ATCHISON TERRACE INC TERRACE HILLS… - 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

1997

Legal Domicile

Principal Officer

MICHAEL HALTERMAN

Phone

8165614240

Tax Period

2024-01-01 to 2024-12-31

ATCHISON TERRACE INC TERRACE HILLS APARTMENTS, founded in 1997, is a small nonprofit in the Philanthropy & Grantmaking sector that reported $647K in total revenue in fiscal year 2024. Revenue surged 32% from the prior year, signaling strong growth momentum. Expenses of $939K exceeded revenue, resulting in a 45% operating deficit.

Mission

AFFORDABLE HOUSING

Program Service Accomplishments

Program 1

Expenses: $743,309 Revenue: $340,270

THE ORGANIZATION OPERATES A 54-UNIT APARTMENT COMPLEX IN ATCHISON, KANSAS UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. THE PROJECT IS REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN...

THE ORGANIZATION OPERATES A 54-UNIT APARTMENT COMPLEX IN ATCHISON, KANSAS UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. THE PROJECT IS REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WITH RESPECT TO RENT CHARGES AND OPERATING METHODS RESULTING FROM THE ORGANIZATION'S HOUSING ASSISTANCE (HAP) CONTRACT.

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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 $295,609

Program Service Revenue $164,037

Investment Income $11,013

Other Revenue $176,233

TOTAL REVENUE $646,892

Expense Breakdown

Grants Paid $0

Salaries & Benefits $101,396

Fundraising Expenses $0

Program Expenses $743,309

Other Expenses $837,747

TOTAL EXPENSES $939,143

Year-over-Year Comparison

	2024	2023	Change
Revenue	$646,892	$489,415	+0.3%
Expenses	$939,143	$528,013	+0.8%
Net Income	$-292,251	$-38,598	+6.6%

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

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
MICHAEL HALTERMAN	PRESIDENT	1.00	Officer Director	$0	$0	$0
JEROME TILZER	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
JESSE GREENLY	SECRETARY/TREASURER	1.00	Officer Director	$0	$0	$0
BILL FOREMAN	DIRECTOR	1.00	Director	$0	$0	$0
GINNY O'MALLEY	DIRECTOR (AS OF 12/17/24)	1.00	Director	$0	$0	$0
LOWELL TILZER	DIRECTOR	1.00	Director	$0	$0	$0
MARK COOK	DIRECTOR (THRU 6/25/24)	1.00	Director	$0	$0	$0
PAUL LIVINGSTON	DIRECTOR (THRU 6/25/24)	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	$646,892	$939,143	$1,409,731	$-292,251
2023	$489,415	$528,013	$1,528,035	$-38,598
2022	$466,069	$484,211	$1,569,606	$-18,142
2021	$459,816	$471,182	$1,649,778	$-11,366
2020	$432,951	$439,792	$1,684,418	$-6,841
2019	$398,346	$549,033	$1,777,490	$-150,687
2018	$412,113	$444,826	$1,894,397	$-32,713

ATCHISON TERRACE INC TERRACE HILLS APARTMENTS