SONS OF NORWAY

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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

1895

Legal Domicile

Principal Officer

Daniel Seyfriend

Phone

6128273611

Tax Period

2023-01-01 to 2023-12-31

SONS OF NORWAY, founded in 1895, is a mid-sized nonprofit that reported $25.3M in total revenue in fiscal year 2023. Expenses of $29.5M exceeded revenue, resulting in a 17% operating deficit.

Mission

The mission of Sons of Norway is to promote and to preserve the heritage and culture of Norway, to celebrate our relationship with other Nordic countries, and to provide quality insurance and financial products to our members.

Program Service Accomplishments

Program 1

Expenses: $28,614,338 Revenue: $24,282,158

Life, annuity, and health insurance products for members

Program 2

Expenses: $922,868 Revenue: $975,936

Fraternal activities and benefits

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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 $0

Program Service Revenue $19,520,925

Investment Income $7,399,815

Other Revenue $-1,662,646

TOTAL REVENUE $25,258,094

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,439,037

Fundraising Expenses $0

Program Expenses $29,537,206

Other Expenses $4,372,819

TOTAL EXPENSES $29,537,206

Year-over-Year Comparison

	2023	2022	Change
Revenue	$25,258,094	$-61,039,690	-1.4%
Expenses	$29,537,206	$-64,874,013	-1.5%
Net Income	$-4,279,112	$3,834,323	-2.1%

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

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

$444,964

Total Directors

$39,000

Key Employees

$1,027,745

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Chris Pinkerton	Dir of Sales	40	Officer Key Emp	$219,514	$45,630	$265,144
Dan Seyfried	IT Director	40	Key Emp	$229,085	$23,320	$252,405
Erica Oberg	Chief Financial Officer	40	Officer Key Emp	$145,513	$34,307	$179,820
Connie O'Brien	Director Mktg and Comm	40	Key Emp	$166,375	$8,300	$174,675
Lizabeth Halva	Dir of Admin, HR and Ins Oper	40	Key Emp	$121,583	$34,118	$155,701
Zach Kindt	Life Ins and Annuity Prod Mgr	40	Highest	$120,792	$3,605	$124,397
Michelle Swanson	Accounting Manager	40	Highest	$99,475	$18,578	$118,053
Karen Patwell	Accounting Manager	40	Highest	$81,994	$34,551	$116,545
Christian Laland	Operations Director	40	Highest	$83,576	$25,834	$109,410
Ron Stubbings	President	10	Director	$6,000	$0	$6,000
Robin Fossum	Secretary	10	Director	$4,000	$0	$4,000
Mary Andersen	Treasurer	10	Director	$3,500	$0	$3,500
Mark Agerter	Vice President	10	Director	$3,000	$0	$3,000
Chris Hicks	Director	5	Director	$2,500	$0	$2,500
Dennis Rusinko	Director	5	Director	$2,500	$0	$2,500
Luella Grangaard	Director	5	Director	$2,500	$0	$2,500
Per Mikalsen	Director	5	Director	$2,500	$0	$2,500
Duane Kittleson	Director	5	Director	$2,500	$0	$2,500
Erik Brochmann	Director	5	Director	$2,500	$0	$2,500
Dean Stiller	Director	5	Director	$2,500	$0	$2,500
Claudia Berg	Director	5	Director	$2,500	$0	$2,500
Kathy Dollymore	Director	5	Director	$2,500	$0	$2,500

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	No data	No data	No data	No data
2023	$25,258,094	$29,537,206	$216,181,901	$-4,279,112
2022	$-61,039,636	$-64,874,013	$233,262,308	$3,834,377
2021	$46,264,264	$47,804,678	$334,895,080	$-1,540,414
2020	$35,803,568	$38,500,145	$338,100,815	$-2,696,577
2019	$30,177,301	$33,113,686	$345,973,165	$-2,936,385
2018	$45,326,063	$34,052,336	$359,983,450	$11,273,727