Financial Health Network Inc
- Assets
- $19.0m
- Revenue
- $19.2m
- Investments
- $4.8m
- Employees
- 87
- Location
- Chicago, IL
- Founding
- 07/2006
- Data as of
- 12/2022
- EIN
- 20-3006098
Organization Overview
Financial Health Network Inc, operating under the name Financial Health Network, is located in Chicago, IL. The organization was established in 2006. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Financial Health Network employed 87 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Financial Health Network is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Financial Health Network generated $19.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.8% each year . All expenses for the organization totaled $17.7m during the year ending 12/2022. While expenses have increased by 5.4% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Financial Health Network has awarded 112 individual grants totaling $4,775,673. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FINANCIAL HEALTH NETWORK MISSION IS TO IMPROVE FINANCIAL HEALTH FOR ALL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL HEALTH NETWORK LEADS A NETWORK OF COMPANIES WHICH FOSTERS AND ACCELERATES CONSUMER-FOCUSED INNOVATION. THROUGH ITS COMPASS PRINCIPLES AND A LINEUP OF PROPRIETARY RESEARCH, INSIGHTS AND EVENTS, FINANCIAL HEALTH NETWORK INFORMS, ADVISES AND CONNECTS MEMBERS OF ITS NETWORK TO SEED THE INNOVATION THAT WILL TRANSFORM THE FINANCIAL SERVICES LANDSCAPE AND IMPROVE THE LIVES OF LOW AND MODERATE-INCOME AMERICANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Tescher President/secretary | OfficerTrustee | 40 | $511,167 |
Mark Ernst Chair | OfficerTrustee | 3 | $0 |
Gina Harman Director | Trustee | 1 | $0 |
Roderick King MD MPH Director | Trustee | 1 | $0 |
Leonard J Laufer Treasurer | OfficerTrustee | 1 | $0 |
Ben Mangan Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
National Opinion Research Center Programmatic Research | 12/30/22 | $547,000 |
Heyo Consulting Inc Marketing Advisory | 12/30/22 | $266,125 |
Artemis Strategy Group Llc Programmatic Research | 12/30/22 | $184,500 |
Marissa Lowman Programmatic Support | 12/30/22 | $178,892 |
Statement Communications Communications & Design | 12/30/22 | $895,059 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $9,297,225 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,297,225 |
| Total Program Service Revenue | $6,205,846 |
| Investment income | $33,691 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,683,892 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,220,654 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $472,572 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $808,622 |
| Compensation of current officers, directors, key employees. | $110,983 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,457,033 |
| Pension plan accruals and contributions | $303,129 |
| Other employee benefits | $557,987 |
| Payroll taxes | $689,854 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $127,473 |
| Fees for services: Accounting | $36,909 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,729,468 |
| Advertising and promotion | $1,505,803 |
| Office expenses | $44,386 |
| Information technology | $682,524 |
| Royalties | $0 |
| Occupancy | $505,775 |
| Travel | $303,167 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,995 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $226,762 |
| Insurance | $59,562 |
| All other expenses | $57,501 |
| Total functional expenses | $17,717,829 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,616,036 |
| Savings and temporary cash investments | $1,979,581 |
| Pledges and grants receivable | $1,410,679 |
| Accounts receivable, net | $495,520 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $764,381 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $746,656 |
| Net Land, buildings, and equipment | $280,287 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,784,712 |
| Investments—program-related | $0 |
| Intangible assets | $624,206 |
| Other assets | $1,266,441 |
| Total assets | $18,968,499 |
| Accounts payable and accrued expenses | $820,923 |
| Grants payable | $0 |
| Deferred revenue | $1,565,228 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $730,698 |
| Total liabilities | $3,116,849 |
| Net assets without donor restrictions | $13,743,340 |
| Net assets with donor restrictions | $2,108,310 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $18,968,499 |
Grants Awarded
Over the last fiscal year, Financial Health Network Inc has awarded $470,000 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
FINEQUITY INC PURPOSE: 2022 FSL ACCELERATOR COHORT | $100,000 |
PIE FOR PROVIDERS LTD PURPOSE: 2022 FSL ACCELERATOR COHORT | $100,000 |
THE FLAGSTONE INITIATIVE INC PURPOSE: FSL INNOVATOR GRANT | $90,000 |
LOCAL INITIATIVES SUPPORT CORPORATION PURPOSE: FSL INNOVATOR GRANT | $90,000 |
NEBRASKA EARLY CHILDHOOD COLLABORATIVE PURPOSE: FSL INNOVATOR GRANT | $90,000 |