FURNITURE BANK OF CENTRAL OHIO

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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

PHILIP WASHBURN

Phone

6142729544

Tax Period

2024-01-01 to 2024-12-31

FURNITURE BANK OF CENTRAL OHIO, founded in 1998, is a community nonprofit in the Human Services sector that reported $6.0M in total revenue in fiscal year 2024. Revenue fell 23% from the prior year — a significant decline worth monitoring.

Mission

TO REDUCE THE IMPACT OF POVERTY BY PROVIDING FURNITURE TO CENTRAL OHIO FAMILIES AND INDIVIDUALS STRUGGLING WITH SEVERE LIFE CHALLENGES.

Program Service Accomplishments

Program 1

Expenses: $5,495,404 Revenue: $989,255

THE FURNITURE BANK OF CENTRAL OHIO DISTRIBUTED OVER 38,000 PIECES OF FURNITURE TO OVER 3,600 LOW INCOME FAMILIES WITH THE HELP OF OVER 2,300 VOLUNTEERS AND OVER 9,000 FURNITURE DONORS.

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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 $3,098,403

Program Service Revenue $989,255

Investment Income $30,651

Other Revenue $1,871,826

TOTAL REVENUE $5,990,135

Expense Breakdown

Grants Paid $1,889,460

Salaries & Benefits $2,461,751

Fundraising Expenses $326,077

Program Expenses $5,495,404

Other Expenses $1,723,856

TOTAL EXPENSES $6,075,067

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,990,135	$7,757,431	-0.2%
Expenses	$6,075,067	$5,659,016	+0.1%
Net Income	$-84,932	$2,098,415	-1.0%

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

Volunteers

2340

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

$161,460

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PHILIP WASHBURN	PRESIDENT AN	50.00	Officer	$161,460	$0	$161,460
JEREMY BALL	CHAIR	2.00	Officer Director	$0	$0	$0
MARTY ROSENTHAL	VICE CHAIR	2.00	Officer Director	$0	$0	$0
THOMAS MACK	TREASURER	2.00	Officer Director	$0	$0	$0
DARLA KING	SECRETARY	2.00	Officer Director	$0	$0	$0
JOHN SNOBLE	BOARD MEMBER	1.00	Director	$0	$0	$0
STEVE AYERS	BOARD MEMBER	1.00	Director	$0	$0	$0
KEVIN KUEHL	BOARD MEMBER	1.00	Director	$0	$0	$0
SANA BARRETT	BOARD MEMBER	1.00	Director	$0	$0	$0
BRENT HAMMER	BOARD MEMBER	1.00	Director	$0	$0	$0
JAMIE EDWARDS	BOARD MEMBER	1.00	Director	$0	$0	$0
PATRICIA HICKS	BOARD MEMBER	1.00	Director	$0	$0	$0
JENNA LOXTERMAN	BOARD MEMBER	1.00	Director	$0	$0	$0
ASHLEY PATTON	BOARD MEMBER	1.00	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	$5,990,135	$6,075,067	$14,402,750	$-84,932
2023	$7,757,431	$5,659,016	$12,318,399	$2,098,415
2022	$6,668,109	$5,489,702	$8,711,564	$1,178,407
2021	$5,884,277	$5,141,459	$4,049,239	$742,818
2020	$4,342,175	$4,014,389	$3,688,370	$327,786
2019	$4,320,699	$4,692,791	$2,623,578	$-372,092
2018	$4,804,105	$4,787,880	$3,065,788	$16,225