HOUSING AND ECONOMIC OPPORTUNITIES… - 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

1998

Legal Domicile

Principal Officer

TYRONE GARRETT

Phone

9103417700

Tax Period

2021-04-01 to 2022-03-31

HOUSING AND ECONOMIC OPPORTUNITIES INC, founded in 1998, is a small nonprofit in the Housing & Shelter sector that reported $145K in total revenue in fiscal year 2021. Revenue fell 68% from the prior year — a significant decline worth monitoring. Expenses of $256K exceeded revenue, resulting in a 77% operating deficit.

Mission

TO OFFER AFFORDABLE HOUSING AND SUPPORT SO THAT NO ONE SHALL BELIEVE THEY SHOULD LIVE IN SUBSTANDARD HOUSING DUE TO FINANCIAL OR SOCIAL CONDITIONS.

Program Service Accomplishments

Program 1

Expenses: $152,408 Revenue: $121,741

DURING 2017, HEO AND ITS PARTNERS COMPLETED THE REHABILITATION OF A DISTRESSED PUBLIC HOUSING PROPERTY USING LIHTC AND PROVIDED 77 LOW INCOME FAMILIES WITH SAFE AND AFFORDABLE HOUSING. HEO ALSO...

DURING 2017, HEO AND ITS PARTNERS COMPLETED THE REHABILITATION OF A DISTRESSED PUBLIC HOUSING PROPERTY USING LIHTC AND PROVIDED 77 LOW INCOME FAMILIES WITH SAFE AND AFFORDABLE HOUSING. HEO ALSO MANAGED AN 8 UNIT SUPPORTIVE HOUSING PROPERTY THAT ALLOWS PERSONS WITH DISABILITIES TO LIVE INDEPENDENTLY. HEO COMPLETED CONSTRUCTION IN 2018 ON ANOTHER 8 UNIT SUPPORTIVE HOUSING DEVELOPMENT FOR DISABLED INDIVIDUALS. THIS PROJECT WAS FUNDED THROUGH THE NORTH CAROLINA HOUSING FINANCE AGENCY'S SUPPORTIVE HOUSING DEVELOPMENT PROGRAM AND CDBG FUNDING FROM THE CITY OF WILMINGTON. RESIDENTS WHO WOULD OTHERWISE BE LIVING IN ASSISTED LIVING OR WITH FAMILY ARE OFFERED THE OPPORTUNITY TO LIVE INDEPENDENTLY BECAUSE OF THE PARTNERSHIP BETWEEN HEO AND ELDERHAUS TO PROVIDE SUPPORTIVE SERVICES FOR ALL RESIDENTS.

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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 $121,741

Investment Income $4

Other Revenue $23,049

TOTAL REVENUE $144,794

Expense Breakdown

Grants Paid $0

Salaries & Benefits $17,030

Fundraising Expenses $0

Program Expenses $152,408

Other Expenses $238,907

TOTAL EXPENSES $255,937

Year-over-Year Comparison

	2021	2020	Change
Revenue	$144,794	$449,396	-0.7%
Expenses	$255,937	$505,488	-0.5%
Net Income	$-111,143	$-56,092	+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

N/A

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

$316,598

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JEFF HOVIS	CHAIR	2.00	Officer Director	$0	$0	$0
LEE BACKSTON	VICE CHAIR	1.50	Director	$0	$0	$0
THERESA EVERETT	DIRECTOR	1.50	Director	$0	$0	$0
HOLLIS BRIGGS	DIRECTOR	1.50	Director	$0	$0	$0
NANCY GUYTON	DIRECTOR	1.50	Director	$0	$0	$0
JOAN JOHNSON	DIRECTOR	1.50	Director	$0	$0	$0
STUART FRANCK	DIRECTOR	1.50	Director	$0	$0	$0
BRYAN GREENE	DIRECTOR	1.50	Director	$0	$0	$0
AR SHARP	DIRECTOR	1.50	Director	$0	$0	$0
KATRINA H REDMON	PRESIDENT	1.50	Officer	$0	$14,046	$195,878
M KIM FITZWATER	VP/CFO	1.50	Officer	$0	$7,694	$120,720

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
2022	$144,794	$255,937	$3,413,274	$-111,143
2021	$449,396	$505,488	$3,861,409	$-56,092
2020	$229,263	$321,111	$3,522,116	$-91,848
2019	$264,079	$390,247	$3,125,092	$-126,168
2018	$270,259	$300,007	$3,269,314	$-29,748

HOUSING AND ECONOMIC OPPORTUNITIES INC