MICHIGAN GOVERNMENT FINANCE OFFICE… - 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

1998

Legal Domicile

Phone

5173279100

Tax Period

2024-07-01 to 2025-06-30

MICHIGAN GOVERNMENT FINANCE OFFICERS ASSOCIATION, founded in 1998, is a small nonprofit in the Education sector that reported $249K in total revenue in fiscal year 2024. Revenue decreased 5% compared to the prior year.

Mission

To unite Michigan finance professionals for the purpose of providing effective and professional financial management of public entity resources and to promote and support the professional development of its members. And in partnership with other organizations, collaborate to promote use of financial governance best practices in the management of Michigan public entities.

Program Service Accomplishments

Program 1

Expenses: $100,974 Revenue: $89,901

Fall Training Institute which served 273 members with three days of training. Topics included GFOA National Update Cybersecurity Legislative Update State of Michigan Audit or General Update Economic Update GASB Standards Update Grants-Subrecipient Monitoring Best Practice for Investing Public Funds etc.

Program 2

Expenses: $35,094 Revenue: $24,340

Spring Seminar which served over 215 members with a one-day training session with the primary focus on Economic Outlook, Legislative Update, and GASB Audit Update, Preparing for an Audit...

Spring Seminar which served over 215 members with a one-day training session with the primary focus on Economic Outlook, Legislative Update, and GASB Audit Update, Preparing for an Audit, Successition/Transition Planning.

Program 3

Expenses: $12,102 Revenue: $28,395

Professional Development courses consisting of several training opportunities for members in full and 1/2 day sessions and webinars. Topics included Back to Basics Series Advance Cash Management...

Professional Development courses consisting of several training opportunities for members in full and 1/2 day sessions and webinars. Topics included Back to Basics Series Advance Cash Management Budgeting CPFO Testing Advance Accounting.

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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 $106,200

Program Service Revenue $142,636

Investment Income $30

Other Revenue $150

TOTAL REVENUE $249,016

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $148,170

Other Expenses $254,987

TOTAL EXPENSES $254,987

Year-over-Year Comparison

	2024	2023	Change
Revenue	$249,016	$263,382	-0.1%
Expenses	$254,987	$299,403	-0.1%
Net Income	$-5,971	$-36,021	-0.8%

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

N/A

Volunteers

110

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
Molly Clarin	Director	002.00	Director	$0	$0	$0
Kristin Collins	Director	002.00	Director	$0	$0	$0
John Globensky	Director	002.00	Director	$0	$0	$0
Julie Pray	Director	002.00	Director	$0	$0	$0
Brodie Killian	Associate Director	002.00	Director	$0	$0	$0
Michael Rolka	Associate Director	002.00	Director	$0	$0	$0
Kari Shea	Associate Director	002.00	Director	$0	$0	$0
Adam Bonarek	President	005.00	Officer	$0	$0	$0
Susan Dryden-Hogan	Vice Pres/Secretary	005.00	Officer	$0	$0	$0
Joseph Snyder	Treasurer	005.00	Officer	$0	$0	$0
Jody Weissler DeFoe	Past President	005.00	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
2025	$249,016	$254,987	$197,444	$-5,971
2024	$263,382	$299,403	$203,875	$-36,021
2023	$222,539	$266,072	$239,411	$-43,533
2022	$201,860	$221,082	$289,541	$-19,222
2021	$147,835	$107,043	$307,142	$40,792
2020	$234,554	$200,781	$264,194	$33,773
2019	$245,629	$200,658	$236,524	$44,971

MICHIGAN GOVERNMENT FINANCE OFFICERS ASSOCIATION