Harbor Springs Library

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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

1904

Legal Domicile

Tax Period

2023-10-01 to 2024-09-30

Harbor Springs Library, founded in 1904, is a small nonprofit in the Education sector that reported $207K in total revenue in fiscal year 2023. Revenue grew 20% year-over-year, indicating healthy expansion. Expenses of $245K exceeded revenue, resulting in a 18% operating deficit.

Mission

The mission of the Harbor Springs Library is to foster a love of reading, promote lifelong learning, and enrich our community, young and old, by providing free access to a broad range of resources and programs, as well as to serve as stewards of the historic library building.

Program Service Accomplishments

Program 1

Expenses: $244,899 Revenue: $2,998

Library services provided to the general public, including childrens activities and storytelling, lectures, Al-Anon, Musicians open mic night, computer classes, computer and interenet access, copy...

Library services provided to the general public, including childrens activities and storytelling, lectures, Al-Anon, Musicians open mic night, computer classes, computer and interenet access, copy services, digital catalog and melcat services.

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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 $136,488

Program Service Revenue $2,998

Investment Income $27,088

Other Revenue $40,337

TOTAL REVENUE $206,911

Expense Breakdown

Grants Paid $0

Salaries & Benefits $89,825

Fundraising Expenses $0

Program Expenses $244,899

Other Expenses $155,074

TOTAL EXPENSES $244,899

Year-over-Year Comparison

	2023	2022	Change
Revenue	$206,911	$173,066	+0.2%
Expenses	$244,899	$214,124	+0.1%
Net Income	$-37,988	$-41,058	-0.1%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Kate Cohen	Secretary	1.00	Officer	$0	$0	$0
Mary Cummings	Treasurer	1.00	Officer	$0	$0	$0
Alison Decamp	Trustee	1.00	Officer	$0	$0	$0
Tim Knapp	President	1.00	Officer	$0	$0	$0
Eliece Aiman	Vice President	1.00	Officer	$0	$0	$0
Cory Cassidy	Trustee	1.00	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
2024	$206,911	$244,899	$532,711	$-37,988
2023	$173,066	$214,124	$569,708	$-41,058
2022	$182,358	$115,446	$618,155	$66,912
2021	$188,537	$142,672	$554,693	$45,865
2020	$198,541	$131,063	$521,397	$67,478
2019	$162,482	$138,203	$432,268	$24,279
2018	$127,946	$128,189	$391,601	$-243