FAMILY PROMISE OF MORRIS COUNTY 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

1988

Legal Domicile

Principal Officer

JOANN BJORNSON

Phone

9739980820

Tax Period

2024-01-01 to 2024-12-31

FAMILY PROMISE OF MORRIS COUNTY INC, founded in 1988, is a community nonprofit that reported $3.4M in total revenue in fiscal year 2024. The organization ran a surplus of $757K, a strong 23% operating margin.

Mission

To mobilize community resources and people to end the crisis of homelessness faced by Morris County families and indviduals by providing a continuum of services leading to self-sufficiency.

Program Service Accomplishments

Program 1

Expenses: $1,927,960

Served over 1,000 individuals and families by providing access to temporary shelter to the homeless and other services to promote self sufficiency.

Program 2

Expenses: $216,451

Provided outreach services, including mobile outreach, to individuals affected by homelessness.

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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 $3,284,054

Program Service Revenue $0

Investment Income $20,263

Other Revenue $55,729

TOTAL REVENUE $3,360,046

Expense Breakdown

Grants Paid $688,593

Salaries & Benefits $1,557,499

Fundraising Expenses $168,017

Program Expenses $2,144,411

Other Expenses $356,559

TOTAL EXPENSES $2,602,651

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,360,046	$3,285,900	+0.0%
Expenses	$2,602,651	$3,364,674	-0.2%
Net Income	$757,395	$-78,774	-10.6%

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

1600

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

$125,000

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
FRANK NOVAK	PRESIDENT	3	Officer Director	$0	$0	$0
WILLIAM STROEVER	VICE PRESIDENT	3	Officer Director	$0	$0	$0
CHRISTOPHER MCMANUS	TREASURER	3	Officer Director	$0	$0	$0
MATTHEW PARKER	SECRETARY	3	Officer Director	$0	$0	$0
VERNON BELL	TRUSTEE	3	Director	$0	$0	$0
JOSE ORTIZ	TRUSTEE	3	Director	$0	$0	$0
SHANNON SIMON	TRUSTEE	3	Director	$0	$0	$0
SHARON YOO	TRUSTEE	3	Director	$0	$0	$0
HELENA LYNCH	TRUSTEE	3	Director	$0	$0	$0
JOANN BJORNSON	EXECUTIVE DIRECTOR	40	Key Emp Highest	$125,000	$0	$125,000

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	$3,360,046	$2,602,651	$1,746,338	$757,395
2023	$3,285,900	$3,364,674	$1,016,210	$-78,774
2022	$2,883,044	$2,960,608	$1,118,077	$-77,564
2021	$2,455,579	$2,422,378	$1,130,541	$33,201
2020	$2,152,048	$1,631,627	$1,085,305	$520,421
2019	$1,615,637	$1,602,947	$573,083	$12,690
2018	$1,585,904	$1,542,125	$547,416	$43,779