FAIRHAVEN RESIDENTS ASSOCIATION INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2002

Legal Domicile

Principal Officer

JOHN COURNOYER

Phone

4435402587

Tax Period

2021-01-01 to 2021-12-31

FAIRHAVEN RESIDENTS ASSOCIATION INC, founded in 2002, is a small nonprofit in the Human Services sector that reported $181K in total revenue in fiscal year 2021. Expenses of $217K exceeded revenue, resulting in a 20% operating deficit.

Mission

THE PURPOSE OF THE ASSOCIATION IS TO PROMOTE THE CHARITABLE, EDUCATIONAL, SPIRITUAL, AND RECREATIONAL ACTIVITIES OF THE RESIDENTS OF FAIRHAVEN, A MARYLAND CCRC UNDER THE OWNERSHIP OF ACTS, INC. OUR MISSION IS TO ASSIST RESIDENTS TO ADJUST TO LIFE AND PROMOTE THEIR CULTURAL, PSYCHOLOGICAL, EMOTIONAL, SOCIAL AND SPIRITUAL NEEDS.

Program Service Accomplishments

Program 1

Expenses: $116,740 Revenue: $0

THE ASSOCIATION MANAGES THE EMPLOYEE APPRECIATION FUND (EAF). FAIRHAVEN ALLOWS NO TIPPING TO ITS EMPLOYEES. INSTEAD THE EAF IS DESIGNED TO PROVIDE GRATUITIES ON A SEMI-ANNUAL BASIS. FUNDS FOR THE EAF ARE DERIVED SOLELY FROM RESIDENT CONTRIBUTIONS. IN 2021 THE RESIDENTS CONTRIBUTED $117,115 AND A TOTAL OF $116,740 WAS DISTRIBUTED TO MORE THAN 200 EMPLOYEES IN JUNE AND DECEMBER. THE EXCESS CONTRIBUTIONS HAVE BEEN HELD FOR DISTRIBUTION IN 2022.

Program 2

Expenses: $55,000 Revenue: $0

THESE ARE DONATIONS PROVIDED TO LOCAL ORGANIZATIONS OUTSIDE OF FAIRHAVEN WHICH ARE IDENTIFIED AS SUPPORTING THE ASSOCIATION'S MISSION. THE SOURCE OF THESE FUNDS WAS A BEQUEST TO THE ASSOCIATION FOR THIS SPECIFIC PURPOSE. THE DONATIONS FOR 2022 WERE:1) FREEDOM DISTRICT FIRE DEPARTMENT - $10,0002) WEST FRIENDSHIP VOLUNTEER FIRE DEPARTMENT - $5,0003) E.S.C.A.P.E MINISTRIES - $10,0004) CARROLL COUNTY FOOD SUNDAY - $10,0005) CHESAPEAKE BAY FOUNDATION - $10,0006) ST. PAUL UNITED METHODIST CHURH - $10,000THESE DONATIONS WERE ALL MADE IN JUNE OF 2021

Program 3

Expenses: $45,753 Revenue: $22,910

THESE WERE THE EXPENSES THAT THE ASSOCIATION DISPENSED IN SUPPORT OF IS MISSION OBJECTIVES. THESE ITEMS INCLUDED EDUCATION, ENTERTAINMENT, RECREATION, SOCIAL SERVICES, SPIRITUAL GROWTH AND...

THESE WERE THE EXPENSES THAT THE ASSOCIATION DISPENSED IN SUPPORT OF IS MISSION OBJECTIVES. THESE ITEMS INCLUDED EDUCATION, ENTERTAINMENT, RECREATION, SOCIAL SERVICES, SPIRITUAL GROWTH AND ADMINISTRATIVE SUPPLIES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2021)

Revenue Breakdown

Contributions & Grants $133,653

Program Service Revenue $22,910

Investment Income $24,598

Other Revenue $0

TOTAL REVENUE $181,161

Expense Breakdown

Grants Paid $171,740

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $217,493

Other Expenses $45,753

TOTAL EXPENSES $217,493

Year-over-Year Comparison

	2021	2020	Change
Revenue	$181,161	$179,536	+0.0%
Expenses	$217,493	$169,026	+0.3%
Net Income	$-36,332	$10,510	-4.5%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOAN HIGBEE	PRESIDENT	12.00	Officer Director	$0	$0	$0
WILLIAM RUPPEL	VICE PRESIDENT	10.00	Officer Director	$0	$0	$0
NORM DESMARIS	TREASURER	20.00	Officer Director	$0	$0	$0
BARBARA CLAGETT	SECRETARY	15.00	Officer Director	$0	$0	$0
JUDY RHOADES	DIRECTOR	1.00	Director	$0	$0	$0
CAROL HIGGINS	DIRECTOR	1.00	Director	$0	$0	$0
BARBARA MOREY	DIRECTOR	1.00	Director	$0	$0	$0
JOHN RAMSDEN	DIRECTOR	1.00	Director	$0	$0	$0
MARION LEITO	DIRECTOR	1.00	Director	$0	$0	$0
CAROL CHEATHAM	DIRECTOR	1.00	Director	$0	$0	$0
JOY BAKER	DIRECTOR	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2021	$181,161	$217,493	$512,228	$-36,332
2020	$179,536	$169,026	$519,336	$10,510