FREEMAN APARTMENTS INC (EIN 311510338) - Form 990 Financial Analysis & Trantor Score

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1997

Legal Domicile

Principal Officer

PHILIP T PASMANIK

Phone

9083251727

Tax Period

2023-01-01 to 2023-12-31

FREEMAN APARTMENTS INC, founded in 1997, is a small nonprofit in the Housing & Shelter sector that reported $191K in total revenue in fiscal year 2023. Expenses of $268K exceeded revenue, resulting in a 40% operating deficit.

Mission

TO PROVIDE LOW INCOME HOUSING FOR THE DISABLED.

🔒

Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

Sign in to view Trantor Score and financial metrics

Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $191,206

Investment Income $40

Other Revenue $0

TOTAL REVENUE $191,246

Expense Breakdown

Grants Paid $0

Salaries & Benefits $13,304

Fundraising Expenses $0

Program Expenses $241,743

Other Expenses $254,533

TOTAL EXPENSES $267,837

Year-over-Year Comparison

	2023	2022	Change
Revenue	$191,246	$200,648	0.0%
Expenses	$267,837	$266,156	+0.0%
Net Income	$-76,591	$-65,508	+0.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

🔒

Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SUSAN P HOWLEY	PRESIDENT	1.00	Officer Director	$0	$0	$0
ELISA SANANMAN	ASST SECRETARY	3.00	Officer Director	$0	$0	$0
JOHN WESTERVELT	VICE PRESIDENT	0.50	Officer Director	$0	$0	$0
PHILIP T PASMANIK	TREASURER	0.50	Officer Director	$0	$0	$0
BRUCE BERGEN	TRUSTEE	0.50	Director	$0	$0	$0
ED HEATON	TRUSTEE	0.50	Director	$0	$0	$0
BROTHER BENEDICT LOBALBO	SECRETARY	0.50	Officer Director	$0	$0	$0
THOMAS STRANO	TRUSTEE	0.50	Director	$0	$0	$0
ELIZABETH MCCLENDON	TRUSTEE	0.50	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
2024	No data	No data	No data	No data
2023	$191,246	$267,837	$960,191	$-76,591
2022	$200,648	$266,156	$1,021,787	$-65,508
2021	$186,521	$226,450	$1,077,310	$-39,929
2020	$187,141	$253,778	$1,119,308	$-66,637
2019	$228,735	$230,807	$1,243,302	$-2,072
2018	$171,213	$224,792	$1,192,700	$-53,579

FREEMAN APARTMENTS INC