OCEAN STATE ASSISTED LIVING

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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

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

THE MISSION OF OCEAN STATE ASSISTED LIVING (OSAL) IS TO PROVIDE A BALANCE OF COMMUNITY, WELLNESS AND ASSISTED LIVING SERVICES TO INDEPENDENT AND MEMORY IMPAIRED RESIDENTS WHILE PROMOTING RESIDENT QUALITY OF LIFE, DIGNITY AND MAXIMUM INDEPENDENCE.

Program Service Accomplishments

Program 1

Expenses: $6,010,126 Revenue: $7,197,755

PROVIDING QUALITY CARE WITH 64 TRADITIONAL ASSISTED LIVING APARTMENTS AND 20 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%)

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

Governance

Voting Members

Independent Members

Employees

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

$145,853

Total Directors

Key Employees

Highest Compensated

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