First Childrens Finance
- Assets
- $10.1m
- Revenue
- $9.5m
- Investments
- $0.0
- Employees
- 41
- Location
- Minneapolis, MN
- Founding
- 10/1991
- Data as of
- 06/2022
- EIN
- 41-1694837
Organization Overview
First Childrens Finance is located in Minneapolis, MN. The organization was established in 1991. According to its NTEE Classification (P19) the organization is classified as: Support N.E.C., under the broad grouping of Human Services and related organizations. As of 06/2022, First Childrens Finance employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Childrens Finance 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 06/2022, First Childrens Finance generated $9.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.8% each year . All expenses for the organization totaled $10.7m during the year ending 06/2022. While expenses have increased by 32.1% per year over the past 7 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 2018, First Childrens Finance has awarded 44 individual grants totaling $840,497. 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
FIRST CHILDREN'S FINANCE HELPS CHILDREN, FAMILIES AND COMMUNITIES THRIVE BY INCREASING THE AVAILABILITY, AFFORDABILITY AND QUALITY OF EARLY CARE AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL ASSISTANCE A FEDERALLY CERTIFIED COMMUNITY DEVELOPMENT FINANCE INSTITUTION (CDFI), FIRST CHILDREN'S FINANCE PROVIDES LOANS AND FINANCIAL TECHNICAL ASSISTANCE TO CHILD CARE CENTERS AND FAMILY PROVIDERS LOOKING TO EXPAND OR IMPROVE FACILITIES AND PROGRAMS IN IOWA, MICHIGAN, MINNESOTA, MISSOURI, NORTH AND SOUTH DAKOTA, AND WASHINGTON. BUSINESS TRAINING & CONSULTING FIRST CHILDREN'S FINANCE PROVIDES TRAINING AND WORKSHOPS ON A VARIETY OF BUSINESS TOPICS, AS WELL AS ONE-ON-ONE CONSULTING FOR INDIVIDUAL CHILD CARE BUSINESSES. OUR CONSULTING SERVICES FOCUS ON THE ESSENTIAL BUSINESS COMPONENTS NECESSARY TO CREATE AND MAINTAIN HIGH-QUALITY CHILD CARE BUSINESSES. BUSINESS DEVELOPMENT PROGRAMS FIRST CHILDREN'S FINANCE PROVIDES COMPREHENSIVE BUSINESS DEVELOPMENT PROGRAMS FOR CHILD CARE CENTERS AND FAMILY PROVIDERS, INCLUDING THE GROWTH FUND BUSINESS DEVELOPMENT PROGRAM, A MULTI-YEAR PROGRAM DESIGNED TO MOVE SUCCESSFUL CHILD CARE BUSINESSES TO THE NEXT LEVEL IN THEIR BUSINESS OPERATIONS AND GROWTH.COMMUNITY CONSULTING PROJECTS FIRST CHILDREN'S FINANCE PROVIDES CONSULTING AND PLANNING ASSISTANCE FOR COMMUNITIES, GOVERNMENT AGENCIES, INTERMEDIARIES AND REGIONAL CHILD CARE ORGANIZATIONS THROUGHOUT THE UNITED STATES. TYPICAL PROJECTS INCLUDE REGIONAL CHILD CARE FACILITY AND NEEDS ASSESSMENTS AND RELATED COMMUNITY PLANNING.ONLINE RESOURCES FIRST CHILDREN'S FINANCE ALSO PROVIDES FREE ONLINE RESOURCES FOR CHILD CARE BUSINESSES, INCLUDING PRACTICAL BUSINESS TOOLS AND INFORMATION CUSTOMIZED FOR CHILD CARE CENTERS AND FAMILY PROVIDERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald Cutts President/ceo | Officer | 40 | $157,940 |
Heidi Hagel-Braid Cpo | Officer | 40 | $139,724 |
Ben Nicholie CFO | Officer | 40 | $126,850 |
Suzanne Pearl Minnesota Director | Officer | 40 | $123,575 |
Suzanne Humbert President | OfficerTrustee | 1 | $0 |
Pat Skiles Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,327,016 |
| All other contributions, gifts, grants, and similar amounts not included above | $759,386 |
| Noncash contributions included in lines 1a–1f | $66,593 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,086,402 |
| Total Program Service Revenue | $1,450,994 |
| Investment income | $4,378 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,138 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,546,912 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $768,900 |
| Grants and other assistance to domestic individuals. | $4,674,610 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $704,998 |
