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Jeffrey: Back when we did the ratios webinar, I pointed to https://www.cpajournal.com/2019/06/05/using-ratio-analysis-to-manage-not-for-profit-organizations/ because I think it’s a nice overview of measures.
Your Google Scholar search will show you the 30 or so articles from the last couple decades that have gotten down this road, more critical than not on use of ratios than not. Many of those researchers will be at the ARNOVA conference in DC next month, should that get on your radar screen. ARNOVA has a section on Nonprofit Finance and Financial Management… the listserv isn’t terribly active, but your question would be welcome there. I’ll bet we could sneak you in without paying dues.
cpajournal.com
Using Ratio Analysis to Manage Not-for-Profit Organizations - The CPA Journal
Thousands of CPAs work in the not-for-profit sector, and thousands more volunteer as members of the governing boards of not-for-profit organizations.