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← FIRST CHILDRENS FINANCE

Form 990 for tax year 2024

Filed by FIRST CHILDRENS FINANCE.

Totals

Total revenue
$9,273,101
Total expenses
$10,010,203
Contributions and grants received
$6,286,971
Grants paid
$1,569,357
Program service revenue
$2,350,094
Investment income
$635,701
Other revenue
$335
Total assets, end of year
$6,993,255
Total liabilities, end of year
$4,358,674
Net assets or fund balances, end of year
$2,634,581
Program services expenses (Part IX)
$7,623,566
Management and general expenses
$1,990,459
Fundraising expenses
$396,178
Program service expenses (Part III)
$7,623,566

Program services were 76.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $5,271,913

  • 1f · All other contributions, gifts and grants

    $1,015,058

  • 2a · Program service revenue: BUSINESS CONSULTING

    total $2,120,551 · related or exempt $2,120,551

  • 2b · Program service revenue: INTEREST ON LOANS

    total $219,582 · related or exempt $219,582

  • 2c · Program service revenue: FEES ON LOANS

    total $9,961 · related or exempt $9,961

  • 3 · Investment income

    total $215,162 · excluded $215,162

  • 7a · Gross sales of assets other than inventory

    other assets $430,000

  • 7b · Less cost or other basis and sales expenses

    other assets $9,461

  • 7c · Gain or loss

    other assets $420,539

  • 7d · Net gain or loss

    total $420,539 · excluded $420,539

  • 11a · Other revenue: OTHER REVENUE

    total $335 · excluded $335

  • 11e · Other revenue, total

    $335

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,333,048 · program services $1,333,048

  • 2 · Grants to domestic individuals

    total $236,309 · program services $236,309

  • 5 · Compensation of officers, directors and key employees

    total $1,358,959 · program services $848,886 · management and general $260,366 · fundraising $249,707

  • 6 · Compensation of disqualified persons

    total $4,011,136 · program services $3,099,625 · management and general $893,982 · fundraising $17,529

  • 9 · Other employee benefits

    total $426,602 · program services $322,312 · management and general $96,106 · fundraising $8,184

  • 10 · Payroll taxes

    total $398,699 · program services $293,842 · management and general $85,881 · fundraising $18,976

  • 11b · Fees: legal

    total $88,521 · program services $63,604 · management and general $21,317 · fundraising $3,600

  • 11c · Fees: accounting

    total $35,500 · program services $25,507 · management and general $8,549 · fundraising $1,444

  • 11d · Fees: lobbying

    total $27,000 · program services $27,000

  • 11g · Fees: other

    total $876,817 · program services $635,252 · management and general $162,916 · fundraising $78,649

  • 12 · Advertising and promotion

    total $32,352 · program services $18,750 · management and general $13,531 · fundraising $71

  • 13 · Office expenses

    total $47,633 · program services $35,291 · management and general $10,010 · fundraising $2,332

  • 14 · Information technology

    total $13,143 · program services $9,658 · management and general $2,869 · fundraising $616

  • 16 · Occupancy

    total $118,818 · program services $87,211 · management and general $26,077 · fundraising $5,530

  • 17 · Travel

    total $287,292 · program services $138,836 · management and general $146,024 · fundraising $2,432

  • 19 · Conferences, conventions and meetings

    total $96,546 · program services $52,771 · management and general $43,775

  • 20 · Interest

    total $135,869 · program services $135,869

  • 21 · Payments to affiliates

    total $110,129 · program services $67,207 · management and general $42,922

  • 22 · Depreciation, depletion and amortization

    total $46,297 · program services $33,943 · management and general $10,213 · fundraising $2,141

  • 23 · Insurance

    total $22,099 · program services $16,202 · management and general $4,875 · fundraising $1,022

  • 24a · Other expenses: STAFF DEVELOPMENT

    total $160,174 · program services $46,699 · management and general $113,282 · fundraising $193

  • 24b · Other expenses: BUILDING & EQUIPMENT EX

    total $66,444 · program services $48,714 · management and general $14,657 · fundraising $3,073

  • 24c · Other expenses: MISCELLANEOUS

    total $44,663 · program services $29,096 · management and general $14,888 · fundraising $679

  • 24d · Other expenses: BAD DEBT EXPENSE

    total $18,219 · management and general $18,219

  • 24e · All other expenses

    total $17,934 · program services $17,934

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $598,086 · end of year $383,721

