HONORING CHOICES (EIN 472673813) - Form 990 Financial Analysis & Trantor Score

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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

2015

Legal Domicile

Principal Officer

HEATHER THONVOLD

Phone

3207740911

Tax Period

2023-01-01 to 2023-12-31

HONORING CHOICES, founded in 2015, is a small nonprofit in the Health Care sector that reported $234K in total revenue in fiscal year 2023. Revenue surged 64% from the prior year, signaling strong growth momentum. Expenses of $262K exceeded revenue, resulting in a 12% operating deficit.

Mission

HONORING CHOICES IS A COMMUNITY-BASED ORGANIZATION DEDICATED TO WORKING COLLABORATIVELY TO IMPROVE END-OF-LIFE CARE FOR THE PEOPLE OF CENTRAL MINNESOTA. WE ARE POSITIVELY IMPACTING THE QUALITY OF HEALTH CARE IN OUR COMMUNITY BY IMPLEMENTING COMPREHENSIVE PROGRAMS TO FACILITATE PATIENT, AND FAMILY-CENTERED END-OF-LIFE CARE, PROMOTING INFORMED DECISION-MAKING, AND ENCOURAGING CONVERSATIONS RELATED TO HEALTH CARE DIRECTIVES, HOSPICE CARE, AND PALLIATIVE CARE.

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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 $137,013

Program Service Revenue $97,154

Investment Income $0

Other Revenue $0

TOTAL REVENUE $234,167

Expense Breakdown

Grants Paid $18,850

Salaries & Benefits $76,540

Fundraising Expenses $21,577

Program Expenses $215,395

Other Expenses $166,565

TOTAL EXPENSES $261,955

Year-over-Year Comparison

	2023	2022	Change
Revenue	$234,167	$142,905	+0.6%
Expenses	$261,955	$200,785	+0.3%
Net Income	$-27,788	$-57,880	-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

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

$71,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARY ELLEN WELLS	BOARD CHAIR	4.00	Officer Director	$0	$0	$0
JERRY MCCARTER	BOARD VICE CHAIR	2.00	Officer Director	$0	$0	$0
JOY HORNUNG	BOARD TREASURER	2.00	Officer Director	$0	$0	$0
MERRYN JOLKOVSKY	BOARD SECRETARY	6.00	Officer Director	$0	$0	$0
PARTICIA BRESSER	DIRECTOR	2.00	Director	$0	$0	$0
JANET GOHMAN	DIRECTOR	2.00	Director	$0	$0	$0
SANGEETA JHA	DIRECTOR	2.00	Director	$0	$0	$0
SARAH SCHMIDT	DIRECTOR	2.00	Director	$0	$0	$0
RICHARD SHANK	DIRECTOR	2.00	Director	$0	$0	$0
STEPHEN PAREJA	DIRECTOR	2.00	Director	$0	$0	$0
LYNN MACKENZIE	1/1 TO 12/27 EXECUTIVE DIRECTOR	50.00	Officer	$71,000	$0	$71,000
HEATHER THORVOLD	12/28 TO 12/31 EXECUTIVE DIRECTOR	50.00	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
2023	$234,167	$261,955	$183,043	$-27,788
2022	$142,905	$200,785	$200,831	$-57,880
2021	$233,349	$146,103	$270,271	$87,246

HONORING CHOICES