THE MARSHALL PROJECT INC (EIN 464353634) - 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

2014

Legal Domicile

Principal Officer

KATRICE HARDY

Phone

2128035200

Tax Period

2024-07-01 to 2025-06-30

THE MARSHALL PROJECT INC, founded in 2014, is a mid-sized nonprofit in the Community Improvement sector that reported $13.8M in total revenue in fiscal year 2024. Revenue fell 45% from the prior year — a significant decline worth monitoring. Expenses of $18.8M exceeded revenue, resulting in a 37% operating deficit.

Mission

THE MARSHALL PROJECT IS A NONPROFIT, NONPARTISAN NEWS ORGANIZATION COVERING CRIMINAL JUSTICE.

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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 $12,797,369

Program Service Revenue $63,171

Investment Income $901,556

Other Revenue $2,751

TOTAL REVENUE $13,764,847

Expense Breakdown

Grants Paid $0

Salaries & Benefits $14,268,780

Fundraising Expenses $1,458,843

Program Expenses $14,975,871

Other Expenses $4,335,776

TOTAL EXPENSES $18,845,264

Year-over-Year Comparison

	2024	2023	Change
Revenue	$13,764,847	$25,040,953	-0.5%
Expenses	$18,845,264	$17,657,046	+0.1%
Net Income	$-5,080,417	$7,383,907	-1.7%

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

$1,001,013

Total Directors

Key Employees

$783,527

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LIZ SIMONS	CHAIR & BOARD MEMBER	10.00	Officer Director	$0	$0	$0
NICHOLAS GOLDBERG	BOARD MEMBER	1.00	Director	$0	$0	$0
BRITTANY GORE	BOARD MEMBER	1.00	Director	$0	$0	$0
MEL IKE	BOARD MEMBER	1.00	Director	$0	$0	$0
ANDREW JARECKI	BOARD MEMBER	1.00	Director	$0	$0	$0
BILL KELLER	BOARD MEMBER	1.00	Director	$0	$0	$0
JONATHAN MOSES	BOARD MEMBER	1.00	Director	$0	$0	$0
ABBY PUCKER LEFT OCT 2024	BOARD MEMBER	1.00	Director	$0	$0	$0
BEN REITER	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHELE ROBERTS	BOARD MEMBER	1.00	Director	$0	$0	$0
TOPEKA SAM	BOARD MEMBER	1.00	Director	$0	$0	$0
CARTER STEWART	BOARD MEMBER	1.00	Director	$0	$0	$0
EMILY TOW LEFT OCT 2024	BOARD MEMBER	1.00	Director	$0	$0	$0
MARIE DAGEVILLE	BOARD MEMBER	1.00	Director	$0	$0	$0
ARIEL GREEN	BOARD MEMBER	1.00	Director	$0	$0	$0
KATRICE HARDY FROM JAN 2025	CHIEF EXECUTIVE OFFICER	40.00	Officer	$0	$0	$0
SUSAN CHIRA LEFT JAN 2025	EDITOR-IN-CHIEF	40.00	Officer	$325,870	$47,480	$373,350
CARROLL BOGERT LEFT APR 2025	PRESIDENT	40.00	Officer	$328,193	$39,307	$367,500
ELCHONON STERN	SECRETARY/TREASURER, CFO	40.00	Officer	$184,902	$75,261	$260,163
EBONY REED	CHIEF STRATEGY OFFICER	40.00	Key Emp	$226,064	$27,260	$253,324
GERALDINE SEALEY	MANAGING EDITOR	40.00	Key Emp	$225,496	$62,896	$288,392
MARLON WALKER	MANAGING EDITOR, LOCAL	40.00	Key Emp	$216,862	$24,949	$241,811
LAWRENCE BARTLEY	PUBLISHER OF THE MARSHALL PROJECT	40.00	Highest	$195,000	$53,134	$248,134
CHAVON CARROLL	DEPUTY DIRECTOR OF DEVELOPMENT	40.00	Highest	$196,205	$53,438	$249,643
ANDREW COHEN	EDITOR-AT-LARGE	40.00	Highest	$180,778	$46,175	$226,953
EMMA CAREW GROVUM LEFT APR 2025	DIRECTOR OF CAREERS & CULTURE	40.00	Highest	$184,725	$41,354	$226,079
CRYSTAL HAYES	CHIEF ADMIN OFFICER/HR DIRECTOR	40.00	Highest	$195,726	$52,728	$248,454

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	$13,764,847	$18,845,264	$21,694,863	$-5,080,417
2024	$25,040,953	$17,657,046	$26,806,338	$7,383,907
2023	$14,495,664	$13,892,550	$19,267,720	$603,114
2022	$15,174,508	$10,828,400	$18,747,646	$4,346,108
2021	$10,911,571	$8,682,199	$14,225,251	$2,229,372
2020	$12,290,756	$7,576,984	$12,758,308	$4,713,772
2019	$8,684,091	$7,178,249	$7,435,464	$1,505,842

THE MARSHALL PROJECT INC