  • 2 · Savings and temporary cash investments

    beginning of year $8,592,273 · end of year $2,511,277

  • 3 · Pledges and grants receivable

    beginning of year $2,187,337 · end of year $413,923

  • 4 · Accounts receivable

    beginning of year $494,263 · end of year $182,274

  • 7 · Other notes and loans receivable

    beginning of year $3,018,416 · end of year $3,453,916

  • 9 · Prepaid expenses and deferred charges

    beginning of year $207,937 · end of year $48,144

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $267,037

  • 14 · Intangible assets

    beginning of year $4,687

  • 15 · Other assets

    beginning of year $467,429 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $419,101 · end of year $32,492

  • 19 · Deferred revenue

    beginning of year $1,830,484

  • 23 · Secured mortgages and notes payable

    beginning of year $550,000 · end of year $383,771

  • 24 · Unsecured notes and loans payable

    beginning of year $3,278,964 · end of year $3,605,855

  • 25 · Other liabilities

    beginning of year $903,957 · end of year $336,556

  • 27 · Net assets without donor restrictions

    beginning of year $8,395,697 · end of year $2,232,460

  • 28 · Net assets with donor restrictions

    beginning of year $459,262 · end of year $402,121

Mission and programs · 2024

Mission

FIRST CHILDREN'S FINANCE (FCF) GROWS THE SUPPLY AND SUSTAINABILITY OF HIGH-QUALITY CHILD CARE BY STRENGTHENING THE BUSINESS AND FINANCIAL FOUNDATIONS OF THE SECTOR. FOUNDED IN 1991, FCF IS A NATIONAL NONPROFIT HEADQUARTERED IN MINNEAPOLIS, MINNESOTA, WITH STATE OFFICES IN MICHIGAN, MINNESOTA, IOWA, OREGON, AND VERMONT. FCF PROVIDES FINANCING, BUSINESS TRAINING, AND CONSULTING TO CHILD CARE ENTREPRENEURS, WHILE PARTNERING WITH PUBLIC, PRIVATE, AND TRIBAL STAKEHOLDERS TO ADVANCE POLICIES AND FUNDING STRATEGIES THAT CREATE SUSTAINABLE CHILD CARE SYSTEMS.

Activities or mission (Part I)

FIRST CHILDREN'S FINANCE HELPS CHILDREN, FAMILIES AND COMMUNITIES THRIVE BY INCREASING THE AVAILABILITY, AFFORDABILITY AND QUALITY OF EARLY CARE AND EDUCATION.

  • FINANCIAL ASSISTANCE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) LOAN FUNDAS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI), FIRST CHILDREN'S FINANCE (FCF) PROVIDES FLEXIBLE, MISSION-DRIVEN CAPITAL TO CHILD CARE BUSINESSES THAT OFTEN FACE BARRIERS TO TRADITIONAL FINANCING. OUR LENDING PROGRAM STRENGTHENS THE BUSINESS FOUNDATION OF CHILD CARE PROVIDERS SERVING LOW- AND MODERATE-INCOME FAMILIES, HELPING THEM GROW, STABILIZE, AND SUSTAIN HIGH-QUALITY EARLY CARE AND EDUCATION.FCF IS THE ONLY CDFI IN THE NATION EXCLUSIVELY FOCUSED ON CHILD CARE, COMBINING FINANCIAL EXPERTISE WITH DEEP, SECTOR-SPECIFIC KNOWLEDGE. EVERY LOAN IS PAIRED WITH TAILORED TECHNICAL ASSISTANCE THAT BUILDS THE BORROWER'S CAPACITY IN BUSINESS PLANNING, CASH FLOW MANAGEMENT, AND LONG-TERM SUSTAINABILITY. THIS INTEGRATED APPROACH ENSURES THAT EACH INVESTMENT STRENGTHENS BOTH THE INDIVIDUAL BUSINESS AND THE BROADER CHILD CARE ECOSYSTEM.THE FCF LOAN FUND OPERATES ACROSS TEN STATESIOWA, MICHIGAN, MINNESOTA, MISSOURI, NORTH DAKOTA, SOUTH DAKOTA, OREGON, TEXAS, VERMONT, AND WISCONSINSUPPORTING FAMILY CHILD CARE HOMES AND CENTERS IN BOTH RURAL AND URBAN COMMUNITIES. IN FY2025, THE LOAN FUND ORIGINATED 41 LOANS TOTALING $1.6 MILLION, DIRECTLY SUPPORTING 14 FAMILY CHILD CARE PROVIDERS AND 27 CENTERS. THESE INVESTMENTS HELPED CREATE OR PRESERVE 1,830 CHILD CARE SPACES AND 406 JOBS, EXPANDING ACCESS TO QUALITY CARE WHERE IT IS MOST NEEDED.SINCE ITS INCEPTION, THE LOAN FUND HAS ORIGINATED 795 LOANS TOTALING MORE THAN $20 MILLION, RESULTING IN THE CREATION OR RETENTION OF 26,226 CHILD CARE SLOTS AND 4,296 JOBS NATIONWIDE. BEYOND FINANCING, EACH BORROWER BENEFITS FROM INDIVIDUALIZED COACHING AND ACCESS TO BUSINESS SUPPORT SERVICES, ENSURING THAT THE IMPACT OF EVERY DOLLAR EXTENDS WELL BEYOND A SINGLE LOANBUILDING LASTING STABILITY AND GROWTH IN THE CHILD CARE SECTOR.

