ANNE RAY FOUNDATION (EIN 471036008) - 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

HEATHER KUKLA

Phone

9525404053

Tax Period

2023-01-01 to 2023-12-31

ANNE RAY FOUNDATION, founded in 2014, is a major nonprofit in the Philanthropy & Grantmaking sector that reported $198.4M in total revenue in fiscal year 2023. Expenses of $254.7M exceeded revenue, resulting in a 28% operating deficit.

Mission

CHARITABLE GRANTMAKING TO SOME OR ALL DESIGNATED SUPPORTED ORGANIZATIONS.

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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 $0

Investment Income $226,538,516

Other Revenue $-28,094,559

TOTAL REVENUE $198,443,957

Expense Breakdown

Grants Paid $214,181,129

Salaries & Benefits $19,499,013

Fundraising Expenses $0

Program Expenses $232,791,876

Other Expenses $21,021,967

TOTAL EXPENSES $254,702,109

Year-over-Year Comparison

	2023	2022	Change
Revenue	$198,443,957	$-82,596,152	-3.4%
Expenses	$254,702,109	$182,387,086	+0.4%
Net Income	$-56,258,152	$-264,983,238	-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

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

$3,231,858

Total Directors

$1,443,538

Key Employees

$2,955,711

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTINE MORSE	BOARD CHAIR	10.00	Director	$76,750	$0	$158,000
RIGHT REVEREND JOHN CHANE	DIRECTOR	8.00	Director	$56,250	$0	$111,900
WIN NEUGER	DIRECTOR	6.00	Director	$49,300	$0	$103,400
STUART TOBISMAN	DIRECTOR	7.00	Director	$0	$0	$0
PAUL BUSCH	PRES/CEO EMER. THRU 8/31; DIR.	33.00	Officer Director	$14,350	$136,974	$1,070,238
HEATHER KUKLA	SEC/GC THRU 3/31; PRES. EFF. 4/1	50.00	Officer	$0	$159,485	$964,505
NAOMI HORSAGER	TREASURER/CFO	50.00	Officer	$0	$132,470	$753,881
ELIZABETH BORER	SECRETARY/GEN COUNSEL EFF. 4/1	50.00	Officer	$0	$85,624	$443,234
KURIAN THOMAS	VP OF PROGRAMS	50.00	Key Emp	$0	$117,462	$562,301
SHAWN WISCHMEIER	CHIEF INVESTMENT OFFICER	50.00	Key Emp	$0	$328,133	$2,393,410
MICHAEL RUETZ	DEPUTY CIO/INVESTMENT DIR.	50.00	Highest	$0	$205,773	$1,357,931
MATTHEW MINNIS	INVESTMENT DIRECTOR	50.00	Highest	$0	$162,693	$1,097,598
RODNEY OVERCASH	INVESTMENT DIRECTOR	50.00	Highest	$0	$180,953	$1,171,514
TRICIA SCRIVNER	INVESTMENT DIRECTOR	50.00	Highest	$0	$154,651	$1,049,324
CHRISTOPHER VOGT	INVESTMENT DIRECTOR	50.00	Highest	$0	$174,770	$1,094,263

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	$198,443,957	$254,702,109	$4,867,708,785	$-56,258,152
2022	$-82,596,152	$182,387,086	$4,754,280,284	$-264,983,238
2021	$429,038,165	$189,028,867	$5,492,759,345	$240,009,298
2020	$390,628,330	$157,989,938	$4,822,543,908	$232,638,392

ANNE RAY FOUNDATION