Nonprofit · EIN 41-1694837
FIRST CHILDRENS FINANCE
Tax-exempt · MINNEAPOLIS, MN 55401
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $9,273,101 | $10,010,203 | -$737,102 | $6,993,255 | $4,358,674 | $2,634,581 |
| June 30, 2024 | 990 | $30,342,329 | $31,549,339 | -$1,207,010 | $15,837,465 | $6,982,506 | $8,854,959 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $6,286,971
- of which government grants
- $5,271,913
- Program service revenue
- $2,350,094
- Investment income
- $635,701
- Net gain from sales of assets
- $420,539
- Other revenue
- $335
Expenses
- Grants and similar amounts paid
- $1,569,357
- Compensation of officers, directors and key employees
- $1,358,959
- Salaries, compensation and benefits (total)
- $6,195,396
- Professional fundraising fees
- $0
- Legal fees
- $88,521
- Accounting fees
- $35,500
- Occupancy
- $118,818
- Travel
- $287,292
- Depreciation
- $46,297
- Program services (functional)
- $7,623,566
- Management and general (functional)
- $1,990,459
- Fundraising (functional)
- $396,178
Balance sheet and other
- Total assets, start of year
- $15,837,465
- Total assets, end of year
- $6,993,255
- Total liabilities, end of year
- $4,358,674
- Net assets, end of year
- $2,634,581
- Net assets without donor restrictions
- $2,232,460
- Net assets with donor restrictions
- $402,121
- Gross receipts
- $9,282,562
- Employees
- 99
- Volunteers
- 18
- Year formed
- 1991
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| GERALD CUTTS | PRESIDENT & CEO (FORMER) Officer | 40 | $288,495 | $0 |
| HEIDI HAGEL-BRAID | PRESIDENT & CEO Officer | 32.5 | $195,221 | $12,641 |
| BEN NICHOLIE | COO Officer | 32.5 | $190,079 | $16,353 |
| SUZANNE PEARL | MINNESOTA DIRECTOR (FORMER) Highest-paid employee | 30 | $152,193 | $7,580 |
| CHEYENNE MCGREGOR | CHIEF ADVANCEMENT OFFICER Officer | 32.5 | $153,838 | $0 |
| HEIDI SCHLUETER | IOWA REGIONAL DIRECTOR (FORMER) Highest-paid employee | 30 | $146,574 | $5,384 |
| ERICKA WARMACK AUSTIN | LENDING DIRECTOR Highest-paid employee | 40 | $136,452 | $14,813 |
| ANNE MCSWEENEY | DIRECTOR OF NATIONAL INIATIVES (FORMER) Highest-paid employee | 30 | $120,791 | $2,712 |
| JESSICA BEYER | ASSOCIATE DIRECTOR - MN (FORMER) Highest-paid employee | 30 | $104,615 | $12,998 |
| MICHAEL-JOHN MYETTE | CHIEF STATES OFFICER Officer | 30 | $57,343 | $8,307 |
| STACIE REINER | CFO Officer | 32.5 | $56,758 | $8,069 |
| DAFINA WILLIAMS | BOARD CHAIR Trustee or director, Officer | 0.81 | $0 | $0 |
| SUZANNE HUMBERT | DIRECTOR Trustee or director | 0.81 | $0 | $0 |
| PATRICK SKILES | DIRECTOR Trustee or director | 0.81 | $0 | $0 |
| ELIZABETH DAVIS | DIRECTOR Trustee or director | 0.81 | $0 | $0 |
9 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| WALTER GILLIAM | DIRECTOR (FORMER) Trustee or director | 0.75 | $0 |
| ROGER NEUGEBAUER | DIRECTOR (FORMER) Trustee or director | 0.75 | $0 |
| NICOLE BARCLIFF | DIRECTOR (FORMER) Trustee or director | 0.75 | $0 |
| KELLY ELKIN | DIRECTOR (FORMER) Trustee or director | 0.75 | $0 |
| DAVID ARENS | DIRECTOR (FORMER) Trustee or director | 0.75 | $0 |
| MELANIE BRIZZI | DIRECTOR (FORMER) Trustee or director | 0.75 | $0 |
| ALICIA BUTLER PIERRE | DIRECTOR (FORMER) Trustee or director | 0.75 | $0 |
| EDITH JOHNSON | DIRECTOR (FORMER) Trustee or director | 0.75 | $0 |
| MARIA MEDINA | DIRECTOR (FORMER) Trustee or director | 0.75 | $0 |
990 for the year ended June 30, 2024: 18 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| GERALD CUTTS | PRESIDENT/CEO (FORMER) Officer | 40 | $155,753 | $2,498 |
