SEAFAIR CHARITABLE FOUNDATION

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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

2018

Legal Domicile

Principal Officer

ERIC CORNING

Phone

2067280123

Tax Period

2023-01-01 to 2023-12-31

SEAFAIR CHARITABLE FOUNDATION, founded in 2018, is a community nonprofit in the Philanthropy & Grantmaking sector that reported $3.9M in total revenue in fiscal year 2023. Expenses of $3.8M left a modest 3% surplus.

Mission

SEAFAIR PROMOTES SOCIAL, CULTURAL, AND COMMUNITY ACTIVITIES IN THE GREATER SEATTLE AREA. THE SEAFAIR MISSION IS CREATING MEMORIES, PROVIDING AFFORDABLE FUN, AND UNITING COMMUNITIES.

Program Service Accomplishments

Program 1

Expenses: $2,945,338 Revenue: $1,890,071

SEAFAIR PROMOTES SOCIAL, CULTURAL AND COMMUNITY ACTIVITIES IN THE GREATER SEATTLE AREA. THE SEAFAIR MISSION IS CREATING MEMORIES, PROVIDING AFFORDABLE FUN AND UNITING COMMUNITIES. SEAFAIR PRODUCES...

SEAFAIR PROMOTES SOCIAL, CULTURAL AND COMMUNITY ACTIVITIES IN THE GREATER SEATTLE AREA. THE SEAFAIR MISSION IS CREATING MEMORIES, PROVIDING AFFORDABLE FUN AND UNITING COMMUNITIES. SEAFAIR PRODUCES THREE MAJOR EVENTS IN THE CITY OF SEATTLE WHERE THERE IS A FREE COMPONENT TO EACH EVENT MAKING IT ACCESSIBLE FOR ALL TO PARTICIPATE. THE EVENTS INCLUDE SEAFAIR SUMMER 4TH, TORCHLIGHT PARADE AND THE SEAFAIR WEEKEND FESTIVAL. SAFAIR ENGAGES WITH 30 COMMUNITY EVENTS, FESTIVALS AND PARADES REACHING KING AND SNOHOMISH COUNTIES.

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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 $1,968,693

Program Service Revenue $1,086,236

Investment Income $632

Other Revenue $883,867

TOTAL REVENUE $3,939,428

Expense Breakdown

Grants Paid $300

Salaries & Benefits $728,583

Fundraising Expenses $540,243

Program Expenses $2,945,338

Other Expenses $3,083,819

TOTAL EXPENSES $3,812,702

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,939,428	$3,771,011	+0.0%
Expenses	$3,812,702	$3,539,066	+0.1%
Net Income	$126,726	$231,945	-0.5%

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

1500

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

$188,141

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PHONTEL SHAMI	CHAIR	2.00	Officer Director	$0	$0	$0
DELMAS WHITTAKER	CHAIR-ELECT	1.50	Officer Director	$0	$0	$0
EMILY HAYES	TREASURER	1.50	Officer Director	$0	$0	$0
MARIA TRINGALI	SECRETARY	1.00	Officer Director	$0	$0	$0
DEANNE EDERER EMMONS	PAST-CHAIR/GOVERNANCE	0.50	Officer Director	$0	$0	$0
DAVID CRUMP	GOVERNMENT AFFAIRS	1.00	Officer Director	$0	$0	$0
MICHELLE RUDD	ALUMNI ADVISORY	1.00	Officer Director	$0	$0	$0
JOEL ANDRUS	DIRECTOR	1.00	Director	$0	$0	$0
PAM ANDERSON	DIRECTOR	1.00	Director	$0	$0	$0
LANCE BALL	DIRECTOR	1.00	Director	$0	$0	$0
JIMMY COLLINS	DIRECTOR	1.00	Director	$0	$0	$0
JAYMELINA ESMELE	DIRECTOR	1.00	Director	$0	$0	$0
MARK GLEASON	DIRECTOR	1.00	Director	$0	$0	$0
KEN GRANT	DIRECTOR	1.00	Director	$0	$0	$0
RON HIGGS	DIRECTOR	1.00	Director	$0	$0	$0
MATT KASLIK	DIRECTOR	1.00	Director	$0	$0	$0
STEVE SPOSARI	DIRECTOR	1.00	Director	$0	$0	$0
KEITH TAYLOR	DIRECTOR	1.00	Director	$0	$0	$0
ERIC CORNING	PRESIDENT/CEO	40.00	Officer	$188,141	$0	$188,141

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	$3,939,428	$3,812,702	$1,411,145	$126,726
2022	$3,771,011	$3,539,066	$1,049,430	$231,945
2021	$865,099	$797,556	$618,148	$67,543
2020	$251,923	$868,160	$847,601	$-616,237