NEW AFRICA FUND 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

2021

Legal Domicile

Principal Officer

STEVEN BECK

Phone

5612881469

Tax Period

2023-01-01 to 2023-12-31

NEW AFRICA FUND INC, founded in 2021, is a small nonprofit that reported $654K in total revenue in fiscal year 2023. Revenue surged 4437% from the prior year, signaling strong growth momentum. Expenses of $557K left a modest 15% surplus.

Mission

The New Africa Fund, Inc. (the CORPORATION) is a grant-making, non-operating foundation that was created to assist organizations in Africa withprojects to benefit communities and residents. The Board of Directors of the Corporation will determine organizations and projects to be assisted. TheBoard of Directors and the officers of the Corporation will donate so much of the net income earned by the Corporation and the principals thereof asthey deem appropriate to qualify as an Internal Revenue Code (Code) Section 501(c)(3) charitable organization and, to the extent it is a privatefoundation, to avoid tax under Code Section 4942 for failure to satisfy the Corporation's annual minimum distribution requirement. The initial projectswill be with a locally registered nongovernmental organization (NGO) in Togo called CECODRI. Some previous projects by CECODRI include renovationsto the public library in Pagouda, Togo and repair and installation of water pumps to provide potable water to the resi

Program Service Accomplishments

Program 1

Expenses: $157,225

GRANTS TO ASSIST WITH POVERTY ELIMINATION IN AFRICA.

Program 2

Expenses: $102,239

GRANTS TO ENABLE, PROMOTE AND ENHANCE EDUCATION.

Program 3

Expenses: $96,108

GRANTS TO SUPPORT HEALTH CLINICS AND REALTED MEDICAL SERVICES.

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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 $605,640

Program Service Revenue $0

Investment Income $48,050

Other Revenue $0

TOTAL REVENUE $653,690

Expense Breakdown

Grants Paid $433,904

Salaries & Benefits $941

Fundraising Expenses $1,462

Program Expenses $555,327

Other Expenses $122,133

TOTAL EXPENSES $556,978

Year-over-Year Comparison

	2023	2022	Change
Revenue	$653,690	$14,407	+44.4%
Expenses	$556,978	$300,821	+0.9%
Net Income	$96,712	$-286,414	-1.3%

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

N/A

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
STEVEN BECK	President & CEO	30.00	Officer Director	$0	$0	$0
EVAN WOLFSON	Director	1.00	Director	$0	$0	$0
ABDOU SALAM GUEYE	Director	1.00	Director	$0	$0	$0
MARIE BAPTISTE	Director	1.00	Director	$0	$0	$0
WINNIE TAY	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
2024	No data	No data	No data	No data
2023	$653,690	$556,978	$1,157,654	$96,712
2022	$14,407	$300,821	$962,393	$-286,414
2021	$1,009,820	$1,343	$1,008,477	$1,008,477