HOUSING FIRST STEPS FORWARD INC

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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

2013

Legal Domicile

Principal Officer

JOHN HORNBECK

Phone

8132028128

Tax Period

2023-01-01 to 2023-12-31

HOUSING FIRST STEPS FORWARD INC, founded in 2013, is a community nonprofit in the Housing & Shelter sector that reported $2.9M in total revenue in fiscal year 2023. Revenue decreased 11% compared to the prior year. The organization ran a surplus of $927K, a strong 32% operating margin.

Mission

TO OFFER PERMANENT HOUSING AND SUPPORT SERVICES FOR THE CHRONICALLY HOMELESS ADULT POPULATION IN HILLSBOROUGH COUNTY.

Program Service Accomplishments

Program 1

Expenses: $1,718,431 Revenue: $1,775,396

HOUSING FIRST STEPS FORWARD, INC. OPENED ORCHID COVE APARTMENTS IN 2014, SOUTHLAND APARTMENTS IN 2015, MANCHESTER APARTMENTS IN 2016, GREENWOOD APARTMENTS IN 2018, AND YOUNGSTOWN APARTMENTS IN 2023. ALL OPERATING FACILITIES PROVIDE APARTMENTS TO THE CHRONICALLY HOMELESS POPULATION. CURRENTLY, HOUSING FIRST STEPS FORWARD, INC. HAS A TOTAL OF ONE HUNDRED AND TWENTY-SEVEN OPERATING UNITS, TWENTY AT THE ORCHID COVE LOCATION, FORTY-SEVEN AT THE SOUTHLAND LOCATION, THIRTY-SIX AT THE MANCHESTER LOCATION AND TWENTY-FOUR AT THE GREENWOOD LOCATION. OCCUPANCY AT DECEMBER 31, 2023 WAS 85% AT ORCHID COVE, WINSOME, AND SOUTHLAND APARTMENTS, 81% AT MANCHESTER. 88% AT GREENWOOD APARTMENTS AND 89% AT YOUNGSTOWN APARTMENTS.

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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 $1,076,865

Program Service Revenue $1,775,396

Investment Income $3,803

Other Revenue $17,757

TOTAL REVENUE $2,873,821

Expense Breakdown

Grants Paid $0

Salaries & Benefits $204,977

Fundraising Expenses $0

Program Expenses $1,718,431

Other Expenses $1,741,470

TOTAL EXPENSES $1,946,447

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,873,821	$3,237,930	-0.1%
Expenses	$1,946,447	$1,517,720	+0.3%
Net Income	$927,374	$1,720,210	-0.5%

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CAL REED	PRESIDENT	5.00	Officer Director	$0	$0	$0
DAVID REED	TREASURER	5.00	Officer Director	$0	$0	$0
JOHN DELAVERGNE	DIRECTOR/SECRETARY	5.00	Director	$0	$0	$0
KAMELA CORBETT	DIRECTOR	5.00	Director	$0	$0	$0
MICHAEL MERRILL	DIRECTOR	5.00	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	No data	No data	No data	No data
2023	$2,873,821	$1,946,447	$12,935,407	$927,374
2022	$3,237,930	$1,517,720	$11,154,275	$1,720,210
2021	$2,637,616	$1,248,080	$8,179,447	$1,389,536
2020	$1,228,329	$1,187,971	$6,500,202	$40,358
2019	$1,161,113	$1,240,687	$6,503,838	$-79,574
2018	$1,755,722	$1,335,191	$7,273,108	$420,531