEALTH OF VIRGINA.

Program Service Accomplishments

Program 1

Expenses: $297,585 Revenue: $239,094

CONFERENCES AND FORUMS: CONTINUING EDUCATION OPPORTUNITIES AND BRINGING TOGETHER MEMBERS TO FURTHER EDUCATIONAL AND LITERACY GOALS.

Program 2

Expenses: $45,092

PROMOTING, MONITORING, AND RESEARCH

Program 3

Expenses: $9,000

GRANTS & SCHOLARSHIPS TO 3 INDIVIDUALS

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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 (2024)

Revenue Breakdown

Contributions & Grants $205,945

Program Service Revenue $263,794

Investment Income $21,926

Other Revenue $0

TOTAL REVENUE $491,665

Expense Breakdown

Grants Paid $9,000

Salaries & Benefits $144,345

Fundraising Expenses $7,217

Program Expenses $351,677

Other Expenses $282,065

TOTAL EXPENSES $435,410

Year-over-Year Comparison

	2024	2023	Change
Revenue	$491,665	$532,671	-0.1%
Expenses	$435,410	$488,244	-0.1%
Net Income	$56,255	$44,427	+0.3%

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

$135,016

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LISA VARGA	FORMER EXE D	40.00	Officer	$121,958	$13,058	$135,016
MARYKE BARBER	BOARD TREASU	1.00	Director	$0	$0	$0
NAN CARMACK	BOARD PRESID	1.00	Director	$0	$0	$0
KELSEY CHESIRE	BOARD 2ND VP	1.00	Director	$0	$0	$0
KERRI COPUS	BOARD MEMBER	1.00	Director	$0	$0	$0
KENDRA HAWKINS	BOARD SECRET	1.00	Director	$0	$0	$0
KIMBERLY KNIGHT	BOARD MEMBER	1.00	Director	$0	$0	$0
VIVIAN WASHINGTON	BOARD MEMBER	1.00	Director	$0	$0	$0
JENNIFER BROWN	EXECUTIVE DI	N/A	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	$491,665	$435,410	$617,445	$56,255
2023	$532,671	$488,244	$525,912	$44,427
2022	$411,525	$414,050	$431,948	$-2,525
2021	$300,607	$335,199	$530,389	$-34,592
2020	$175,848	$210,602	$517,616	$-34,754
2019	$412,012	$354,098	$535,478	$57,914
2018	$381,591	$381,280	$408,338	$311
2018	$378,866	$390,120	$405,613	$-11,254