FORMAN COMMUNITY DEVELOPMENT CORPO… - 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

1989

Legal Domicile

Principal Officer

NATHAN SCHLECHT

Phone

7017246269

Tax Period

2024-09-01 to 2025-08-31

FORMAN COMMUNITY DEVELOPMENT CORPORATION, founded in 1989, is a small nonprofit that reported $166K in total revenue in fiscal year 2024. Expenses of $196K exceeded revenue, resulting in a 18% operating deficit.

Mission

TO ASSIST IN THE ESTABLISHMENT OF BUSINESSES IN FORMAN, ND AND TO ENHANCE THE GENERAL ECONOMY OF THE AREA.

Program Service Accomplishments

Program 1

PROVIDE ADEQUATE AND AFFORDABE HOUSING AND COMMERCIAL RENTAL SPACE

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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 $0

Program Service Revenue $164,885

Investment Income $859

Other Revenue $0

TOTAL REVENUE $165,744

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $195,030

Other Expenses $196,208

TOTAL EXPENSES $196,208

Year-over-Year Comparison

	2024	2023	Change
Revenue	$165,744	N/A	N/A
Expenses	$196,208	N/A	N/A
Net Income	$-30,464	N/A	N/A

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

N/A

Employees

Volunteers

N/A

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
KALI COLBERT	DIRECTOR	1.00	Director	$0	$0	$0
STEVEN MCLAEN	DIRECTOR	1.00	Director	$0	$0	$0
BRANDON PANKOW	DIRECTOR	1.00	Director	$0	$0	$0
KEVIN BOPP	SECRETARY/TR	1.00	Officer	$0	$0	$0
DAVID MARTINSEN	VICE PRESIDE	1.00	Officer	$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
2025	$165,744	$196,208	$3,376,543	$-30,464
2024	$150,934	$184,919	$3,454,764	$-33,985
2023	$223,009	$188,040	$3,582,770	$34,969
2022	$352,561	$193,182	$3,637,878	$159,379
2021	$245,853	$200,690	$3,564,978	$45,163
2020	$246,435	$178,221	$3,598,145	$68,214
2019	$145,017	$176,497	$3,598,597	$-31,480

FORMAN COMMUNITY DEVELOPMENT CORPORATION