FRIENDS OF LITTLE SAIGON

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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

QUYNH PHAM

Phone

2532459341

Tax Period

2024-01-01 to 2024-12-31

FRIENDS OF LITTLE SAIGON, founded in 2011, is a community nonprofit in the Community Improvement sector that reported $3.1M in total revenue in fiscal year 2024. Revenue surged 142% from the prior year, signaling strong growth momentum. Expenses of $2.7M left a modest 12% surplus.

Mission

THE MISSION OF FRIENDS OF LITTLE SAIGON IS TO PRESERVE AND ENHANCE LITTLE SAIGON'S CULTURAL, ECONOMIC, AND HISTORIC VITALITY.

Program Service Accomplishments

Program 1

Expenses: $1,974,315 Revenue: $153,274

COMMUNITY ENGAGEMENT: BI-LINGUAL (ENGLISH AND VIETNAMESE) ENGAGEMENT EMPOWERING LITTLE SAIGON STAKEHOLDERS, INCLUDING RESIDENTS, BUSINESS OWNERS, AND OTHER COMMUNITY MEMBERS, TO ADVOCATE FOR THE...

COMMUNITY ENGAGEMENT: BI-LINGUAL (ENGLISH AND VIETNAMESE) ENGAGEMENT EMPOWERING LITTLE SAIGON STAKEHOLDERS, INCLUDING RESIDENTS, BUSINESS OWNERS, AND OTHER COMMUNITY MEMBERS, TO ADVOCATE FOR THE COMMUNITY THEY WANT TO SEE. THIS INCLUDES THE LITTLE SAIGON LANDMARK PROJECT (MIXED-USE DEVELOPMENT PROJECT); ENSURING THAT NEIGHBORHOOD DEVELOPMENTS AND CONSTRUCTION BENEFIT THE COMMUNITY; BRIDGING CONNECTIONS BETWEEN COMMUNITY STAKEHOLDERS AND GOVERNMENT AGENCIES; AND ADVOCATING FOR POLICIES AND PLANS TO ADVANCE COMMUNITY GOALS. OVER THE COURSE OF THE YEAR, WE ENGAGED ABOUT 100 STAKEHOLDERS.

Program 2

Expenses: $255,483 Revenue: $25,505

ARTS & CULTURE: PRESERVING VIETNAMESE CULTURE THROUGH ARTS, LANGUAGE EDUCATION, AND SPECIAL EVENTS. THIS INCLUDES OPERATING OUR CULTURAL SPACE; SEASONAL FESTIVALS AND EVENTS; ROTATING ART EXHIBIT...

ARTS & CULTURE: PRESERVING VIETNAMESE CULTURE THROUGH ARTS, LANGUAGE EDUCATION, AND SPECIAL EVENTS. THIS INCLUDES OPERATING OUR CULTURAL SPACE; SEASONAL FESTIVALS AND EVENTS; ROTATING ART EXHIBIT; 10-WEEK VIETNAMESE LANGUAGE COURSE; SMALL BUSINESS AND ARTIST POP-UPS; AND PUBLIC ART PROJECTS. MANY OF THESE ARE OFFERED AT OUR CULTURAL SPACE, AND WE ESTIMATE 48,000 VISITORS IN OUR SPACE PER YEAR.

Program 3

Expenses: $240,373 Revenue: $27,376

SMALL BUSINESS SUPPORT: WORKING WITH AND SUPPORTING SMALL BUSINESS THROUGH CAPACITY BUILDING, IN-LANGUAGE INFORMATION, AND EVENTS. THIS INCLUDES PROVIDING FREE BI-LINGUAL TECHINCAL ASSISTANCE...

SMALL BUSINESS SUPPORT: WORKING WITH AND SUPPORTING SMALL BUSINESS THROUGH CAPACITY BUILDING, IN-LANGUAGE INFORMATION, AND EVENTS. THIS INCLUDES PROVIDING FREE BI-LINGUAL TECHINCAL ASSISTANCE; REFERRALS; ACCESS TO RESOURCES FOR NEW AND EXISTING BUSINESSES; SMALL BUSINESS INCUBATION FOR BUDDING ENTREPRENEURS AND SMALL BUSINESSES TO TEST OUT THEIR CONCEPTS AND PRODUCTS THROUGH POP-UPS AND RETAIL SPACE AT OUR CULTURAL SPACE. WE DO CONSISTENT OUTREACH TO NEARLY 80 BUSINESSES AND PROVIDE DIRECT ASSISTANCE TO NEARLY 20.

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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 $2,886,011

Program Service Revenue $198,998

Investment Income $4,997

Other Revenue $7,157

TOTAL REVENUE $3,097,163

Expense Breakdown

Grants Paid $24,250

Salaries & Benefits $570,096

Fundraising Expenses $41,793

Program Expenses $2,470,171

Other Expenses $2,140,918

TOTAL EXPENSES $2,735,264

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,097,163	$1,279,843	+1.4%
Expenses	$2,735,264	$1,250,965	+1.2%
Net Income	$361,899	$28,878	+11.5%

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

198

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

$98,711

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
HONG CHHUOR	PRESIDENT	2.00	Officer Director	$0	$0	$0
LEECHING TRAN	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
HUY PHAM	SECRETARY	1.25	Officer Director	$0	$0	$0
TRANG LE	TREASURER	1.25	Officer Director	$0	$0	$0
MYTOAN NGUYEN-AKBAR	BOARD MEMBER	1.25	Director	$0	$0	$0
VY NGUYEN	BOARD MEMBER	1.25	Director	$0	$0	$0
STEVE SCHEELE	BOARD MEMBER	1.25	Director	$0	$0	$0
QUYNH PHAM	EXECUTIVE DIRECTOR	40.00	Officer	$93,186	$5,525	$98,711

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	$3,097,163	$2,735,264	$8,528,629	$361,899
2023	$1,279,843	$1,250,965	$7,823,251	$28,878
2022	$830,409	$682,655	$1,365,385	$147,754
2021	$825,558	$531,483	$977,077	$294,075
2020	$828,245	$349,013	$666,042	$479,232