Overview
What is First Children's Finance?
First Children's Finance is a certified Community Development Financial Institution (CDFI) based in Minneapolis, Minnesota. With a mission to serve the unique needs of family child care and child care centers, they offer flexible financing and technical assistance tailored to the needs of child care businesses, primarily in Iowa, Michigan, Minnesota, Missouri, North Dakota, South Dakota, Texas, and Wisconsin. Their work contributes to the growth and success of these businesses by increasing the availability, affordability, and quality of early care and education. Employing 78 individuals, First Children's Finance is dedicated to building partnerships that connect vital child care businesses with public and private sector resources. Their commitment to expanding access to high-quality early care and education is rooted in their belief that it is essential for individual success and regional economic growth. In 2023, they funded $1.46 million in loans to child care businesses and received a $5M award from the Mackenzie Scott Foundation to build organizational capacity.
Official website here: www.firstchildrensfinance.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 96% (Four-Star out of Four Star rating)
First Children's Finance has received a strong Four-Star rating from Charity Navigator, indicating high levels of accountability and financial health. The organization scored 96% overall, reflecting its commitment to transparency and responsible financial management, as evidenced by its perfect scores in several key areas such as independent board governance and audit oversight.
The nonprofit boasts an entirely independent board of members, which enhances its governance structure. Additionally, it has demonstrated effective use of its resources, with a program expense ratio of 93.10%, meaning that a significant portion of its funds directly supports its mission. This focus on transparency and efficiency is crucial for maintaining donor trust and maximizing the impact of its services.
While the data highlights many strengths in its governance and financial practices, no specific limitations or areas for improvement were noted. Overall, First Children's Finance appears to be a well-managed organization dedicated to its mission with robust systems in place to ensure accountability and financial stewardship.
This AI summary has been generated from information found on Charity Navigator.
Is First Children's Finance legitimate?
First Children's Finance is a legitimate nonprofit organization registered as a 501(c)(3) entity. First Children's Finance submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,282,215
Professional Fundraising Fees: $0
Other Salaries and Wages: $5,285,960
For more financial information, click here
Official website here: www.firstchildrensfinance.org
What is the mission statement of First Children's Finance?
First Children's Finance is dedicated to helping children, families, and communities prosper by expanding the accessibility, affordability, and quality of early care and education. They achieve this goal by offering financial and business development assistance to top-notch care businesses catering to low- and moderate-income families. First Children's Finance also builds vital partnerships, linking these indispensable businesses with resources from both the public and private sectors. The organization firmly believes that access to superior early care and education is essential for all communities, as human capital development is the foundation of individual success and the driving force behind economic growth at the regional level.
Official website here: www.firstchildrensfinance.org
Who is the CEO of First Children's Finance?
Gerald Cutts is the CEO of First Children's Finance The CEO's salary of First Children's Finance is $155,753 and their total compensation is $158,251.
Official website here: www.firstchildrensfinance.org
What is the revenue of First Children's Finance?
First Children's Finance's revenue in 2024 was $30,342,329.
Official website here: www.firstchildrensfinance.org
Who are the executives of First Children's Finance and what are their salaries?
The average compensation at First Children's Finance during 2024 was $85,301. There are 77 employees and 15 volunteers at First Children's Finance.
Here are 18 key members and their salaries (First Children's Finance's CEO's salary is $155,753 and their total compensation is $158,251):
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- Compensation: $155,753
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- Other: $2,498
- Compensation: $122,695
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- Other: $13,387
- Compensation: $121,536
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- Other: $8,582
- Compensation: $110,024
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- Compensation: $130,295
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- Other: $10,274
- Compensation: $32,274
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- Other: $5,254
- Compensation: $110,875
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- Other: $3,263
- Compensation: $107,496
- Related: $0
- Other: $12,102
Official website here: www.firstchildrensfinance.org
Where can I find the form 990 for First Children's Finance?
First Children's Finance's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.firstchildrensfinance.org
Learn more at the official website: www.firstchildrensfinance.org
Mission Statement of First Children's Finance
First Children's Finance, a leading nonprofit organization, is dedicated to helping children, families, and communities prosper by expanding the accessibility, affordability, and quality of early care and education. Through their mission, they aim to make a significant impact by providing financial and business development assistance to top-tier early care and education businesses catering to low- and moderate-income families. By fostering these partnerships, they connect these essential businesses to the resources of both the public and private sectors.
First Children's Finance is firmly convinced that access to high-quality early care and education is vital for all communities. They believe that human capital development forms the basis of individual success and acts as the engine for regional economic growth. By increasing the availability, affordability, and quality of early care and education, this nonprofit contributes to the overall well-being of families and communities, setting the foundation for a brighter future.
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Impact
October, 2024
First Children's Finance plays a crucial role in enhancing the availability, affordability, and quality of early care and education. By offering financial assistance tailored to the unique needs of family child care and centers, they empower these essential businesses to thrive. Their flexible and trustworthy financing addresses gaps in access to capital that many child care providers face, enabling them to grow and improve their services.
In 2023 alone, First Children's Finance funded $1.46 million in loans, significantly contributing to the growth and success of child care businesses across several states, including Iowa, Michigan, Minnesota, Missouri, North Dakota, South Dakota, Texas, and Wisconsin. Beyond financial support, they provide targeted technical assistance that equips child care providers with the tools necessary to navigate challenges and enhance their operations.
Their impact extends beyond financial aid; it fosters partnerships between child care providers and public and private sector resources, creating a robust network that supports community needs. Recognized nationally for their efforts, including a prestigious $5 million award from the MacKenzie Scott Foundation, First Children's Finance is committed to its vision for 2030, ensuring that high-quality early care and education is accessible to all families, which is vital for individual success and regional economic growth.
This information is meant to be a general summary of First Children's Finance. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $527,634
- Program Service Revenue: $5,203,163
- Gross Receipts: $30,342,329
Assets and Liabilities:
- Total Assets: $15,096,909
- Total Liabilities: $5,034,940
- Net Assets: $10,061,969
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
BUSINESS CONSULTING
Revenue
$5,012,689
INTEREST ON LOANS
Revenue
$183,491
FEES ON LOANS
Revenue
$6,983
Organization Details
Founding Year
1991
Principal Officer
Heidi Hagel-Braid
NTEE Category
Code: P190 - Human services
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