SOLACE HOUSE INC

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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

2014

Legal Domicile

Principal Officer

PATRICK McGOWAN

Phone

7184820001

Tax Period

2023-01-01 to 2023-12-31

SOLACE HOUSE INC, founded in 2014, is a small nonprofit in the Arts, Culture & Humanities sector that reported $546K in total revenue in fiscal year 2023. Revenue decreased 10% compared to the prior year. Expenses of $608K exceeded revenue, resulting in a 11% operating deficit.

Mission

TO MAKE PROFESSIONAL COUNSELING AND SUPPORT SERVICES FOR ANYONE IN SUICIDAL AND EMOTIONAL DISTRESS, AFFORDABLE, EASY TO ACCESS AND STIGMA FREE.

Program Service Accomplishments

Program 1

Revenue: $29,237

AN ANNUAL FLAGSHIP WALK CALLED SOLACE SUNRISE WALK WAS HELD TO RAISE FUNDS AS WELL AS SHOW SUPPORT FOR ADDRESSING SUICIDAL DISTRESS.

Program 2

Revenue: $124,727

A GOLF OUTING WAS HELD TO RAISE FUNDS TO DEVELOP AND PROMOTE PROGRAMS FOR SUICIDAL DISTRESS.

Program 3

Expenses: $356,236

SOLACE HOUSE PROVIDES FREE CONFIDENTIAL THERAPEUTIC COUNSELING FOR INDIVIDUALS WHO ARE EXPERIENCING SUICIDAL IDEATION/SUICIDAL DISTRESS, THOSE WHO ENGAGE IN SELF-HARM AND ANYONE WHO HAS BEEN BEREAVED...

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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 $495,882

Program Service Revenue $0

Investment Income $0

Other Revenue $50,522

TOTAL REVENUE $546,404

Expense Breakdown

Grants Paid $0

Salaries & Benefits $457,304

Fundraising Expenses $42,032

Program Expenses $356,236

Other Expenses $151,091

TOTAL EXPENSES $608,395

Year-over-Year Comparison

	2023	2022	Change
Revenue	$546,404	$605,253	-0.1%
Expenses	$608,395	$561,615	+0.1%
Net Income	$-61,991	$43,638	-2.4%

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

N/A

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
PATRICK McGOWAN	PRESIDENT	10.00	Officer Director	$0	$0	$0
PAUL O'BRIEN	TREASURER	10.00	Officer Director	$0	$0	$0
JAMES BURNS	DIRECTOR	10.00	Director	$0	$0	$0
THOMAS DEVLIN	DIRECTOR	10.00	Director	$0	$0	$0
PETER McGUIGAN	DIRECTOR	10.00	Director	$0	$0	$0
JOYCE NASTASI	DIRECTOR	10.00	Director	$0	$0	$0
FRANK NOVIELLO	DIRECTOR	10.00	Director	$0	$0	$0
KAREN GRANDO	DIRECTOR	10.00	Director	$0	$0	$0
REBECCA SKEDD	CEO	10.00	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
2024	No data	No data	No data	No data
2023	$546,404	$608,395	$77,450	$-61,991
2022	$605,253	$561,615	$66,488	$43,638
2021	$575,020	$571,161	$43,134	$3,859
2020	$585,957	$572,491	$116,830	$13,466
2020	$595,926	$572,460	$116,830	$23,466
2019	$497,452	$537,434	$49,987	$-39,982
2018	$405,898	$491,330	$51,398	$-85,432