OCEAN STATE ASSISTED LIVING

EIN: 050510787 501(c)(3) Housing & Shelter

EAST GREENWICH, RI

Total Revenue
$7,367,062
Total Expenses
$6,508,701
Total Assets
$17,728,418
Net Assets
$2,862,974
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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
2000
Legal Domicile
RI
Principal Officer
DANIEL J HUGHES
Phone
4018849099
Tax Period
2023-01-01 to 2023-12-31

OCEAN STATE ASSISTED LIVING, founded in 2000, is a community nonprofit in the Housing & Shelter sector that reported $7.4M in total revenue in fiscal year 2023. Revenue surged 22% from the prior year, signaling strong growth momentum. Expenses of $6.5M left a modest 12% surplus.

Mission

ASSISTED LIVING COMMUNITY AND DEMENTIA CARE RESIDENCES.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $16,500
Program Service Revenue $7,197,755
Investment Income $152,807
Other Revenue $0
TOTAL REVENUE $7,367,062

Expense Breakdown

Grants Paid $0
Salaries & Benefits $2,976,474
Fundraising Expenses $0
Program Expenses $6,010,126
Other Expenses $3,532,227
TOTAL EXPENSES $6,508,701

Year-over-Year Comparison

2023 2022 Change
Revenue $7,367,062 $6,034,541 +0.2%
Expenses $6,508,701 $6,051,449 +0.1%
Net Income $858,361 $-16,908 -51.8%
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

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Governance

Voting Members
9
Independent Members
9
Employees
89
Volunteers
6

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
6
$145,853
Total Directors
9
$0
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JULIE RICHARD PRESIDENT 1.00
Officer Director
$0 $0 $0
GEORGE MANLEY JR VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
CRAIG BUTZBACH TREASURER 1.00
Officer Director
$0 $0 $0
JULIE GOULET SECRETARY 1.00
Officer Director
$0 $0 $0
DONALD C FORSTER TRUSTEE 1.00
Director
$0 $0 $0
DIANE STEERE NOBLES TRUSTEE 1.00
Director
$0 $0 $0
NICOLE PLANTE TRUSTEE 1.00
Director
$0 $0 $0
PAUL SWANSON TRUSTEE 1.00
Director
$0 $0 $0
VINCENT RAGOSTA TRUSTEE 1.00
Director
$0 $0 $0
DANIEL J HUGHES FINANCE DIRECTOR 8.00
Officer
$0 $0 $0
HAIGOUHI CORRIVEAU ADMINISTRATOR 40.00
Officer
$138,240 $7,613 $145,853
TRISH MANCINI DIRECTOR OF WELLNESS 40.00
Highest
$111,266 $10,710 $121,976
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
2024 No data No data No data No data
2023 $7,367,062 $6,508,701 $17,728,418 $858,361
2022 $6,034,541 $6,051,449 $16,935,095 $-16,908
2021 $5,733,847 $4,983,108 $10,439,079 $750,739
2020 $5,198,433 $5,283,597 $10,252,499 $-85,164
2019 $5,679,208 $5,482,730 $10,154,174 $196,478
2018 $5,949,964 $5,415,167 $9,861,984 $534,797
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