    Expenses $890,149 · Revenue $239,504

  • 1. BUSINESS SUPPORT FOR CHILD CARE ENTREPRENEURSFCF PROVIDES TAILORED BUSINESS DEVELOPMENT SERVICES TO CHILD CARE ENTREPRENEURS AT EVERY STAGESTART-UP, STABILIZATION, GROWTH, AND SUCCESSION. OUR STAFF DELIVER ONE-ON-ONE CONSULTING, GROUP TRAINING, AND ACCESS TO FINANCING AND BUSINESS TOOLS THAT IMPROVE SUSTAINABILITY AND QUALITY. IN FY2025, FCF SUPPORTED 3,367 CHILD CARE BUSINESSES, OFFERING 254 TRAININGS AND 53 COHORT-BASED PROGRAMS ACROSS MULTIPLE STATES. IN IOWA, 77 BUSINESS OWNERS COMPLETED OUR BUSINESS & FINANCIAL FUNDAMENTALS SERIES, WITH 84% REPORTING MEASURABLE IMPROVEMENT IN FINANCIAL AND MANAGEMENT PRACTICES. THESE EFFORTS STRENGTHEN SMALL BUSINESSES SERVING LOW- AND MODERATE-INCOME FAMILIES.2. BUILDING LOCAL CHILD CARE CAPACITYFCF PARTNERS WITH COMMUNITIES TO INCREASE THE SUPPLY AND STABILITY OF CHILD CARE THAT MEETS LOCAL WORKFORCE AND FAMILY NEEDS. THROUGH DATA-DRIVEN CONSULTATION, FINANCIAL MODELING, AND STRATEGIC PLANNING, FCF SUPPORTED 122 COMMUNITIES NATIONWIDE IN FY2025. OUR RURAL CHILD CARE INNOVATION PROGRAM AND RELATED INITIATIVES HELPED MORE THAN 45 COMMUNITIES CONDUCT SUPPLY-AND-DEMAND ANALYSES, IDENTIFY BARRIERS, AND IMPLEMENT LOCAL SOLUTIONSTURNING CHILD CARE DESERTS INTO SUSTAINABLE SYSTEMS. THIS WORK DIRECTLY CONTRIBUTED TO THE CREATION OR PRESERVATION OF 5,743 CHILD CARE SLOTS ACROSS INFANT, TODDLER, PRESCHOOL, AND SCHOOL-AGE PROGRAMS.3. STRENGTHENING THE CHILD CARE INFRASTRUCTUREFCF COLLABORATES WITH STATE, TRIBAL, AND FEDERAL PARTNERS TO DESIGN AND IMPLEMENT POLICIES AND FUNDING STRATEGIES THAT IMPROVE THE LONG-TERM VIABILITY OF CHILD CARE BUSINESSES. IN FY2025, WE WORKED WITH 11 STATE OR SYSTEM PARTNERS AND MORE THAN A DOZEN TRIBAL NATIONS TO CONDUCT COST-OF-CARE STUDIES, ADVISE ON ARPA FUNDING, AND DEVELOP ACTIONABLE BUSINESS AND SUSTAINABILITY PLANS. FCF CONVENED THE FIRST TRIBAL NATIONS EARLY CHILDHOOD BUSINESS COLLABORATORY, BRINGING TOGETHER 10 TRIBAL NATIONS TO MAP CHILD CARE ECOSYSTEMS AND SET PRIORITIES FOR INVESTMENT.

