FRIENDS OF HAAC INC

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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

JOHN THORNBURG

Phone

7036849444

Tax Period

2023-01-01 to 2023-12-31

FRIENDS OF HAAC INC, founded in 2020, is a small nonprofit in the Philanthropy & Grantmaking sector that reported $211K in total revenue in fiscal year 2023. Revenue fell 59% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $206K, a strong 98% operating margin.

Mission

THE PURPOSE OF THE ORGANIZATION IS TO RAISE FUNDS, DISTRIBUTE FUNDS AND PROVIDE SUPPORT FOR SCHOLARSHIP PROGRAMS IN NORTH AMERICA, INCLUDING THE HORATIO ALGER ASSOCIATION OF CANADA (HAAC).

Program Service Accomplishments

Program 1

RAISE FUNDS, DISTRIBUTE FUNDS AND PROVIDE SUPPORT FOR SCHOLARSHIP PROGRAMS IN NORTH AMERICA, INCLUDING THE HORATIO ALGER ASSOCIATION OF CANADA (HAAC).

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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 $210,575

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $210,575

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $4,997

TOTAL EXPENSES $4,997

Year-over-Year Comparison

	2023	2022	Change
Revenue	$210,575	$512,826	-0.6%
Expenses	$4,997	$624,978	-1.0%
Net Income	$205,578	$-112,152	-2.8%

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

$1,491,679

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DENNIS WASHINGTON	PRESIDENT	1.00	Director	$0	$0	$0
GREGORY ABEL	DIRECTOR	1.00	Director	$0	$0	$0
TERRENCE J GIROUX	SECRETARY-TREASURER	1.00	Director	$0	$454,573	$1,491,679
DAVID SOKOL	VICE PRESIDENT	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
2024	No data	No data	No data	No data
2023	$210,575	$4,997	$221,645	$205,578
2022	$512,826	$624,978	$11,707	$-112,152