NATIONAL APARTMENT ASSOCIATION

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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

1939

Legal Domicile

Principal Officer

ROBERT PINNEGAR CAE

Phone

7035186141

Tax Period

2025-01-01 to 2025-12-31

NATIONAL APARTMENT ASSOCIATION, founded in 1939, is a mid-sized nonprofit that reported $67.9M in total revenue in fiscal year 2025. Expenses of $64.3M left a modest 5% surplus.

Mission

THE NATIONAL APARTMENT ASSOCIATION (NAA) SERVES THE INTERESTS OF MULTIFAMILY HOUSING OWNERS, MANAGERS, DEVELOPERS, AND SUPPLIERS, AND PROMOTES A HIGH LEVEL OF PROFESSIONALISM IN THE MULTIFAMILY INDUSTRY TO BETTER SERVE THE RENTAL HOUSING NEED OF THE PUBLIC.

Program Service Accomplishments

Program 1

NATIONAL LEASE PROGRAM THE NAA CLICK & LEASE IS A WEB-BASED LEASING PROGRAM. THIS LEASING PROGRAM ALLOWS AN APARTMENT COMMUNITY TO SAVE TIME AND MONEY BY SPEEDING UP THE PREPARATION AND PRINTING OF LEGAL DOCUMENTS. IN ADDITION TO PROVIDING GREATER EFFICIENCY TO THE ONSITE LEASING PROCESS, PROSPECTIVE RESIDENTS MAY FILL OUT A RENTAL APPLICATION ONLINE AND PROPERTY MANAGERS MAY AUDIT AND EDIT ENTIRE PORTFOLIOS OF LEASES WITH A FEW MOUSE CLICKS.

Program 2

MEETINGS AND EXPOSITIONS INTERACTION WITH NATIONAL MEMBERSHIPS THROUGH INDUSTRY MEETINGS, AS WELL AS VISITS TO STATE AND LOCAL AFFILIATES.

Program 3

GOVERNMENT AFFAIRS NAA PARTNERS WITH NATIONAL MULTIFAMILY HOUSING COUNCIL (NMHC) TO ADVOCATE FOR A SUPPORTIVE LEGISLATIVE AND REGULATORY CLIMATE TO PROTECT BUSINESSES. AT THE STATE AND LOCAL LEVELS, NAA ANALYZES LEGISLATION, CONDUCTS RESEARCH, AND PROVIDES RESOURCES TO HELP BUILD MEMBERS' STRENGTH AND INFLUENCE.

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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 (2025)

Revenue Breakdown

Contributions & Grants $13,816

Program Service Revenue $63,478,239

Investment Income $2,335,504

Other Revenue $2,029,467

TOTAL REVENUE $67,857,026

Expense Breakdown

Grants Paid $30,000

Salaries & Benefits $18,903,235

Fundraising Expenses $0

Other Expenses $45,368,371

TOTAL EXPENSES $64,301,606

Year-over-Year Comparison

	2025	2024	Change
Revenue	$67,857,026	$63,679,700	+0.1%
Expenses	$64,301,606	$61,240,975	+0.0%
Net Income	$3,555,420	$2,438,725	+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

