MARYGROVE NON-PROFIT HOUSING CORP

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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

1989

Legal Domicile

Principal Officer

ANNIE MITCHELL

Phone

7343436600

Tax Period

2023-01-01 to 2023-12-31

MARYGROVE NON-PROFIT HOUSING CORP, founded in 1989, is a small nonprofit in the Housing & Shelter sector that reported $901K in total revenue in fiscal year 2023. Expenses of $864K left a modest 4% surplus.

Mission

LOW INCOME HOUSING FOR ELDERLY AND HANDICAPPED INDIVIDUALS

Program Service Accomplishments

Program 1

Expenses: $666,374 Revenue: $893,702

MARYGROVE NON-PROFIT HOUSING CORP. ("MARYGROVE") OWNS, OPERATES AND MANAGES AN 80-UNIT MULTI-FAMILY APARTMENT COMPLEX (THE "PROJECT") FOR ELDERLY AND HANDICAPPED INDIVIDUALS LOCATED IN DETROIT...

MARYGROVE NON-PROFIT HOUSING CORP. ("MARYGROVE") OWNS, OPERATES AND MANAGES AN 80-UNIT MULTI-FAMILY APARTMENT COMPLEX (THE "PROJECT") FOR ELDERLY AND HANDICAPPED INDIVIDUALS LOCATED IN DETROIT, MICHIGAN UNDER SECTION 202 OF THE NATIONAL HOUSING ACT AND IS REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD") WITH RESPECT TO RENTAL CHARGES AND OPERATING METHODS. MARYGROVE RECEIVES RENT SUPPLEMENTS FROM THE FEDERAL GOVERNMENT UNDER THE SECTION 8 PROGRAM AND IS SUBJECT TO A MORTGAGE FROM HUD. THE PROJECT'S MAJOR PROGRAMS ARE ITS SECTION 202 DIRECT LOAN AND THE ASSISTANCE RECEIVED FROM THE SECTION 8 PROGRAM.

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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 $0

Program Service Revenue $893,702

Investment Income $113

Other Revenue $7,003

TOTAL REVENUE $900,818

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $666,374

Other Expenses $864,225

TOTAL EXPENSES $864,225

Year-over-Year Comparison

	2023	2022	Change
Revenue	$900,818	$860,240	+0.0%
Expenses	$864,225	$883,422	0.0%
Net Income	$36,593	$-23,182	-2.6%

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
MARY DOWNEY IHM	DIRECTOR; PRESIDENT	0.50	Officer Director	$0	$0	$0
DENISE NICOLE POWELL	DIRECTOR; VICE PRESIDENT	0.50	Officer Director	$0	$0	$0
ELIZABETH BURNS	DIRECTOR; SECRETARY & TREASURER	0.50	Officer Director	$0	$0	$0
JOAN BLOUNT	DIRECTOR	0.50	Director	$0	$0	$0
PAMELA HALLADAY	DIRECTOR	0.50	Director	$0	$0	$0
GLORIA ARMSTEAD	DIRECTOR	0.50	Director	$0	$0	$0
BARBARA STANBRIDGE IHM	DIRECTOR	0.50	Director	$0	$0	$0
VALERIE WATKINS	DIRECTOR	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	$900,818	$864,225	$1,450,744	$36,593
2022	$860,240	$883,422	$1,539,429	$-23,182
2021	$855,262	$857,898	$1,601,619	$-2,636
2020	$810,129	$890,690	$1,640,971	$-80,561
2019	$835,812	$896,214	$1,734,313	$-60,402
2018	$801,538	$868,650	$1,785,818	$-67,112