FIRST HOMES PROPERTIES

EIN: 412004557 501(c)(3) Housing & Shelter

ROCHESTER, MN

Total Revenue
$2,969,106
Total Expenses
$1,953,116
Total Assets
$19,924,240
Net Assets
$15,997,289
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2001
Legal Domicile
MN
Principal Officer
JENNIFER WOODFORD
Phone
5074242400
Tax Period
2024-01-01 to 2024-12-31

FIRST HOMES PROPERTIES, founded in 2001, is a community nonprofit in the Housing & Shelter sector that reported $3.0M in total revenue in fiscal year 2024. Revenue surged 59% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.0M, a strong 34% operating margin.

Mission

TO PROVIDE OPPORTUNITIES FOR LOW AND MODERATE-INCOME HOUSEHOLDS IN SOUTHEASTERN MINNESOTA COUNTIES TO SECURE HOUSING THAT IS DECENT AND AFFORDABLE.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,031,387
Program Service Revenue $783,490
Investment Income $43,054
Other Revenue $111,175
TOTAL REVENUE $2,969,106

Expense Breakdown

Grants Paid $0
Salaries & Benefits $375,077
Fundraising Expenses $29,167
Program Expenses $1,666,659
Other Expenses $1,578,039
TOTAL EXPENSES $1,953,116

Year-over-Year Comparison

2024 2023 Change
Revenue $2,969,106 $1,865,211 +0.6%
Expenses $1,953,116 $992,319 +1.0%
Net Income $1,015,990 $872,892 +0.2%
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

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Governance

Voting Members
12
Independent Members
12
Employees
N/A
Volunteers
11

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
6
$176,124
Total Directors
13
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
LISA LUNDQUIST CHAIR 0.50
Officer Director
$0 $0 $0
MIKE BECKER CHAIR (UNTIL 5/14/24) 0.50
Officer Director
$0 $0 $0
KIM WOODRUFF VICE CHAIR 0.50
Officer Director
$0 $0 $0
TAMSEN LEIMER TREASURER 1.00
Officer Director
$0 $0 $0
ALYSSA FORDHAM VAGT SECRETARY 0.50
Officer Director
$0 $0 $0
MELISSA DICKISON DIRECTOR 0.50
Director
$0 $0 $0
WAFA ELKHALIFA DIRECTOR 0.50
Director
$0 $0 $0
SARA GOVRIK DIRECTOR 0.50
Director
$0 $0 $0
MIKE PARADISE DIRECTOR 0.50
Director
$0 $0 $0
LAUREL PODULKE-SMITH DIRECTOR 0.50
Director
$0 $0 $0
CHRIS STROUD DIRECTOR 0.50
Director
$0 $0 $0
SARA TEKLE DIRECTOR 0.50
Director
$0 $0 $0
MARK THEIN DIRECTOR 0.50
Director
$0 $0 $0
JENNIFER WOODFORD PRESIDENT 11.00
Officer
$41,741 $9,160 $176,124
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 $2,969,106 $1,953,116 $19,924,240 $1,015,990
2024 $2,969,106 $1,953,116 $19,924,240 $1,015,990
2023 $1,865,211 $992,319 $20,946,653 $872,892
2022 $1,361,871 $1,072,263 $17,370,195 $289,608
2021 $2,175,189 $992,247 $16,429,710 $1,182,942
2020 $2,160,519 $1,217,281 $15,451,628 $943,238
2019 $374,753 $428,077 $10,391,411 $-53,324
2018 $593,818 $540,730 $10,407,000 $53,088
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