Independent Women's Forum

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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

1992

Legal Domicile

Principal Officer

Carrie Lukas

Phone

2028575201

Tax Period

2024-01-01 to 2024-12-31

Independent Women's Forum, founded in 1992, is a mid-sized nonprofit in the Civil Rights & Advocacy sector that reported $10.5M in total revenue in fiscal year 2024. Revenue surged 47% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.1M, a strong 20% operating margin.

Mission

Engage more individuals in the civic process, educate them about the impact of public policies on their lives and our economy, and build support for policies that empower individuals.

Program Service Accomplishments

Program 1

Expenses: $2,673,099 Revenue: $0

Domestic Policy and Economics - IWF examines the impact of policies - such as our tax code, regulatory system, national budget, health care laws and education system - on American families and the...

Domestic Policy and Economics - IWF examines the impact of policies - such as our tax code, regulatory system, national budget, health care laws and education system - on American families and the economy.

Program 2

Expenses: $2,969,127 Revenue: $0

Education, Communication, and Earned Media - IWF promotes the work of our scholars and spokeswomen, bringing their message to audience through print publications, television, radio, the internet and social media platforms. IWF also develops educational materials to help build amoung the public greater understanding of economic facts and principles.

Program 3

Expenses: $861,522 Revenue: $0

Independent Womens Law Center (IWLC)- supports freedom and opportunity for women and girls in the legal arena. In the courts, before administrative agencies and legislative bodies, and in the court of public opinion, IWLC fights against radical legal theories that deny due process, undermine equal opportunity, make the government less accountable, and punish certain viewpoints.

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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 $10,460,073

Program Service Revenue $0

Investment Income $40,683

Other Revenue $16,861

TOTAL REVENUE $10,517,617

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,887,164

Fundraising Expenses $475,506

Program Expenses $7,388,948

Other Expenses $4,515,438

TOTAL EXPENSES $8,402,602

Year-over-Year Comparison

	2024	2023	Change
Revenue	$10,517,617	$7,143,966	+0.5%
Expenses	$8,402,602	$7,533,363	+0.1%
Net Income	$2,115,015	$-389,397	-6.4%

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

$329,072

Total Directors

Key Employees

$468,934

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Heather R Higgins	Chairman of the Board	5.00	Director	$0	$0	$0
Giovanna Cugnasca	Director	1.00	Director	$0	$0	$0
Nan Hayworth	Director	1.00	Director	$0	$0	$0
Abby Moffat	Director	1.00	Director	$0	$0	$0
Dick Weiss	Director	1.00	Director	$0	$0	$0
Myles Pollin	Director	1.00	Director	$0	$0	$0
Larry Kudlow	Director	1.00	Director	$0	$0	$0
Adele Malpass	Director	1.00	Director	$0	$0	$0
Carrie Lukas	President	37.00	Officer Key Emp Highest	$282,872	$0	$282,872
Amber Schwartz	Exec VP	32.00	Key Emp Highest	$186,062	$0	$186,062
Lorena Riley	Treasurer	22.00	Officer	$46,200	$0	$46,200

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	$10,517,617	$8,402,602	$5,614,812	$2,115,015
2023	$7,143,966	$7,533,363	$2,922,508	$-389,397
2022	$5,163,003	$5,717,511	$3,628,431	$-554,508
2021	$6,569,955	$3,441,242	$4,282,935	$3,128,713
2020	$5,680,509	$5,008,664	$1,546,796	$671,845
2019	$3,751,181	$3,032,297	$1,663,534	$718,884
2019	$3,751,181	$3,032,297	$1,663,534	$718,884
2018	$3,221,034	$3,713,784	$1,376,663	$-492,750