PRODUCT LIABILITY ADVISORY COUNCIL… - 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

1983

Legal Domicile

Principal Officer

KIMBERLY CONDON

Phone

7032645300

Tax Period

2024-01-01 to 2024-12-31

PRODUCT LIABILITY ADVISORY COUNCIL INC, founded in 1983, is a community nonprofit that reported $2.0M in total revenue in fiscal year 2024. Revenue grew 16% year-over-year, indicating healthy expansion. Expenses of $1.8M left a modest 6% surplus.

Mission

THE PRODUCT LIABILITY ADVISORY COUNCIL ("PLAC") IS A NOT-FOR-PROFIT ASSOCIATION OF PRODUCT MANUFACTURERS, SUPPLIERS, RETAILERS, AND SELECT REGULATORY, LITIGATION AND APPELLATE PROFESSIONALS WHO WORK TO SHAPE THE COMMON LAW OF PRODUCT LIABILITY AND COMPLEX REGULATION, PROVIDE GUIDANCE ON CHANGING REGULATIONS, AND STRATEGICALLY HELP CORPORATIONS MANAGE RISK THROUGHOUT THE ENTIRE PRODUCT LIFECYCLE. PLAC IS A UNIQUE RESOURCE FOR COMPANIES WHO MUST DEFEND THEIR PRODUCTS' INTEGRITY AND THEIR COMPANIES' REPUTATIONS. AS AN ASSOCIATION WE DRAFT INDUSTRY-LEADING AMICUS BRIEFS, DEVELOP UNPARALLELED CONFERENCE AND EDUCATIONAL OFFERINGS, COORDINATE ACTION GROUPS AND DISCUSSION FORUMS, PROVIDE MEMBERS THE OPPORTUNITY TO NETWORK AND ENGAGE WITH THEIR PEERS, AND FACILITATE THE SHARING OF COLLECTIVE WISDOM FROM A VARIETY OF INDUSTRY AREAS.

Program Service Accomplishments

Program 1

Expenses: $523,327

PLAC CONDUCTS CONFERENCES, SUMMITS, AND WEBINARS THROUGHOUT THE YEAR FEATURING ATTORNEYS AND OTHER TOP EXPERTS IN VARIOUS FIELDS RELATED TO PRODUCT LIABILITY LAW. THESE EDUCATIONAL SESSIONS PROVIDE MEMBERS WITH THE OPPORTUNITY TO INTERACT AND ENGAGE WITH OTHER MEMBERS AND INVITED GUESTS, AND MANY OF THESE SESSIONS QUALIFY FOR CONTINUING LEGAL EDUCATION (CLE) CREDITS.

Program 2

Expenses: $566,044

PLAC SUBMITS AMICUS BRIEFS IN STATE AND FEDERAL COURTS IN CASES DEALING WITH SIGNIFICANT ASPECTS OF PRODUCT LIABILITY LAW.

Program 3

Expenses: $150,278

PLAC ENGAGED IN ACTIVITIES THAT SUPPORT THE RECRUITMENT OF NEW MEMBERS AND THE ONGOING ENGAGEMENT AND RETENTION OF EXISTING MEMBERS.

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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 $1,950,578

Investment Income $3,520

Other Revenue $0

TOTAL REVENUE $1,954,098

Expense Breakdown

Grants Paid $0

Salaries & Benefits $510,240

Fundraising Expenses $0

Program Expenses $1,239,649

Other Expenses $1,334,753

TOTAL EXPENSES $1,844,993

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,954,098	$1,690,881	+0.2%
Expenses	$1,844,993	$1,599,310	+0.2%
Net Income	$109,105	$91,571	+0.2%

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

180

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

$409,892

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT A MCCARTER	DIRECTOR	0.50	Director	$0	$0	$0
PHILIPPA V ELLIS	DIRECTOR	0.50	Director	$0	$0	$0
THOMAS N VANDERFORD JR	CHAIR	0.50	Officer Director	$0	$0	$0
LANCE W HIGH	SECRETARY/TREASURER	0.50	Officer Director	$0	$0	$0
PAUL G CEREGHINI	DIRECTOR	0.50	Director	$0	$0	$0
ELIZABETH V MCNULTY	DIRECTOR	0.50	Director	$0	$0	$0
PHILIP QUARANTA	IMMEDIATE PAST CHAIR	0.50	Officer Director	$0	$0	$0
MICHAEL C ZOGBY	DIRECTOR	0.50	Director	$0	$0	$0
MARTIN A CONN	VICE CHAIR - CORPORATE	0.50	Officer Director	$0	$0	$0
CONNIE A MATTEO	DIRECTOR	0.50	Director	$0	$0	$0
JOSE A ISASI II	DIRECTOR	0.50	Director	$0	$0	$0
CRAIG A LIVINGSTON	VICE CHAIR - SUSTAINING	0.50	Officer Director	$0	$0	$0
DENISE A DICKERSON	DIRECTOR	0.50	Director	$0	$0	$0
JACOB W EVERHART	DIRECTOR	0.50	Director	$0	$0	$0
TIMOTHY C BEATON	DIRECTOR	0.50	Director	$0	$0	$0
STACY SAMPECK	DIRECTOR	0.50	Director	$0	$0	$0
LARISSA EUSTICE	DIRECTOR	0.50	Director	$0	$0	$0
TINA GEORGIEVA	DIRECTOR	0.50	Director	$0	$0	$0
KIMBERLY CONDON	EXECUTIVE DIRECTOR	40.00	Officer	$362,250	$47,642	$409,892

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	$1,954,098	$1,844,993	$3,426,185	$109,105
2023	$1,690,881	$1,599,310	$3,309,090	$91,571
2022	$1,687,396	$1,508,084	$3,356,519	$179,312
2021	$1,472,537	$1,276,216	$3,084,282	$196,321
2020	$1,373,937	$1,111,282	$2,868,150	$262,655
2019	$2,167,968	$1,613,579	$2,508,032	$554,389
2018	$2,027,095	$2,134,625	$1,006,623	$-107,530

PRODUCT LIABILITY ADVISORY COUNCIL INC