| Compensation of current officers, directors, key employees. | $235,010 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,756,369 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $202,025 |
| Payroll taxes | $261,549 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,830 |
| Fees for services: Accounting | $18,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $557,167 |
| Advertising and promotion | $50,762 |
| Office expenses | $78,322 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $133,511 |
| Travel | $84,063 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,466 |
| Interest | $97,477 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,353 |
| Insurance | $15,865 |
| All other expenses | $7,198 |
| Total functional expenses | $10,709,389 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $368,859 |
| Savings and temporary cash investments | $3,867,079 |
| Pledges and grants receivable | $2,912,414 |
| Accounts receivable, net | $380,850 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,200,397 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $184,253 |
| Net Land, buildings, and equipment | $226,459 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $4,687 |
| Other assets | $0 |
| Total assets | $10,144,998 |
| Accounts payable and accrued expenses | $398,835 |
| Grants payable | $0 |
| Deferred revenue | $2,800,000 |
| 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 | $1,321,944 |
| Unsecured mortgages and notes payable | $1,455,633 |
| Other liabilities | $279,636 |
| Total liabilities | $6,256,048 |
| Net assets without donor restrictions | $1,970,974 |
| Net assets with donor restrictions | $1,917,976 |
| 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 | $10,144,998 |
Grants Awarded
Over the last fiscal year, First Childrens Finance has awarded $678,497 in support to 35 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF NEW ULM PURPOSE: CHILDCARE | $27,000 |
INDEPENDENT SCHOOL DISTRICT 94 PURPOSE: CHILDCARE | $27,000 |
INDEPENDENT SCHOOL DISTRICT 2170 PURPOSE: CHILDCARE | $27,000 |
BEAUTIFUL BEGINNINGS DC PURPOSE: CHILDCARE | $20,000 |
LIVING WORD CHURCH PURPOSE: CHILDCARE | $20,000 |
RJ'S CHILDCARE PURPOSE: CHILDCARE | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that First Childrens Finance has recieved totaling $1,234,753.
| Awarding Organization | Amount |
|---|---|
David And Lucile Packard Foundation Los Altos, CA PURPOSE: CHILDREN, FAMILIES, AND COMMUNITIES | $400,000 |
Robert Wood Johnson Foundation Princeton, NJ PURPOSE: 77065 INCREASING THE SUSTAINABILITY AND SUPPLY OF | $377,732 |
The Richard M Schulze Family Foundation Minneapolis, MN PURPOSE: HUMAN SERVICES | $150,000 |
New Venture Fund Washington, DC PURPOSE: YOUTH DEVELOPMENT AND EDUCATION | $100,000 |
Northwest Area Foundation St Paul, MN PURPOSE: BUSINESS DEVELOPMENT CAPACITY-BUILDING PROJECT FOR LOW-INCOME AND RURAL CHILD CARE | $75,000 |
Minnesota Council On Foundations Minneapolis, MN PURPOSE: Integrated Capital Recovery Project | $70,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
First Childrens Finance Minneapolis, MN | $10,144,998 | $9,546,912 |
Community Action Partnership Of North Dakota Inc Fargo, ND | $560,025 | $2,574,727 |
Developmental Disabilities Information Service Inc Mount Pleasant, WI | $2,272,468 | $2,013,158 |
Safeplace Sioux City, IA | $2,130,470 | $1,607,271 |
Marathon Residential And Counseling Services Inc Wausau, WI | $812,025 | $1,734,130 |
Bridge To Hope Inc Menomonie, WI | $1,470,883 | $1,103,770 |
Jakes Diapers Inc Neenah, WI | $659,286 | $1,241,985 |
Vida Inc Appleton, WI | $4,402,168 | $1,030,112 |
Dominican Outreach Foundation Sinsinawa, WI | $14,730,451 | $609,477 |
Community Care Preschool And Child Care Inc Beaver Dam, WI | $307,096 | $693,413 |
United Neighborhood Centers Of Milwaukee Inc Milwaukee, WI | $387,906 | $635,069 |
Household Abuse Victims Emergency Network Inc Merrill, WI | $719,343 | $692,452 |