RESOURCES LEGACY FUND

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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

1998

Legal Domicile

Principal Officer

MATTHEW ARMSBY

Phone

9164425057

Tax Period

2024-01-01 to 2024-12-31

RESOURCES LEGACY FUND, founded in 1998, is a mid-sized nonprofit in the Environment sector that reported $79.6M in total revenue in fiscal year 2024. Revenue fell 39% from the prior year — a significant decline worth monitoring. Expenses of $99.5M exceeded revenue, resulting in a 25% operating deficit.

Mission

RESOURCES LEGACY FUND BUILDS ALLIANCES THAT ADVANCE BOLD SOLUTIONS TO SECURE A JUST AND RESILIENT WORLD FOR PEOPLE AND NATURE.

Program Service Accomplishments

Program 1

Expenses: $46,213,377 Revenue: $661,319

RLF'S WORK IN CONSERVATION FOCUSED ON PROTECTING AND RESTORING ECOLOGICALLY AND CULTURALLY SIGNIFICANT LANDS AND WATERS.

Program 2

Expenses: $40,964,187 Revenue: $586,202

RLF'S WORK TO ADDRESS CLIMATE CHANGE FOCUSED ON CREATING ECONOMIC OPPORTUNITY AND HEALTHY COMMUNITIES, PROMOTING THE USE OF NATURE-BASED CLIMATE SOLUTIONS, AND STRENGTHENING COMMUNITY RESILIENCE TO WILDFIRE, FLOODS, DROUGHT, AND EXTREME HEAT. AS A FISCAL SPONSOR, RLF PROVIDED ADMINISTRATIVE (HUMAN RESOURCES, LEGAL, FINANCIAL, TECHNOLOGY) SERVICES TO PROJECTS FOCUSED ON ENVIRONMENTAL CAUSES.

Program 3

Expenses: $4,221,159 Revenue: $60,405

RLF'S WORK TO ADVANCE COMMUNITY-BASED ENVIRONMENTAL CHANGE FOCUSED ON SUPPORTING COMMUNITY ADVOCATES AND LEADERS IN EFFORTS TO ADDRESS ENVIRONMENTAL THREATS, IMPROVE PUBLIC HEALTH, AND ENSURE ACCESS...

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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 $67,883,962

Program Service Revenue $1,307,926

Investment Income $10,402,648

Other Revenue $2,400

TOTAL REVENUE $79,596,936

Expense Breakdown

Grants Paid $47,679,212

Salaries & Benefits $22,604,833

Fundraising Expenses $975,097

Program Expenses $91,398,723

Other Expenses $29,250,633

TOTAL EXPENSES $99,548,571

Year-over-Year Comparison

	2024	2023	Change
Revenue	$79,596,936	$131,040,478	-0.4%
Expenses	$99,548,571	$85,936,667	+0.2%
Net Income	$-19,951,635	$45,103,811	-1.4%

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

155

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

$1,211,905

Total Directors

$932,713

Key Employees

$1,396,265

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AVI GARBOW SEE SCH O	DIRECTOR AND PRES. (END 10/24)	36.00	Officer Director	$599,806	$35,557	$635,363
MATTHEW ARMSBY SEE SCH O	SEC. & VP TO INT. PRES (EFF. 10/24)	35.00	Officer Director	$265,748	$31,602	$297,350
BARTON THOMPSON JR	BOARD CHAIR	1.00	Director	$0	$0	$0
JEANNE SEDGWICK	BOARD VICE CHAIR	1.00	Director	$0	$0	$0
LISE AANGEENBRUG	DIRECTOR	1.00	Director	$0	$0	$0
STEVE GAINES	DIRECTOR	1.00	Director	$0	$0	$0
CHET P HEWITT	DIRECTOR	1.00	Director	$0	$0	$0
PATSY ISHIYAMA	DIRECTOR	1.00	Director	$0	$0	$0
KATHARINE L JACOBS	DIRECTOR	1.00	Director	$0	$0	$0
BRETT JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
CHARLENE KABCENELL	DIRECTOR	1.00	Director	$0	$0	$0
MARTHA KONGSGAARD	DIRECTOR	1.00	Director	$0	$0	$0
RANDALL MARTINEZ	DIRECTOR	1.00	Director	$0	$0	$0
KEVIN WASHBURN	DIRECTOR	1.00	Director	$0	$0	$0
LUSENI PIEH	DIRECTOR	1.00	Director	$0	$0	$0
GINA MCCARTHY	DIRECTOR (END 12/24)	1.00	Director	$0	$0	$0
ROSINA BUGARIN SEE SCH O	TREASURER & CFO	32.00	Officer	$241,340	$37,852	$279,192
VERONICA EADY	VP OF EQUITY & JUSTICE (END 12/24)	40.00	Key Emp	$296,683	$28,461	$325,144
HELENA CHOI SEE SCH O	VP AND CHIEF OF STAFF	36.00	Key Emp	$272,448	$45,525	$317,973
MICHAEL SCOTT	VICE PRESIDENT - PROGRAMS	39.00	Key Emp	$278,442	$23,298	$301,740
ALLEN MAY	CHIEF DEV'L OFFICER (END 12/24)	36.00	Key Emp	$205,793	$30,660	$236,453
LISBETH JAKOBSEN	DIRECTOR OF FISCAL SPONSORSHIP	33.00	Key Emp	$189,953	$25,002	$214,955
JESSICA ANNE MAHER	DIRECTOR, WESTERN ENERGY PROJECT	40.00	Highest	$275,109	$39,775	$314,884
KAITLIN GAFFNEY	DIRECTOR OF CONSERVATION	40.00	Highest	$232,384	$41,657	$274,041
KATE WRIGHT	DIRECTOR, CLIMATE MAYORS	40.00	Highest	$230,300	$35,450	$265,750
AMY KENNEY	DIRECTOR, NAT'L OCEAN PROT. COAL.	40.00	Highest	$233,258	$29,430	$262,688
BRANDI JENKINS	DIRECTOR, BEYOND PETROCHEMICALS	37.00	Highest	$236,700	$15,191	$251,891

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	$79,596,936	$99,548,571	$151,915,040	$-19,951,635
2023	$131,040,478	$85,936,667	$174,728,294	$45,103,811
2022	$88,915,279	$90,017,805	$121,669,997	$-1,102,526
2021	$84,084,998	$63,195,737	$131,343,495	$20,889,261
2020	$37,185,698	$52,971,056	$108,829,932	$-15,785,358
2020	$37,185,698	$52,971,056	$108,829,932	$-15,785,358
2019	$46,839,654	$43,732,870	$119,775,483	$3,106,784
2018	$53,881,281	$42,257,855	$111,513,686	$11,623,426