Forward Housing Corporation

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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

1976

Legal Domicile

Principal Officer

Nicholas Picarsic

Phone

4125213065

Tax Period

2024-01-01 to 2024-12-31

Forward Housing Corporation, founded in 1976, is a community nonprofit in the Housing & Shelter sector that reported $1.8M in total revenue in fiscal year 2024. The organization ran a surplus of $505K, a strong 28% operating margin.

Mission

To provide HUD subsidized affordable housing with supportive services for low income seniors who meet the income eligibility requirements of the HUD 202 Section 8 program. SeniorCare Network manages this community and provides or assists in the provision of services to meet individual resident needs. Typically, even though this community is a supportive housing facility, between 50-70% of our residents are considered frail or at risk. To address these issues and the needs of those residing in this community, we employ a Service Coordinator to work with each resident as appropriate. The Service Coordinator assesses the needs of each resident and makes referrals to appropriate resources, such as families, senior centers, churches and other community groups.

Program Service Accomplishments

Program 1

Expenses: $1,211,809 Revenue: $422,828

The community provides affordable supportive housing for seniors who meet the income eligibility requirements of the HUD 202 Section 8 program. 100% of the approximate 115 residents served daily meet these guidelines. The three most common areas where residents need assistance are transportation, housekeeping, and meals. Other services include social service coordination and other supportive and preventative programs to assist residents to age with choice, such as medication management, bathing, and IDL support. In addition, there is also a focus on prevention through education, health screenings, and wellness and activity programs to support the health of the community.

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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 $1,330,089

Program Service Revenue $422,828

Investment Income $49,111

Other Revenue $0

TOTAL REVENUE $1,802,028

Expense Breakdown

Grants Paid $0

Salaries & Benefits $327,411

Fundraising Expenses $0

Program Expenses $1,211,809

Other Expenses $969,396

TOTAL EXPENSES $1,296,807

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,802,028	$1,822,507	0.0%
Expenses	$1,296,807	$1,180,754	+0.1%
Net Income	$505,221	$641,753	-0.2%

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
Harold Caplan	Director	1.00	Director	$0	$0	$0
Terry Lerman	Director and Treasurer	2.00	Officer Director	$0	$0	$0
Yana Warshafsky	Director	1.00	Director	$0	$0	$0
Shelley Sufrin	Director	1.00	Director	$0	$0	$0
Merrille Weissman	Director	1.00	Director	$0	$0	$0
Judith Tobe	Director	1.00	Director	$0	$0	$0
Joel Smalley	Director	1.00	Director	$0	$0	$0
Donna Kruman	Director and Vice-Presiden	2.00	Officer Director	$0	$0	$0
Bob Rosenthal	Director	1.00	Director	$0	$0	$0
Deborah Wein	Director (resigned 9-30-24)	1.00	Director	$0	$0	$0
Thomas Netzer	Director and Secretary	1.00	Officer Director	$0	$0	$0
Nicholas Picarsic	Director and President	2.00	Officer Director	$0	$0	$0
Phyllis Wechsler	Director	1.00	Director	$0	$0	$0
Stefanie Small	Director	1.00	Director	$0	$0	$0
Rebecca Lerman	Director	1.00	Director	$0	$0	$0
Evan Miller	Director	1.00	Director	$0	$0	$0
Cherry Warren	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
2025	No data	No data	No data	No data
2024	$1,802,028	$1,296,807	$4,935,635	$505,221
2023	$1,822,507	$1,180,754	$6,560,779	$641,753
2022	$1,596,529	$1,188,012	$5,941,209	$408,517
2021	$1,607,939	$1,146,564	$5,639,627	$461,375
2020	$1,698,415	$1,157,964	$5,241,834	$540,451
2019	$1,579,149	$1,128,054	$4,787,957	$451,095