STATE DEMOCRACY PROJECT

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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

1996

Legal Domicile

Principal Officer

BETH SCHULMAN

Phone

2018158499

Tax Period

2023-01-01 to 2023-12-31

STATE DEMOCRACY PROJECT, founded in 1996, is a mid-sized nonprofit in the Public & Societal Benefit sector that reported $19.7M in total revenue in fiscal year 2023. Revenue surged 921% from the prior year, signaling strong growth momentum. Expenses of $17.0M left a modest 14% surplus.

Mission

THE STATE DEMOCRACY PROJECT DEDICATES ITSELF TO SERVING THE GENERAL PUBLIC AND POLICY MAKERS REGARDING THE NEED TO ITERATIVELY IMPROVE AMERICAN DEMOCRACY BY ENCOURAGING INCREASED CITIZEN PARTICIPATION IN ELECTIONS AND POLICY-MAKING, AS WELL AS MORE RESPONSIVE GOVERNMENT INSTITUTIONS AT THE LOCAL, STATE AND FEDERAL LEVELS.

Program Service Accomplishments

Program 1

Expenses: $16,826,629 Revenue: $151,075

SPONSORED PROJECTSTHE STATE DEMOCRACY PROJECT SUPPORTS A DIVERSE ARRAY OF GRASSROOTS ORGANIZATIONS TO PURSUE STRUCTURAL CHANGES TO EXPAND PARTICIPATION, MAKE GOVERNMENT MORE RESPONSIVE, AND BUILD A MORE DEMOCRATIC SOCIETY. STATE DEMOCRACY PROJECT'S PROGRAM SERVICES CONCENTRATE ON PROVIDING THESE PARTNERS WITH FISCAL SPONSORSHIP ARRANGEMENTS THAT ALLOW THEM TO FOCUS ON PROGRAMMATIC GOALS WHILE REDUCING THEIR BUREAUCRATIC OBLIGATIONS.BY THE END OF 2023, STATE DEMOCRACY PROJECT HAS ENTERED INTO EIGHTEEN SEPARATE FISCAL SPONSORSHIP AGREEMENTS TO SUPPORT PROJECTS WHICH WILL FURTHER THE CHARITABLE AND EDUCATIONAL PURPOSES OF STATE DEMOCRACY PROJECT. GRANT FUNDS AWARDED TO THESE ORGANIZATIONS ARE SUBJECT TO THE RESTRICTIONS AND OBLIGATIONS IMPOSED BY THE AGREEMENTS AND MAY ONLY BE USED FOR THE REASONABLE AND NECESSARY EXPENSES INCURRED IN CONDUCTING THE PROJECTS IDENTIFIED. STATE DEMOCRACY PROJECT MAY CHARGE UP TO THREE PERCENT OF ALL GIFTS RECEIVED IN SUPPORT OF THE PROJECTS TO DEFRAY ADMINISTRATIVE AND MANAGEMENT COSTS RELATED TO MONITORING THESE AGREEMENTS. STATE DEMOCRACY PROJECT RETAINS THE UNILATERAL VARIANCE POWER PURSUANT TO THE SIGNED AGREEMENTS.

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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 $19,571,148

Program Service Revenue $151,075

Investment Income $0

Other Revenue $447

TOTAL REVENUE $19,722,670

Expense Breakdown

Grants Paid $16,661,466

Salaries & Benefits $99,818

Fundraising Expenses $36,800

Program Expenses $16,826,629

Other Expenses $263,101

TOTAL EXPENSES $17,024,385

Year-over-Year Comparison

	2023	2022	Change
Revenue	$19,722,670	$1,932,025	+9.2%
Expenses	$17,024,385	$2,456,576	+5.9%
Net Income	$2,698,285	$-524,551	-6.1%

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

$99,818

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TAMARA BRUNNER	CHAIR	1.00	Officer Director	$0	$0	$0
DAN CANTOR	SECRETARY (THRU JUNE); TREASURER	1.00	Officer Director	$0	$0	$0
RAJAN NARANG	ED (THRU FEB); DIRECTOR (AS OF MAR)	0.50	Officer Director	$0	$0	$0
BRIAN KETTENRING	DIRECTOR (THROUGH MAR)	1.00	Director	$0	$0	$0
ASA SHAW	DIRECTOR	0.50	Director	$0	$0	$0
BETH SCHULMAN	SDP DIRECTOR	35.00	Officer	$59,094	$4,950	$64,044
YOUNG JUNG CHO	ED OF SDP'S BPRC PROJECT	35.00	Officer	$28,619	$7,155	$35,774

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	$19,722,670	$17,024,385	$3,119,318	$2,698,285
2022	$1,932,025	$2,456,576	$1,632,857	$-524,551
2021	$486,044	$673,035	$802,575	$-186,991
2020	$1,595,414	$733,306	$977,844	$862,108
2019	$359,482	$590,783	$121,866	$-231,301
2018	$1,313,116	$1,451,981	$348,688	$-138,865