FUTURESNW

EIN: 272997677 501(c)(3) Education

Belingham, WA

Total Revenue
$458,847
Total Expenses
$350,349
Total Assets
$226,886
Net Assets
$226,886
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2012
Legal Domicile
WA
Principal Officer
John Korsmo
Phone
3603233022
Tax Period
2023-01-01 to 2023-12-31

FUTURESNW, founded in 2012, is a small nonprofit in the Education sector that reported $459K in total revenue in fiscal year 2023. Revenue surged 86% from the prior year, signaling strong growth momentum. The organization ran a surplus of $108K, a strong 24% operating margin.

Mission

Our mission is to level the socio-economic playing field and empower students from under-served communities to achieve their career and college dreams. We work to eradicate the adverse life consequences of poverty by using education and professional training as a means to secure living-wage careers.

Program Service Accomplishments

Program 1
Expenses: $110,180 Revenue: $0

FuturesNW partners with local schools and organizations to host financial literacy events in which Financial Aid experts and admissions staff from local higher education institutions provide...

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FuturesNW partners with local schools and organizations to host financial literacy events in which Financial Aid experts and admissions staff from local higher education institutions provide personalized support for students and families completing the FAFSA or WASFA. This is considered mentoring and pathway navigation work. Our coaches work with low-income, first-generation secondary students to encourage them to plan for success after high school graduation.

Program 2
Expenses: $42,050 Revenue: $0

QuickStart to College is a free summer camp program to uplift and encourage high school seniors as they prepare for college selection, applications, scholarships, and financial aid processes...

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QuickStart to College is a free summer camp program to uplift and encourage high school seniors as they prepare for college selection, applications, scholarships, and financial aid processes. Students enjoy 4 days and 3 nights at WWU and visits from our friends at BTC, NWIC, SVC, and WCC to help them learn more about the various types of colleges available. By attending QuickStart, our mentors and local college staff members will help students get prepared for milestones throughout their senior year, so they can confidently step into the path that lies beyond it.

Program 3
Expenses: $95,310 Revenue: $0

Learning with Leaders is an event series that connects students with in-demand career pathways by providing exploration that focuses on kinesthetic learning experiences. Students get real-time...

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Learning with Leaders is an event series that connects students with in-demand career pathways by providing exploration that focuses on kinesthetic learning experiences. Students get real-time, tactile training, such as the chance to operate heavy equipment under the guidance of experts, take part in virtual simulations, and engage their potential through touch and movement. Every event includes career workshops featuring different trades within the advanced manufacturing/construction, healthcare, and information technology fields, as well as support services workshops such as financial aid help, college speed-dating, and resume-building. Students will leave events with a better understanding of different career pathway opportunities and how they can get there.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $458,373
Program Service Revenue $0
Investment Income $169
Other Revenue $305
TOTAL REVENUE $458,847

Expense Breakdown

Grants Paid $0
Salaries & Benefits $294,192
Fundraising Expenses $24,733
Program Expenses $265,496
Other Expenses $56,157
TOTAL EXPENSES $350,349

Year-over-Year Comparison

2023 2022 Change
Revenue $458,847 $246,482 +0.9%
Expenses $350,349 $200,357 +0.7%
Net Income $108,498 $46,125 +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

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Governance

Voting Members
10
Independent Members
10
Employees
18
Volunteers
138

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
3
$0
Total Directors
10
$0
Key Employees
2
$125,000
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Ashley DeLatour Executive Director of Programs 35
Key Emp Highest
$62,500 $0 $62,500
Megan Wingo Executive Director of Programs 35
Key Emp Highest
$62,500 $0 $62,500
John Korsmo Board President 2
Officer Director
$0 $0 $0
Lizbeth Gonzalez Vasquez Board Secretary 2
Officer Director
$0 $0 $0
Rae Larson Board Treasurer 2
Officer Director
$0 $0 $0
Wing Fok Board Member 1
Director
$0 $0 $0
Shoshaunee Perez Board Member 1
Director
$0 $0 $0
Jason McGill Board Member 1
Director
$0 $0 $0
Joe Wooding Board Member 2
Director
$0 $0 $0
Freddy Collins Board Member 1
Director
$0 $0 $0
Stacey Nordtvedt Board Member 1
Director
$0 $0 $0
Tracy Gasca Board Member 1
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 $458,847 $350,349 $226,886 $108,498
2022 $246,482 $200,357 $117,431 $46,125
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