FARMINGTON FIREFIGHTERS RELIEF ASS… - Form 990 Financial Data

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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

1911

Legal Domicile

Principal Officer

JEFFREY ALLBEE

Phone

6512806953

Tax Period

2023-01-01 to 2023-12-31

FARMINGTON FIREFIGHTERS RELIEF ASSOCIATION, founded in 1911, is a small nonprofit in the Public Safety sector that reported $762K in total revenue in fiscal year 2023. Revenue surged 33% from the prior year, signaling strong growth momentum. The organization ran a surplus of $481K, a strong 63% operating margin.

Mission

TO EDUCATE ON FIRE PROTECTION TO THE CITY AND SURROUNDINGS AND MANAGE INVESTMENTS AND MONITOR PENSION AND ANCILLIARY BENEFITS TO VOLUNTEER FIREFIGHTERS AND THEIR FAMILIES.

Program Service Accomplishments

Program 1

Expenses: $45,415

TO ADMINISTER PUBLIC FUNDS WHICH PROVIDE RETIREMENT, DISABILITY, SURVIVOR, AND DEATH BENEFITS FOR MEMBERS AND THEIR FAMILIES PER MINNESOTA STATE STATUTES. THERE WERE 50 ACTIVE MEMBERS IN 2023. IN...

TO ADMINISTER PUBLIC FUNDS WHICH PROVIDE RETIREMENT, DISABILITY, SURVIVOR, AND DEATH BENEFITS FOR MEMBERS AND THEIR FAMILIES PER MINNESOTA STATE STATUTES. THERE WERE 50 ACTIVE MEMBERS IN 2023. IN ADDITION THERE WERE 12 INDIVIDUALS THAT WERE ENTITLED RETIRED MEMBERS NOT RECEIVING BENEFITS.

Program 2

Expenses: $163,015

THIS PROGRAM IS DESIGNED TO PROVIDE GREATER RESOURCES TO THE CITY OF FARMINGTON TO MEET THE NEEDS OF ITS RESIDENTS.

Program 3

GAMBLING: THE FORMS OF GAMBLING CONDUCTED BY THE ORGANIZATION DURING THE YEAR ENDED 12/31/2023, INCLUDED PAPER PULL-TABS, PADDLETICKETS, NON-LINKED BINGO, TIPBOARDS, RAFFLES, LINKED BINGO, ELECTRONIC PULL-TABS, AND SPORTS- THEMED TIPBOARDS. REVENUE IN EXCESS OF ALLOWABLE EXPENSES GENERATED BY THE LAWFUL GAMBLING FUND WERE USED FOR LAWFUL PURPOSES AND BOARD APPROVED EXPENDITURES AS DEFINED BY MINNESOTA STATUTE. GROSS RECEIPTS FOR THE YEAR ENEDED 12/31/2023, WERE 6,185,066. TOTAL GAMING EXPENSES FOR THE YEAR ENDED 12/31/2023 WERE 6,131,119.

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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 $373,636

Program Service Revenue $0

Investment Income $166,468

Other Revenue $221,557

TOTAL REVENUE $761,661

Expense Breakdown

Grants Paid $163,015

Salaries & Benefits $13,350

Fundraising Expenses $0

Program Expenses $208,430

Other Expenses $59,198

TOTAL EXPENSES $280,978

Year-over-Year Comparison

	2023	2022	Change
Revenue	$761,661	$573,963	+0.3%
Expenses	$280,978	$290,354	0.0%
Net Income	$480,683	$283,609	+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

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

$10,000

Total Directors