NEW YORK CITY FIRE MUSEUM

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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

2015

Legal Domicile

Principal Officer

PAUL MAGDA

Phone

2126911303

Tax Period

2024-07-01 to 2025-06-30

NEW YORK CITY FIRE MUSEUM, founded in 2015, is a small nonprofit in the Arts, Culture & Humanities sector that reported $411K in total revenue in fiscal year 2024. Revenue decreased 16% compared to the prior year. Expenses of $495K exceeded revenue, resulting in a 20% operating deficit.

Mission

THE MISSION OF THE MUSEUM IS TO MAINTAIN PROPERTY, THE ART AND ARTIFACTS OF THE COLLECTION, TO PRESERVE THE HISTORY AND HERITAGE OF FIREFIGHTING, AND TO EDUCATE THE PUBLIC IN FIRE SAFETY AND PREVENTION.

Program Service Accomplishments

Program 1

Expenses: $302,117 Revenue: $705

TO BRING ABOUT A BETTER UNDERSTANDING AND APPRECIATION OF FIREFIGHTING HISTORY AND TO EDUCATE THE PUBLIC IN FIRE SAFETY AND PREVENTION.

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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 $341,588

Program Service Revenue $0

Investment Income $11,417

Other Revenue $58,490

TOTAL REVENUE $411,495

Expense Breakdown

Grants Paid $0

Salaries & Benefits $334,110

Fundraising Expenses $16,539

Program Expenses $302,117

Other Expenses $161,325

TOTAL EXPENSES $495,435

Year-over-Year Comparison

	2024	2023	Change
Revenue	$411,495	$488,444	-0.2%
Expenses	$495,435	$586,621	-0.2%
Net Income	$-83,940	$-98,177	-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

$130,818

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THEODORE GRANT JR	PRESIDENT	2.00	Officer Director	$0	$0	$0
DOROTHY MARKS	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
JEANNE D'ONOFRIO	SECRETARY	2.00	Officer Director	$0	$0	$0
PAUL MAGDA	TREASURER	2.00	Officer Director	$0	$0	$0
JUDITH JAMISON	DIRECTOR	2.00	Officer Director	$0	$0	$0
WILLIAM NORDEN	DIRECTOR	2.00	Director	$0	$0	$0
JAMES VREELAND	VOLUNTEER LAISON	2.00	Director	$0	$0	$0
PATRICK STAHL	DIRECTOR	2.00	Director	$0	$0	$0
RAYMOND BERMUDEZ	DIRECTOR	2.00	Director	$0	$0	$0
PATRICK MAHANEY JR	DIRECTOR	2.00	Director	$0	$0	$0
DOMINICK DERUBBIO	DIRECTOR	2.00	Director	$0	$0	$0
BRUCE TWICKER	DIRECTOR	2.00	Director	$0	$0	$0
LAURA KAVANAGH	EX OFFICIO	2.00	Director	$0	$0	$0
JOHN HODGENS	EX OFFICIO	2.00	Director	$0	$0	$0
PATRICIA MURPHY	EXECUTIVE DIRECTOR	40.00	Officer	$122,851	$7,967	$130,818

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	$411,495	$495,435	$390,177	$-83,940
2024	$488,444	$586,621	$482,222	$-98,177
2023	$506,103	$557,851	$571,228	$-51,748
2022	$617,427	$499,363	$623,088	$118,064
2021	$296,697	$469,420	$590,068	$-172,723
2020	$520,957	$515,466	$762,246	$5,491
2019	$567,711	$569,327	$662,169	$-1,616