CARERITE T F C 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

2009

Legal Domicile

Principal Officer

ADAKU C OKORIE

Phone

3013261357

Tax Period

2023-01-01 to 2023-12-31

CARERITE T F C INC, founded in 2009, is a community nonprofit in the Human Services sector that reported $1.2M in total revenue in fiscal year 2023. Revenue surged 33% from the prior year, signaling strong growth momentum.

Mission

TO PROVIDE THERAPEUTIC FOSTER CARE TO CHILDREN,ADOLESCENTS, AND YOUNG ADULTS WITH DEVELOPMENTAL DISABILITIES, AS WELL AS EMOTIONAL AND BEHAVIOURAL CHALLENGES.

Program Service Accomplishments

Program 1

Expenses: $1,060,402 Revenue: $1,233,329

CARERITE HAS PROVIDED STABLE FOSTER PARENT/HOMES FOR CHILDREN REFERRED FOR PLACEMENT BY THE DEPARTMENT OF SOCIAL SERVICES IN BALTIMORE CITY, HOWARD AND MONTGOMERY COUNTIES CARERITE ALSO PROVIDED...

CARERITE HAS PROVIDED STABLE FOSTER PARENT/HOMES FOR CHILDREN REFERRED FOR PLACEMENT BY THE DEPARTMENT OF SOCIAL SERVICES IN BALTIMORE CITY, HOWARD AND MONTGOMERY COUNTIES CARERITE ALSO PROVIDED MONIES FOR CLIENT CARE AND SERVICES IN THE FOSTER PARENT HOMES. CARERITE PROVIDED BACK TO SCHOOL SUPPLIES, SEASONAL CLOTHING EVERY QUARTER OF THE YEAR. THE COMPANY PROVIDED HOLIDAY GIFTS AND MEALS FOR THE FOSTER FAMILIES.

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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 $192,625

Program Service Revenue $1,040,702

Investment Income $2

Other Revenue $0

TOTAL REVENUE $1,233,329

Expense Breakdown

Grants Paid $0

Salaries & Benefits $415,776

Fundraising Expenses $0

Program Expenses $1,060,402

Other Expenses $795,086

TOTAL EXPENSES $1,210,862

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,233,329	$927,603	+0.3%
Expenses	$1,210,862	$869,546	+0.4%
Net Income	$22,467	$58,057	-0.6%

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

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

$61,870

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ADAKU OKORIE	EXECUTIVE DIRECTOR	10.00	Officer	$37,870	$0	$37,870
MRS ANNE NWABUKWU	CHAIRPERSON	2.00	Director	$0	$0	$0
MRS ELIZABETH TRIMNELL	DIRECTOR	2.00	Director	$0	$0	$0
MS SARA SOLANO	DIRECTOR	2.00	Director	$0	$0	$0
MS EVELYN VANEGAS	SECRETARY	2.00	Director	$0	$0	$0
MR CHRIS COKER	DIRECTOR	2.00	Director	$0	$0	$0
MR MICHAEL AKAMUNE	DIRECTOR	2.00	Director	$0	$0	$0
MR AUGUSTINE EKWEM	PROGRAM ADMINISTRATOR	40.00	Highest	$91,800	$0	$91,800
DR FELICIA BASSEY	CEO	5.00	Officer	$24,000	$0	$24,000

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	No data	No data	No data	No data
2023	$1,233,329	$1,210,862	$165,851	$22,467
2022	$927,603	$869,546	$299,694	$58,057
2021	$903,249	$901,361	$38,800	$1,888
2020	$666,327	$743,282	$106,218	$-76,955
2019	$549,585	$566,492	$74,735	$-16,907
2018	$258,625	$310,759	$35,604	$-52,134