Holland Home

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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

1892

Legal Domicile

Principal Officer

Troy Vugteveen

Phone

6162355015

Tax Period

2025-01-01 to 2025-12-31

Holland Home, founded in 1892, is a mid-sized nonprofit in the Human Services sector that reported $92.8M in total revenue in fiscal year 2025.

Mission

In fulfilling God's calling to serve others, the organization will service aged persons (1) with love and compassion, (2) with a commitment to excellence, and (3) follow Christ's teachings and example in all that the organization does.

Program Service Accomplishments

Program 1

Expenses: $83,497,220 Revenue: $87,092,786

Provide nursing and residential care at two campuses located in greater Grand Rapids, Michigan to an average of approximately 1,350 residents each day, with the care being delivered in skilled...

Provide nursing and residential care at two campuses located in greater Grand Rapids, Michigan to an average of approximately 1,350 residents each day, with the care being delivered in skilled nursing (approximately 120 per day), assisted living (approximately 250 per day) and independent living (approximately 980 per day). Of the approximately 250 residents in assisted living, the organization provides financial assistance to approximately 25% or 60 residents on average which amounts to $1.9 million in benevolence. In skilled nursing, the organization serves an average of 60 residents (50%) on Medicaid and 12 residents (10%) on Medicare. Amounts received from Medicaid do not cover the full cost of care and as a result, the organization provides approximately $3.6 million of uncompensated care. Total benevolence, either through assistance provided to those in assisted living or those on Medicaid receiving care in skilled nursing approximated $5.5 million in 2024.

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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 (2025)

Revenue Breakdown

Contributions & Grants $4,229,008

Program Service Revenue $87,092,786

Investment Income $1,634,411

Other Revenue $-128,573

TOTAL REVENUE $92,827,632

Expense Breakdown

Grants Paid $0

Salaries & Benefits $56,226,369

Fundraising Expenses $572,774

Program Expenses $83,497,220

Other Expenses $35,714,274

TOTAL EXPENSES $91,941,220

Year-over-Year Comparison

	2025	2024	Change
Revenue	$92,827,632	$88,778,465	+0.0%
Expenses	$91,941,220	$85,884,650	+0.1%
Net Income	$886,412	$2,893,815	-0.7%

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

1278

Volunteers

467

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

$1,064,324

Total Directors

$494,077

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Troy Vugteveen	CEO & President	50	Officer Director	$494,077	$0	$494,077
Adam Kinder	Chief Financial Officer	50	Officer	$292,975	$0	$292,975
David Tiesenga	Chief Strategy Officer	50	Officer	$277,272	$0	$277,272
James Chiavaras	Physician, Care Resources	50	Highest	$259,158	$0	$259,158
Doug Himmelein	Exec VP of Operations & HR	50	Highest	$247,976	$0	$247,976
Jeff Engle	VP, Information Services	50	Highest	$227,711	$0	$227,711
Kimberly Smith	CEO, Care Resources	50	Highest	$222,043	$0	$222,043
Sara Heethuis	Executive Director, Breton Woods	50	Highest	$185,180	$0	$185,180
Carlos Hidalgo	Director	2	Director	$0	$0	$0
Mark Johnson	Director/Vice Chair Secretary	2	Officer Director	$0	$0	$0
David Knibbe	Director	2	Director	$0	$0	$0
Gary Malburg	Director/Treasurer	2	Officer Director	$0	$0	$0
Jean Nagelkerk	Director	2	Director	$0	$0	$0
Nelson Sanchez	Director/Chair	2	Officer Director	$0	$0	$0
Gilbert Segovia	Director	2	Director	$0	$0	$0
David Smith	Director	2	Director	$0	$0	$0
Nick Thole	Director	2	Director	$0	$0	$0
Mary Ursul	Director	2	Director	$0	$0	$0
Susan Vogel-Vanderson	Director	2	Director	$0	$0	$0
Sam Watson	Director	2	Director	$0	$0	$0
Scott DeMaagd	Director	2	Director	$0	$0	$0
Marie VanderKooi	Director	2	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
2025	$92,827,632	$91,941,220	$279,178,170	$886,412
2024	$88,778,465	$85,884,650	$271,989,879	$2,893,815
2023	$80,430,666	$78,724,664	$263,475,433	$1,706,002
2022	$69,201,377	$74,200,309	$253,276,947	$-4,998,932
2021	$73,376,709	$67,603,029	$258,550,841	$5,773,680
2020	$65,823,642	$65,914,896	$244,548,467	$-91,254
2019	$63,505,842	$63,860,143	$237,895,859	$-354,301
2018	$62,474,910	$75,019,574	$225,311,958	$-12,544,664