CHICAGO 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

2018

Legal Domicile

Principal Officer

MIKE CARLSON

Phone

3127520211

Tax Period

2024-07-01 to 2025-06-30

CHICAGO FURNITURE BANK, founded in 2018, is a community nonprofit in the Human Services sector that reported $8.3M in total revenue in fiscal year 2024. Revenue decreased 16% compared to the prior year.

Mission

THE CHICAGO FURNITURE BANK'S MISSION IS TO PROVIDE DIGNITY, STABILITY, AND COMFORT TO CHICAGOANS MOVING INTO SUPPORTIVE HOUSING BY ALLOWING THEM TO HANDPICK AN ENTIRE HOME'S WORTH OF FURNISHINGS.

Program Service Accomplishments

Program 1

Expenses: $6,844,825 Revenue: $1,730,726

THE CHICAGO FURNITURE BANK'S FURNITURE PROGRAM COLLECTS DONATED FURNITURE FROM ALL OVER CHICAGO AND BRINGS IT TO ITS WAREHOUSE TO DISTRIBUTE TO FAMILIES AND INDIVIDUALS LEAVING HOMELESSNESS/SHELTERS AND MOVING INTO STABILIZED HOUSING. THE CFB HAS PARTNERED WITH OVER 500 SOCIAL SERVICE AGENCIES THAT PRIMARILY SERVE VICTIMS OF DOMESTIC VIOLENCE, THE FORMERLY HOMELESS, VETERANS, AND THOSE FACING OTHER CRISES. PARTNER AGENCIES ARE ABLE TO MAKE APPOINTMENTS FOR CLIENTS TO COME IN AND PERSONALLY HAND PICK THEIR FURNITURE. THE CHICAGO FURNITURE BANK LOOKS TO THE COMMUNITIES IT SERVES IN THE WEST AND SOUTH SIDE OF CHICAGO IN ORDER TO STAFF THE PROGRAM. MORE THAN 50% OF STAFF WORK THROUGH OR HAVE BEEN HIRED FROM LOCAL WORKFORCEDEVELOPMENT AGENCIES IN CHICAGO.

Program 2

Expenses: $1,192,513 Revenue: $1,623,751

THE CHICAGO FURNITURE BANK OWNS A SINGLE MEMBER LLC, THE HONEST JUNK COMPANY. THE HONEST JUNK COMPANY PROVIDES RESIDENTIAL CLEAN OUTS, COMMERCIAL JUNK REMOVAL, AND DONATION PICK UPS FROM AROUND...

THE CHICAGO FURNITURE BANK OWNS A SINGLE MEMBER LLC, THE HONEST JUNK COMPANY. THE HONEST JUNK COMPANY PROVIDES RESIDENTIAL CLEAN OUTS, COMMERCIAL JUNK REMOVAL, AND DONATION PICK UPS FROM AROUND CHICAGO AND SURROUNDING AREA. ALL ITEMS COLLECTED AT A PICKUP THAT ARE IN GOOD CONDITION ARE DONATED TO PARTNERED NONPROFITS. IN ADDITION, ALL PROCEEDS ARE USED TO SUPPORT THE CHICAGO FURNITURE BANK.

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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 $4,761,561

Program Service Revenue $3,346,889

Investment Income $11,815

Other Revenue $144,845

TOTAL REVENUE $8,265,110

Expense Breakdown

Grants Paid $3,671,310

Salaries & Benefits $3,550,739

Fundraising Expenses $163,551

Program Expenses $8,037,338

Other Expenses $1,809,637

TOTAL EXPENSES $9,031,686

Year-over-Year Comparison

	2024	2023	Change
Revenue	$8,265,110	$9,825,053	-0.2%
Expenses	$9,031,686	$9,857,374	-0.1%
Net Income	$-766,576	$-32,321	+22.7%

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

625

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

$229,053

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANDREW WITHERSPOON	TREASURER/CO-FOUNDER	1.00	Officer Director	$0	$0	$0
GRIFFIN AMDUR	PRESIDENT/CO-FOUNDER	1.00	Officer Director	$0	$0	$0
JAMES MCPHAIL	SECRETARY/CO-FOUNDER	1.00	Officer Director	$0	$0	$0
DAN AMDUR	DIRECTOR	1.00	Director	$0	$0	$0
GARY TOMAL	DIRECTOR	1.00	Director	$0	$0	$0
ALVIN KATZ	DIRECTOR	1.00	Director	$0	$0	$0
STACEY SARGENT	DIRECTOR	1.00	Director	$0	$0	$0
BETH LINN	DIRECTOR	1.00	Director	$0	$0	$0
ERIN CABONARGI	DIRECTOR	1.00	Director	$0	$0	$0
DAVID FRIEDMAN	DIRECTOR	1.00	Director	$0	$0	$0
ANNE PETERSON	DIRECTOR	1.00	Director	$0	$0	$0
SAMUEL SIDER	DIRECTOR	1.00	Director	$0	$0	$0
PAUL DE BOER LEFT 8224	EXECUTIVE DIRECTOR	40.00	Officer	$104,595	$12,329	$116,924
MICHAEL CARLSON START 111824	EXECUTIVE DIRECTOR	40.00	Officer	$20,591	$0	$20,591
SCOTT SCHPERO	SR DIRECTOR OF STRATEGY AND FINANCE	40.00	Officer	$91,538	$0	$91,538
ELLE ULLUM	CHIEF DEVELOPMENT OFFICER	40.00	Highest	$102,386	$8,406	$110,792

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	$8,265,110	$9,031,686	$3,867,513	$-766,576
2024	No data	No data	No data	No data
2023	$9,883,311	$9,452,825	$4,714,488	$430,486
2022	$9,271,568	$8,002,060	$4,112,290	$1,269,508
2021	$6,823,901	$5,694,939	$4,198,402	$1,128,962
2020	$3,916,135	$3,243,112	$1,515,873	$673,023
2019	$1,898,035	$1,460,441	$474,393	$437,594