NRF FOUNDATION

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1981

Legal Domicile

Principal Officer

MATTHEW SHAY

Phone

2027837971

Tax Period

2025-03-01 to 2026-02-28

NRF FOUNDATION, founded in 1981, is a mid-sized nonprofit that reported $12.5M in total revenue in fiscal year 2025. The organization ran a surplus of $2.4M, a strong 19% operating margin.

Mission

THE NRF FOUNDATION SHAPES RETAIL'S FUTURE BY BUILDING AWARENESS OF THE INDUSTRY THROUGH STATISTICS AND STORIES; DEVELOPING TALENT THROUGH EDUCATION, EXPERIENCES AND SCHOLARSHIPS; AND FOSTERING CAREER GROWTH AMONG PEOPLE WHO WORK IN RETAIL.

Program Service Accomplishments

Program 1

Expenses: $3,641,406 Revenue: $2,194,012

RESEARCH AND RETAIL INDUSTRY PROJECTS: IN ORDER TO ENSURE FUTURE LEADERSHIP IN THE RETAIL INDUSTRY, THE FOUNDATION ACTIVELY WORKS WITH CURRENT RETAIL LEADERS, EDUCATIONAL INSTITUTIONS AND STUDENTS...

RESEARCH AND RETAIL INDUSTRY PROJECTS: IN ORDER TO ENSURE FUTURE LEADERSHIP IN THE RETAIL INDUSTRY, THE FOUNDATION ACTIVELY WORKS WITH CURRENT RETAIL LEADERS, EDUCATIONAL INSTITUTIONS AND STUDENTS INFORMING AND EDUCATING THEM ABOUT CAREER PATHS WITHIN THE RETAIL INDUSTRY. THE FOUNDATION ALSO PROVIDES PLATFORMS WHERE ALL OF THESE PARTICIPANTS CAN MEET AND ENGAGE WITH ONE ANOTHER.

Program 2

Expenses: $2,436,898 Revenue: $7,629,175

RISE UP: TRAINING AND CREDENTIALING INITIATIVE DESIGNED BY THE RETAIL INDUSTRY TO HELP PEOPLE - REGARDLESS OF EDUCATIONAL BACKGROUND, ECONOMIC MEANS OR AGE - ACQUIRE THE SKILLS THEY NEED TO LAND JOBS...

Program 3

Expenses: $874,824 Revenue: $274,105

SCHOLARSHIP PROGRAMS: IN SUPPORT OF ITS MISSION TO ADVANCE THE INTERESTS OF THE RETAIL INDUSTRY THROUGH EDUCATION, THE FOUNDATION SPONSORS SEVERAL PROGRAMS PROVIDING SCHOLARSHIPS TO INDVIDUALS...

SCHOLARSHIP PROGRAMS: IN SUPPORT OF ITS MISSION TO ADVANCE THE INTERESTS OF THE RETAIL INDUSTRY THROUGH EDUCATION, THE FOUNDATION SPONSORS SEVERAL PROGRAMS PROVIDING SCHOLARSHIPS TO INDVIDUALS ATTENDING ELIGIBLE INSTITUTIONS WHO ARE INTERESTED IN A VARIETY OF CAREERS WITHIN THE INDUSTRY. THE CRITERIA FOR AWARDING SCHOLARSHIPS ARE FURTHER DESCRIBED IN SCHEDULE I OF THIS FORM 990.

🔒

Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

Sign in to view Trantor Score and financial metrics

Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $2,596,000

Program Service Revenue $10,097,292

Investment Income $671,782

Other Revenue $-888,743

TOTAL REVENUE $12,476,331

Expense Breakdown

Grants Paid $874,824

Salaries & Benefits $2,445,679

Fundraising Expenses $0

Program Expenses $7,706,274

Other Expenses $6,772,795

TOTAL EXPENSES $10,093,298

Year-over-Year Comparison

	2025	2024	Change
Revenue	$12,476,331	$11,709,944	+0.1%
Expenses	$10,093,298	$14,410,360	-0.3%
Net Income	$2,383,033	$-2,700,416	-1.9%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

🔒

Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

350

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

$7,392,326

Total Directors

$6,311,852

Key Employees

$514,631

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	$1,210,918	$6,311,852
STEVEN PRESTON	CHAIR	0.50	Officer 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 (THRU 01/26)	0.50	Director	$0	$0	$0
MIRI CHAN	DIRECTOR-NONVOTING (THRU 01/26)	0.50	Director	$0	$0	$0
ASHLEE CHICOINE	DIRECTOR	0.50	Director	$0	$0	$0
MONICA DAVILA	DIRECTOR	0.50	Director	$0	$0	$0
LAURA FELICE	DIRECTOR	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
ANN SATTIN	DIRECTOR	0.50	Director	$0	$0	$0
MARTIN SCAGLIONE	DIRECTOR (THRU 01/26)	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
ABBEY SILBERMAN FAGIN	DIRECTOR (AS OF 01/26)	0.50	Director	$0	$0	$0
ALI FURMAN	DIRECTOR (AS OF 01/26)	0.50	Director	$0	$0	$0
REGINALD B HENDERSON	DIRECTOR (AS OF 01/26)	0.50	Director	$0	$0	$0
JOSHUA SECREST	DIRECTOR (AS OF 01/26)	0.50	Director	$0	$0	$0
SARAH STARKO	DIRECTOR-NONVOTING (AS OF 01/26)	0.50	Director	$0	$0	$0
STEPHANIE MARTZ	SECRETARY AND GENERAL COUN	8.50	Officer	$0	$108,903	$1,080,474
ADAM LUKOSKIE	EXECUTIVE DIRECTOR	34.00	Key Emp	$376,526	$71,660	$514,631

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
2026	$12,476,331	$10,093,298	$23,171,647	$2,383,033
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