CUBA STUDY GROUP INC

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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

2001

Legal Domicile

Principal Officer

CARLOS SALADRIGAS

Phone

3056685437

Tax Period

2024-07-01 to 2025-06-30

CUBA STUDY GROUP INC, founded in 2001, is a small nonprofit in the Civil Rights & Advocacy sector that reported $489K in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion. The organization ran a surplus of $91K, a strong 19% operating margin.

Mission

THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO EDUCATE THE PUBLIC ON ALTERNATIVES THAT LEAD TO A FREE, SOVEREIGN, INCLUSIVE AND PROSPEROUS CUBA THAT PROVIDES OPPORTUNITIES FOR ALL OF ITS CITIZENS TO FULFILL THEIR ASPIRATIONS.

Program Service Accomplishments

Program 1

Expenses: $309,016

THE ORGANIZATION STUDIES AND PROPOSES PROJECTS AND IDEAS THAT PROMOTE AND FACILITATE NON-VIOLENT CHANGES IN CUBA LEADING TO AN OPEN SOCIETY, RESPECT FOR HUMAN RIGHTS AND THE RULE OF LAW, A...

THE ORGANIZATION STUDIES AND PROPOSES PROJECTS AND IDEAS THAT PROMOTE AND FACILITATE NON-VIOLENT CHANGES IN CUBA LEADING TO AN OPEN SOCIETY, RESPECT FOR HUMAN RIGHTS AND THE RULE OF LAW, A PRODUCTIVE, MARKET-BASED ECONOMY, AND THE REUNIFICATION OF THE CUBAN NATION. THE ORGANIZATION UNDERTAKES ACADEMIC RESEARCH, PROMOTES DEBATE, CONDUCTS PUBLIC OPINION SURVEYS, AND HOLDS CONFERENCES. THE PURPOSE OF EACH OF THESE ACTIVITIES IS TO PROMOTE A GREATER UNDERSTANDING OF THE FORCES THAT IMPACT CIVIL SOCIETY DEVELOPMENT IN CUBA AND PRODUCE DEBATE ON THE SOCIAL AND ETHICAL ISSUES TO BE FACED BY THOSE WHO DESIRE TO EMPOWER THE CUBAN PEOPLE TO BE THE AUTHORS OF THEIR OWN FUTURE.

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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 $473,011

Program Service Revenue $0

Investment Income $16,164

Other Revenue $0

TOTAL REVENUE $489,175

Expense Breakdown

Grants Paid $35,460

Salaries & Benefits $217,066

Fundraising Expenses $0

Program Expenses $309,016

Other Expenses $145,240

TOTAL EXPENSES $397,766

Year-over-Year Comparison

	2024	2023	Change
Revenue	$489,175	$437,343	+0.1%
Expenses	$397,766	$337,458	+0.2%
Net Income	$91,409	$99,885	-0.1%

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

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

$194,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CARLOS A SALADRIGAS	CHAIRMAN	2.00	Officer Director	$0	$0	$0
JORGE BENITEZ	DIRECTOR	2.00	Director	$0	$0	$0
ANDRES FANJUL	DIRECTOR	2.00	Director	$0	$0	$0
MARIA GARCIA BERRY	DIRECTOR	2.00	Director	$0	$0	$0
ROBERTO GOIZUETA	DIRECTOR	2.00	Director	$0	$0	$0
DAVID HERNANDEZ	DIRECTOR	2.00	Director	$0	$0	$0
EDUARDO MESTRE	DIRECTOR	2.00	Director	$0	$0	$0
CHRIS ERGEN	DIRECTOR	2.00	Director	$0	$0	$0
JOHN HICKEY	DIRECTOR	2.00	Director	$0	$0	$0
MIGUEL FERNANDEZ	DIRECTOR	2.00	Director	$0	$0	$0
JAVIER MORA	DIRECTOR (FROM 01/24 - 12/24)	2.00	Director	$0	$0	$0
ARIEL PEREDA	DIRECTOR	2.00	Director	$0	$0	$0
MARY PATRICIA EBRAHIMI	DIRECTOR	2.00	Director	$0	$0	$0
RICARDO HERRERO	EXECUTIVE DIRECTOR	40.00	Officer	$194,000	$0	$194,000

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	$489,175	$397,766	$277,448	$91,409
2024	No data	No data	No data	No data
2023	$246,841	$307,657	$83,323	$-60,816
2022	$177,321	$317,518	$144,139	$-140,197
2021	$257,888	$243,708	$284,336	$14,180
2020	$304,481	$281,565	$284,455	$22,916
2019	$213,807	$222,423	$241,739	$-8,616
2018	$276,020	$172,722	$250,355	$103,298