    Expenses $6,733,417 · Grants $1,569,357 · Revenue $2,110,590

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DAFINA WILLIAMS

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    0.81 + 0.19 related

  • SUZANNE HUMBERT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.81 + 0.19 related

  • PATRICK SKILES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.81 + 0.19 related

  • ELIZABETH DAVIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.81 + 0.19 related

  • WALTER GILLIAM

    DIRECTOR (FORMER)

    Total calculated
    $0
    Hours/week
    0.75 + 0.25 related

  • ROGER NEUGEBAUER

    DIRECTOR (FORMER)

    Total calculated
    $0
    Hours/week
    0.75 + 0.25 related

  • NICOLE BARCLIFF

    DIRECTOR (FORMER)

    Total calculated
    $0
    Hours/week
    0.75 + 0.25 related

  • KELLY ELKIN

    DIRECTOR (FORMER)

    Total calculated
    $0
    Hours/week
    0.75 + 0.25 related

  • DAVID ARENS

    DIRECTOR (FORMER)

    Total calculated
    $0
    Hours/week
    0.75 + 0.25 related

  • MELANIE BRIZZI

    DIRECTOR (FORMER)

    Total calculated
    $0
    Hours/week
    0.75 + 0.25 related

  • ALICIA BUTLER PIERRE

    DIRECTOR (FORMER)

    Total calculated
    $0
    Hours/week
    0.75 + 0.25 related

  • EDITH JOHNSON

    DIRECTOR (FORMER)

    Total calculated
    $0
    Hours/week
    0.75 + 0.25 related

  • MARIA MEDINA

    DIRECTOR (FORMER)

    Total calculated
    $0
    Hours/week
    0.75 + 0.25 related

  • GERALD CUTTS

    PRESIDENT & CEO (FORMER)

    Total calculated
    $288,495
    From this org
    $288,495
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,495
    Bonus
    $100,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $288,495

  • HEIDI HAGEL-BRAID

    PRESIDENT & CEO

    Total calculated
    $207,862
    From this org
    $195,221
    From related orgs
    $0
    Other
    $12,641
    Hours/week
    32.5 + 7.5 related

    Schedule J breakdown matched by us

    Base
    $195,221
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $12,641
    Filer's total
    $207,862

  • BEN NICHOLIE

    COO

    Total calculated
    $206,432
    From this org
    $190,079
    From related orgs
    $0
    Other
    $16,353
    Hours/week
    32.5 + 7.5 related

    Schedule J breakdown matched by us

    Base
    $190,079
    Bonus
    $0
    Other
    $0
    Deferred
    $2,733
    Nontaxable benefits
    $13,620
    Filer's total
    $206,432

  • MICHAEL-JOHN MYETTE

    CHIEF STATES OFFICER

    Total calculated
    $65,650
    From this org
    $57,343
    From related orgs
    $0
    Other
    $8,307
    Hours/week
    30 + 10 related

  • CHEYENNE MCGREGOR

    CHIEF ADVANCEMENT OFFICER

    Total calculated
    $153,838
    From this org
    $153,838
    From related orgs
    $0
    Other
    $0
    Hours/week
    32.5 + 7.5 related

    Schedule J breakdown matched by us

    Base
    $153,838
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $153,838

  • STACIE REINER

    CFO

    Total calculated
    $64,827
    From this org
    $56,758
    From related orgs
    $0
    Other
    $8,069
    Hours/week
    32.5 + 7.5 related

  • ERICKA WARMACK AUSTIN

    LENDING DIRECTOR

    Total calculated
    $151,265
    From this org
    $136,452
    From related orgs
    $0
    Other
    $14,813
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,452
    Bonus
    $0
    Other
    $0
    Deferred
    $2,922
    Nontaxable benefits
    $11,891
    Filer's total
    $151,265

  • SUZANNE PEARL

    MINNESOTA DIRECTOR (FORMER)

    Total calculated
    $159,773
    From this org
    $152,193
    From related orgs
    $0
    Other
    $7,580
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $152,193
    Bonus
    $0
    Other
    $0
    Deferred
    $2,315
    Nontaxable benefits
    $5,265
    Filer's total
    $159,773

  • HEIDI SCHLUETER

    IOWA REGIONAL DIRECTOR (FORMER)

    Total calculated
    $151,958
    From this org
    $146,574
    From related orgs
    $0
    Other
    $5,384
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $146,574
    Bonus
    $0
    Other
    $0
    Deferred
    $2,252
    Nontaxable benefits
    $3,132
    Filer's total
    $151,958

  • JESSICA BEYER

    ASSOCIATE DIRECTOR - MN (FORMER)

    Total calculated
    $117,613
    From this org
    $104,615
    From related orgs
    $0
    Other
    $12,998
    Hours/week
    30 + 10 related

  • ANNE MCSWEENEY

    DIRECTOR OF NATIONAL INIATIVES (FORMER)

    Total calculated
    $123,503
    From this org
    $120,791
    From related orgs
    $0
    Other
    $2,712
    Hours/week
    30 + 10 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

Provenance

Return type
form_990
Tax year
2024
Filed
5 March 2026
IRS schema version
2024v5.5
Source object
202600709349300635

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