KING CREEK COTTAGES 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

2003

Legal Domicile

Principal Officer

SHERYL FORTUNE

Phone

8286924744

Tax Period

2023-01-01 to 2023-12-31

KING CREEK COTTAGES INC, founded in 2003, is a micro nonprofit in the Housing & Shelter sector that reported $73K in total revenue in fiscal year 2023. Revenue fell 36% from the prior year — a significant decline worth monitoring. Expenses of $101K exceeded revenue, resulting in a 39% operating deficit.

Mission

TO PROVIDE LOW INCOME HOUSING FOR THE HANDICAPPED.

Program Service Accomplishments

Program 1

Expenses: $95,984 Revenue: $40,982

TO OPERATE A 10-UNIT APARTMENT COMPLEX FOR THE HANDICAPPED IN HENDERSONVILLE, NC, UNDER SECTION 811 OF THE NATIONAL HOUSING ACT OF 1959. THE PROJECT IS REGULATED BY THE UNITED STATES DEPARTMENT OF...

TO OPERATE A 10-UNIT APARTMENT COMPLEX FOR THE HANDICAPPED IN HENDERSONVILLE, NC, UNDER SECTION 811 OF THE NATIONAL HOUSING ACT OF 1959. THE PROJECT IS REGULATED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD") AS TO RENTAL RATES AND OPERATING METHODS. ADDITIONALLY, UNITS IN THE PROJECT ARE COVERED UNDER A HOUSING ASSISTANCE PAYMENTS CONTRACT WITH HUD AND A SIGNIFICANT PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD.

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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 $31,422

Program Service Revenue $40,982

Investment Income $99

Other Revenue $0

TOTAL REVENUE $72,503

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $95,984

Other Expenses $101,091

TOTAL EXPENSES $101,091

Year-over-Year Comparison

	2023	2022	Change
Revenue	$72,503	$113,186	-0.4%
Expenses	$101,091	$84,248	+0.2%
Net Income	$-28,588	$28,938	-2.0%

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

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
SHERYL FORTUNE	PRESIDENT	2.00	Officer Director	$0	$0	$0
DANIEL HEYMAN	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
JENNIFER DUVALL	TREASURER	1.00	Officer Director	$0	$0	$0
BLANCA SANCHEZ	SECRETARY	2.00	Officer Director	$0	$0	$0
MALLORY BENJAMIN	DIRECTOR	1.00	Director	$0	$0	$0
SONYA FLYNN	DIRECTOR	1.00	Director	$0	$0	$0
CANDI GUFFEY	DIRECTOR	1.00	Director	$0	$0	$0
TYLER HENRY	DIRECTOR	1.00	Director	$0	$0	$0
MARYANN HOLLOCKER	DIRECTOR	1.00	Director	$0	$0	$0
NORY LEBRUN	DIRECTOR	1.00	Director	$0	$0	$0
KRISTEN LEE	DIRECTOR	1.00	Director	$0	$0	$0
ELLEN MACDONALD-ALMAZAN	DIRECTOR	1.00	Director	$0	$0	$0
JENNIFER MAYNOR	DIRECTOR	1.00	Director	$0	$0	$0
STEVE WILKIE	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
2024	No data	No data	No data	No data
2023	$72,503	$101,091	$631,390	$-28,588
2022	$113,186	$84,248	$661,619	$28,938
2021	$68,622	$79,431	$632,885	$-10,809
2020	$65,293	$76,355	$643,803	$-11,062
2019	$61,180	$83,477	$653,596	$-22,297
2018	$59,552	$73,726	$675,796	$-14,174