SEASHARE

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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

1994

Legal Domicile

Principal Officer

RASMUS SOERENSEN

Phone

9079577913

Tax Period

2024-01-01 to 2024-12-31

SEASHARE, founded in 1994, is a community nonprofit in the Community Improvement sector that reported $7.9M in total revenue in fiscal year 2024. Revenue surged 33% from the prior year, signaling strong growth momentum.

Mission

TO INCREASE THE USE OF SEAFOOD BY INDIVIDUALS AND FAMILIES SERVED BY FOOD BANKS, FEEDING CENTERS AND SIMILAR NON-PROFIT AGENCIES IN THE UNITED STATES. SEASHARE SOLICTS DONATIONS OF GOODS, SERVICES AND FUNDS TO THIS END.

Program Service Accomplishments

Program 1

Expenses: $7,301,216

THE ORGANIZATION DONATED OVER 1,681,721.0 LBS OF SEAFOOD IN 2024 AND DIRECTLY COORDINATED THE PROCESSING AND DISTRIBUTION OF THIS PRODUCT TO VARIOUS HUNGER RELIEF ORGANIZATIONS IN 21 STATES. IT ALSO SUPPORTED APPROXIMATELY 20,100.0 LBS OF ADDITIONAL SEAFOOD DISTRIBUTIONS THROUGH ITS REGIONAL FOOD BANK PARTNERS. TOTAL EFFORTS PROVIDED OVER 1,701,281 LBS OF SEAFOOD PORTIONS TO FOOD BANK CLIENTS DOMESTICALY IN 2024, OR APPROXIMATELY 6.8 MILLION SEAFOOD SERVINGS.

Program 2

Expenses: $438,916

GRANT PROGRAM WITH THE STATE OF ALASKA TO PURCHASE ALASKA SEAFOOD FROM PRIMARY PROCESSORS IN ALASKA, AND SHIP THE SEAFOOD TO FOOD BANKS, FEEDING CENTERS AND FEEDING PROGRAMS THROUGHOUT ALASKA...

GRANT PROGRAM WITH THE STATE OF ALASKA TO PURCHASE ALASKA SEAFOOD FROM PRIMARY PROCESSORS IN ALASKA, AND SHIP THE SEAFOOD TO FOOD BANKS, FEEDING CENTERS AND FEEDING PROGRAMS THROUGHOUT ALASKA. SEASHARE STAFF TIME WORKING ON THIS PROJECT IS CALCULATED MONTHLY, PER EMPLOYEE, AND SEA-SHARE SEEKS REIMBURSEMENT FROM THE ADMIN PORTION OF THE GRANT. SEASHARE USES GRANT FUNDS TO PUR-CHASE AND SHIP FREEZERS FOR FOODBANKS AND FEEDING CENTERS, FOLLOWING PROCUREMENT PROCEDURE FOR GOODS AND SERVICES. SEASHARE WILL PURCHASE PROCESSING EQUIPMENT FOR ALASKA PRIMARY PROCESSORS WHO HAVE APPLIED THROUGH AN APPLICATION PROCESS AND DEMONSTRATED BOTH NEED AND A PLAN THAT ALIGNS WITH THIS PROJECT. EQUIPMENT PURCHASED WILL HELP PROCESSORS CREATE A VALUE-ADDED PRODUCT APPROPRIATE FOR DONATION TO ALASKA FOODBANKS AND FEEDING CENTERS, AS WELL AS COMMERCIAL PURPOSES DESIGNED BY THE PROCESSOR AND INCLUDES STIPULATIONS FOR DONATIONS.

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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 $7,929,825

Program Service Revenue $0

Investment Income $378

Other Revenue $0

TOTAL REVENUE $7,930,203

Expense Breakdown

Grants Paid $7,401,990

Salaries & Benefits $490,754

Fundraising Expenses $244,794

Program Expenses $7,740,132

Other Expenses $144,846

TOTAL EXPENSES $8,037,590

Year-over-Year Comparison

	2024	2023	Change
Revenue	$7,930,203	$5,981,309	+0.3%
Expenses	$8,037,590	$5,188,448	+0.5%
Net Income	$-107,387	$792,861	-1.1%

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

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

$267,821

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD MULLINS	TREASURER	2.00	Officer Director	$0	$0	$0
PAT SHANAHAN	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
ANNA GONZALES	SECRETARY	2.00	Officer Director	$0	$0	$0
JAN JACOBS	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHAEL LIEBERMAN	BOARD MEMBER	1.00	Director	$0	$0	$0
RASMUS SOERENSEN	PRESIDENT	2.00	Officer Director	$0	$0	$0
CASEY CAMPBELL	BOARD MEMBER	1.00	Director	$0	$0	$0
TOM ENLOW	BOARD MEMBER	1.00	Director	$0	$0	$0
DOUG CHRISTENSEN	BOARD MEMBER	1.00	Director	$0	$0	$0
CHRIS BARROWS	BOARD MEMBER	1.00	Director	$0	$0	$0
GERALDINE THOMAS	BOARD MEMBER	1.00	Director	$0	$0	$0
THOMAS ZAFFIRO	BOARD MEMBER	1.00	Director	$0	$0	$0
JIM HARMON	EXECUTIVE DIRECTOR - OUTGOING	40.00	Officer	$136,380	$0	$136,380
HANNAH T LINDOFF	EXECUTIVE DIRECTOR - IN COMING	40.00	Officer	$131,441	$0	$131,441

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	$7,930,203	$8,037,590	$1,723,958	$-107,387
2023	$5,981,309	$5,188,448	$1,651,134	$792,861
2022	$3,012,484	$3,413,759	$857,714	$-401,275
2021	$3,903,292	$3,874,571	$1,261,413	$28,721
2020	$5,341,447	$4,677,053	$1,306,170	$664,394
2019	$2,861,843	$2,935,916	$568,154	$-74,073
2018	$2,686,045	$2,978,299	$639,591	$-292,254