LEGACY SCHOLARS (EIN 342039472) - 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

2005

Legal Domicile

Principal Officer

JOANN FARNHAM

Phone

2699622181

Tax Period

2024-04-01 to 2025-03-31

LEGACY SCHOLARS, founded in 2005, is a small nonprofit in the Education sector that reported $345K in total revenue in fiscal year 2024. Revenue decreased 17% compared to the prior year. Expenses of $494K exceeded revenue, resulting in a 43% operating deficit.

Mission

YOUTH MENTORING AND SCHOLARSHIP 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 (2024)

Revenue Breakdown

Contributions & Grants $343,665

Program Service Revenue $950

Investment Income $0

Other Revenue $0

TOTAL REVENUE $344,615

Expense Breakdown

Grants Paid $166,512

Salaries & Benefits $0

Fundraising Expenses $6,770

Program Expenses $336,613

Other Expenses $326,990

TOTAL EXPENSES $493,502

Year-over-Year Comparison

	2024	2023	Change
Revenue	$344,615	$415,480	-0.2%
Expenses	$493,502	$254,533	+0.9%
Net Income	$-148,887	$160,947	-1.9%

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

$87,045

Total Directors

$208,293

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
VALERIE REED	CHAIR	1.00	Officer Director	$0	$0	$0
SCOTT CUBBERLY	VICE CHAIR	1.00	Officer Director	$0	$0	$0
ASHA WRIGHT	SECRETARY	1.00	Officer Director	$0	$0	$0
LORIN GRANGER	TREASURER	1.00	Officer Director	$0	$0	$0
ALANA WHITE	TRUSTEE	1.00	Officer Director	$0	$0	$0
KIMBERLY CARTER	TRUSTEE	1.00	Director	$0	$0	$0
DR PAUL WATSON	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM PATTERSON	TRUSTEE	1.00	Director	$0	$0	$0
DR RHONDA MARCUM	TRUSTEE	1.00	Director	$0	$0	$0
DR MICHELE REID	TRUSTEE	1.00	Director	$0	$0	$0
TIM STAFFEN	TRUSTEE	1.00	Director	$0	$0	$0
KATELYN STANLEY	TRUSTEE	1.00	Director	$0	$0	$0
MARY MULIETT	CEO/PRESIDENT - PARTIAL YEAR	1.00	Director	$0	$7,908	$121,248
DR MICHAEL GLASS	BCCF TRUSTEE	1.00	Director	$0	$0	$0
JOANN FARNHAM	EXECUTIVE DIRECTOR	1.00	Officer Director	$0	$8,583	$87,045

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	$344,615	$493,502	$181,686	$-148,887
2024	$415,480	$254,533	$660,310	$160,947
2023	$326,340	$240,382	$166,239	$85,958
2022	$268,999	$234,140	$78,159	$34,859
2021	$263,250	$289,309	$45,804	$-26,059
2020	$114,152	$285,928	$60,014	$-171,776
2019	$459,370	$242,964	$233,608	$216,406

LEGACY SCHOLARS