NORTH STAR REVIEW BOARD

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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

2021

Legal Domicile

Principal Officer

Stephen Rosenfeld

Phone

3605614758

Tax Period

2025-01-01 to 2025-12-31

NORTH STAR REVIEW BOARD, founded in 2021, is a small nonprofit in the Medical Research sector that reported $440K in total revenue in fiscal year 2025. The organization ran a surplus of $171K, a strong 39% operating margin.

Mission

To protect the rights and welfare of human participants in research, and to educate the research community on the protection of those rights.

Program Service Accomplishments

Program 1

Expenses: $269,291

North Star Review Board serves as an Institutional Review Board, reviewing research (both biomedical and social/behavioral (under the standards established by the "Common Rule" at 45 CFR 46 or the...

North Star Review Board serves as an Institutional Review Board, reviewing research (both biomedical and social/behavioral (under the standards established by the "Common Rule" at 45 CFR 46 or the FDA regulations at 21 CFR 50 and 56). This is our only program service. In 2025, we provided initial reviews for 101 new research studies, and provided 833 review for approved studies (e.g., review of changes to the study, its informed consent forms, or recruitment materials). 65% of the studies we have reviewed have focused on rare diseases, and 77% of the research reviewed was funded by nonprofit organizations or government grants.

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $440,300

Investment Income $0

Other Revenue $0

TOTAL REVENUE $440,300

Expense Breakdown

Grants Paid $0

Salaries & Benefits $218,556

Fundraising Expenses $0

Program Expenses $269,291

Other Expenses $50,734

TOTAL EXPENSES $269,290

Year-over-Year Comparison

	2025	2024	Change
Revenue	$440,300	$440,300	N/A
Expenses	$269,290	$269,291	0.0%
Net Income	$171,010	$171,009	+0.0%

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

$79,077

Total Directors

Key Employees

$123,707

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Patricia Seymour	IRB Manager	35.00	Key Emp	$69,261	$0	$69,261
Stephen Rosenfeld	Executive Director	35.00	Officer Highest	$79,077	$0	$79,077
Barbara Bierer	Board Member	0.50		$0	$0	$0
Ross Hickey	Board Member	0.50		$0	$0	$0
Anna Camilla Rosenfeld	Operations Specialist	40.00	Key Emp	$54,446	$0	$54,446

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	$440,300	$269,290	$466,746	$171,010