CHICAGO LATVIAN ASSOCIATION INC

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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

1954

Legal Domicile

Principal Officer

Marite Plume

Phone

2242505595

Tax Period

2022-01-01 to 2022-12-31

CHICAGO LATVIAN ASSOCIATION INC, founded in 1954, is a micro nonprofit in the Arts, Culture & Humanities sector that reported $9K in total revenue in fiscal year 2022. Revenue surged 26% from the prior year, signaling strong growth momentum. Expenses of $43K exceeded revenue, resulting in a 400% operating deficit.

Mission

To support Latvian culture and education primarily in the Chicagoland area by supporting a Latvian language library and museum as well as indirectly supporting the Latvian language school for children.

Program Service Accomplishments

Program 1

Expenses: $2,215 Revenue: $0

We serve Latvian families to help preserve books and art items by finding new homes for them so the culture is not destroyed.

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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 (2022)

Revenue Breakdown

Contributions & Grants $6,531

Program Service Revenue $0

Investment Income $2,112

Other Revenue $0

TOTAL REVENUE $8,643

Expense Breakdown

Grants Paid $27,212

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $2,215

Other Expenses $15,978

TOTAL EXPENSES $43,190

Year-over-Year Comparison

	2022	2021	Change
Revenue	$8,643	$6,878	+0.3%
Expenses	$43,190	$10,165	+3.2%
Net Income	$-34,547	$-3,287	+9.5%

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

122

Independent Members

122

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
Dace Kezbers	President	15.00	Officer	$0	$0	$0
Laima Magone	Vice President	5.00	Officer	$0	$0	$0
Marite Plume	Treasurer	15.00	Officer	$0	$0	$0
Lasma Danosa	Secretary	10.00	Officer	$0	$0	$0
Aiga Berzina	Director	10.00	Officer	$0	$0	$0
Linda Cukurs	Director	10.00	Officer	$0	$0	$0
Reinis Kalnajs	Director	5.00	Officer	$0	$0	$0
Daina Jauntirans	Director	10.00	Officer	$0	$0	$0
Inara Bundza	Director	5.00	Officer	$0	$0	$0
Armand Birkens	Director	10.00	Officer	$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	$8,643	$43,190	$777,850	$-34,547
2021	$6,878	$10,165	$812,444	$-3,287
2020	$742,438	$62,242	$815,572	$680,196