MADISON AIRPORT BOARD

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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

1971

Legal Domicile

Principal Officer

DR ADRIENNE MILLET MD

Phone

8599863913

Tax Period

2022-07-01 to 2023-06-30

MADISON AIRPORT BOARD, founded in 1971, is a community nonprofit that reported $1.8M in total revenue in fiscal year 2022. Revenue surged 233% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.3M, a strong 70% operating margin.

Mission

TO PROVIDE AIRPORT SERVICES TO THE CITY OF RICHMOND, CITY OF BEREA, MADISON COUNTY, AND THE EASTERN KENTUCKY UNIVERSITY STUDENT AVIATION PROGRAM.

Program Service Accomplishments

Program 1

Expenses: $554,929

THE AIRPORT PROVIDES SERICES TO THE CITY OF RICHMOND, CITY OF BEREA, MADISON COUNTY AND EASTERN KENTUCKY UNIVERSITY STUDENT AVIATION PROGRAM.

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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 (2022)

Revenue Breakdown

Contributions & Grants $1,675,470

Program Service Revenue $123,680

Investment Income $0

Other Revenue $22,754

TOTAL REVENUE $1,821,904

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $554,929

Other Expenses $554,929

TOTAL EXPENSES $554,929

Year-over-Year Comparison

	2022	2021	Change
Revenue	$1,821,904	$547,166	+2.3%
Expenses	$554,929	$478,859	+0.2%
Net Income	$1,266,975	$68,307	+17.5%

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

N/A

Employees

N/A

Volunteers

N/A

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
CHARLES CONLEY	BOARD MEMBER	N/A	Director	$0	$0	$0
MYRON FISHER	BOARD MEMBER	N/A	Officer Director	$0	$0	$0
DR ADRIENNE MILLET MD	TREASURER	N/A	Officer Director	$0	$0	$0
DR WILMA WALKER MD	BOARD MEMBER	N/A	Director	$0	$0	$0
DR TIM ROSS	BOARD MEMBER	N/A	Director	$0	$0	$0
STEVE TUSSEY	VICE CHAIRMA	N/A	Officer Director	$0	$0	$0
ETHAN WITT	BOARD MEMBER	N/A	Director	$0	$0	$0
GEORGE WYATT	CHAIRMAN	N/A	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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$1,821,904	$554,929	$13,252,665	$1,266,975
2022	$547,166	$478,859	$11,966,594	$68,307
2021	$436,693	$420,499	$11,974,665	$16,194
2020	$656,615	$388,897	$11,558,800	$267,718
2019	$1,668,094	$368,472	$11,555,776	$1,299,622
2018	$720,301	$325,657	$9,415,356	$394,644