NEW JERSEY APARTMENT ASSOCIATION

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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

1982

Legal Domicile

Principal Officer

DAVID BROGAN

Phone

7329920600

Tax Period

2025-01-01 to 2025-12-31

NEW JERSEY APARTMENT ASSOCIATION, founded in 1982, is a community nonprofit that reported $3.4M in total revenue in fiscal year 2025. Expenses of $3.1M left a modest 7% surplus.

Mission

THE GOALS AND OBJECTIVES OF THE NEW JERSEY APARTMENT ASSOCIATION ARE DESIGNED TO ADVANCE AND PROTECT THE WELFARE OF THE APARTMENT INDUSTRY IN NEW JERSEY. NJAA REPRESENTS THE APARTMENT INDUSTRY BEFORE THE NEW JERSEY LEGISLATURE AND GOVERNMENTAL AGENCIES AND PROVIDES CONTINUING EDUCATION AND INFORMATION TO ITS MEMBERS AND THE PUBLIC. NJAA IS COMMITTED TO PROVIDING SERVICES AND OPPORTUNITIES THAT ENHANCE, IMPROVE AND PROMOTE THE APARTMENT MANAGEMENT PROFESSION. NJAA ENABLES ITS MEMBERS TO SHARE EXPERIENCES AND ADVANCE THEIR INTERESTS. NJAA'S MEMBERSHIP'S INTERESTS ARE SERVED ON A NATIONAL LEVEL THROUGH ITS AFFILIATION WITH THE NATIONAL APARTMENT ASSOCIATION (NAA).

Program Service Accomplishments

Program 1

PROGRAMS & EVENTS: EDUCATIONAL, NETWORKING EVENTS, AWARDS AND CONFERENCES THE ASSOCIATION PROVIDES TO MEMBERSHIP.

Program 2

MEMBERSHIP SERVICES: COMMUNICATIONS AND SERVICES PROVIDED TO THE MEMBERSHIP INCLUDING BUT NOT LIMITED TO A DIAMOND SPONSORSHIP PROGRAM, AIM MAGAZINE AND A MEMBERSHIP DIRECTORY.

Program 3

GOVERNMENTAL AFFAIRS: ACTIVITIES THAT SHAPE GOVERNMENTAL POLICY ON BEHALF OF THE NEW JERSEY MULTI-FAMILY RENTAL COMMUNITY. THESE ACTIVITIES ARE IN STATE, LOCAL AND NATIONAL POLICY AS WELL AS IN THE...

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $3,151,536

Investment Income $58,227

Other Revenue $144,808

TOTAL REVENUE $3,354,571

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,440,717

Fundraising Expenses $0

Other Expenses $1,665,233

TOTAL EXPENSES $3,105,950

Year-over-Year Comparison

	2025	2024	Change
Revenue	$3,354,571	$3,168,626	+0.1%
Expenses	$3,105,950	$2,812,253	+0.1%
Net Income	$248,621	$356,373	-0.3%

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

$906,910

Total Directors

$576,528

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Mr David Brogan	EXECUTIVE DIRECTOR & CEO	45.0	Officer Director	$531,611	$44,917	$576,528
Ms Nichole Lopresti	Executive Vice President	45.0	Officer	$307,859	$22,523	$330,382
Mr Nicholas Kikis	VP GOVERNMENT AFFAIRS	45.0	Highest	$183,577	$7,224	$190,801
Ms Kelly Ryan	Asst. VP, Membership & Events	45.0	Highest	$125,097	$26,451	$151,548
Mr Jerome Lombardo	President	1.0	Officer Director	$0	$0	$0
Mr Jeffrey Garfinkel	1st Vice President	1.0	Officer Director	$0	$0	$0
Ms Theresa Reed	2nd vice president	1.0	Officer Director	$0	$0	$0
Mr Daniel Flamini	treasurer	1.0	Officer Director	$0	$0	$0
Ms Robin Flagler	Secretary	1.0	Officer Director	$0	$0	$0
MR John D Cranmer Esq	Vice President	1.0	Officer Director	$0	$0	$0
Anthony E Lauro	vice president	1.0	Officer Director	$0	$0	$0
Mr Michael F Floyd	VP of Supplier Partners	1.0	Officer Director	$0	$0	$0
Mr Ryan Antonelli	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
MR David L Legow Esq	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
MS Sue McElhatton	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Jeffrey Smith	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
MS Mary French	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Joseph Feldman	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
MS Caroline Adillon	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Steve Dicker	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
MR Alan Hammer Esq	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr John Zoetjes	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
MR Derek Reed Esq	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Jack R Linefsky	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Timothy Henkel	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr George Jacobs	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Michael Barry	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr William Dailey	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Larry Stein	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Brent Winig	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Ms Sefi Silverstein	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Stephen Waters	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Sean Joyce	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
MR Jonathan S Gershen Esq	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Michael W Goldberg	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Scott Machlovitz	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Andrew Rosen	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Joseph Spadaccini	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Michael C Haydinger	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
MR Louis DeVos	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Larry Falkow	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Andrew Goldberg	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
MS Tracey Goldstein Esq	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Mr Dan O'Brien	BOARD OF DIRECTORS	0.0	Director	$0	$0	$0
Michael O'Dea	BOARD OF DIRECTORS	1.0	Director	$0	$0	$0
Fernando Cabrera	Board of Directors	1.0	Director	$0	$0	$0
Jim Boistis	Board of Directors	1.0	Director	$0	$0	$0
MS DIANA PENN	Board of Directors	1.0	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
2025	$3,354,571	$3,105,950	$2,708,773	$248,621
2024	$3,168,626	$2,812,253	$2,360,466	$356,373
2023	$3,061,465	$2,834,245	$2,035,419	$227,220
2022	$2,591,675	$2,438,429	$2,170,037	$153,246
2021	$1,758,210	$1,715,168	$1,904,699	$43,042
2020	$1,703,343	$1,919,218	$1,997,850	$-215,875
2019	$2,923,756	$2,768,696	$2,256,263	$155,060
2018	$2,809,527	$2,720,709	$1,991,216	$88,818