| VANESSA GARCIA GUTIERREZ | CFO (FORMER) Officer | 40 | $130,295 | $10,274 |
| HEIDI HAGEL-BRAID | CPO Officer | 40 | $122,695 | $13,387 |
| SUZANNE PEARL | MINNESOTA DIRECTOR Officer | 40 | $121,536 | $8,582 |
| BEN NICHOLIE | INTERIM CFO/COO Officer | 40 | $110,024 | $16,947 |
| ERICKA WARMACK | LENDING DIRECTOR Highest-paid employee | 40 | $107,496 | $12,102 |
| HEIDI SCHLUETER | IOWA REGIONAL DIRECTOR Highest-paid employee | 40 | $110,875 | $3,263 |
| CHEYENNE MCGREGOR | CHIEF ADVANCEMENT OFFICER Officer | 1 | $32,274 | $5,254 |
| SUZANNE HUMBERT | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| PATRICK SKILES | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| ROGER NEUGEBAURER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| WALTER GILLIAM | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ELIZABETH DAVIS | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| EDITH JOHNSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| NICOLE BARCLIFF | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KELLEY ELKIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MARIA REGAN GONZALEZ | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DAVID ARENS | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 212 3RD AVE N STE 310, MINNEAPOLIS, MN 55401-1437
- In care of
- % GERALD CUTTS
- Principal officer (990 for 2024)
- HEIDI HAGEL-BRAID, 212 THIRD AVENUE NORTH 310, MINNEAPOLIS, MN 55401
- Signed the 990
- HEIDI HAGEL-BRAID, PRESIDENT & CEO
- Phone
- (612) 338-3023
- Website
- FIRSTCHILDRENSFINANCE.ORG
- Return prepared by
- MAHONEY ULBRICH CHRISTIANSEN & RUSS PA
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.
Program accomplishments
- 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
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 41-1694837
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1991
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Human services (P190)
- Assets (IRS master file)
- $6,993,255
- Income (IRS master file)
- $9,282,562
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $9,273,101 | $10,010,203 | $6,993,255 | XML |
| 990 | June 2024 | $30,342,329 | $31,549,339 | $15,837,465 | XML |
| 990 | June 2023 | $29,299,227 | $23,126,208 | $15,096,909 | IRS |
| 990 | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 41-1694837).
Questions about FIRST CHILDRENS FINANCE
- What is the EIN of FIRST CHILDRENS FINANCE?
- The employer identification number (EIN) of FIRST CHILDRENS FINANCE is 41-1694837.
- Is FIRST CHILDRENS FINANCE tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1991.
- Are donations to FIRST CHILDRENS FINANCE tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does FIRST CHILDRENS FINANCE file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of FIRST CHILDRENS FINANCE due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FIRST CHILDRENS FINANCE last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of FIRST CHILDRENS FINANCE?
- The 990 for the year ended June 30, 2025 names HEIDI HAGEL-BRAID.
- Who are the officers and directors of FIRST CHILDRENS FINANCE?
- The 990 for the year ended June 30, 2025 lists 24 people; 11 received compensation from the organization, the highest $288,495 (GERALD CUTTS, PRESIDENT & CEO (FORMER)).
- How much revenue does FIRST CHILDRENS FINANCE have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $9,273,101, expenses of $10,010,203 and total assets of $6,993,255 at year end.
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