PROJECT WORTHMORE

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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

2011

Legal Domicile

Principal Officer

FRANK ANELLO

Phone

7202891418

Tax Period

2023-01-01 to 2023-12-31

PROJECT WORTHMORE, founded in 2011, is a community nonprofit in the Human Services sector that reported $4.1M in total revenue in fiscal year 2023. Revenue grew 15% year-over-year, indicating healthy expansion. Expenses of $3.8M left a modest 9% surplus.

Mission

TO PROVIDE PROGRAMS THAT FOSTER COMMUNITY, SELF-SUFFICIENCY AND INCREASE QUALITY OF LIFE AMONG DENVER-AREA REFUGEES. FROM OUR START OFFERING MAKESHIFT ENGLISH CLASSES IN LIVING ROOMS, WE NOW OFFER SIX COMPREHENSIVE PROGRAMS TO THOUSANDS OF REFUGEE CLIENTS. AROUND HALF OF OUR STAFF ARE FROM THE REFUGEE COMMUNITY, HELPING US TO BETTER LISTEN, EMPOWER AND SUPPORT THOSE WHO HAVE COME HERE TO REBUILD THEIR LIVES. STRATEGICALLY LOCATED OFF OF EAST COLFAX, PROJECT WORTHMORE IS IN THE HEART OF THE REFUGEE COMMUNITY AND THEREFORE EASILY ACCESSED BY OUR CLIENTS. OUR TEAM AND IMPACT CONTINUE TO GROW AS WE PLAY A ROLE IN SUPPORTING PEOPLE DURING THE WORST REFUGEE CRISIS SINCE WORLD WAR II.

Program Service Accomplishments

Program 1

Expenses: $1,797,181 Revenue: $1,516,696

THE WORTHMORE CLINIC IS A DENTAL CLINIC OFFERING COMPREHENSIVE RESTORATIVE AND PREVENTATIVE DENTAL CARE TO THE REFUGEE COMMUNITY.

Program 2

Expenses: $951,957 Revenue: $46,827

COMMUNITY NAVIGATORS HELP WITH ESSENTIAL SERVICES AND PROGRAMS THAT CAN OFTEN BE OVERWHELMING FOR NEWCOMERS - ENROLLING CHILDREN IN SCHOOL, APPLYING FOR GOVERNMENT BENEFITS, FINDING MEANINGFUL...

COMMUNITY NAVIGATORS HELP WITH ESSENTIAL SERVICES AND PROGRAMS THAT CAN OFTEN BE OVERWHELMING FOR NEWCOMERS - ENROLLING CHILDREN IN SCHOOL, APPLYING FOR GOVERNMENT BENEFITS, FINDING MEANINGFUL EMPLOYMENT, NAVIGATING THE HEALTHCARE SYSTEM, AND MUCH MORE. OUR FAMILY PARTNER PROGRAM PAIRS VOLUNTEER AND REFUGEE FAMILIES WITH THE HOPE THEY DEVELOP MEANINGFUL RELATIONSHIPS THAT AID IN SOCIAL BRIDGING - A KEY FACTOR IN REFUGEES BECOMING MORE INTEGRATED AND SELF-SUFFICIENT. ----------------- CONTINUED ON SCHEDULE O -------------------------------

Program 3

Expenses: $191,734

A PARTNERSHIP BETWEEN PROJECT WORTHMORE AND DENVER URBAN GARDENS, DELANEY COMMUNITY FARM IS A 5-ACRE FARM THAT SUPPORTS REFUGEES THROUGH SUSTAINABLE AGRICULTURE AND COMMUNITY BUILDING.

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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 $2,504,852

Program Service Revenue $1,563,523

Investment Income $0

Other Revenue $70,817

TOTAL REVENUE $4,139,192

Expense Breakdown

Grants Paid $285,021

Salaries & Benefits $2,628,272

Fundraising Expenses $221,879

Program Expenses $2,940,872

Other Expenses $862,983

TOTAL EXPENSES $3,776,276

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,139,192	$3,611,124	+0.1%
Expenses	$3,776,276	$2,948,169	+0.3%
Net Income	$362,916	$662,955	-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

1113

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

$126,371

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
FRANK ANELLO	EXECUTIVE DI	40.00	Officer	$120,371	$6,000	$126,371
DR MANISHA MAKHIJA	DENTAL DIREC	40.00	Highest	$202,281	$0	$202,281
CAROLYN ANELLO	CLINICAL PRO	40.00	Highest	$100,768	$6,000	$106,768
TAMARA SMITH	BOARD CHAIR	2.00	Officer Director	$0	$0	$0
NAZ MEDHANIE	VICE CHAIR	2.00	Officer Director	$0	$0	$0
ERIC ROACH	TREASURER	2.00	Officer Director	$0	$0	$0
MIA ALLEN	SECRETARY	2.00	Officer Director	$0	$0	$0
ERIC ROTHAUS	BOARD MEMBER	2.00	Director	$0	$0	$0
GREG CORBIN	BOARD MEMBER	2.00	Director	$0	$0	$0
TYLER CARNER	BOARD MEMBER	2.00	Director	$0	$0	$0
SATISH CHANDER	BOARD MEMBER	2.00	Director	$0	$0	$0
SANDRINE VOHRA	BOARD MEMBER	2.00	Director	$0	$0	$0
LISA MOUGIN	BOARD MEMBER	2.00	Director	$0	$0	$0
GEM SWARTZ	BOARD MEMBER	2.00	Director	$0	$0	$0
SCOTT SCHMID	BOARD MEMBER	2.00	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	No data	No data	No data	No data
2023	$4,139,192	$3,776,276	$5,737,888	$362,916
2023	$4,139,192	$3,776,276	$5,737,888	$362,916
2022	$3,611,124	$2,948,169	$4,995,445	$662,955
2021	$3,454,592	$1,777,674	$3,147,982	$1,676,918
2020	$1,729,967	$1,401,365	$1,121,359	$328,602
2019	$1,763,623	$1,581,317	$747,462	$182,306