PROJECT RENEWAL 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

1967

Legal Domicile

Principal Officer

ERIC ROSENBAUM

Phone

2126200340

Tax Period

2023-07-01 to 2024-06-30

PROJECT RENEWAL INC, founded in 1967, is a major nonprofit in the Mental Health sector that reported $121.7M in total revenue in fiscal year 2023.

Mission

PROJECT RENEWAL'S MISSION IS TO END THE CYCLE OF HOMELESSNESS BY EMPOWERING MEN, WOMEN, AND CHILDREN TO RENEW THEIR LIVES WITH HEALTH, HOMES, AND JOBS.

Program Service Accomplishments

Program 1

Expenses: $73,981,394 Revenue: $3,908,628

SHELTER SERVICES: PROJECT RENEWAL, INC. OPERATES SEVEN SHELTERS WITH ON-SITE TREATMENT AND REHABILITATION SERVICES, MOST OF WHICH SERVE HOMELESS INDIVIDUALS WITH SERIOUS MENTAL ILLNESS AND/OR...

SHELTER SERVICES: PROJECT RENEWAL, INC. OPERATES SEVEN SHELTERS WITH ON-SITE TREATMENT AND REHABILITATION SERVICES, MOST OF WHICH SERVE HOMELESS INDIVIDUALS WITH SERIOUS MENTAL ILLNESS AND/OR SUBSTANCE USE DISORDERS. SHELTERS ARE STAFFED WITH CASE MANAGERS, PSYCHIATRISTS, OCCUPATIONAL THERAPISTS, HOUSING SPECIALISTS, AND OTHER SUPPORTIVE SERVICE WORKERS WHO HELP CLIENTS MOVE OUT OF SHELTER AND INTO HOUSING. IN FY24, THE AGENCY PROVIDED SHELTER SERVICES TO OVER 2,450 NEW YORKERS INCLUDING SINGLE ADULTS, SENIORS, VETERANS, AND YOUNG ADULTS.

Program 2

Expenses: $10,640,062 Revenue: $3,475,348

HEALTH CARE: PROJECT RENEWAL, INC. IS A FEDERALLY QUALIFIED HEALTH CENTER OPERATING FIVE SHELTER-BASED PRIMARY CARE CLINICS, AS WELL AS A THREE-VAN FLEET OF MOBILE HEALTH CLINICS. THESE CLINICS...

HEALTH CARE: PROJECT RENEWAL, INC. IS A FEDERALLY QUALIFIED HEALTH CENTER OPERATING FIVE SHELTER-BASED PRIMARY CARE CLINICS, AS WELL AS A THREE-VAN FLEET OF MOBILE HEALTH CLINICS. THESE CLINICS PROVIDE MEDICAL SERVICES TO HOMELESS AND AT-RISK INDIVIDUALS, AND CONNECT MANY OF THEM TO OUR MENTAL HEALTH AND SUBSTANCE USE TREATMENT PROGRAMS. THE LATTER INCLUDES BOTH INPATIENT AND OUTPATIENT TREATMENT INITIATIVES. OUR TEAM OF PSYCHIATRISTS AND OCCUPATIONAL THERAPISTS COMPLEMENT HEALTH CARE WORK AND ARE INTEGRATED INTO PROJECT RENEWAL PROGRAMMING. IN FY24 THE ORGANIZATION PROVIDED HEALTH CARE TO OVER 7,200 INDIVIDUALS.

Program 3

Expenses: $10,608,130 Revenue: $489,964

TRANSITIONAL AND PERMANENT HOUSING: PROJECT RENEWAL, INC. OPERATES AFFORDABLE HOUSING AND SOCIAL SERVICES FOR LOW-INCOME, HOMELESS AND AT-RISK POPULATIONS, INCLUDING TRANSITIONAL, PERMANENT...

TRANSITIONAL AND PERMANENT HOUSING: PROJECT RENEWAL, INC. OPERATES AFFORDABLE HOUSING AND SOCIAL SERVICES FOR LOW-INCOME, HOMELESS AND AT-RISK POPULATIONS, INCLUDING TRANSITIONAL, PERMANENT, SCATTER-SITE, AND CONGREGATE PROGRAMS. ALL SITES OFFER A SPECTRUM OF WRAPAROUND SERVICES TO MEET THE UNIQUE NEEDS OF OUR RESIDENTS, INCLUDING ON-SITE CASE MANAGEMENT, OCCUPATIONAL THERAPY, PSYCHIATRY, AND PRIMARY CARE, AS WELL AS CONNECTIONS TO IN-HOUSE SUBSTANCE USE TREATMENT AND EMPLOYMENT PROGRAMMING. IN FY24 MORE THAN 1,200 INDIVIDUALS LIVED IN PROJECT RENEWAL HOUSING.

