RIVER NORTH RESIDENTS 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

1997

Legal Domicile

Principal Officer

MICHAEL GOLDWATER

Phone

3128900273

Tax Period

2024-01-01 to 2024-12-31

RIVER NORTH RESIDENTS ASSOCIATION, founded in 1997, is a small nonprofit in the Community Improvement sector that reported $129K in total revenue in fiscal year 2024. Revenue fell 36% from the prior year — a significant decline worth monitoring. Expenses of $156K exceeded revenue, resulting in a 21% operating deficit.

Mission

THE RIVER NORTH RESIDENTS ASSOCIATION EXISTS TO PROTECT AND ENHANCE THE QUALITY OF LIFE IN THE RIVER NORTH NEIGHBORHOOD THROUGH CONSTRUCTIVE ENGAGEMENT WITH RESIDENTS, CITY OFFICIALS, LOCAL BUSINESSES AND OTHER STAKEHOLDERS, WITH EMPHASIS IN SIX KEY AREAS: PUBLIC SAFETY; RESPONSIBLE DEVELOPMENT & LAND USE; ENVIRONMENT/INFRASTRUCTURE; WELL-MANAGED HOSPITALITY; COMMUNITY EVENTS; AND SUPPORTING LOCAL CHARITABLE ORGANIZATIONS.

Program Service Accomplishments

Program 1

Expenses: $66,669 Revenue: $56,675

THE ASSOCIATION HOLDS A NUMBER OF EVENTS EACH YEAR FOR THE GENERAL PUBLIC. THESE INCLUDE: RIVER NORTH LIVE, A POPULAR RIVERFRONT FESTIVAL THAT BRINGS THE COMMUNITY TOGETHER BY SHOWCASING THE AREA'S FOOD, MUSIC, ART AND ENTERTAINMENT; SUMMERTIME MOVIES IN THE PARK; A SERIES OF SEASONAL FAMILY- ORIENTED EVENTS; PERIODIC SOCIAL EVENTS FOR MEMBERS; AND AN ANNUAL MEETING AND RECEPTION. THE ORGANIZATION ALSO PROVIDES FINANCIAL AND PROMOTIONAL SUPPORT TO SELECTED LOCAL NON-PROFIT ORGANIZATIONS.

Program 2

Expenses: $22,070 Revenue: $30,079

CLEAN STREETS - SERVES THE RESIDENTS OF THE RIVER NORTH COMMUNITY BY ENGAGING IN ROUTINE CLEANING OF THE STREETS AND SIDEWALKS THROUGHOUT RIVER NORTH IN CHICAGO.

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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 $24,139

Program Service Revenue $86,754

Investment Income $1,640

Other Revenue $16,485

TOTAL REVENUE $129,018

Expense Breakdown

Grants Paid $7,000

Salaries & Benefits $101,706

Fundraising Expenses $28,113

Program Expenses $88,739

Other Expenses $47,475

TOTAL EXPENSES $156,181

Year-over-Year Comparison

	2024	2023	Change
Revenue	$129,018	$201,103	-0.4%
Expenses	$156,181	$145,402	+0.1%
Net Income	$-27,163	$55,701	-1.5%

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

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
EILEEN MURRAY	PRESIDENT	7.00	Officer Director	$0	$0	$0
MICHAEL DOWNS	VICE-PRESIDE	6.00	Officer Director	$0	$0	$0
MICHAEL GOLDWATER	TREASURER	2.50	Officer Director	$0	$0	$0
SARA MONGERSON	TREASURER	2.50	Officer Director	$0	$0	$0
CAROL MJOSETH	SECRETARY	2.00	Officer Director	$0	$0	$0
CHASE MANGIONI	DIRECTOR	2.00	Director	$0	$0	$0
MICHELE BERMAN	DIRECTOR	7.00	Director	$0	$0	$0
JOE VIETRI	DIRECTOR	5.00	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
2024	$129,018	$156,181	$197,164	$-27,163
2023	$201,103	$145,402	$224,327	$55,701
2022	$71,388	$114,608	$168,626	$-43,220
2021	$69,846	$104,817	$211,846	$-34,971
2020	$53,769	$99,066	$246,817	$-45,297