THIRD OPTION FOUNDATION

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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

2013

Legal Domicile

Principal Officer

STEVEN CASHEN

Phone

5713868623

Tax Period

2023-01-01 to 2023-12-31

THIRD OPTION FOUNDATION, founded in 2013, is a community nonprofit in the Human Services sector that reported $9.1M in total revenue in fiscal year 2023. Revenue fell 28% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $2.7M, a strong 30% operating margin.

Mission

THE PURPOSE OF THE FOUNDATION IS TO PROVIDE SUPPORT TO THE FAMILIES OF GOVERNMENT EMPLOYEES WHO HAVE DIED OR BEEN SERIOUSLY INJURED IN THE SERVICE OF THEIR COUNTRY BUT WHOSE EMPLOYMENT STATUS PROHIBITS THEM FROM SEEKING ASSISTANCE FROM NORMAL GOVERNMENTAL SOURCES.

Program Service Accomplishments

Program 1

Expenses: $3,803,864

MEDICAL PROGRAM: PROVIDE SUPPORT FOR PHYSICAL AND COGNITIVE HEALTH ASSESSMENT AND TREATMENT FOR OFFICERS AND THEIR FAMILIES, AS WELL AS FAMILY RESILIENCY RETREATS FOR FAMILIES OF DEPLOYING OFFICERS...

Program 2

Expenses: $361,590

TRANSITION SUPPORT: PROVIDE SUPPORT TO OFFICERS AND THEIR FAMILY MEMBERS AS OFFICERS END THEIR CURRENT EMPLOYMENT. PROVIDES CONTINUED ACCESS TO THE MEDICAL AND FAMILY RESILIENCY & BEHAVIORAL HEALTH PROGRAMS. FACILITATES CONTACT WITH FINANCIAL ADVISORY ASSISTANCE, PROFESSIONAL COACHING, NETWORKING, AND CERTIFICATION PROGRAMS, AND PARTICIPATION IN LEGACY EVENTS.

Program 3

Expenses: $897,381

SURVIVORSHIP: PROVIDE IMMEDIATE FINANCIAL AND LOGISTICAL SUPPORT DURING THE REPATRIATION OF A FALLEN OPERATOR, ANNUAL CAMPS AND SUPPORT FOR SURVIVING CHILDREN, ACADEMIC SUPPORT AND COLLEGE...

SURVIVORSHIP: PROVIDE IMMEDIATE FINANCIAL AND LOGISTICAL SUPPORT DURING THE REPATRIATION OF A FALLEN OPERATOR, ANNUAL CAMPS AND SUPPORT FOR SURVIVING CHILDREN, ACADEMIC SUPPORT AND COLLEGE PREPARATION SERVICE FOR CHILDREN, EMERGENCY HOME MAINTENANCE AND HOME SUPPORT, AND GRIEF AND FINANCIAL COUNSELING.

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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 $8,072,975

Program Service Revenue $0

Investment Income $1,036,498

Other Revenue $8,096

TOTAL REVENUE $9,117,569

Expense Breakdown

Grants Paid $3,587,429

Salaries & Benefits $1,304,822

Fundraising Expenses $410,171

Program Expenses $5,062,835

Other Expenses $1,525,191

TOTAL EXPENSES $6,417,442

Year-over-Year Comparison

	2023	2022	Change
Revenue	$9,117,569	$12,642,351	-0.3%
Expenses	$6,417,442	$4,770,970	+0.3%
Net Income	$2,700,127	$7,871,381	-0.7%

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

$530,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAY GOFFMAN	TREASURER	4.00	Officer Director	$0	$0	$0
BRIAN CARBAUGH	DIRECTOR	2.00	Director	$0	$0	$0
SCOTT D KRASE	DIRECTOR	2.00	Director	$0	$0	$0
JOHN PHELAN	CHAIRMAN/DIRECTOR	4.00	Officer Director	$0	$0	$0
JOHN BURNHAM	DIRECTOR	2.00	Director	$0	$0	$0
JOHN C WOOD	DIRECTOR	2.00	Director	$0	$0	$0
R SCOTT SPELLMEYER	VICE-CHAIRMAN/DIRECTOR	4.00	Officer Director	$0	$0	$0
STEPHANIE USRY BELLOSTRI	SECRETARY	4.00	Officer Director	$0	$0	$0
KEVIN HIGGINS	DIRECTOR	2.00	Director	$0	$0	$0
KAREN SCHAEFER	DIRECTOR	2.00	Director	$0	$0	$0
GRANT VERSTANDIG	DIRECTOR	2.00	Director	$0	$0	$0
STEVEN T CASHEN	CEO	40.00	Officer	$275,000	$0	$275,000
MELISSA ALLEN	PRESIDENT AND COO	40.00	Officer	$255,000	$0	$255,000

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	$9,117,569	$6,417,442	$34,607,554	$2,700,127
2022	$12,642,351	$4,770,970	$31,184,705	$7,871,381
2021	$12,300,421	$4,528,197	$24,876,503	$7,772,224
2021	$12,300,421	$4,528,197	$24,876,503	$7,772,224
2020	$1,770,856	$3,202,396	$16,131,706	$-1,431,540
2019	$7,300,181	$3,235,267	$17,027,201	$4,064,914
2018	$11,522,293	$2,349,312	$12,864,802	$9,172,981