LORAIN COUNTY HISTORICAL SOCIETY I… - Form 990 Financial Data

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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

1958

Legal Domicile

Principal Officer

KERRI BROOME

Phone

4403223341

Tax Period

2024-01-01 to 2024-12-31

LORAIN COUNTY HISTORICAL SOCIETY INC, founded in 1958, is a small nonprofit that reported $248K in total revenue in fiscal year 2024. Revenue fell 56% from the prior year — a significant decline worth monitoring. Expenses of $334K exceeded revenue, resulting in a 35% operating deficit.

Mission

THE LORAIN COUNTY HISTORICAL SOCIETY COLLECTS, PRESERVES, AND SHARES THE HISTORY OF LORAIN COUNTY, OHIO TO EDUCATE AND INSPIRE PRESENT AND FUTURE GENERATIONS.

Program Service Accomplishments

Program 1

Expenses: $109,474

COLLECTION AND PRESERVATION OF ARTIFACTS RELATED TO LORAIN COUNTY, OHIO. HISTORICAL MATERIALS AVAILABLE FOR RESEARCH PURPOSES. LOCAL HISTORY EDUCATION THROUGH MUSEUM TOURS AND EDUCATIONAL...

COLLECTION AND PRESERVATION OF ARTIFACTS RELATED TO LORAIN COUNTY, OHIO. HISTORICAL MATERIALS AVAILABLE FOR RESEARCH PURPOSES. LOCAL HISTORY EDUCATION THROUGH MUSEUM TOURS AND EDUCATIONAL PROGRAMMING, INCLUDING CLASSROOM PROGRAMS PROVIDED FOR STUDENTS AND TEACHERS IN ELEMENTARY SCHOOLS.

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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 $64,385

Program Service Revenue $97,133

Investment Income $60,836

Other Revenue $25,181

TOTAL REVENUE $247,535

Expense Breakdown

Grants Paid $0

Salaries & Benefits $148,102

Fundraising Expenses $49,303

Program Expenses $109,474

Other Expenses $185,807

TOTAL EXPENSES $333,909

Year-over-Year Comparison

	2024	2023	Change
Revenue	$247,535	$564,270	-0.6%
Expenses	$333,909	$365,091	-0.1%
Net Income	$-86,374	$199,179	-1.4%

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

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

$55,682

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KERRI BROOME	EXECUTIVE DIRECTOR	40.00	Director	$55,682	$0	$55,682
KATHRYN DEAN-DIELMAN	SECRETARY	2.00	Officer Director	$0	$0	$0
MARILYN WAINIO	DIRECTOR	1.00	Director	$0	$0	$0
SAM BATTLE	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
GRANT THOMPSON	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT R EBERT	DIRECTOR	5.00	Director	$0	$0	$0
MATT NAHORN	DIRECTOR	1.00	Director	$0	$0	$0
JEFF SIGSWORTH	DIRECTOR	5.00	Director	$0	$0	$0
JOHN R HANDYSIDE	DIRECTOR	1.00	Director	$0	$0	$0
BONNIE IVANCIC	FINANCIAL OFFICER	1.00	Officer Director	$0	$0	$0
JACQUELINE KOKAI	PRESIDENT	3.00	Officer Director	$0	$0	$0
JEFF KINSLEY	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT YUN	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	$247,535	$333,909	$2,180,605	$-86,374
2024	$247,535	$333,909	$2,180,605	$-86,374
2023	$564,270	$365,091	$2,187,476	$199,179
2022	$152,942	$293,109	$1,865,957	$-140,167
2021	$316,520	$262,817	$2,283,172	$53,703
2020	$220,700	$287,578	$2,213,603	$-66,878
2019	$317,268	$280,586	$2,076,099	$36,682
2018	$251,437	$248,987	$2,039,566	$2,450

LORAIN COUNTY HISTORICAL SOCIETY INC