ROCKPORT LIBRARY 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

DENISE MUNGER

Phone

2076070002

Tax Period

2021-07-01 to 2022-06-30

ROCKPORT LIBRARY FOUNDATION, founded in 2018, is a small nonprofit in the Education sector that reported $126K in total revenue in fiscal year 2021. Revenue fell 81% from the prior year — a significant decline worth monitoring. Expenses of $214K exceeded revenue, resulting in a 70% operating deficit.

Mission

TO RAISE FUNDS TO SUPPORT THE PUBLIC PURPOSE OF CONSTRUCTION OF THE TOWN OF ROCKPORT PUBLIC LIBRARY, A PUBLIC FACILITY OPERATED BY THE TOWN OF ROCKPORT, MAINE, A STATE OF MAINE MUNICIPAL ENTITY/GOVERNMENTAL UNIT WHICH HAS SECTION 170(C)(1) TAX EXEMPT STATUS STATUS UNDER THE INTERNAL REVENUE CODE. AFTER CONSTRUCTION OF THE ROCKPORT PUBLIC LIBRARY BUILDINGS AND GROUNDS, THE PURPOSE OF THE ROCKPORT LIBRARY FOUNDATION SHALL BE TO RAISE FUNDS FOR SUPPOR OF OPERATIONS, MAINTENANCE OF BUILDINGS AND IMPOROVEMENTS AND THE RESOURCES OF THE LIBRARY.

Program Service Accomplishments

Program 1

Expenses: $175,998

THE ROCKPORT LIBRARY FOUNDATION RAISES FUNDS FOR ITS SUPPORTED ORGANIZATION, THE TOWN OF ROCKPORT, MAINE, WHICH ARE TRANSFERRED TO THE SUPPORTED ORGANIZATION TO BE USED FOR CONSTRUCTION OF THE TOWN OF ROCKPORT PUBLIC LIBRARY. THE FOUNDATION ALSO DIRECTLY OVERSEES AND PAYS EXPENSES WHICH WOULD OTHERWISE BE INCURRED BY THE TOWN OF ROCKPORT FOR THE CONSTRUCTIONS OF THE LIBRARY.

Program 2

Expenses: $2,228

THE FOUNDATION HAS A SEPARATE FUNDING CAMPAIGN TO PROVIDE THE TOWN OF ROCKPORT PUBLIC LIBRARY BUILDING WITH NEW FURNITURE AND FURNISHINGS. THE FOUNDATION DESIGNS AND PURCHASES NEW FURNITURE AND OTHER FURNISHINGS TO BE USED IN THE LIBRARY AFTER BUILDING CONSTRUCTION IS COMPLETED, OR REIMBURSES THE LIBRARY FOR FURNITURE AND FURNISHING EXPENSES.

Program 3

Expenses: $28,090

IN ADDITION TO PROVIDING FUNDING TOWARD THE CONSTRUCTION OF THE NEW LIBRARY, THE FOUNDATION IS PROVIDING PROGRAMMING FOR THE LIBRARY AND DIRECTLY PAYING SELECT OPERATIONAL EXPENSES OF THE LIBRARY, AT...

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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 (2021)

Revenue Breakdown

Contributions & Grants $125,561

Program Service Revenue $0

Investment Income $167

Other Revenue $0

TOTAL REVENUE $125,728

Expense Breakdown

Grants Paid $174,959

Salaries & Benefits $0

Fundraising Expenses $1,391

Program Expenses $206,316

Other Expenses $38,800

TOTAL EXPENSES $213,759

Year-over-Year Comparison

	2021	2020	Change
Revenue	$125,728	$664,921	-0.8%
Expenses	$213,759	$1,209,174	-0.8%
Net Income	$-88,031	$-544,253	-0.8%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DENISE MUNGER	PRESIDENT OF	3.00	Officer Director	$0	$0	$0
NICHOLAS RUFFIN	VICE PRES. O	3.00	Officer Director	$0	$0	$0
INGRID VAN STEENBERG	TREASURER	3.00	Officer Director	$0	$0	$0
MARK VAN BAALEN	SECRETARY	3.00	Officer Director	$0	$0	$0
HELEN SHAW	DIRECTOR	1.50	Director	$0	$0	$0
MAUREEN COLE	DIRECTOR	1.50	Director	$0	$0	$0

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
2022	$125,728	$213,759	$172,889	$-88,031
2021	$664,921	$1,209,174	$310,933	$-544,253
2020	$873,195	$914,805	$905,247	$-41,610
2020	$972,678	$914,288	$905,247	$58,390
2019	$1,066,016	$219,159	$846,857	$846,857