ASSOCIATION OF AMERICAN RAILROADS (EIN 536000125) - 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

1934

Legal Domicile

Principal Officer

IAN JEFFERIES

Phone

2026392100

Tax Period

2023-01-01 to 2023-12-31

ASSOCIATION OF AMERICAN RAILROADS, founded in 1934, is a mid-sized nonprofit that reported $77.0M in total revenue in fiscal year 2023. Revenue surged 29% from the prior year, signaling strong growth momentum. Expenses of $68.1M left a modest 12% surplus.

Mission

TO PROMOTE THE COMMON INTERESTS OF RAILROADS.

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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 $4,057,064

Program Service Revenue $68,615,798

Investment Income $376,199

Other Revenue $3,954,295

TOTAL REVENUE $77,003,356

Expense Breakdown

Grants Paid $1,734,007

Salaries & Benefits $21,025,345

Fundraising Expenses $0

Other Expenses $45,338,439

TOTAL EXPENSES $68,097,791

Year-over-Year Comparison

	2023	2022	Change
Revenue	$77,003,356	$59,775,689	+0.3%
Expenses	$68,097,791	$59,833,146	+0.1%
Net Income	$8,905,565	$-57,457	-156.0%

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

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

$3,533,489

Total Directors

Key Employees

$1,921,313

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEITH CREEL	DIRECTOR	1.00	Director	$0	$0	$0
KATHRYN M FARMER	DIRECTOR	1.00	Director	$0	$0	$0
LANCE FRITZ	DIRECTOR (THRU 8/2023)	1.00	Director	$0	$0	$0
JOHN HELLMANN	DIRECTOR (THRU 8/2023)	1.00	Director	$0	$0	$0
JOE HINRICHS	DIRECTOR	1.00	Director	$0	$0	$0
FERNANDO LOPEZ-GUERRA	DIRECTOR	1.00	Director	$0	$0	$0
PATRICK OTTENSMEYER	DIRECTOR (THRU 8/2023)	1.00	Director	$0	$0	$0
TRACY ROBINSON	DIRECTOR	1.00	Director	$0	$0	$0
ALAN SHAW	DIRECTOR	1.00	Director	$0	$0	$0
DEWAYNE SWINDALL	DIRECTOR	1.00	Director	$0	$0	$0
JOE PARSONS	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL MILLER	DIRECTOR	1.00	Director	$0	$0	$0
JIM VENA	DIRECTOR	1.00	Director	$0	$0	$0
IAN N JEFFERIES	PRESIDENT, CEO	39.00	Officer	$2,515,035	$82,445	$2,597,480
PAUL R HEDRICK	SVP-FIN. & ADMIN. & CFO	36.00	Officer	$545,813	$68,388	$614,201
EDWARD A KENDALL JR	CORPORATE SECRETARY	39.00	Officer	$267,001	$54,807	$321,808
KATHRYN D KIRMAYER	SVP-LAW & GENERAL COUNSEL	39.00	Key Emp	$703,703	$57,985	$761,688
MICHAEL J RUSH	SVP-SAFETY & OPERATIONS	36.00	Key Emp	$538,526	$71,046	$609,572
KRISTIN A SMITH	SVP-COMMUNICATIONS	39.00	Key Emp	$474,799	$75,254	$550,053
ADRIAN ARNAKIS	SVP-GOVERNMENT AFFAIRS	40.00	Highest	$624,088	$57,273	$681,361
JOHN T GRAY	SVP-POLICY & ECONOMICS	39.00	Highest	$553,531	$59,149	$612,680
STEPHEN GORDON	ASSOCIATE GENERAL COUNSEL	40.00	Highest	$315,513	$24,462	$339,975
JOHN MILLER	ASSOCIATE GENERAL COUNSEL	40.00	Highest	$324,403	$68,345	$392,748
WILLIAM C THOMPSON	PROGRAM MANAGER	40.00	Highest	$355,701	$70,346	$426,047

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	$77,003,356	$68,097,791	$48,749,406	$8,905,565
2022	$59,775,689	$59,833,146	$28,089,328	$-57,457
2021	$56,732,394	$52,758,559	$28,256,585	$3,973,835
2020	$54,770,301	$53,882,878	$24,043,896	$887,423
2019	$54,265,129	$54,076,034	$23,280,217	$189,095
2018	$53,334,570	$52,646,556	$24,158,660	$688,014

ASSOCIATION OF AMERICAN RAILROADS