THE RIGHT PLACE INC

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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

1995

Legal Domicile

Principal Officer

RANDY THELEN

Phone

6167710325

Tax Period

2023-01-01 to 2023-12-31

THE RIGHT PLACE INC, founded in 1995, is a community nonprofit that reported $9.2M in total revenue in fiscal year 2023. Revenue surged 43% from the prior year, signaling strong growth momentum. Expenses of $10.2M exceeded revenue, resulting in a 11% operating deficit.

Mission

THE RIGHT PLACE IS THE ECONOMIC DEVELOPMENT ORGANIZATION THAT DRIVES CURRENT AND LONG-TERM ECONOMIC PROSPERITY IN WEST MICHIGAN.

Program Service Accomplishments

Program 1

Expenses: $1,359,469 Revenue: $532,407

PEOPLE / TALENT INITIATIVES - ASPIRE TO BE A REGION WHERE EVERYONE CAN ACHIEVE THEIR HIGHEST POTENTIAL. THE RIGHT PLACE TEAM WORKS TOWARD THIS ASPIRATION BY STRATEGIZING WITH REGIONAL TALENT...

PEOPLE / TALENT INITIATIVES - ASPIRE TO BE A REGION WHERE EVERYONE CAN ACHIEVE THEIR HIGHEST POTENTIAL. THE RIGHT PLACE TEAM WORKS TOWARD THIS ASPIRATION BY STRATEGIZING WITH REGIONAL TALENT PARTNERS, LEVERAGING OUR BUSINESS NETWORK TO AMPLIFY BEST PRACTICES, AND BENCHMARK AREA TALENT DEVELOPMENT, RETENTION, AND ATTRACTION EFFORTS. PROVIDE OPPORTUNITIES FOR VARIOUS STAKEHOLDERS - COMPANIES ACROSS INDUSTRIES, COMMUNITY - BASED ORGANIZATIONS & PROGRAMS, K-12, POSTSECONDARY INSTITUTIONS, AND OTHERS TO COLLARBORATE TO ATTRACT, RECRUIT, AND RETAIN TALENT IN AN INCLUSIVE ENVIRONMENT WHERE ALL BELONG AND FLOURISH IN WEST MICHIGAN.

Program 2

Expenses: $3,628,262 Revenue: $1,148,554

PROSPERITY / BUSINESS DEVELOPMENT - PERFORMS ECONOMIC DEVELOPMENT WORK FOR A REGIONAL COLLABORATIVE OF EIGHT COUNTIES IN THE GREATER GRAND RAPIDS REGION. THE TEAM DRIVES STRATEGIC, LONG TERM ECONOMIC...

Program 3

Expenses: $2,629,096 Revenue: $2,754,861

PROSPERITY / MICHIGAN MANUFACTURING TECHNOLOGY CENTER - WEST: THROUGH CONSULTING, USER GROUPS, COUNCILS AND TRAINING, THE CENTER - WEST WORKS TO ASSIST MANUFACTURERS TO IMPROVE THE WAY THEY WORK...

PROSPERITY / MICHIGAN MANUFACTURING TECHNOLOGY CENTER - WEST: THROUGH CONSULTING, USER GROUPS, COUNCILS AND TRAINING, THE CENTER - WEST WORKS TO ASSIST MANUFACTURERS TO IMPROVE THE WAY THEY WORK, IMPROVE, AND GROW THROUGH ASSISTING WITH THE DEVELOPMENT OF LEADERSHIP, PROCESSES, SYSTEMS, AND THE USE OF TECHNOLOGY.

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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 (2023)

Revenue Breakdown

Contributions & Grants $4,571,737

Program Service Revenue $4,475,354

Investment Income $176,482

Other Revenue $1,830

TOTAL REVENUE $9,225,403

Expense Breakdown

Grants Paid $1,509,496

Salaries & Benefits $4,825,772

Fundraising Expenses $304,577

Program Expenses $8,056,980

Other Expenses $3,890,688

TOTAL EXPENSES $10,225,956

Year-over-Year Comparison

	2023	2022	Change
Revenue	$9,225,403	$6,457,185	+0.4%
Expenses	$10,225,956	$8,304,149	+0.2%
Net Income	$-1,000,553	$-1,846,964	-0.5%

