THE HOUSING PARTNERSHIP 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

1988

Legal Domicile

Principal Officer

PATRICK CORNETT

Phone

5025855451

Tax Period

2024-07-01 to 2025-06-30

THE HOUSING PARTNERSHIP INC, founded in 1988, is a mid-sized nonprofit that reported $13.7M in total revenue in fiscal year 2024. Revenue surged 46% from the prior year, signaling strong growth momentum.

Mission

WE ARE A NON-PROFIT REAL ESTATE DEVELOPMENT ORGANIZATION THAT CREATES AFFORDABLE HOUSING OPPORTUNITIES TO ENCOURAGE FAMILY STABILITY AND SUPPORT AND EMPOWER OUR COMMUNITY. OUR VISION IS FOR EVERYONE TO HAVE AN EXCEPTIONAL HOUSING EXPERIENCE.

Program Service Accomplishments

Program 1

Expenses: $6,704,439 Revenue: $7,139,640

ASSET OVERSIGHT: THE ORGANIZATION PROVIDES ASSET OVERSIGHT AND SERVICES TO RESIDENTS INCLUDING MAINTENANCE IN THE PROPERTIES WHICH IT HAS DEVELOPED OR ACQUIRED FOR THE PURPOSES OF EXPANDING THE HIGH...

Program 2

Expenses: $725,958 Revenue: $3,248,263

HOUSING PRODUCTION AND REAL ESTATE DEVELOPMENT: THE ORGANIZATION DEVELOPS AND FACILITATES THE DEVELOPMENT OF HOUSING THAT IS AFFORDABLE TO LOW AND MODERATE INCOME BUYERS AND RENTERS IN THE REGION...

HOUSING PRODUCTION AND REAL ESTATE DEVELOPMENT: THE ORGANIZATION DEVELOPS AND FACILITATES THE DEVELOPMENT OF HOUSING THAT IS AFFORDABLE TO LOW AND MODERATE INCOME BUYERS AND RENTERS IN THE REGION. OVER THE PAST TWENTY YEARS, THE ORGANIZATION HAS SOLIDIFIED ITS REPUTATION AS THE AREA'S DEVELOPER OF CHOICE FOR MODESTLY-PRICED HOUSING. THE ORGANIZATION HAS EXCELLED IN THE FOLLOWING AREAS: * THE DEVELOPMENT OF AFFORDABLE AND MIXED-INCOME NEIGHBORHOODS THROUGHOUT THE LOUISVILLE REGION. * BUILDING PARTNERSHIPS TO REVITALIZE NEIGHBORHOODS AND ABANDONED AND UNDERUTILIZED URBAN PROPERTIES. * LEADING THE NON-PROFIT SECTOR IN REDEVELOPING DISTRESSED URBAN NEIGHBORHOODS.

Program 3

Expenses: $4,859,566 Revenue: $3,430,192

HOUSING RESOURCES: THE ORGANIZATION'S FINANCIAL COUNSELING AND EDUCATION PROGRAM IS HUD CERTIFIED. IN ADDITION TO COUNSELING AND EDUCATION, THIS PROGRAM ALSO OVERSEES THE SALE OF OUR SINGLE-FAMILY...

HOUSING RESOURCES: THE ORGANIZATION'S FINANCIAL COUNSELING AND EDUCATION PROGRAM IS HUD CERTIFIED. IN ADDITION TO COUNSELING AND EDUCATION, THIS PROGRAM ALSO OVERSEES THE SALE OF OUR SINGLE-FAMILY HOMES BY PROVIDING AFFORDABLE HOUSING OPPORTUNITIES TO OUR EXISTING RESIDENTS AND IN OUR COMMUNITY. 248 HOMEOWNERS WERE CREATED WITH THE SALE OF OUR HOMES. OVER 6,879 HOMEBUYERS AND POTENTIAL HOMEBUYERS HAVE BEEN ASSISTED IN PREPARING FOR, OR SUSTAINING, HOME OWNERSHIP THROUGH FINANCIAL COUNSELING PROGRAMS. NEARLY 1,937 PROGRAM GRADUATES HAVE PURCHASED HOMES AS A RESULT OF THE WORK OF THE ORGANIZATION. IN ADDITION TO HOME OWNERSHIP EDUCATION, THE PROGRAM HAS HELPED OVER 9,941 FAMILIES AVOID FORECLOSURES SINCE 2008. THE ORGANIZATION'S PROGRAM HAS BEEN RECOGNIZED BY KENTUCKY HOUSING CORPORATION FOR OUTSTANDING EFFORTS IN PREDATORY LENDING EDUCATION. THE ORGANIZATION ALSO RESPONDS TO THE MOST FRAGILE HOUSEHOLDS ON THE ECONOMIC SCALE BY PROVIDING BASIC BUDGET AND CREDIT COUNSELING.

