NARRAGANSETT HOUSING DEVELOPMENT F… - Form 990 Financial Data

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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

1992

Legal Domicile

Principal Officer

JAMES M DILL

Phone

2122529377

Tax Period

2024-01-01 to 2024-12-31

NARRAGANSETT HOUSING DEVELOPMENT FUND CORPORATION, founded in 1992, is a community nonprofit in the Housing & Shelter sector that reported $2.5M in total revenue in fiscal year 2024. Expenses of $3.0M exceeded revenue, resulting in a 19% operating deficit.

Mission

THE ORGANIZATION WORKS TOWARD ENDING CHRONIC HOMELESSNESS, PREVENTING HOMELESSNESS FOR PERSONS THREATENED WITH DISPLACEMENT AND IMPROVING HOUSING CONDITIONS FOR THE MARGINALIZED THROUGH THE OPERATION AND DEVELOPMENT OF PERMANENT SUPPORTIVE AND AFFORDABLE HOUSING. THE ORGANIZATION HELPS ITS CLIENTS ACHIEVE THEIR FULLEST POTENTIAL FOR HOUSING SELF-SUFFICIENCY BY REALISTICALLY ASSESSING THEIR INDIVIDUAL NEEDS AND BUILDING RESPECTFUL AND CARING SUPPORTIVE COMMUNITIES TO OVERCOME BARRIERS TO THEIR SUCCESS.

Program Service Accomplishments

Program 1

Expenses: $2,981,819 Revenue: $285,836

THE ORGANIZATION OWNS AND OPERATES A 104-SRO UNIT LOW-INCOME SUPPORTIVE HOUSING PROJECT KNOWN AT THE NARRAGANSETT SITUATED AT 2508 BROADWAY, NY, NY. THE ORGANIZATION IS UNDER CONTRACT WITH NYC HUMAN RESOURCES ADMINISTRATION'S HIV/AIDS SERVICES ADMINISTRATION TO PROVIDE ONSITE CASE MANAGEMENT SERVICES TO 78 FORMERLY HOMELESS SINGLE ADULTS LIVING WITH HIV/AIDS. THE PROJECT LEASES GROUND FLOOR STORE FRONT SPACES TO UNRELATED COMMERCIAL TENANTS WHOSE RENTS HELP FUND SERVICES THE PROJECT'S RESIDENTIAL TENANTS.

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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 (2024)

Revenue Breakdown

Contributions & Grants $1,862,754

Program Service Revenue $285,836

Investment Income $22,965

Other Revenue $326,322

TOTAL REVENUE $2,497,877

Expense Breakdown

Grants Paid $1,649

Salaries & Benefits $1,453,443

Fundraising Expenses $0

Program Expenses $2,981,819

Other Expenses $1,526,727

TOTAL EXPENSES $2,981,819

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,497,877	$2,521,649	0.0%
Expenses	$2,981,819	$2,575,487	+0.2%
Net Income	$-483,942	$-53,838	+8.0%

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

N/A

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

$613,834

Total Directors

$385,465

Key Employees

$385,725

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES M DILL	TRUSTEE/TREASURER/EXECUTIVE DIRECTOR	4.00	Officer Director	$0	$15,005	$186,932
MOLLY MATTIMORE	TRUSTEE/SECRETARY/DEP EXEC DIRECTOR	5.00	Officer Director	$0	$20,708	$198,533
MARY HARDIN	CHAIR/TRUSTEE	1.00	Officer Director	$0	$0	$0
MARK SHAPIRO	CHIEF FINANCIAL OFFICER	5.00	Officer	$0	$25,114	$167,634
STEVEN GLICKMAN	DIR OF FINANCIAL REPORTING-BEG 9/24	5.00	Officer	$0	$4,955	$60,735
KRISTI CILENTI	DIRECTOR OF PROGRAMS	8.00	Key Emp	$0	$32,611	$194,424
DAN DANAHER	DIRECTOR OF OPERATIONS	8.00	Key Emp	$0	$32,420	$191,301
ALMIR LALICIC	DIRECTOR OF PROPERTY MANAGEMENT	8.00	Highest	$0	$19,672	$144,605
RALPH GARCIA	SECURITY DIRECTOR	8.00	Highest	$0	$30,500	$167,843
TENILLE DA MATHA SANTANNA	CONTROLLER	5.00	Highest	$0	$26,402	$134,374
WANDA CLARK	PROGRAM ACCOUNTANT	7.00	Highest	$0	$684	$101,790

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	$2,497,877	$2,981,819	$8,847,194	$-483,942
2023	$2,521,649	$2,575,487	$9,122,703	$-53,838
2022	$2,265,339	$2,524,373	$9,021,662	$-259,034
2021	$2,539,129	$2,677,366	$9,326,904	$-138,237
2020	$2,269,117	$2,753,340	$9,438,564	$-484,223
2019	$2,434,746	$2,459,291	$9,682,408	$-24,545
2018	$2,251,920	$2,353,113	$9,890,231	$-101,193

NARRAGANSETT HOUSING DEVELOPMENT FUND CORPORATION