MUSKEGON RETIREMENT APARTMENTS

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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

1967

Legal Domicile

Principal Officer

VIRGINIA TAYLOR

Phone

2693491000

Tax Period

2024-01-01 to 2024-12-31

MUSKEGON RETIREMENT APARTMENTS, founded in 1967, is a community nonprofit that reported $1.1M in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $1.0M left a modest 11% surplus.

Mission

PROVIDES RENTAL HOUSING FOR SENIOR CITIZENS UNDER SECTION 202 OF THE HOUSING ACT OF 1959. AS AMENDED.

Program Service Accomplishments

Program 1

Expenses: $785,238 Revenue: $987,548

PROVIDES RENTAL HOUSING FOR SENIOR CITIZENS UNDER SECTION 202 OF THE HOUSING ACT OF 1959. AS AMENDED.

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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 $65,000

Program Service Revenue $987,548

Investment Income $30

Other Revenue $70,949

TOTAL REVENUE $1,123,527

Expense Breakdown

Grants Paid $0

Salaries & Benefits $141,344

Fundraising Expenses $0

Program Expenses $785,238

Other Expenses $860,064

TOTAL EXPENSES $1,001,408

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,123,527	$1,029,645	+0.1%
Expenses	$1,001,408	$850,140	+0.2%
Net Income	$122,119	$179,505	-0.3%

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
ROY PORTENGA	PRESIDENT	1.00	Officer Director	$0	$0	$0
MARTY FERRIBY	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
SARA RINSEMA-SYBENGA	SECRETARY	1.00	Officer Director	$0	$0	$0
GREG SCOTT	TREASURER	1.00	Officer Director	$0	$0	$0
DOLLIE HIPPCHEN	DIRECTOR	1.00	Director	$0	$0	$0
VIRGINIA TAYLOR	DIRECTOR	1.00	Officer Director	$0	$0	$0
MIKE FRANCZK	DIRECTOR	1.00	Director	$0	$0	$0
BETH CARROZZA	DIRECTOR	1.00	Director	$0	$0	$0
ROY WINEGAR	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
2024	$1,123,527	$1,001,408	$1,139,572	$122,119
2023	$1,029,645	$850,140	$898,407	$179,505
2022	$752,422	$753,190	$737,016	$-768
2021	$697,759	$692,481	$713,760	$5,278
2020	$656,105	$715,575	$791,692	$-59,470
2019	$671,250	$717,957	$833,537	$-46,707
2018	$669,634	$690,136	$837,664	$-20,502