CHICAGO ROWING FOUNDATION

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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

1980

Legal Domicile

Phone

7734954523

Tax Period

2023-09-01 to 2024-08-31

CHICAGO ROWING FOUNDATION, founded in 1980, is a community nonprofit that reported $1.8M in total revenue in fiscal year 2023. Revenue fell 26% from the prior year — a significant decline worth monitoring. Expenses of $2.0M exceeded revenue, resulting in a 13% operating deficit.

Mission

To promote foster and support both sweep rowing and sculling to youth and adults in the Greater Chicago Metropolitan Area and to educate coach and train the general public in skills relating to rowing and in-water safety.

Program Service Accomplishments

Program 1

Expenses: $1,963,223 Revenue: $0

CRF conducts a highly ranked High School Program and various Learn to Row programs. Coaches use a comprehensive approach to the physical mental and social well-being of the athletes and cultivate...

CRF conducts a highly ranked High School Program and various Learn to Row programs. Coaches use a comprehensive approach to the physical mental and social well-being of the athletes and cultivate them into successful individuals and winning teams. The High School Program participates in both Regional and National championships offering opportunities in the Chicagoland area to earn entrance to college with their rowing skills as well as to compete for positions on the U.S. Junior National Rowing Team.

Program 2

Expenses: $0 Revenue: $0

Community Programs are available for rowers 18 years and older who are interested in rowing but do not want to compete. Adaptive rowing programs for individuals with physical disabilities are also...

Community Programs are available for rowers 18 years and older who are interested in rowing but do not want to compete. Adaptive rowing programs for individuals with physical disabilities are also offered. We believe that no matter what your level of mobility may be everyone should have the same opportunity to learn to row.

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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 (2023)

Revenue Breakdown

Contributions & Grants $256,969

Program Service Revenue $1,548,033

Investment Income $9,835

Other Revenue $-28,187

TOTAL REVENUE $1,786,650

Expense Breakdown

Grants Paid $1,000

Salaries & Benefits $691,588

Fundraising Expenses $0

Program Expenses $1,963,223

Other Expenses $1,331,854

TOTAL EXPENSES $2,024,442

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,786,650	$2,421,288	-0.3%
Expenses	$2,024,442	$1,979,573	+0.0%
Net Income	$-237,792	$441,715	-1.5%

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

Independent Members

Employees

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

$118,030

Total Directors

$142,660

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Michael Wallin	Executive Director	40.00	Officer Director	$118,030	$0	$118,030
Michael Tanner	Director	30.00	Director	$24,630	$0	$24,630
Su Bermingham	President	2.00	Officer Director	$0	$0	$0
Robert Fry	Treasurer	2.00	Officer Director	$0	$0	$0
Regan Shepley	Secretary	2.00	Officer Director	$0	$0	$0
Diana Holt	Director	2.00	Director	$0	$0	$0
Lynne Dinzole	Director	2.00	Director	$0	$0	$0
Frances Mennone	Director	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	$1,786,650	$2,024,442	$1,180,414	$-237,792
2023	$2,421,288	$1,979,573	$1,333,218	$441,715
2022	$1,432,567	$1,644,254	$1,145,742	$-211,687
2021	$1,236,194	$1,176,893	$1,413,266	$59,301
2020	$1,586,277	$1,263,270	$1,283,721	$323,007
2019	$1,442,368	$1,312,350	$743,306	$130,018
2018	$1,117,228	$1,225,818	$554,012	$-108,590