First Nations Community Financial

What it reported doing in 2024

During the fiscal year, the organization demonstrated significant progress in advancing its mission through various programs and initiatives: community engagement and education: hosted multiple family events and educational workshops, including business plan development and housing classes, which collectively attracted over 100 participants. These efforts provided critical resources and support for community members pursuing homeownership and business development. Support for native entrepreneurs: facilitated the wooruwi business program, delivering specialized training and technical assistance to emerging native entrepreneurs. This included indianpreneurship classes and business plan workshops, attended by dozens of individuals seeking to launch or grow their businesses. Several business loans, including potential forgiveness options, were approved to support local enterprises. Expanded housing counseling services: achieved certification as a hud-approved counseling organization, enabling the organization to provide enhanced housing counseling services. Staff members completed hud certifications, developed counseling work plans, and submitted applications to further the programs reach. Economic development initiatives: supported economic growth by assisting business clients in securing funding and preparing for loan readiness. Developed loan forgiveness guidelines, implemented new operational systems, and provided outreach services to over 40 prospective clients. Grant and funding achievements: secured substantial funding from federal and state sources, including over 3 million in business investment and assistance grants. These funds have been instrumental in expanding program offerings and enhancing organizational sustainability. Team development and organizational progress: onboarded key staff members to strengthen the organizations capacity, including new roles in development and grant management. Conducted a team retreat to foster collaboration and strategic planning, resulting in the finalization of a comprehensive strategic plan for 2023-2025. Outreach and community partnerships: collaborated with tribal and regional organizations to enhance service delivery for native businesses. Presented at industry events, cultivated referral partnerships, and developed a robust curriculum for small business education. Operational improvements: invested in technology and infrastructure to increase efficiency, including it assessments and enhanced project management tools. Established a new conference and education space to better serve program participants. Fundraising success: hosted a highly successful fundraising event, raising significant resources to support the organization's programs while engaging the community in meaningful ways. Through these accomplishments, the organization has made measurable impacts in areas of housing stability, economic empowerment, and community development, furthering its commitment to improving the lives of those it serves.

Financial Efficiency

• Mission deployment rate: 30.1%; rating input score 30
• Program expense ratio: 66.2%; rating input score 66
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • 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: 54.5%; rating input score 93; 93rd percentile among comparable filings
• Total-asset coverage ratio: 3.91; rating input score 79; 79th percentile among comparable filings
• Liabilities to assets ratio: 0.34; rating input score 31; 31st percentile among comparable filings
• Officer compensation ratio: 12.1%; rating input score 24; 24th percentile among comparable filings

Growth

• Program expense growth: 19.3% per year; rating input score 100; 84th percentile among comparable filings
• Revenue growth: 21.3% per year; rating input score 100; 89th percentile among comparable filings
• Asset growth: 9.5% per year; rating input score 100; 56th percentile among comparable filings