NATIONAL ASSOCIATION OF STATE AND LOCAL EQUITY FUNDS (EIN 311416668) - Form 990 Financial Analysis & Trantor Score

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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

1994

Legal Domicile

Principal Officer

ARI BELIAK

Phone

5178999870

Tax Period

2023-01-01 to 2023-12-31

NATIONAL ASSOCIATION OF STATE AND LOCAL EQUITY FUNDS, founded in 1994, is a small nonprofit that reported $679K in total revenue in fiscal year 2023. Revenue surged 27% from the prior year, signaling strong growth momentum. The organization ran a surplus of $209K, a strong 31% operating margin.

Mission

TO PROMOTE THE EFFICIENT MANAGEMENT OF STATE AND LOCAL EQUITY FUNDS AND A GREATER UNDERSTANDING OF THE LOW INCOME HOUSING TAX CREDIT (LIHTC) AND ENCOURAGE THE PROFESSIONAL DEVELOPMENT OF ITS MEMBER ORGANIZATIONS.

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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 $0

Program Service Revenue $677,203

Investment Income $1,991

Other Revenue $0

TOTAL REVENUE $679,194

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $470,547

TOTAL EXPENSES $470,547

Year-over-Year Comparison

	2023	2022	Change
Revenue	$679,194	$536,556	+0.3%
Expenses	$470,547	$309,834	+0.5%
Net Income	$208,647	$226,722	-0.1%

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
ARI BELIAK	PRESIDENT	1.00	Officer Director	$0	$0	$0
CATHERINE CAWTHON	VICE-PRESIDENT	1.00	Officer Director	$0	$0	$0
BRETT OUMEDIAN	TREASURER	1.00	Officer Director	$0	$0	$0
DANA BOOLE	SECRETARY	1.00	Officer Director	$0	$0	$0
BOB NEWMAN	PAST-PRESIDENT	1.00	Director	$0	$0	$0
NANCY OWENS	DIRECTOR	1.00	Director	$0	$0	$0
STACY SUR	DIRECTOR	1.00	Director	$0	$0	$0
MODDIE TURAY	DIRECTOR	1.00	Director	$0	$0	$0
ANDREW WALSHAW	DIRECTOR	1.00	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	No data	No data	No data	No data
2023	$679,194	$470,547	$427,323	$208,647
2022	$536,556	$309,834	$221,119	$226,722
2021	$199,884	$290,690	$176,611	$-90,806
2020	$242,426	$238,224	$148,709	$4,202
2019	$413,468	$402,235	$165,642	$11,233
2018	$361,555	$390,070	$124,468	$-28,515

NATIONAL ASSOCIATION OF STATE AND LOCAL EQUITY FUNDS