FINANCIAL PLANNING ASSOCIATION OF … - 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

2000

Legal Domicile

Principal Officer

ALEX PENGELLY

Phone

6512907466

Tax Period

2024-01-01 to 2024-12-31

FINANCIAL PLANNING ASSOCIATION OF MINNESOTA, founded in 2000, is a small nonprofit that reported $387K in total revenue in fiscal year 2024. Revenue fell 24% from the prior year — a significant decline worth monitoring. Expenses of $471K exceeded revenue, resulting in a 22% operating deficit.

Mission

Provide membership education, meetings & annual conference covering informational topics for members to keep current on & that are used to provide financial services to the public. Members earn educational credits as required by the CFP Board, State of Minnesota, State of Wisconsin, NASBA, CIMA & CLE.

Program Service Accomplishments

Program 1

Held 7 educational meetings covering informational topics that members need to keep current on & that are used in providing financial planning services to the public. Members earn educational credits as required by the CFP Board of Standards, the State of Minnesota, the Minnesota Board of Continuing Legal Education, the National Association of the State Board of Accountancy, & the Investment Management Consultants Association.

Program 2

Held an annual conference for the financial planning industry and members to learn about financial planning issues & earn educational credits as required by the CFP Board of Standards, the State of Minnesota, the National Association of the State Board of Accountancy, the Investment Management Consultants Association, & the Minnesota Board of Continuing Legal Education. Up to 15 continuing education units.

Program 3

Held special events for consumers, financial planning industry & members to learn about financial planning issues, including focus on educating consumers about financial planning as well as students & career changers with scholarships provided for their continued education to attain the certified financial planner designation.

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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 $1,135

Program Service Revenue $382,610

Investment Income $3,004

Other Revenue $0

TOTAL REVENUE $386,749

Expense Breakdown

Grants Paid $1,129

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $469,609

TOTAL EXPENSES $470,738

Year-over-Year Comparison

	2024	2023	Change
Revenue	$386,749	$507,218	-0.2%
Expenses	$470,738	$526,237	-0.1%
Net Income	$-83,989	$-19,019	+3.4%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRUCE LORENZ	Chairman	3.00	Officer Director	$0	$0	$0
NICOLE MEEKER	President	3.00	Officer Director	$0	$0	$0
ALEX PENGELLY	President ELECT	3.00	Officer Director	$0	$0	$0
MARK BRICE	Treasurer	3.00	Officer Director	$0	$0	$0
DAVID LEFLAR	Director	1.00	Director	$0	$0	$0
MAI YANG	Director	1.00	Director	$0	$0	$0
DANA BREWER	Director	1.00	Director	$0	$0	$0
JEANNA FIFER	Director	1.00	Director	$0	$0	$0
COREY ANDERSON	Director	1.00	Director	$0	$0	$0
VINCE DARLING	Director	1.00	Director	$0	$0	$0
KEITH LOVELAND	Director	1.00	Director	$0	$0	$0
DAN MCDONALD	PRESIDENT ELECT	1.00	Director	$0	$0	$0
ELIZABETH SCOTT	Director	1.00	Director	$0	$0	$0
KRISTY GUSICK	Director	1.00	Director	$0	$0	$0
JASON KLEY	Director	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	$386,749	$470,738	$210,523	$-83,989
2023	$507,218	$526,237	$270,197	$-19,019
2022	$228,916	$339,084	$306,173	$-110,168
2021	$320,182	$340,868	$502,127	$-20,686
2020	$471,456	$483,825	$481,120	$-12,369
2019	$418,175	$478,753	$532,367	$-60,578

FINANCIAL PLANNING ASSOCIATION OF MINNESOTA