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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 $104,643,781

Program Service Revenue $16,125,715

Investment Income $238,034

Other Revenue $733,891

TOTAL REVENUE $121,741,421

Expense Breakdown

Grants Paid $0

Salaries & Benefits $62,459,484

Fundraising Expenses $1,388,279

Program Expenses $105,362,452

Other Expenses $60,423,909

TOTAL EXPENSES $122,883,393

Year-over-Year Comparison

	2023	2022	Change
Revenue	$121,741,421	$116,504,432	+0.0%
Expenses	$122,883,393	$117,461,136	+0.0%
Net Income	$-1,141,972	$-956,704	+0.2%

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

1334

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

$940,929

Total Directors

Key Employees

$1,349,271

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALAN BELZER OUTGOING	TRUSTEE	0.80	Director	$0	$0	$0
CARL ROSOFF	TRUSTEE	0.80	Director	$0	$0	$0
CLAUDIA ROSEN OUTGOING	TRUSTEE	0.80	Director	$0	$0	$0
COLLEEN CAVANAUGH	SECRETARY	0.80	Officer Director	$0	$0	$0
ERIC FRY	CO-TREASURER	0.80	Officer Director	$0	$0	$0
GAIL WEISS	TRUSTEE	0.80	Director	$0	$0	$0
GEOFFREY PROUIX	TRUSTEE	0.80	Director	$0	$0	$0
GRACE CHOINUMA	TRUSTEE	0.80	Director	$0	$0	$0
INGLEFIELD REID	TRUSTEE	0.80	Director	$0	$0	$0
JAMES DAVIDSON	TRUSTEE	0.80	Director	$0	$0	$0
JEANNE FELDHUSEN	TRUSTEE	0.80	Director	$0	$0	$0
JENNY SHARFSTEIN KANE	TRUSTEE	0.80	Director	$0	$0	$0
LULA URQUHART	CO-TREASURER	0.80	Officer Director	$0	$0	$0
MARDOCHE SIDOR MD	TRUSTEE	0.80	Director	$0	$0	$0
MARLENE ZURACK	CHAIR	0.80	Officer Director	$0	$0	$0
MELISSA D KATZ MD	TRUSTEE	0.80	Director	$0	$0	$0
MICHAEL DOHERTY	VICE CHAIR	0.80	Officer Director	$0	$0	$0
RICHARD KRONICK	TRUSTEE	0.80	Director	$0	$0	$0
RUSSELL S BERMAN	TRUSTEE	0.80	Director	$0	$0	$0
SHAMAS DABARON	TRUSTEE	0.80	Director	$0	$0	$0
SUSAN AKSELRAD	TRUSTEE	0.80	Director	$0	$0	$0
THOMAS BRODSKY	TRUSTEE	0.80	Director	$0	$0	$0
TIMOTHY VALZ	TRUSTEE	0.80	Director	$0	$0	$0
SUDEEP DOSHI	TRUSTEE	0.80	Director	$0	$0	$0
ERIC ROSENBAUM	PRESIDENT & CEO	40.00	Officer	$372,632	$41,749	$414,381
PAUL WOODY	CHIEF REAL ESTATE OFFICER	37.00	Officer	$210,994	$12,673	$223,667
STEVEN JONES	CFO	42.00	Officer	$276,167	$26,714	$302,881
CONRAD PINNOCK	CHIEF PEOPLE OFFICER	37.00	Key Emp	$223,521	$20,985	$244,506
DOREEN THOMANN-HOWE	CHIEF OPERATIONS OFFICER	37.00	Key Emp	$253,114	$38,626	$291,740
FELIP DE LOS SANTOS	CHIEF COMPLIANCE OFFICER	37.00	Key Emp	$188,286	$17,983	$206,269
KATIE BOWER	CHIEF HOUSING AND SHELTER OFFICER	37.00	Key Emp	$194,749	$21,452	$216,201
MIRANDA VON DORNUM	CHIEF MEDICAL DIRECTOR	37.00	Key Emp	$360,164	$30,391	$390,555
CATHERINE DE SILVA	CHIEF DEVELOPMENT OFFICER	35.00	Highest	$268,245	$54,882	$323,127
MELISSA O'BRIEN	PSYCHIATRIST	35.00	Highest	$224,522	$18,057	$242,579
ROBERT GADOMSKI	PSYCHIATRIST	35.00	Highest	$220,554	$13,247	$233,801
TERRY KAPLAN	MEDICAL DOCTOR	35.00	Highest	$210,178	$21,660	$231,838
YESSWANT CHITALKAR	PSYCHIATRIST	35.00	Highest	$207,837	$20,044	$227,881

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
2025	No data	No data	No data	No data
2024	$121,741,421	$122,883,393	$96,897,841	$-1,141,972
2023	$116,504,432	$117,461,136	$94,434,991	$-956,704
2022	$114,099,875	$108,332,086	$69,297,765	$5,767,789
2021	$104,099,662	$103,909,169	$69,968,060	$190,493
2020	$98,863,613	$98,269,615	$58,546,846	$593,998
2019	$91,357,551	$88,353,945	$43,420,900	$3,003,606
2018	$82,691,539	$83,700,421	$44,083,631	$-1,008,882