NATIONAL FEDERATION OF MUNICIPAL A… - Form 990 Financial Data

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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

1984

Legal Domicile

Principal Officer

LISA GOOD

Phone

4123414898

Tax Period

2024-01-01 to 2024-12-31

NATIONAL FEDERATION OF MUNICIPAL ANALYSTS, founded in 1984, is a small nonprofit that reported $859K in total revenue in fiscal year 2024. The organization ran a surplus of $148K, a strong 17% operating margin.

Mission

THE NFMA IS A NOT-FOR-PROFIT ASSOCIATION OF MUNICIPAL ANALYST SOCIETIES AND AFFILIATED INDIVIDUAL MEMBERS. THE NFMA'S MISSION IS TO ENHANCE THE PROFESSIONAL DEVELOPMENT AND ANALYTICAL CONTRIBUTIONS OF MUNICIPAL MARKET PARTICIPANTS THROUGH BEST INCLASS EDUCATIONAL PROGRAMS, NETWORKING OPPORTUNITIES, AND TARGETED ADVOCACY, WHILE PROMOTING DIVERSE THOUGHTS, PERSPECTIVES, AND REPRESENTATION FOR THE BENEFIT OF THE MUNICIPAL BOND INDUSTRY.

Program Service Accomplishments

Program 1

IN 2024, THE NATIONAL FEDERATION OF MUNICIPAL ANALYSTS (NFMA) CONTINUED TO FULFILL ITS MISSION OF PROVIDING EDUCATIONAL PROGRAMS FOR ITS MEMBERS AND MUNICIPAL MARKET PARTICIPANTS, AS WELL AS SERVING AS THE VOICE OF MUNICIPAL ANALYSTS THROUGH ITS EFFORTS IN DISCLOSURE. DURING 2024, EDUCATIONAL PROGRAMS INCLUDED TWO 1-DAY SEMINARS, A 3-DAY CONFERENCE AND A 1-DAY INTRODUCTORY COURSE FOR NEW MUNICIPAL ANALYSTS. THE NFMA ALSO FACILITATED WEBINARS HELD BY ITS CONSTITUENT SOCIETIES THROUGH A FORMALIZED INITIATIVE ENACTED BY THE NFMA BOARD IN MARCH 2024. THE NFMA IS A VOLUNTEER ORGANIZATION WHO EMPLOYED ONE FULL-TIME STAFF DURING 2024.

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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 $0

Program Service Revenue $776,500

Investment Income $82,554

Other Revenue $0

TOTAL REVENUE $859,054

Expense Breakdown

Grants Paid $0

Salaries & Benefits $233,275

Fundraising Expenses $0

Other Expenses $477,893

TOTAL EXPENSES $711,168

Year-over-Year Comparison

	2024	2023	Change
Revenue	$859,054	$860,111	0.0%
Expenses	$711,168	$852,748	-0.2%
Net Income	$147,886	$7,363	+19.1%

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

$220,335

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARK CAPELL	PAST CHAIR	0.50	Officer Director	$0	$0	$0
NEENE JENKINS	VICE CHAIR	0.50	Officer Director	$0	$0	$0
JOHN CEFFALIO	CHAIR	0.50	Officer Director	$0	$0	$0
ANGELA KUKODA	TREASURER	0.50	Officer Director	$0	$0	$0
JASON POLLACK	SECRETARY	0.50	Officer Director	$0	$0	$0
MARIE AUTPHENNE	GOVERNOR	0.50	Director	$0	$0	$0
ELLEN CANNARSA	GOVERNOR	0.50	Director	$0	$0	$0
TED DAMUTZ	GOVERNOR	0.50	Director	$0	$0	$0
MIKE GRYGO	GOVERNOR	0.50	Director	$0	$0	$0
ERIC KIM	GOVERNOR	0.50	Director	$0	$0	$0
ADEBOLA KUSHIMO	GOVERNOR	0.50	Director	$0	$0	$0
PATRICK LUBY	GOVERNOR	0.50	Director	$0	$0	$0
TED MOLIN	GOVERNOR	0.50	Director	$0	$0	$0
POONAM PATIDAR	GOVERNOR	0.50	Director	$0	$0	$0
JANE RIDLEY	GOVERNOR	0.50	Director	$0	$0	$0
EMILY ROBARE	GOVERNOR	0.50	Director	$0	$0	$0
MARIA SAZON	GOVERNOR	0.50	Director	$0	$0	$0
ALEX VAISMAN	GOVERNOR	0.50	Director	$0	$0	$0
MATT WHORISKEY	GOVERNOR	0.50	Director	$0	$0	$0
LISA GOOD	EXECUTIVE DIRECTOR	40.00	Officer	$211,861	$8,474	$220,335

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	No data	No data	No data	No data
2024	$859,054	$711,168	$3,263,679	$147,886
2023	$860,111	$852,748	$2,915,701	$7,363
2022	$749,429	$495,047	$2,669,193	$254,382
2021	$509,023	$298,794	$2,845,172	$210,229
2020	$381,531	$436,019	$2,444,373	$-54,488
2019	$816,719	$707,820	$2,283,895	$108,899
2018	$694,900	$724,572	$1,914,295	$-29,672

NATIONAL FEDERATION OF MUNICIPAL ANALYSTS