FREE STATE PROJECT INC (EIN 364668773) - Form 990 Financial Analysis & Trantor Score

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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

2009

Legal Domicile

Principal Officer

STEPHEN VILLEE

Phone

6039371078

Tax Period

2024-01-01 to 2024-12-31

FREE STATE PROJECT INC, founded in 2009, is a small nonprofit in the Public & Societal Benefit sector that reported $318K in total revenue in fiscal year 2024. Revenue surged 24% from the prior year, signaling strong growth momentum. Expenses of $371K exceeded revenue, resulting in a 17% operating deficit.

Mission

THE MISSION OF THE FREE STATE PROJECT ("FSP") IS TO EDUCATE THE PUBLIC ABOUT THE BENEFITS OF LIMITED GOVERNMENT AND HOW THEY CAN BEST BE ACHIEVED IN THE STATE OF NEW HAMPSHIRE.

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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 $125,462

Program Service Revenue $192,291

Investment Income $0

Other Revenue $0

TOTAL REVENUE $317,753

Expense Breakdown

Grants Paid $0

Salaries & Benefits $82,482

Fundraising Expenses $2,823

Program Expenses $241,949

Other Expenses $288,368

TOTAL EXPENSES $370,850

Year-over-Year Comparison

	2024	2023	Change
Revenue	$317,753	$256,959	+0.2%
Expenses	$370,850	$265,064	+0.4%
Net Income	$-53,097	$-8,105	+5.6%

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

Volunteers

N/A

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

$68,250

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SEAMUS CASEY	BOARD MEMBER	1.00	Director	$0	$0	$0
CARLA GERICKE	BOARD MEMBER	1.00	Director	$0	$0	$0
CAROLANN MCVEIGH FENTON	BOARD MEMBER	1.00	Director	$0	$0	$0
JASON SORENS	BOARD MEMBER	1.00	Director	$0	$0	$0
MARK WARDEN	BOARD MEMBER	1.00	Director	$0	$0	$0
STEPHEN VILLEE	TREASURER	2.00	Officer	$0	$0	$0
ERIC BRAKEY	EXECUTIVE DIRECTOR	40.00	Officer	$68,250	$0	$68,250

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	$317,753	$370,850	$171,464	$-53,097
2023	$256,959	$265,064	$224,561	$-8,105
2022	$231,826	$235,935	$232,796	$-4,109
2021	$299,334	$124,286	$236,792	$175,048
2020	$125,732	$111,735	$61,873	$13,997
2019	$215,714	$207,760	$47,922	$7,954
2018	$254,061	$269,419	$39,817	$-15,358

FREE STATE PROJECT INC