FRIENDS OF NEWPORT SKATEPARK

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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

2019

Legal Domicile

Principal Officer

MICHAEL J RICHARDS

Phone

4018458900

Tax Period

2023-01-01 to 2023-12-31

FRIENDS OF NEWPORT SKATEPARK, founded in 2019, is a small nonprofit in the Recreation & Sports sector that reported $521K in total revenue in fiscal year 2023. Revenue surged 15743% from the prior year, signaling strong growth momentum. The organization ran a surplus of $485K, a strong 93% operating margin.

Mission

PROMOTING, FACILITATING, DESIGNING, SUPPORTING, ADVOCATING FOR AND FUNDRAISING FOR THE DESIGN, DEVELOPMENT AND THE BUILDING OF A PUBLIC SKATE PARK IN THE CITY OF NEWPORT, RHODE ISLAND

Program Service Accomplishments

Program 1

Expenses: $9,450

ENGINEERING CONSULTING AND DESIGN TO PREPARE SKATEPARK AREA CONCEPT PLAN.

Program 2

Expenses: $26,212

THROUGH COMMUNITY AND INDIVIDUAL DONATIONS AND PLEDGES,REACHED GOAL OF RAISING ONE MILLION DOLLARS TOWARD THE COST OF THE CONSTRUCTION OF THE SKATEPARK.

Program 3

SUBMITTED SKATEPARK PLANS TO THE RHODE ISLAND INTERLOCAL TRUST FOR REVIEW FOR MUNICIPAL INSURANCE RISK INSURANCE.

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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 $517,748

Program Service Revenue $0

Investment Income $3,315

Other Revenue $0

TOTAL REVENUE $521,063

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $35,662

Other Expenses $36,291

TOTAL EXPENSES $36,291

Year-over-Year Comparison

	2023	2022	Change
Revenue	$521,063	$3,289	+157.4%
Expenses	$36,291	$622	+57.3%
Net Income	$484,772	$2,667	+180.8%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL J RICHARDS	DIRECTOR	5.00	Director	$0	$0	$0
PAUL MARSHALL	DIRECTOR	5.00	Director	$0	$0	$0
JAY JOHNSON	DIRECTOR	5.00	Director	$0	$0	$0
KEVIN HYMAN	DIRECTOR	3.00	Director	$0	$0	$0
STEPHEN ABBRUZZI	DIRECTOR	3.00	Director	$0	$0	$0
CHARLES COOPER	DIRECTOR	3.00	Director	$0	$0	$0
DONNY BARLEY	DIRECTOR	3.00	Director	$0	$0	$0
MARK ARMARAL	DIRECTOR	2.00	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
2024	No data	No data	No data	No data
2023	$521,063	$36,291	$491,900	$484,772