LEGACY 56

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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

2023

Legal Domicile

Principal Officer

VALERIE MARTIN

Phone

6307155649

Tax Period

2023-03-13 to 2023-12-31

LEGACY 56, founded in 2023, is a small nonprofit that reported $309K in total revenue in fiscal year 2023. Expenses of $283K left a modest 9% surplus.

Mission

LEGACY 56 WILL WORK ALONGSIDE KEY STAKEHOLDERS AND COMMUNITY PARTNERS TO HIGHLIGHT AND FURTHER THE POSITIVE WORK AND IMPACT OF CHICAGO'S 56TH MAYORAL ADMINISTRATION.

Program Service Accomplishments

Program 1

Expenses: $227,948

THE ORGANIZATION HOSTS SEVERAL EVENTS INVOLVING RESIDENTS, CIVIC AND BUSINESS LEADERS AND OTHER ELECTED OFFICIALS TO HIGHLIGHT THE PROGRAMMATIC ACCOMPLISHMENTS OF CHICAGO'S 56TH MAYORAL...

THE ORGANIZATION HOSTS SEVERAL EVENTS INVOLVING RESIDENTS, CIVIC AND BUSINESS LEADERS AND OTHER ELECTED OFFICIALS TO HIGHLIGHT THE PROGRAMMATIC ACCOMPLISHMENTS OF CHICAGO'S 56TH MAYORAL ADMINISTRATION. RESIDENTS WERE GIVEN OPPORTUNITIES TO LEARN ABOUT THESE PROGRAMS AND INITIATIVES, CREATING AVENUES FOR FUTURE ADVOCACY EFFORTS.

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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 $309,000

Program Service Revenue $0

Investment Income $19

Other Revenue $0

TOTAL REVENUE $309,019

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $21,500

Program Expenses $227,948

Other Expenses $282,717

TOTAL EXPENSES $282,717

Year-over-Year Comparison

	2023	2022	Change
Revenue	$309,019	N/A	N/A
Expenses	$282,717	N/A	N/A
Net Income	$26,302	N/A	N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANGELA BARNES	BOARD OF DIRECTORS	0.25	Director	$0	$0	$0
VALERIE MARTIN	BOARD OF DIRECTORS	0.25	Director	$0	$0	$0
LATOYIA HUGGINS	BOARD OF DIRECTORS	0.25	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
2023	$309,019	$282,717	$26,302	$26,302