COGIC MEMORIAL HOME FOR THE ELDERLY

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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

1974

Legal Domicile

Principal Officer

JOSEPH WILLIAMS

Phone

7576222513

Tax Period

2021-01-01 to 2021-12-31

COGIC MEMORIAL HOME FOR THE ELDERLY, founded in 1974, is a small nonprofit that reported $224K in total revenue in fiscal year 2021. Revenue fell 99% from the prior year — a significant decline worth monitoring. Expenses of $341K exceeded revenue, resulting in a 52% operating deficit.

Mission

TO PROVIDE AFFORDABLE HOUSING TO THE HANDICAPPED AND ELDERLY.

Program Service Accomplishments

Program 1

Expenses: $205,301 Revenue: $224,283

IN 2020, COGIC MEMORIAL HOME FOR THE ELDERLY, INC. ("HOME") SOLD ITS 150-UNIT APARTMENT COMPLEX PROVIDING HOUSING TO LOW-TO-MODERATE INCOME INDIVIDUALS TO COGIC HOME FOR THE ELDERLY PRESERVATION LP ("LP") TAKING BACK A LOW-INTEREST NOTE RECEIVABLE FROM THE LP. THE LP INTENDS TO REHABILITATE THE PROPERTY UTILIZING LOW INCOME HOUSING TAX CREDITS. THE ORGANIZATION OWNS A 54% INTEREST IN COGIC MEMORIAL PRESERVATION, LLC ("LLC") WHICH IS THE GENERAL PARTNER OF THE LP. WHILE THE PRIMARY OPERATIONS OF THE APARTMENT COMPLEX ARE CONDUCTED BY THE LP, THE HOME CONTINUES TO PROVIDE MANAGEMENT OVERSIGHT OF THE OPERATIONS TO ENSURE CHARITABLE PURPOSES ARE BEING FURTHERED.

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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 (2021)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $224,283

Investment Income $6

Other Revenue $0

TOTAL REVENUE $224,289

Expense Breakdown

Grants Paid $0

Salaries & Benefits $193,995

Fundraising Expenses $0

Program Expenses $205,301

Other Expenses $146,649

TOTAL EXPENSES $340,644

Year-over-Year Comparison

	2021	2020	Change
Revenue	$224,289	$15,751,024	-1.0%
Expenses	$340,644	$3,311,696	-0.9%
Net Income	$-116,355	$12,439,328	-1.0%

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

$180,657

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOSEPH E WILLIAMS	PRESIDENT	2.00	Officer Director	$0	$0	$0
TONY MCNAIR	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
BARRY WINSTON	SECRETARY	1.00	Officer Director	$0	$0	$0
THOMAS CAMPBELL	TREASURER	1.00	Officer Director	$0	$0	$0
SAMUEL BRAXTON	DIRECTOR	1.00	Director	$0	$0	$0
ANTHONY DANIELS	DIRECTOR	1.00	Director	$0	$0	$0
WILBERT L DANIELS	PRESIDENT EMERITUS	1.00	Officer Director	$0	$0	$0
LEMUEL WILLIAMS	DIRECTOR OF PROPERTY MANAGEMENT	60.00	Officer	$133,651	$47,006	$180,657

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
2021	$224,289	$340,644	$15,068,340	$-116,355
2020	$15,751,024	$3,311,696	$13,742,119	$12,439,328
2019	$1,728,414	$1,586,825	$1,326,287	$141,589
2018	$1,676,176	$1,661,945	$1,189,589	$14,231