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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 (2024)

Revenue Breakdown

Contributions & Grants $635,794

Program Service Revenue $13,946,730

Investment Income $-932,274

Other Revenue $0

TOTAL REVENUE $13,650,250

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,735,088

Fundraising Expenses $1,309

Program Expenses $12,289,963

Other Expenses $10,700,256

TOTAL EXPENSES $13,435,344

Year-over-Year Comparison

	2024	2023	Change
Revenue	$13,650,250	$9,323,242	+0.5%
Expenses	$13,435,344	$8,503,030	+0.6%
Net Income	$214,906	$820,212	-0.7%

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

$558,167

Total Directors

$208,424

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANDREW HAWES	PRESIDENT	40.00	Officer Director	$190,034	$18,390	$208,424
PATRICK CORNETT	EXECUTIVE VICE PRESIDENT	40.00	Officer	$142,602	$26,916	$169,518
DONNA MCDONALD	DIRECTOR OF ACCOUNTING & F	40.00	Highest	$122,029	$11,341	$133,370
JULIE SPENCER	DIRECTOR OF CONSTRUCTION	40.00	Highest	$101,428	$7,960	$109,388
LISA DESPAIN	VICE PRESIDENT (THROUGH MAY 31, 2024)	40.00	Officer	$80,933	$2,675	$83,608
HANNAH DAVIS	SECRETARY	40.00	Officer	$65,975	$2,344	$68,319
GABE FRITZ	VICE PRESIDENT (EFF OCT 2024)	40.00	Officer	$28,006	$292	$28,298
MARK HARDIN	TREASURER	0.40	Officer Director	$0	$0	$0
CHUCK SCHRAM	BOARD CHAIR	0.40	Officer Director	$0	$0	$0
MARK F WHEELER	DIRECTOR	0.40	Director	$0	$0	$0
DONNA L MURRAY-BROWN	DIRECTOR	0.40	Director	$0	$0	$0
ROBERT LOCKE	DIRECTOR	0.40	Director	$0	$0	$0
ROBERT B VICE	DIRECTOR	0.40	Director	$0	$0	$0
JOHN TRAWICK	DIRECTOR	0.40	Director	$0	$0	$0
TAMMY THOMAS	DIRECTOR	0.40	Director	$0	$0	$0
LORI FLANERY	DIRECTOR	0.40	Director	$0	$0	$0
SCOTT G LOVE	DIRECTOR	0.40	Director	$0	$0	$0
BRIANNA CAREY	DIRECTOR	0.40	Director	$0	$0	$0
ERIC BOW	DIRECTOR	0.40	Director	$0	$0	$0
JOHN KOEHLINGER	DIRECTOR	0.40	Director	$0	$0	$0
BRIAN KARST	DIRECTOR	0.40	Director	$0	$0	$0
YVONNE MCAFEE	DIRECTOR	0.40	Director	$0	$0	$0
RODDELL MCCULLOUGH	DIRECTOR	0.40	Director	$0	$0	$0
MARIA BOUVETTE	DIRECTOR	0.40	Director	$0	$0	$0
BILLIE W WADE	DIRECTOR	0.40	Director	$0	$0	$0
RANDY CHILDRESS	DIRECTOR (EFF 2024)	0.40	Director	$0	$0	$0
NATHAN SMITH	DIRECTOR (EFF 2024)	0.40	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
2025	$13,650,250	$13,435,344	$56,421,855	$214,906
2024	$9,323,242	$8,503,030	$56,932,637	$820,212
2023	$12,078,295	$10,092,468	$41,057,747	$1,985,827
2022	$10,025,390	$9,691,099	$43,644,315	$334,291
2021	$8,946,540	$8,117,871	$42,165,743	$828,669
2020	$9,953,531	$9,667,792	$38,232,723	$285,739
2019	$10,411,664	$10,107,305	$39,487,715	$304,359
2018	$9,199,188	$12,227,780	$33,849,054	$-3,028,592