Friends of the University of Latvia

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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

2011

Legal Domicile

Principal Officer

Martin Andersons

Phone

7133043831

Tax Period

2024-01-01 to 2024-12-31

Friends of the University of Latvia, founded in 2011, is a small nonprofit in the International Affairs sector that reported $201K in total revenue in fiscal year 2024. Revenue surged 313% from the prior year, signaling strong growth momentum. Expenses of $193K left a modest 4% surplus.

Mission

To support and enhance undergraduate and graduate education in Latvia by soliciting donations for the purpose of making grants to universities and related organizations in Latvia.

Program Service Accomplishments

Program 1

Expenses: $193,100 Revenue: $0

To promote undergraduate and graduate education in Latvia by making grants to universities and related organizations in Latvia.

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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 $193,790

Program Service Revenue $0

Investment Income $7,532

Other Revenue $0

TOTAL REVENUE $201,322

Expense Breakdown

Grants Paid $193,100

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $193,100

Other Expenses $316

TOTAL EXPENSES $193,416

Year-over-Year Comparison

	2024	2023	Change
Revenue	$201,322	$48,729	+3.1%
Expenses	$193,416	$81,310	+1.4%
Net Income	$7,906	$-32,581	-1.2%

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
Martin Andersons	President and Trustee	2.00	Officer Director	$0	$0	$0
Andris Ramans	Secretary and Trustee	2.00	Officer Director	$0	$0	$0
Peter Ragauss	Treasurer	2.00	Officer	$0	$0	$0
Robert Blumberg	Trustee	2.00	Director	$0	$0	$0
Vaira Pelekis-Christopher	Trustee	2.00	Director	$0	$0	$0
Guna Mundheim	Trustee	2.00	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	$201,322	$193,416	$309,651	$7,906
2023	$48,729	$81,310	$301,745	$-32,581
2022	$51,856	$127,051	$334,326	$-75,195
2021	$113,571	$148,732	$409,521	$-35,161
2020	$175,510	$23,620	$444,682	$151,890
2019	$247,699	$140,077	$292,792	$107,622
2018	$106,503	$44,547	$185,170	$61,956