GARRETT'S SPACE

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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

SCOTT HALPERT

Phone

7347097684

Tax Period

2024-01-01 to 2024-12-31

GARRETT'S SPACE, founded in 2018, is a community nonprofit in the Mental Health sector that reported $2.6M in total revenue in fiscal year 2024. Revenue fell 46% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $2.2M, a strong 84% operating margin.

Mission

TO FILL THE GAPS IN SUPPORT FOR YOUNG ADULTS STRUGGLING WITH MENTAL HEALTH CHALLENGES, ESTABLISH A RESIDENTIAL CENTER IN SUPPORT OF SUCH PURPOSES AND FOR ANY OTHER PURPOSES TO PROMOTE MENTAL HEALTH WELLNESS, AND TO PROVIDE AND FACILITATE SUPPORT NETWORKS AND RESOURCES FOR INDIVIDUALS, FAMILIES, AND COMMUNITIES STRUGGLING WITH MENTAL HEALTH WELLNESS.

Program Service Accomplishments

Program 1

Expenses: $143,014

GARRETT'S SPACE PROVIDES WELLNESS PROGRAMMING FOR STRUGGLING YOUNG ADULTS (AGES 18-28) TO SUPPORT THEM, GIVE THEM A SAFE SPACE TO SHARE VULNERABILITIES AND CHALLENGES WITH OTHER YOUNG AUDLTS WHO GET WHAT THEY'RE GOING THROUGH AND GIVE THEM PERSPECTIVE AND HOPE.GARRETT'S SPACE PROVIDES WELLNESS GROUPS THREE DAYS A WEEK TO HELP YOUNG ADULTS WITH DEPRESSION AND ANXIETY. IN THESE GROUPS, YOUNG ADULTS ARE MEETING VIRTUALLY FOR FACILITATED ACTIVITIES, INCLUDING A SUPPORT GROUP WITH PEERS, AND GAIN COPING SKILLS TO HELP WITH RESILIENCE. IN 2023, GARRETT'S SPACE ADDED A MONTHLY IN-PERSON GATHERING FOR PARTICIPANTS. FEEDBACK FROM PARTICIPANTS FOR OUR WELLNESS PROGRAM CONTINUES TO BE EXTREMELY POSITIVE.GARRETT'S SPACE PLANS TO BEGIN IN-PERSON PROGRAMMING AT THE CENTER TO COMMENCE BY THE FALL OF 2025 AND COMMENCE CONSTRUCTION OF ITS TRANSFORMATIVE NON-MEDICAL RESIDENTIAL CENTER IN 2025.

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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 $2,474,759

Program Service Revenue $0

Investment Income $143,915

Other Revenue $-17,652

TOTAL REVENUE $2,601,022

Expense Breakdown

Grants Paid $0

Salaries & Benefits $148,560

Fundraising Expenses $85,663

Program Expenses $143,014

Other Expenses $264,690

TOTAL EXPENSES $413,250

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,601,022	$4,804,283	-0.5%
Expenses	$413,250	$294,748	+0.4%
Net Income	$2,187,772	$4,509,535	-0.5%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT HALPERT	PRESIDENT/CEO	55.00	Officer Director	$0	$0	$0
JULIE HALPERT	COO	15.00	Officer Director	$0	$0	$0
JAMIE ABELSON	VICE PRESIDENT/SECRETARY	1.00	Officer Director	$0	$0	$0
LISA HALPERT	CFO/TREASURER	5.00	Officer Director	$0	$0	$0
ROBERT ADAMS	DIRECTOR	1.00	Director	$0	$0	$0
LORI BENNETT	DIRECTOR	1.00	Director	$0	$0	$0
BRANDON BOND	DIRECTOR	1.00	Director	$0	$0	$0
LINDSAY BORNHEIMER	DIRECTOR	1.00	Director	$0	$0	$0
FELICIA BRABEC	DIRECTOR	1.00	Director	$0	$0	$0
ELI GLOSHTEYN	DIRECTOR	1.00	Director	$0	$0	$0
DAVID SHARE	DIRECTOR	1.00	Director	$0	$0	$0
STEVE STEIN	DIRECTOR	1.00	Director	$0	$0	$0
HARLENA REED	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	$2,601,022	$413,250	$10,597,372	$2,187,772
2023	$4,804,283	$294,748	$8,544,468	$4,509,535
2022	$793,276	$147,343	$1,217,398	$645,933
2021	$230,378	$128,827	$545,745	$101,551
2020	$390,750	$38,070	$440,539	$352,680