588 Park Place Housing Development Fund Corporation (EIN 450481177) - Form 990 Financial Analysis & Trantor Score

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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

2004

Legal Domicile

Principal Officer

Andrew Horrow

Phone

7182372017

Tax Period

2023-07-01 to 2024-06-30

588 Park Place Housing Development Fund Corporation, founded in 2004, is a small nonprofit that reported $243K in total revenue in fiscal year 2023. Revenue surged 35% from the prior year, signaling strong growth momentum. Expenses of $310K exceeded revenue, resulting in a 27% operating deficit.

Mission

THE MISSION OF THE ORGANIZATION IS TO OWN AND OPERATE AN APARTMENT BUILDING TO QUALIFIED LOW INCOME INDIVIDUALS IN THE BROOKLYN, NEW YORK AREA. The entity transfered its assets to another orgainization on June 28, 2024.

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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 $243,127

Investment Income $33

Other Revenue $101

TOTAL REVENUE $243,261

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $293,068

Other Expenses $309,774

TOTAL EXPENSES $309,774

Year-over-Year Comparison

	2023	2022	Change
Revenue	$243,261	$179,748	+0.4%
Expenses	$309,774	$288,856	+0.1%
Net Income	$-66,513	$-109,108	-0.4%

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

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

$255,466

Total Directors

$255,466

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Michelle de la Uz	Secretary	000.50	Officer Director	$0	$10,646	$255,466
Jessica Yager	Treasurer	000.50	Officer Director	$0	$0	$0
Dany Cunningham	President	000.50	Officer 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	$243,261	$309,774	No data	$-66,513
2023	$179,748	$288,856	$1,312,300	$-109,108
2022	$187,788	$284,424	$1,394,905	$-96,636
2021	$190,158	$274,776	$1,490,835	$-84,618
2020	$201,783	$253,142	$1,573,279	$-51,359

588 Park Place Housing Development Fund Corporation