RAINBOW HOUSING ASSISTANCE CORPORA… - 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

2002

Legal Domicile

Principal Officer

FLYNANN JANISSE

Phone

6029031843

Tax Period

2023-01-01 to 2023-12-31

RAINBOW HOUSING ASSISTANCE CORPORATION, founded in 2002, is a community nonprofit in the Housing & Shelter sector that reported $5.8M in total revenue in fiscal year 2023. Revenue surged 36% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.4M, a strong 24% operating margin.

Mission

TO FACILITATE THE PROVISION OF SAFE AND AFFORDABLE HOUSING FOR LOW INCOME AND VERY LOW INCOME PERSONS AND THEIR FAMILIES.

Program Service Accomplishments

Program 1

Expenses: $3,911,186 Revenue: $5,203,362

RAINBOW HOUSING ASSISTANCE CORPORATION PROVIDES SAFE AND AFFORDABLE HOUSING FOR LOW INCOME AND VERY LOW INCOME PERSONS AND THEIR FAMILIES. THE ENTITY ALSO SERVES AS THE SOLE MEMBER FOR SEVERAL...

RAINBOW HOUSING ASSISTANCE CORPORATION PROVIDES SAFE AND AFFORDABLE HOUSING FOR LOW INCOME AND VERY LOW INCOME PERSONS AND THEIR FAMILIES. THE ENTITY ALSO SERVES AS THE SOLE MEMBER FOR SEVERAL LIMITED LIABILITY COMPANIES WHO ARE THE CO-GENERAL PARTNERS OF VARIOUS PARTNERSHIPS THAT OWN MULTIFAMILY APARTMENT HOUSING PROPERTIES.

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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 $360

Program Service Revenue $5,258,289

Investment Income $565,639

Other Revenue $7,462

TOTAL REVENUE $5,831,750

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,176,642

Fundraising Expenses $0

Program Expenses $3,911,186

Other Expenses $1,231,279

TOTAL EXPENSES $4,407,921

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,831,750	$4,295,442	+0.4%
Expenses	$4,407,921	$3,892,774	+0.1%
Net Income	$1,423,829	$402,668	+2.5%

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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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

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

$369,766

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOSEPH L SHERMAN	PRESIDENT	1.00	Officer Director	$0	$0	$0
GARY SILVERSMITH	SECRETARY/CHIEF FINANCIAL	1.00	Officer Director	$0	$0	$0
KEITH ROSENTHAL	DIRECTOR	1.00	Director	$0	$0	$0
JOSHUA ALLEN	DIRECTOR	1.00	Director	$0	$0	$0
K NICOLE ASARCH	DIRECTOR	1.00	Director	$0	$0	$0
HUGH COBB	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL COSTA	DIRECTOR	1.00	Director	$0	$0	$0
KIPLING SHEPPARD	DIRECTOR	1.00	Director	$0	$0	$0
FLYNANN JANISSE	EXECUTIVE DIRECTOR	40.00	Officer	$369,766	$0	$369,766

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	$5,831,750	$4,407,921	$13,867,511	$1,423,829
2022	$4,295,442	$3,892,774	$12,487,852	$402,668
2021	$5,166,412	$2,965,356	$12,062,009	$2,201,056
2020	$3,128,358	$2,903,902	$10,430,002	$224,456
2019	$2,628,233	$2,701,824	$9,714,478	$-73,591
2018	$2,379,970	$2,285,931	$9,840,509	$94,039

RAINBOW HOUSING ASSISTANCE CORPORATION