CLEVELAND FURNITURE BANK

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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

2006

Legal Domicile

Principal Officer

THOMAS E GAGHAN

Phone

2164592265

Tax Period

2024-10-01 to 2025-09-30

CLEVELAND FURNITURE BANK, founded in 2006, is a community nonprofit in the Human Services sector that reported $2.3M in total revenue in fiscal year 2024.

Mission

THE CFB PROVIDES FURNISHINGS AND OTHER HOUSEHOLD ITEMS RECEIVED BY DONATION TO QUALIFIED LOW INCOME INDIVIDUALS THROUGH THE OPERATION OF A FURNITURE BANK AND RETAIL STORE FOR THE BENEFIT OF THE GREATER CLEVELAND COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $2,353,578 Revenue: $380,041

THE COLLECTION AND DISTRIBUTION OF FURNITURE, CLOTHING, APPLIANCES, AND OTHER HOUSEHOLD ITEMS RECEIVED BY DONATION TO QUALIFIED LOW INCOME INDIVIDUALS THROUGH THE OPERATION OF A LARGE-SCALE FURNITURE BANK AND RETAIL STORE. DURING FISCAL 2025, 598,043 IN DONATED MERCHANDISE WAS DISTRIBUTED.

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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 $942,470

Program Service Revenue $380,041

Investment Income $1,335

Other Revenue $1,025,622

TOTAL REVENUE $2,349,468

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,094,238

Fundraising Expenses $30,840

Program Expenses $2,353,578

Other Expenses $1,379,770

TOTAL EXPENSES $2,474,008

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,349,468	$2,425,201	0.0%
Expenses	$2,474,008	$2,474,566	0.0%
Net Income	$-124,540	$-49,365	+1.5%

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

$160,380

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS E GAGHAN	EXEC DIR	40.00	Officer	$132,064	$560	$132,624
STEPHANIE CANUTE	ACCOUNTANT	18.00	Officer	$27,756	$0	$27,756
MICHELLE B CREGER	GOVERNANCE	1.00	Director	$0	$0	$0
GARY EDDY	DIRECTOR	1.00	Director	$0	$0	$0
NATHAN HUNT	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
LISA KAY	DIRECTOR	1.00	Director	$0	$0	$0
JOHN M KLIPFELL	DIRECTOR	1.00	Director	$0	$0	$0
DIANA LEITCH	DIRECTOR	1.00	Director	$0	$0	$0
MICHELLE MANNO	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS SCHUCKERT	DIRECTOR	1.00	Director	$0	$0	$0
LISA VIDACS	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES WALKER	DIRECTOR	1.00	Director	$0	$0	$0
SARA BARLETT	SECRETARY	1.00	Officer	$0	$0	$0
JOE GILBERT	TREASURER	1.00	Officer	$0	$0	$0
MATTHEW MURDOCK	PRESIDENT	1.00	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
2025	$2,349,468	$2,474,008	$3,447,024	$-124,540
2024	$2,425,201	$2,474,566	$1,057,973	$-49,365
2023	$2,394,587	$2,328,865	$1,491,791	$65,722
2022	$2,229,373	$1,989,518	$988,468	$239,855
2021	$2,098,387	$1,829,166	$741,288	$269,221
2020	$1,871,884	$1,807,870	$568,111	$64,014
2019	$2,104,253	$2,126,019	$463,189	$-21,766