FLORENCE HISTORICAL FOUNDATION

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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

1967

Legal Domicile

Principal Officer

NANCY WESTPHALEN

Phone

4029608840

Tax Period

2025-01-01 to 2025-12-31

FLORENCE HISTORICAL FOUNDATION, founded in 1967, is a micro nonprofit that reported $10K in total revenue in fiscal year 2025. Revenue fell 82% from the prior year — a significant decline worth monitoring. Expenses of $59K exceeded revenue, resulting in a 466% operating deficit.

Mission

MAINTAIN AND DISPLAY OF THE HISTORIC FLORENCE DEPOT, FLORENCE BANK, FLORENCE FIRE COMPANY, AND FLORENCE CITY HALL FOR THE GENERAL PUBLIC.

Program Service Accomplishments

Program 1

Expenses: $6,458

MAINTAINS AND DISPLAY OF THE HISTORICAL FLORENCE DEPOT, BANK, AND FIRE COMPANY FOR THE GENERAL PUBLIC.

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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 (2025)

Revenue Breakdown

Contributions & Grants $41,790

Program Service Revenue $0

Investment Income $10,932

Other Revenue $-42,233

TOTAL REVENUE $10,489

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $6,458

Other Expenses $59,316

TOTAL EXPENSES $59,316

Year-over-Year Comparison

	2025	2024	Change
Revenue	$10,489	$57,232	-0.8%
Expenses	$59,316	$68,879	-0.1%
Net Income	$-48,827	$-11,647	+3.2%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEITH HAUGER	President	5.00	Officer Director	$0	$0	$0
SHIRLEY FARRIS	Director	2.00	Director	$0	$0	$0
LAURIE FARRIS	Director	2.00	Director	$0	$0	$0
DICK BROWN	Director	2.00	Director	$0	$0	$0
LYNN FARRIS	Vice President	5.00	Officer Director	$0	$0	$0
NANCY WESTPHALEN	Treasurer	8.00	Officer Director	$0	$0	$0
LISA SCHEVE	Secretary	5.00	Officer Director	$0	$0	$0
CHAR SPICL	Director	2.00	Director	$0	$0	$0
JOHN LEMEN	Director	2.00	Director	$0	$0	$0
CAROL HODGES	Director	2.00	Director	$0	$0	$0
MYRA HAUGER	Director	2.00	Director	$0	$0	$0
ROSELA WESTPHALEN	Director	2.00	Director	$0	$0	$0
BILL SWANSON	Director	2.00	Director	$0	$0	$0
CURTIS TEMPLETON	Director	2.00	Director	$0	$0	$0
DEREK KOWAL	Director	2.00	Director	$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	$10,489	$59,316	$727,264	$-48,827
2024	No data	No data	No data	No data
2023	$66,304	$78,838	$752,709	$-12,534
2022	$74,190	$70,710	$750,932	$3,480
2021	$59,939	$57,987	$792,692	$1,952
2020	$47,641	$43,681	$785,041	$3,960
2019	$19,337	$44,118	$781,081	$-24,781
2018	$34,723	$39,114	$805,862	$-4,391