NRF FOUNDATION (EIN 521224690) - 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

1981

Legal Domicile

Principal Officer

MATTHEW SHAY

Phone

2027837971

Tax Period

2024-03-01 to 2025-02-28

NRF FOUNDATION, founded in 1981, is a mid-sized nonprofit that reported $11.7M in total revenue in fiscal year 2024. Revenue surged 26% from the prior year, signaling strong growth momentum. Expenses of $14.4M exceeded revenue, resulting in a 23% operating deficit.

Mission

TO PURSUE THE PUBLIC EDUCATION AND RESEARCH PURPOSES OF THE NATIONAL RETAIL FEDERATION.

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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 $2,556,007

Program Service Revenue $9,307,965

Investment Income $715,494

Other Revenue $-869,522

TOTAL REVENUE $11,709,944

Expense Breakdown

Grants Paid $810,356

Salaries & Benefits $1,901,060

Fundraising Expenses $0

Program Expenses $12,119,385

Other Expenses $11,698,944

TOTAL EXPENSES $14,410,360

Year-over-Year Comparison

	2024	2023	Change
Revenue	$11,709,944	$9,275,963	+0.3%
Expenses	$14,410,360	$7,431,567	+0.9%
Net Income	$-2,700,416	$1,844,396	-2.5%

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

150

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

$9,436,799

Total Directors

$8,395,435

Key Employees

$421,401

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MATT R SHAY	PRESIDENT AND CEO, NRF	8.50	Officer Director	$0	$1,114,700	$8,395,435
STEVEN PRESTON	CHAIR (AS OF 01/25)	0.50	Officer Director	$0	$0	$0
TONY SPRING	CHAIR (THRU 01/25)	0.50	Officer Director	$0	$0	$0
KEV ADDISON	DIRECTOR (THRU 01/25)	0.50	Director	$0	$0	$0
MALEK ROBERT BOBBY AMIRSHAHI	DIRECTOR	0.50	Director	$0	$0	$0
RON BROWN	DIRECTOR	0.50	Director	$0	$0	$0
BARBRA BUKOVAC	DIRECTOR	0.50	Director	$0	$0	$0
MIRI CHAN	DIRECTOR-NONVOTING (AS OF 01/25)	0.50	Director	$0	$0	$0
ASHLEE CHICOINE	DIRECTOR	0.50	Director	$0	$0	$0
MICHAEL COLANERI	DIRECTOR (THRU 01/25)	0.50	Director	$0	$0	$0
MONICA DAVILA	DIRECTOR	0.50	Director	$0	$0	$0
LAURA FELICE	DIRECTOR (AS OF 01/25)	0.50	Director	$0	$0	$0
TONYA HALLETT	DIRECTOR	0.50	Director	$0	$0	$0
MARK IRVIN	DIRECTOR	0.50	Director	$0	$0	$0
MICHAEL KEINATH	DIRECTOR	0.50	Director	$0	$0	$0
KEITH LIPERT	DIRECTOR (THRU 01/25)	0.50	Director	$0	$0	$0
ANN SATTIN	DIRECTOR	0.50	Director	$0	$0	$0
MARTIN SCAGLIONE	DIRECTOR	0.50	Director	$0	$0	$0
JUSTIN SMITH	DIRECTOR	0.50	Director	$0	$0	$0
LORRAINE STOMSKI	DIRECTOR	0.50	Director	$0	$0	$0
RICHARD WIDDOWSON	DIRECTOR	0.50	Director	$0	$0	$0
SHERRY YASKIN	DIRECTOR (THRU 09/24)	0.50	Director	$0	$0	$0
STEPHANIE MARTZ	SECRETARY AND GENERAL COUNSEL	8.50	Officer	$0	$105,388	$1,041,364
ADAM LUKOSKIE	EXECUTIVE DIRECTOR	34.00	Key Emp	$290,194	$58,659	$421,401

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	$11,709,944	$14,410,360	$25,544,235	$-2,700,416
2024	$9,275,963	$7,431,567	$21,772,767	$1,844,396
2023	$10,843,365	$5,533,148	$18,080,185	$5,310,217
2022	$4,428,251	$3,824,682	$13,745,201	$603,569
2021	$2,819,890	$3,794,459	$9,598,498	$-974,569
2020	$5,568,273	$6,211,850	$9,557,340	$-643,577
2019	$5,421,661	$5,674,704	$11,088,379	$-253,043

NRF FOUNDATION