CLOSE GAPS BY 5

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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

ERICCA MAAS

Phone

6513989019

Tax Period

2022-01-01 to 2022-12-31

CLOSE GAPS BY 5, founded in 2011, is a small nonprofit that reported $221K in total revenue in fiscal year 2022. Revenue fell 35% from the prior year — a significant decline worth monitoring. Expenses of $591K exceeded revenue, resulting in a 168% operating deficit.

Mission

CLOSE GAPS BY 5 IS ON A MISSION TO ENSURE THAT MINNESOTA'S SYSTEM OF EARLY CARE AND EDUCATION STRATEGIES AND INVESTMENTS FULLY PREPARES ALL YOUNG CHILDREN - PARTICULARLY THOSE LIVING IN POVERTY - TO ENTER KINDERGARTEN WITH THE COGNITIVE, SOCIAL-EMOTIONAL, PHYSICAL AND LANGUAGE SKILLS THEY NEED FOR SUCCESS IN SCHOOL, LIFE, AND CAREER.

Program Service Accomplishments

Program 1

Expenses: $371,819

CLOSE GAPS BY 5 WORKS TO STRENGTHEN AND EXPAND PARENT AWARE AS MINNESOTA'S QUALITY FRAMEWORK FOR EARLY CARE AND EDUCATION PROGRAMS BY GROWING THE NUMBER OF AVAILABLE PARENT AWARE RATED EARLY CARE AND EDUCATION PROGRAMS STATEWIDE AND WORKING TO KEEP THE RATING STANDARDS STRONG AND TIED TO WHAT RESEARCH SAYS CHILDREN NEED. THIS APPROACH IS SYSTEMATICALLY IMPROVING THE QUALITY OF EARLY CARE AND EDUCATION PROGRAMS IN MINNESOTA. THE NUMBER OF ELIGIBLE PROGRAMS THAT HAVE EARNED RATINGS HAS GROWN SIGNIFICANTLY SINCE THE INCEPTION OF PARENT AWARE, FROM JUST OVER 500 PROGRAMS AT THE END OF 2012 TO NEARLY 2,941 AS OF DECEMBER 2022. OF THE 320,000 MINNESOTA CHILDREN AGES BIRTH-FIVE YEARS WHO SPEND TIME IN CHILD CARE, NEARLY 100,000 WERE IN PARENT AWARE-RATED PROGRAMS IN 2022.THE GRANT AMOUNT OF $152,386 WAS THE FINAL DISTRIBUTED AMOUNT WHEN THE ORGANIZATION CEASED TO EXIST.

Program 2

Expenses: $52,000

CLOSE GAPS BY 5 RECOGNIZES THAT BUILDING HIGH-QUALITY PROGRAMS IS NOT ENOUGH IF FAMILIES DO NOT HAVE THE MEANS TO ACCESS THEM. THE SECOND FOCUS OF CLOSE GAP'S PROGRAM WORK IS ON EDUCATING...

CLOSE GAPS BY 5 RECOGNIZES THAT BUILDING HIGH-QUALITY PROGRAMS IS NOT ENOUGH IF FAMILIES DO NOT HAVE THE MEANS TO ACCESS THEM. THE SECOND FOCUS OF CLOSE GAP'S PROGRAM WORK IS ON EDUCATING POLICYMAKERS AND THE PUBLIC ABOUT THE IMPORTANCE OF INCREASING INVESTMENTS TO ENABLE ACCESS TO HIGH-QUALITY EARLY CARE AND EDUCATION PROGRAMS BY EXPANDING ACCESS TO EARLY LEARNING SCHOLARSHIPS FOR CHILDREN IN LOW-INCOME FAMILIES. THE STATE ADOPTED THE EARLY LEARNING SCHOLARSHIP PROGRAM IN 2011. WE HAVE BEEN LEADING PARTNERS IN PROMOTING THE PROGRAM TO POLICYMAKERS AND THE PUBLIC SINCE THAT TIME AND HAVE REACHED A LEVEL WHERE AN ESTIMATED 12,000 MINNESOTA CHILDREN BENEFIT FROM EARLY LEARNING SCHOLARSHIPS ANNUALLY.

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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 (2022)

Revenue Breakdown

Contributions & Grants $220,628

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $220,628

Expense Breakdown

Grants Paid $152,386

Salaries & Benefits $199,782

Fundraising Expenses $42,507

Program Expenses $423,819

Other Expenses $238,631

TOTAL EXPENSES $590,799

Year-over-Year Comparison

	2022	2021	Change
Revenue	$220,628	$337,782	-0.3%
Expenses	$590,799	$452,461	+0.3%
Net Income	$-370,171	$-114,679	+2.2%

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

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

$188,200

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL V CIRESI	CHAIR	0.30	Officer Director	$0	$0	$0
KEN POWELL	VICE CHAIR	0.30	Officer Director	$0	$0	$0
JAN KRUCHOSKI	TREASURER	0.30	Officer Director	$0	$0	$0
TIM PENNY	SECRETARY	0.30	Officer Director	$0	$0	$0
TERRI BARREIRO	BOARD MEMBER	0.30	Director	$0	$0	$0
BRETT EDELSON	BOARD MEMBER	0.30	Director	$0	$0	$0
KATHY COONEY	BOARD MEMBER	0.30	Director	$0	$0	$0
ROBBIN JOHNSON	BOARD MEMBER	0.30	Director	$0	$0	$0
ARTHUR J ROLNICK	BOARD MEMBER	0.30	Director	$0	$0	$0
FRED SENN	BOARD MEMBER	0.30	Director	$0	$0	$0
ERICCA MAAS	EXECUTIVE DIRECTOR	40.00	Officer	$165,000	$6,500	$171,500
MICHELLE CORBIN	OPERATIONS DIRECTOR	7.00	Officer	$16,700	$0	$16,700

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
2022	$220,628	$590,799	No data	$-370,171
2021	$337,782	$452,461	$391,382	$-114,679
2020	$254,738	$328,706	$488,191	$-73,968
2019	$576,835	$410,986	$565,053	$165,849
2018	$632,977	$547,910	$445,723	$85,067