RETHOS F/K/A PRESERVATION ALLIANCE… - 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

1981

Legal Domicile

Principal Officer

HEIDI SWANK

Phone

6512939047

Tax Period

2023-01-01 to 2023-12-31

RETHOS F/K/A PRESERVATION ALLIANCE OF MINNESOTA, founded in 1981, is a small nonprofit that reported $855K in total revenue in fiscal year 2023. Expenses of $1.7M exceeded revenue, resulting in a 103% operating deficit.

Mission

TO LEAD AND INSPIRE PEOPLE TO CONNECT WITH HISTORIC PLACES, PROMOTING COMMUNITY VITALITY.

Program Service Accomplishments

Program 1

Expenses: $248,132 Revenue: $25,041

IN 2023, THE EDUCATION PROGRAM REACHED OVER 700 STUDENTS FROM MORE THAN 60 UNIQUE COUNTIES. THEY LEARNED HOW TO RESTORE WOOD WINDOWS, REPAIR PLASTER, DRAFT A MAINTENANCE PLAN, AND FIND RESOURCES FOR REHABBING OLD HOMES, AMONG OTHER TOPICS. ADDITIONALLY, REALTORS WERE EDUCATED THROUGH OLD HOME CERTIFIED, A REALTOR CERTIFICATION COURSE. AS OF THE END OF 2023, RETHOS HAS 110 AGENTS WITH AN ACTIVE CERTIFICATION.

Program 2

Expenses: $238,909 Revenue: $26,000

RETHOS F/K/A PRESERVATION ALLIANCE OF MINNESOTA PROMOTES THE USE OF THE MAIN STREET APPROACH AS A TOOL FOR DOWNTOWN REVITALIZATION, BUILDING REUSE, NEW BUSINESS DEVELOPMENT, ENTREPRENEURIAL SUPPORT, AND COMMUNITY VIBRANCY. CURRENTLY THERE ARE 12 DESIGNATED MAIN STREET COMMUNITIES AND 9 NETWORK COMMUNITIES. IN ADDITION TO MAIN STREET, RETHOS COMMUNITY PROGRAMS SUPPORTS THE ARTISTS ON MAIN STREET PROGRAM, 3 COHORTS OF 11 COMMUNITIES OVER FOUR YEARS TO FOSTER ALTERNATIVE ECONOMIC DEVELOPMENT AND ARTISTIC APPROACHES IN DOWNTOWNS. RETHOS ALSO ENCOURAGES COMMUNITY ENGAGEMENT AND SUPPORTS COMMUNITIES THROUGH DOWNTOWN ASSESSMENTS FOR DISTRICT TRANSFORMATION.

Program 3

Expenses: $187,725 Revenue: $317,011

RETHOS HAS HELPED INSTALL ARTWORK IN COMMON AREAS, INTERPRET HISTORICAL INFORMATION FOR THE PUBLIC, AND INVESTED IN THE DEVELOPMENT OF THE BUILDINGS BY LEVERAGING THE STATE HISTORIC TAX CREDITS. WE CONTRIBUTE TO THE PRESERVATION OF HISTORIC STRUCTURES BY HOLDING VARIOUS CONSERVATION EASEMENTS.

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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 $497,341

Program Service Revenue $368,052

Investment Income $0

Other Revenue $-10,569

TOTAL REVENUE $854,824

Expense Breakdown

Grants Paid $0

Salaries & Benefits $910,588

Fundraising Expenses $430,808

Program Expenses $977,507

Other Expenses $685,774

TOTAL EXPENSES $1,734,362

Year-over-Year Comparison

	2023	2022	Change
Revenue	$854,824	$834,735	+0.0%
Expenses	$1,734,362	$1,424,110	+0.2%
Net Income	$-879,538	$-589,375	+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

550

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

$131,996

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRIS SHERMAN - THRU 43023	PAST PRESIDENT	2.00	Officer Director	$0	$0	$0
KRISTEN ANDERSON	PRESIDENT	5.00	Officer Director	$0	$0	$0
RYAN SAILER	MEMBER	2.00	Director	$0	$0	$0
NICK PLACE	TREASURER	3.00	Officer Director	$0	$0	$0
WENDY ETHEN	SECRETARY	3.00	Officer Director	$0	$0	$0
ERIK HANSEN	MEMBER	2.00	Director	$0	$0	$0
COLLIN KAAS	VICE PRESIDENT	5.00	Officer Director	$0	$0	$0
TONY SIMMONS	MEMBER	2.00	Director	$0	$0	$0
TOM HANSON	MEMBER	2.00	Director	$0	$0	$0
JEN DAVEL	MEMBER	2.00	Director	$0	$0	$0
LEIF EIKEVIK	MEMBER	2.00	Director	$0	$0	$0
KARMI MATTSON	MEMBER	2.00	Director	$0	$0	$0
JESSICA IRVING MARSCHALL	MEMBER	2.00	Director	$0	$0	$0
SCOTT MAYER	MEMBER	2.00	Director	$0	$0	$0
DAN OTTO	MEMBER	2.00	Director	$0	$0	$0
STEVE KNIGHT - THRU 123123	MEMBER	2.00	Director	$0	$0	$0
HEIDI SWANK	EXECUTIVE DIRECTOR	40.00	Officer	$118,215	$13,781	$131,996

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	$854,824	$1,734,362	$1,611,385	$-879,538
2022	$834,735	$1,424,110	$2,336,996	$-589,375
2020	$1,832,549	$1,103,045	$2,732,815	$729,504
2019	$1,424,151	$1,042,351	$1,738,481	$381,800
2018	$863,157	$742,716	$1,732,597	$120,441

RETHOS F/K/A PRESERVATION ALLIANCE OF MINNESOTA