LEGACY LAW SCHOOL CORPORATION

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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

1899

Legal Domicile

Principal Officer

GEORGE F MAHONEY III

Phone

3124272737

Tax Period

2021-09-01 to 2022-08-15

LEGACY LAW SCHOOL CORPORATION, founded in 1899, is a micro nonprofit that reported $2K in total revenue in fiscal year 2021. Revenue surged 990% from the prior year, signaling strong growth momentum. Expenses of $2.8M exceeded revenue, resulting in a 122532% operating deficit.

Mission

SUPPORTS THE STUDY AND PRACTICE OF LAW BY SUPPORTING UNIVERSITY OF ILLINOIS CHICAGO LAW SCHOOL.

Program Service Accomplishments

Program 1

Expenses: $1,804,775

LEGACY LAW SCHOOL CORPORATION HAS DISSOLVED AND IS PROVIDING THE UNIVERSITY OF ILLINOIS CHICAGO LAW SCHOOL AND THE UNIVERSITY OF ILLINOIS FOUNDATION WITH REMAINING ASSETS.

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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 (2021)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $2,278

Other Revenue $0

TOTAL REVENUE $2,278

Expense Breakdown

Grants Paid $1,804,775

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $1,804,775

Other Expenses $988,775

TOTAL EXPENSES $2,793,550

Year-over-Year Comparison

	2021	2020	Change
Revenue	$2,278	$209	+9.9%
Expenses	$2,793,550	$785,072	+2.6%
Net Income	$-2,791,272	$-784,863	+2.6%

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
GEORGE F MAHONEY III	PRESIDENT	10.00	Officer Director	$0	$0	$0
FLOYD PERKINS	VICE PRESIDENT	6.00	Officer Director	$0	$0	$0
KENNETH C ANDERSON	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
CHRISTINE M CASTELLANO	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
JORDAN H PETERS	TREASURER	1.00	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
2022	$2,278	$2,793,550	No data	$-2,791,272
2021	$209	$785,072	$3,182,404	$-784,863
2020	$49,916	$1,490,602	$3,469,345	$-1,440,686
2018	$47,381,972	$53,398,367	$94,357,751	$-6,016,395