149

Volunteers

843

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

$1,591,385

Total Directors

Key Employees

$2,265,550

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALAN KING CPM	CHAIR	5.00	Officer Director	$0	$0	$0
CHRIS BURNS CAM CAPS	CHAIR-ELECT	5.00	Officer Director	$0	$0	$0
JEANNETTE COX	VICE CHAIR	5.00	Officer Director	$0	$0	$0
MARK HURLEY	SECRETARY	2.00	Officer Director	$0	$0	$0
BRIAN CHASE	TREASURER	5.00	Officer Director	$0	$0	$0
RICK SNYDER CPM	PAST CHAIR	5.00	Officer Director	$0	$0	$0
MINDY PRICE	NSC CHAIR	2.00	Director	$0	$0	$0
KELLI LEA	NAAEI PRESIDENT	2.00	Director	$0	$0	$0
ISHEA SHEPHERD	REGIONAL VP - REGION 1	2.00	Director	$0	$0	$0
PAT SHUMAKER	REGIONAL VP - REGION 1	2.00	Director	$0	$0	$0
LAUREN PATON	REGIONAL VP - REGION 2	2.00	Director	$0	$0	$0
ABBIE HUFFMAN	REGIONAL VP - REGION 3	2.00	Director	$0	$0	$0
STEVE RAPPIN	REGIONAL VP - REGION 3	2.00	Director	$0	$0	$0
CHRIS CARTER	REGIONAL VP - REGION 4	2.00	Director	$0	$0	$0
BRETT DUKE	REGIONAL VP - REGION 4	2.00	Director	$0	$0	$0
SUSAN SHERFIELD	REGIONAL VP - REGION 4	2.00	Director	$0	$0	$0
DENNIS WATTS	REGIONAL VP - REGION 5	2.00	Director	$0	$0	$0
BOBBY GRIFFITH	REGIONAL VP - REGION 6	2.00	Director	$0	$0	$0
CHAR MCCURDY	REGIONAL VP - REGION 6	2.00	Director	$0	$0	$0
JACKIE RHONE CAPS CPM	REGIONAL VP - REGION 6	2.00	Director	$0	$0	$0
TOMMY ZAUDER	REGIONAL VP - REGION 7	2.00	Director	$0	$0	$0
TERRY SIMONE	REGIONAL VP - REGION 8	2.00	Director	$0	$0	$0
KATIE DUNLAVY	REGIONAL VP - REGION 9	2.00	Director	$0	$0	$0
KAYLA QUINT	REGIONAL VP - REGION 9	2.00	Director	$0	$0	$0
CURT KNABE	REGIONAL VP - REGION 10	2.00	Director	$0	$0	$0
GREG CERBANA	BOARD MEMBER AT LARGE	2.00	Director	$0	$0	$0
MELISSA COLEMAN	BOARD MEMBER AT LARGE	2.00	Director	$0	$0	$0
RICK JONES CPM	BOARD MEMBER AT LARGE	2.00	Director	$0	$0	$0
KEVIN SHEEHAN	BOARD MEMBER AT LARGE	2.00	Director	$0	$0	$0
ROBERT PINNEGAR CAE	PRESIDENT & CEO	37.50	Officer	$751,822	$102,101	$853,923
AMY GROFF CPM	CHIEF OPERATING OFFICER	37.50	Officer	$400,821	$58,530	$459,351
LARISSA TEELUCKSINGH CPA	SVP, FINANCE	37.50	Officer	$246,875	$31,236	$278,111
GREGORY BROWN	SVP, GOVERNMENT AFFAIRS	37.50	Key Emp	$388,470	$53,482	$441,952
ANGEL BALTIMORE	SVP, INFORMATION TECHNOLOGY	37.50	Key Emp	$327,026	$34,630	$361,656
AYIESHA BEVERLY	GENERAL COUNSEL	37.50	Key Emp	$280,721	$30,170	$310,891
REBECCA SULLIVAN	SVP STRATEGIC COMMUNICATIONS	37.50	Key Emp	$269,410	$45,891	$315,301
JOSHUA GOLD SVP MEMBER EDUC	PROGRAMS & AFFILIATE ENGAGEMENT	37.50	Key Emp	$264,857	$29,857	$294,714
RON SKINNER	SVP, BUSINESS DEVELOPMENT	37.50	Key Emp	$254,202	$11,820	$266,022
ANNE TOMKINSON	SVP, PEOPLE & CULTURE	37.50	Key Emp	$230,528	$44,486	$275,014
CAMALA KOVALICK	AVP, BUSINESS EXCELLENCE	37.50	Highest	$226,088	$26,245	$252,333
ELIZABETH AMBACHER	VP, MEETINGS & EXPOSITIONS	37.50	Highest	$215,900	$27,990	$243,890
NICOLE UPANO	AVP, HOUSING POLICY, REG. AFFAIRS	37.50	Highest	$212,125	$28,309	$240,434
JAMES WILSON	AVP, POLITICAL AFFAIRS	37.50	Highest	$211,234	$47,696	$258,930
NICHOLAS TOVAR	VP, BUSINESS DEVELOPMENT	37.50	Highest	$210,935	$9,273	$220,208

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
2025	$67,857,026	$64,301,606	$55,687,152	$3,555,420
2024	No data	No data	No data	No data
2023	$57,726,560	$55,393,728	$40,809,048	$2,332,832
2022	$41,221,497	$38,049,413	$35,964,131	$3,172,084
2021	$34,472,867	$32,399,514	$36,578,270	$2,073,353
2020	$27,189,623	$30,080,935	$35,453,044	$-2,891,312
2019	$36,126,908	$37,049,305	$36,074,506	$-922,397
2018	$34,193,781	$34,431,070	$33,307,806	$-237,289