Financial Health Network Inc

Analysis

Financial Health Network Inc is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in July 2006, 20 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Financial Health Network Inc reported income of $11.6m and spending of $12.0m, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $14.9m to $11.6m (-22%), an average of -6.0% a year. The sharpest change came in the year to December 2020, when income rose by 45%. Over the whole period it spent 95% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Financial Health Network Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 95th percentile within IL. Charities of a similar size with the same main cause include Neighborhood House ($11.6m), Project Quest Inc ($11.6m) and Daybreak Independent Service Inc ($11.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 42% and program service revenue 48% of the total. Compensation of current officers, directors and key employees was $1.4m (12% of expenses). Other salaries and wages came to $5.1m. At year end it held assets of $18.7m against liabilities of $3.6m, net assets of $15.1m. It reported 62 employees.