FAIRHAVEN APARTMENTS INC (EIN 237333862) - Form 990 Financial Analysis & Trantor Score

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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

1974

Legal Domicile

Principal Officer

MITCH WALTERS

Phone

3173442491

Tax Period

2024-01-01 to 2024-12-31

FAIRHAVEN APARTMENTS INC, founded in 1974, is a small nonprofit that reported $347K in total revenue in fiscal year 2024. Revenue fell 38% from the prior year — a significant decline worth monitoring. Expenses of $408K exceeded revenue, resulting in a 18% operating deficit.

Mission

TO PROVIDE AFFORDABLE RENTAL HOUSING ARRANGEMENTS FOR LOW INCOME SENIOR CITIZENS

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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 $6,200

Program Service Revenue $338,697

Investment Income $23

Other Revenue $1,687

TOTAL REVENUE $346,607

Expense Breakdown

Grants Paid $0

Salaries & Benefits $42,472

Fundraising Expenses $0

Program Expenses $327,988

Other Expenses $365,182

TOTAL EXPENSES $407,654

Year-over-Year Comparison

	2024	2023	Change
Revenue	$346,607	$563,385	-0.4%
Expenses	$407,654	$423,170	0.0%
Net Income	$-61,047	$140,215	-1.4%

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
JOHN KIME	BOARD MEMBER	2.00	Director	$0	$0	$0
PAUL SEYMOUR	BOARD MEMBER	2.00	Director	$0	$0	$0
GERALD D KING	PRESIDENT	2.00	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	$346,607	$407,654	$1,754,796	$-61,047
2023	$563,385	$423,170	$1,834,502	$140,215
2022	$923,518	$292,578	$1,758,767	$630,940
2021	$1,082,294	$278,524	$1,190,723	$803,770
2020	$257,031	$294,812	$408,575	$-37,781
2019	$321,040	$253,320	$446,609	$67,720
2018	$233,124	$213,328	$397,084	$19,796

FAIRHAVEN APARTMENTS INC