FIRST HOMES PROPERTIES

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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

2001

Legal Domicile

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.

Program Service Accomplishments

Program 1

Expenses: $1,666,659 Revenue: $883,490

FIRST HOMES HAS BEEN A LEADER IN AFFORDABLE HOUSING DEVELOPMENT AND ASSOCIATED LENDING IN SOUTHEAST MINNESOTA SINCE 2000. FIRST HOMES HAS HELPED TO PRODUCE AND FINANCE MORE THAN 1,100 UNITS OF...

FIRST HOMES HAS BEEN A LEADER IN AFFORDABLE HOUSING DEVELOPMENT AND ASSOCIATED LENDING IN SOUTHEAST MINNESOTA SINCE 2000. FIRST HOMES HAS HELPED TO PRODUCE AND FINANCE MORE THAN 1,100 UNITS OF WORKFORCE HOUSING INCLUDING SINGLE FAMILY NEW CONSTRUCTION AND PURCHASE REHAB, COMMUNITY LAND TRUST, AND MULTI-FAMILY RENTAL PROJECTS.

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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 $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

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

$176,124

Total Directors

Key Employees

Highest Compensated

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