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

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

$718,865

Total Directors

$548,667

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RANDY THELEN	PRESIDENT	36.50	Officer Director	$495,985	$52,682	$548,667
TINA FREESE DECKER	CHAIR	1.00	Officer Director	$0	$0	$0
BILL PINK	VICE CHAIR	1.00	Officer Director	$0	$0	$0
STEVE DOWNING	TREASURER	1.00	Officer Director	$0	$0	$0
STEPHEN M ABBOTT	DIRECTOR	1.00	Director	$0	$0	$0
SARA ARMBRUSTER	DIRECTOR	1.00	Director	$0	$0	$0
RICK BAKER	DIRECTOR	1.00	Director	$0	$0	$0
NORMAN J BEAUCHAMP JR MD MHS	DIRECTOR	1.00	Director	$0	$0	$0
MATT BIERSACK MD	DIRECTOR	1.00	Director	$0	$0	$0
LUKE CHERVENY	DIRECTOR	1.00	Director	$0	$0	$0
JEFFREY L CONNOLLY	DIRECTOR	1.00	Director	$0	$0	$0
MICHEAL DAVENPORT	DIRECTOR	1.00	Director	$0	$0	$0
RONALD G DEWAARD	DIRECTOR	1.00	Director	$0	$0	$0
JIM DILLARD	DIRECTOR	1.00	Director	$0	$0	$0
KATIE FERRIS	DIRECTOR	1.00	Director	$0	$0	$0
JOI M HARRIS	DIRECTOR	1.00	Director	$0	$0	$0
NICK HRNYAK	DIRECTOR	1.00	Director	$0	$0	$0
JOSHUA HULST	DIRECTOR	1.00	Director	$0	$0	$0
JOHN KENNEDY	DIRECTOR	1.00	Director	$0	$0	$0
BLAKE W KRUEGER	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES W LOTT	DIRECTOR	1.00	Director	$0	$0	$0
PHILOMENA MANTELLA	DIRECTOR	1.00	Director	$0	$0	$0
ANDI OWEN	DIRECTOR	1.00	Director	$0	$0	$0
MILIND PANT	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD J PAPPAS EDD	DIRECTOR	1.00	Director	$0	$0	$0
JULIE RIETBERG	DIRECTOR	1.00	Director	$0	$0	$0
GARRICK J ROCHOW	DIRECTOR	1.00	Director	$0	$0	$0
TONY SARSAM	DIRECTOR	1.00	Director	$0	$0	$0
RENEE C TABBEN	DIRECTOR	1.00	Director	$0	$0	$0
JIM TEETS	DIRECTOR	1.00	Director	$0	$0	$0
DAVID VAN ANDEL	DIRECTOR	1.00	Director	$0	$0	$0
AL VANDERBERG	DIRECTOR	1.00	Director	$0	$0	$0
MIKE VANGESSEL	DIRECTOR	1.00	Director	$0	$0	$0
MARK WASHINGTON	DIRECTOR	1.00	Director	$0	$0	$0
MARK J WASSINK	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS G WELCH JR	DIRECTOR	1.00	Director	$0	$0	$0
SEAN P WELSH	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES W LEPPER	DIRECTOR	1.00	Director	$0	$0	$0
MEGAN P NORRIS	DIRECTOR	1.00	Director	$0	$0	$0
RICH SOROTA	DIRECTOR	1.00	Director	$0	$0	$0
TOM STRITZINGER	DIRECTOR	1.00	Director	$0	$0	$0
JULIUS SUCHY	DIRECTOR	1.00	Director	$0	$0	$0
SHAWN CROWLEY	DIRECTOR	1.00	Director	$0	$0	$0
LAUREN DAVIS	DIRECTOR	1.00	Director	$0	$0	$0
CHRIS BARDEGGIA	DIRECTOR	1.00	Director	$0	$0	$0
SOZON VATIKIOTIS	DIRECTOR	1.00	Director	$0	$0	$0
RICK KEYES	DIRECTOR	1.00	Director	$0	$0	$0
JANE TIERNEY	ASSISTANT TREASURER & SVP FINANCE	36.50	Officer	$149,989	$20,209	$170,198
ROB LLANES	SVP OF BUSINESS DEV.	37.50	Highest	$191,425	$29,424	$220,849
TIMOTHY MROZ	SVP OF STRATEGIC INITIATIVES	37.50	Highest	$145,564	$23,410	$168,974
BRAD COMMENT	SVP OF COMMUNITY DEVELOPMENT	36.50	Highest	$143,612	$24,841	$168,453
BRENT CASE	VP ATTRACTION	37.50	Highest	$147,772	$25,686	$173,458
TARITA JOHNSON	SVP TALENT INITIATIVES	37.50	Highest	$134,209	$20,693	$154,902
TWAYNE HOWARD	FORMER COO	0.00		$123,663	$12,833	$136,496

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	$9,225,403	$10,225,956	$8,171,222	$-1,000,553
2022	$6,457,185	$8,304,149	$8,970,896	$-1,846,964
2021	$14,178,677	$12,371,245	$10,135,241	$1,807,432
2020	$16,982,064	$16,627,414	$8,197,204	$354,650
2019	$8,469,231	$8,463,415	$7,527,576	$5,816
2018	$9,502,475	$7,569,622	$7,936,775	$1,932,853