Rheumatology Research Foundation (EIN 581654301) - 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

1985

Legal Domicile

Phone

4046333777

Tax Period

2024-07-01 to 2025-06-30

Rheumatology Research Foundation, founded in 1985, is a mid-sized nonprofit in the Medical Research sector that reported $19.8M in total revenue in fiscal year 2024. Revenue surged 42% from the prior year, signaling strong growth momentum. Expenses of $17.1M left a modest 14% surplus.

Mission

SUPPORT RESEARCH & TRAINING THAT ADVANCES THE PREVENTION, TREATMENT AND CURE OF RHEUMATIC DISEASES.

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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 $14,078,487

Program Service Revenue $0

Investment Income $5,707,327

Other Revenue $0

TOTAL REVENUE $19,785,814

Expense Breakdown

Grants Paid $11,735,721

Salaries & Benefits $0

Fundraising Expenses $1,983,476

Program Expenses $14,441,757

Other Expenses $5,334,955

TOTAL EXPENSES $17,070,676

Year-over-Year Comparison

	2024	2023	Change
Revenue	$19,785,814	$13,965,881	+0.4%
Expenses	$17,070,676	$17,398,192	0.0%
Net Income	$2,715,138	$-3,432,311	-1.8%

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

N/A

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

$119,734

Total Directors

$128,575

Key Employees

$1,165,994

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Anne Bass MD	Treasurer (2023-2025)	14.0	Officer Director	$0	$0	$47,300
Bryce Binstadt MD PhD	Foundation Vice President (2023-2025)	14.0	Officer Director	$0	$0	$3,434
Liana Fraenkel MD MPH	Foundation President (2023-2025)	14.0	Officer Director	$0	$0	$69,000
Alexis Ogdie MD	Member at Large (2024-2027)	2.0	Director	$0	$0	$2,500
Alfred Kim MD PhD	Chair, Impact Advisory Council (2023-2026)	2.0	Director	$0	$0	$1,000
Angus Worthing MD	Secretary (2024-2026)	2.0	Director	$0	$0	$0
Anisha Dua MD	Chair, ACR Committee on Training (2024-2027)	2.0	Director	$0	$0	$0
Carol Young MD	Member at Large (2022-2025)	2.0	Director	$0	$0	$0
Charles Saia	Member at Large (2024-2027)	2.0	Director	$0	$0	$0
Corinne Karp MAEd	Member at Large (2022-2025)	2.0	Director	$0	$0	$0
Edward Behrens MD	Chair, Scientific Advisory Council (2023-2026)	2.0	Director	$0	$0	$2,956
Firas Kassab MD	Member at Large (2022-2025)	2.0	Director	$0	$0	$0
Jay Norman	Member at Large (2024-2027)	2.0	Director	$0	$0	$0
Jody Hargrove MD	Chair, Development Advisory Council (2022-2025)	2.0	Director	$0	$0	$0
Linda Hiraki MD MS ScD	ACR Research Representative (2023-2026)	2.0	Director	$0	$0	$0
M Elaine Husni MD	Member at Large (2023-2026)	2.0	Director	$0	$0	$0
Rina Joshi DO	Fellow-In-Training Representative (2024-2025)	2.0	Director	$0	$0	$0
Ryan DeMassi MD	Corporate Roundtable Representative - 2023-2025	2.0	Director	$0	$0	$0
Susan Bartlett PhD	ARP Representative (2024-2027)	2.0	Director	$0	$0	$2,385
Ted Mikuls MD MSHP	Member at Large (2023-2026)	2.0	Director	$0	$0	$0
Colleen Merkel	VP, Operations and Finance	1.0	Key Emp	$0	$49,300	$295,381
Eryn Marchiolo	VP, Mission	1.0	Key Emp	$0	$30,479	$200,878
Mona Bhavsar	Sr. Director, Controller	1.0	Key Emp	$0	$36,237	$187,061
Paula Reed	VP, Philanthropy	1.0	Key Emp	$0	$31,255	$208,451
Rachel Myslinski	Executive Director	1.0	Key Emp	$0	$45,590	$274,223
Benjamin Walkuski	Director, Individual Engagement & Philanthropy	1.0	Highest	$0	$25,615	$146,540
Colette Novak	Director, Data Strategy	1.0	Highest	$0	$31,830	$133,410
Kay Butts-Pruett	Sr. Director, Philanthropy	1.0	Highest	$0	$26,649	$162,348
Lauren Adalfio	Senior Manager, Finance	1.0	Highest	$0	$33,836	$158,385
Michael Greer	Director, Philanthropy Officer	1.0	Highest	$0	$28,219	$131,743

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	$19,785,814	$17,070,676	$76,434,619	$2,715,138
2024	$13,965,881	$17,398,192	$70,729,610	$-3,432,311
2023	$13,039,465	$17,402,769	$70,496,543	$-4,363,304
2022	$7,906,919	$16,411,503	$70,647,398	$-8,504,584
2021	$23,684,495	$15,965,678	$86,854,419	$7,718,817
2020	$10,312,979	$13,475,852	$70,977,667	$-3,162,873
2019	$13,527,750	$12,713,963	$73,274,185	$813,787
2018	$29,567,657	$13,523,272	$71,590,041	$16,044,385

Rheumatology Research Foundation