NORFOLK VOLUNTEER FIRE DEPARTMENT INC (EIN 850488098) - Form 990 Financial Analysis & Trantor Score

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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

1907

Legal Domicile

Principal Officer

PAUL PADUA

Phone

8605425021

Tax Period

2024-07-01 to 2025-06-30

NORFOLK VOLUNTEER FIRE DEPARTMENT INC, founded in 1907, is a micro nonprofit in the Public Safety sector that reported $89K in total revenue in fiscal year 2024. Revenue decreased 13% compared to the prior year. Net assets of $495K represent 67 months of operating reserves.

Mission

TO PROVIDE EFFICIENT, HIGH QUALITY FIRE PROTECTION AND EMERGENCY SERVICES TO ALL PERSONS WITHIN THE BOUNDARIES OF THE TOWN OF NORFOLK, CT

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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 $81,984

Program Service Revenue $0

Investment Income $6,768

Other Revenue $0

TOTAL REVENUE $88,752

Expense Breakdown

Grants Paid $10,050

Salaries & Benefits $0

Fundraising Expenses $5,054

Program Expenses $85,493

Other Expenses $83,106

TOTAL EXPENSES $93,156

Year-over-Year Comparison

	2024	2023	Change
Revenue	$88,752	$101,839	-0.1%
Expenses	$93,156	$102,514	-0.1%
Net Income	$-4,404	$-675	+5.5%

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

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
PAUL PADUA	PRESIDENT	3.00	Officer	$0	$0	$0
MARTIN BANKS	VICE PRESIDENT	1.00	Officer	$0	$0	$0
JUDY LUDWIG	SECRETARY	4.00	Officer	$0	$0	$0
ANGELA HUTCHINS	TREASURER	6.00	Officer	$0	$0	$0
RICHARD BYRNE	TRUSTEE	1.00	Director	$0	$0	$0
KENNETH LUDWIG	TRUSTEE	1.00	Director	$0	$0	$0
TODD MILLER	TRUSTEE	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
2025	$88,752	$93,156	$495,499	$-4,404
2024	$101,839	$102,514	$499,403	$-675
2023	$258,802	$69,330	$510,398	$189,472

NORFOLK VOLUNTEER FIRE DEPARTMENT INC