ROYAL GARDENS DEVELOPMENT FUND COMPANY PROJECT NO 014-EH282

EIN: 223113185 501(c)(3) Housing & Shelter

BROCKPORT, NY

Total Revenue
$883,861
Total Expenses
$834,434
Total Assets
$2,581,359
Net Assets
$-303,870
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1990
Legal Domicile
NY
Principal Officer
MICHAEL MORICH
Phone
5856378220
Tax Period
2024-10-01 to 2025-09-30

ROYAL GARDENS DEVELOPMENT FUND COMPANY PROJECT NO 014-EH282, founded in 1990, is a small nonprofit in the Housing & Shelter sector that reported $884K in total revenue in fiscal year 2024. Expenses of $834K left a modest 6% surplus.

Mission

ROYAL GARDENS HOUSING DEVELOPMENT FUND COMPANY, INC., PROJECT NO. 014-EH282 (THE ORGANIZATION), IS A DULY AUTHORIZED NON-PROFIT CORPORATION FORMED PURSUANT TO ARTICLE XI OF THE PRIVATE HOUSING FINANCE LAW OF THE STATE OF NEW YORK. THE ORGANIZATION WAS ORGANIZED SOLELY AND SPECIFICALLY TO DEVELOP, OWN AND OPERATE A LOW-INCOME HOUSING PROJECT ON A NON-PROFIT BASIS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, SAID PROJECT KNOWN AS ROYAL GARDENS APARTMENTS, A 74-UNIT PROJECT (ONE UNIT IS OCCUPIED BY THE SUPERINTENDENT AND IS NON-INCOME PRODUCING), LOCATED AT 100 ROYAL GARDENS WAY, BROCKPORT, NEW YORK.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $874,258
Investment Income $3,659
Other Revenue $5,944
TOTAL REVENUE $883,861

Expense Breakdown

Grants Paid $0
Salaries & Benefits $226,120
Fundraising Expenses $0
Program Expenses $610,067
Other Expenses $608,314
TOTAL EXPENSES $834,434

Year-over-Year Comparison

2024 2023 Change
Revenue $883,861 $859,869 +0.0%
Expenses $834,434 $754,512 +0.1%
Net Income $49,427 $105,357 -0.5%
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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Governance

Voting Members
6
Independent Members
6
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
3
$0
Total Directors
6
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DAN BRADT TREASURER 1.00
Officer Director
$0 $0 $0
BARB O'CONNOR DIRECTOR 1.00
Director
$0 $0 $0
MARK HILL DIRECTOR 1.00
Director
$0 $0 $0
MICHAEL MORICH PRESIDENT 5.00
Officer Director
$0 $0 $0
MARTHA MCCUTCHEN DIRECTOR 1.00
Director
$0 $0 $0
CARL KESSELRING SECRETARY 1.00
Officer 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 $883,861 $834,434 $2,581,359 $49,427
2024 $859,869 $754,512 $2,613,577 $105,357
2023 $827,408 $767,859 $2,585,216 $59,549
2022 $783,298 $776,979 $2,637,037 $6,319
2021 $785,571 $719,012 $2,677,282 $66,559
2020 $775,455 $700,378 $2,700,006 $75,077
2019 $755,667 $692,940 $2,681,475 $62,727
2018 $747,210 $691,289 $2,829,239 $55,921
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