Second Chance Studios

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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

2020

Legal Domicile

Principal Officer

Ravi Gupta

Phone

2025520221

Tax Period

2022-01-01 to 2022-12-31

Second Chance Studios, founded in 2020, is a small nonprofit in the Crime & Legal sector that reported $550K in total revenue in fiscal year 2022. Revenue surged 20% from the prior year, signaling strong growth momentum. Expenses of $815K exceeded revenue, resulting in a 48% operating deficit.

Mission

The mission of Second Chance Studios is to employ, train and empower formerly incarcerated individuals from New York City to help them gain a marketable skill-set and overcome the barriers to re-joining the workforce.

Program Service Accomplishments

Program 1

Expenses: $453,743

In 2022, Second Chance Studios continued its inaugural Digital Media Fellowship Program, employing formerly incarcerated individuals to train and assist them in starting their media careers. The...

In 2022, Second Chance Studios continued its inaugural Digital Media Fellowship Program, employing formerly incarcerated individuals to train and assist them in starting their media careers. The organization facilitated and hosted over 300 hours of training for fellows, built a mentor circle of 30+ mentors, and obtained 15+ corporate and philanthropic partners.

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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 (2022)

Revenue Breakdown

Contributions & Grants $550,317

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $550,317

Expense Breakdown

Grants Paid $300

Salaries & Benefits $547,474

Fundraising Expenses $107,563

Program Expenses $453,743

Other Expenses $267,165

TOTAL EXPENSES $814,939

Year-over-Year Comparison

	2022	2021	Change
Revenue	$550,317	$458,151	+0.2%
Expenses	$814,939	$340,371	+1.4%
Net Income	$-264,622	$117,780	-3.2%

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

$124,419

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Lajuanda Asemota	President & CEO	40.00	Officer	$115,581	$8,838	$124,419
Ravi Gupta	Chairman	1.00	Officer Director	$0	$0	$0
Coss Marte	Vice President	1.00	Officer Director	$0	$0	$0
Alfred Johnson	Treasurer	1.00	Officer Director	$0	$0	$0
Natalie Papillion	Director	1.00	Director	$0	$0	$0
Jordan Vaughn	Director	1.00	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
2022	$550,317	$814,939	$9,725	$-264,622
2021	$458,151	$340,371	$245,263	$117,780
2020	$202,745	$78,104	$136,474	$124,641