Financial Health Network Inc

Nonprofit profile at a glance

EIN
203006098
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
3128815856
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$15,680,196
Expenses
$11,426,970
Assets
$22,786,307
Liabilities
$3,703,137

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • JENNIFER TESCHER (PRESIDENT AND CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • JENNIFER TESCHER (PRESIDENT AND CHIEF EXECUTIVE OFFICER): $388,743 total reported compensation
  • KELLY EMERY (CHIEF OPERATING OFFICER): $303,317 total reported compensation
  • ADEEB MAHMUD (CHIEF PROGRAM OFFICER): $282,626 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The financial health network is a trusted resource for business leaders, policymakers, and innovators united in a mission to improve the financial health of their customers, employees, and communities. We envision a future where all people, especially the most vulnerable, have the financial systems they need to be resilient and thrive. Our mission is to improve financial health for all.

What it reported doing in 2024

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.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 81
  • Accountability: 94
  • Sustainability: 67
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 63.2%; rating input score 63
  • Program expense ratio: 82.5%; rating input score 82
  • Fundraising efficiency: $17.93 raised per $1 spent on fundraising; rating input score 54; 54th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 17th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90%; rating input score 90; 22nd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 27.1%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 1.99; rating input score 62; 62nd percentile among comparable filings
  • Liabilities to assets ratio: 0.16; rating input score 64; 64th percentile among comparable filings
  • Officer compensation ratio: 16.6%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: 3.3% per year; rating input score 100; 29th percentile among comparable filings
  • Revenue growth: 5.8% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: 5.1% per year; rating input score 100; 36th percentile among comparable filings

Details

  • Where the money goes: 63.2% of revenue deployed · 82.5% of spending went to programs
  • Governance: 9 of 10 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $9.4M in reported program spending
  • Leadership: top reported pay $389K · 17 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.3M reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Financial Efficiency: Fundraising efficiency scored 54/100.
  • High — Sustainability: Officer compensation ratio scored 6/100.