RIVERCREST COMMONS HOUSING DEVELOP… - 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

2004

Legal Domicile

Principal Officer

DAMARIS CARBONE

Phone

5188422894

Tax Period

2023-01-01 to 2023-12-31

RIVERCREST COMMONS HOUSING DEVELOPMENT FUND COMPANY INC, founded in 2004, is a micro nonprofit in the Housing & Shelter sector that reported $62K in total revenue in fiscal year 2023. Expenses of $103K exceeded revenue, resulting in a 66% operating deficit.

Mission

TO PROVIDE SERVICES TO THE POOR, DISTRESSED AND UNDERPRIVILEGED LOW-INCOME FAMILIES AND INDIVIDUALS BY DEVELOPING, ACQUIRING, CONSTRUCTING, RENOVATING, OPERATING, MAINTAINING AND IMPROVING RENTAL HOUSING AND FACILITATING HOME OWNERSHIP OPPORTUNITIES.

Program Service Accomplishments

Program 1

Expenses: $83,994 Revenue: $27,596

PROVIDE ELDERLY AND HANDICAPPED PERSONS WITH HOUSING FACILITIES AND SERVICES SPECIALLY DESIGNED TO MEET THEIR PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS.

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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 $28,524

Program Service Revenue $27,596

Investment Income $19

Other Revenue $5,904

TOTAL REVENUE $62,043

Expense Breakdown

Grants Paid $0

Salaries & Benefits $10,338

Fundraising Expenses $0

Program Expenses $83,994

Other Expenses $92,504

TOTAL EXPENSES $102,842

Year-over-Year Comparison

	2023	2022	Change
Revenue	$62,043	$58,428	+0.1%
Expenses	$102,842	$99,348	+0.0%
Net Income	$-40,799	$-40,920	0.0%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
COLLEEN MCHEARD	CHAIRPERSON	0.30	Officer Director	$0	$0	$0
RICHARD DIMATTEO	TREASURER	0.30	Officer Director	$0	$0	$0
PAUL SALERNO	VICE CHAIR	0.30	Officer Director	$0	$0	$0
DIANE MADEJ	SECRETARY	0.30	Officer Director	$0	$0	$0
DAMARIS CARBONE	EXECUTIVE DIRECTOR	0.30	Officer	$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	$62,043	$102,842	$414,817	$-40,799
2022	$58,428	$99,348	$427,857	$-40,920
2021	$64,107	$92,720	$442,357	$-28,613
2020	$65,743	$92,452	$472,559	$-26,709
2019	$65,223	$102,945	$502,629	$-37,722
2018	$66,200	$97,724	$768,364	$-31,524

RIVERCREST COMMONS HOUSING DEVELOPMENT FUND COMPANY INC