Thistle Community Housing

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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

1985

Legal Domicile

Phone

3034430007

Tax Period

2023-10-01 to 2024-09-30

Thistle Community Housing, founded in 1985, is a community nonprofit in the Housing & Shelter sector that reported $4.0M in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. Expenses of $4.6M exceeded revenue, resulting in a 16% operating deficit.

Mission

The Mission of Thistle Communities is to create and preserve quality, permanently affordable rental and ownership homes for working families, seniors and people with disabilities. Thistles homes allow teachers, health-care workers, and others who are the backbone of our economy to live in the communities they serve.

Program Service Accomplishments

Program 1

Expenses: $2,633,842 Revenue: $2,861,976

Thistle Community Housing owns and manages 785 permanently affordable rentals for low income residents including people with disabilities in Boulder County, Colorado.

Program 2

Expenses: $953,806 Revenue: $307,427

Thistles real estate development program develops and renovates rental and ownership properties to provide affordable homes for low to moderate income residents in Boulder County, Colorado.

Program 3

Expenses: $11,500 Revenue: $75,840

Thistles homeownership program provides over 200 permanent affordable ownership homes, home buyer education and home owner support services for low to moderate income persons in Boulder County.

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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 $724,640

Program Service Revenue $1,237,318

Investment Income $743,000

Other Revenue $1,264,925

TOTAL REVENUE $3,969,883

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,459,201

Fundraising Expenses $28,020

Program Expenses $3,599,148

Other Expenses $2,160,413

TOTAL EXPENSES $4,619,614

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,969,883	$4,242,640	-0.1%
Expenses	$4,619,614	$4,550,653	+0.0%
Net Income	$-649,731	$-308,013	+1.1%

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

$338,024

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Paul D'Angelo	CEO	1.00	Officer	$176,320	$0	$176,320
Christopher Gwiazda	CFO	40.00	Officer	$161,704	$0	$161,704
Andy Kadlec	Director	1.00	Director	$0	$0	$0
Joe Ballestrasse	Director	1.00	Director	$0	$0	$0
Erik Hall	Director	40.00	Director	$0	$0	$0
Leigh Williams	Board Chairman	1.00	Officer Director	$0	$0	$0
Breona Byrd	Director	1.00	Director	$0	$0	$0
Megan Bruce	Vice Chairman	1.00	Officer Director	$0	$0	$0
Molly Tayer	Board Secretary	1.00	Officer Director	$0	$0	$0
Ron Tupa	Director	1.00	Director	$0	$0	$0
John Reynolds	Director	1.00	Director	$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	$3,969,883	$4,619,614	$46,143,693	$-649,731
2023	$4,242,640	$4,550,653	$46,112,930	$-308,013
2022	$5,604,064	$6,023,687	$45,761,609	$-419,623
2021	$7,131,075	$3,893,869	$53,794,788	$3,237,206
2020	$12,975,821	$3,530,775	$45,400,788	$9,445,046
2019	$4,947,957	$4,716,538	$41,752,478	$231,419
2018	$6,813,173	$4,054,710	$38,208,148	$2,758,463