HMONG AMERICAN FARMERS ASSOCIATION
Mission Statement
The mission of the Hmong American Farmers Association (HAFA) is to advance the economic, social and cultural prosperity of Hmong American family farmers in Minnesota. We do this by employing a number of tactics including demonstration projects on land stewardship, trainings on financial management and good agricultural practices, research studies on cover crops, and one to one intense mentoring. Our goal is to improve the economic well-being, capacity, and self-efficacy of our farmers and their families so that they can grow and sustain livelihoods in farming. Since more than half of the vegetable farmers in the Twin Cities are Hmong, HAFA also works to ensure that local childcare centers, schools, hospitals, corporate cafeterias and other places where people gather have steady stream of fresh, nutritious, produce that are locally grown and good for the environment.
Financial Overview — FY 2023
Compared with Peers
FY 2023| Ratio | This org | Peer median | Position (P10 → P90) | |
|---|---|---|---|---|
|
Program expense ratio
Program expenses / total expenses
· higher is better
|
64.4% | 89.4% |
P10P90
|
Bottom quarter |
|
Admin expense ratio
Management and general / total expenses
· lower is better
|
30.8% | 6.8% |
P10P90
|
Bottom quarter |
|
Fundraising expense ratio
Fundraising expenses / total expenses
· lower is better
|
4.7% | 1.1% |
P10P90
|
Below median |
|
Operating reserve
Months of expenses covered by net assets
· higher is better
|
78.9 mo | 7.5 mo |
P10P90
|
Top quarter |
|
Liabilities to assets
Total liabilities / total assets
· lower is better
|
7.4% | 6.8% |
P10P90
|
Below median |
|
Revenue concentration
Share of revenue from the largest source
· lower is better
|
87.0% | 96.6% |
P10P90
|
Above median |
|
Revenue growth
Year over year revenue growth
|
-32.9% | 13.1% |
P10P90
|
|
|
Expense growth
Year over year expense growth
|
-23.5% | 16.9% |
P10P90
|
|
|
Surplus margin
Surplus as a share of revenue
|
57.6% | 1.9% |
P10P90
|
Financial History
| Year | Revenue | Expenses | Net Assets | Program % | Staff |
|---|---|---|---|---|---|
| 2023 | $2.8M | $1.2M | $7.9M | 64.4% | 16 |
| 2022 | $4.2M | $1.6M | $6.3M | 63.2% | 17 |
| 2021 | $2.1M | $1.2M | N/A | — | 21 |
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