SMITHLAND ELDERLY APARTMENTS 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

1996

Legal Domicile

Principal Officer

HOWARD M MYERS

Phone

3367608100

Tax Period

2024-01-01 to 2024-12-31

SMITHLAND ELDERLY APARTMENTS INC, founded in 1996, is a micro nonprofit in the Housing & Shelter sector that reported $64K in total revenue in fiscal year 2024. Revenue decreased 7% compared to the prior year.

Mission

TO PROVIDE ELDERLY AND DISABLED PERSONS WITH HOUSING FACILITIES AND SERVICES DESIGNED TO MEET THEIR PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS.

Program Service Accomplishments

Program 1

Expenses: $65,940 Revenue: $43,536

THE ORGANIZATION OPERATES A 12-UNIT APARTMENT COMPLEX UNDER SECTION 202 OF THE NATIONAL HOUSING ACT OF 1959. THE PROJECT IS LOCATED IN SMITHLAND, KENTUCKY AND IS REGULATED BY THE UNITED STATES...

THE ORGANIZATION OPERATES A 12-UNIT APARTMENT COMPLEX UNDER SECTION 202 OF THE NATIONAL HOUSING ACT OF 1959. THE PROJECT IS LOCATED IN SMITHLAND, KENTUCKY AND IS REGULATED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD") AS TO RENTAL RATES AND OPERATING METHODS. ADDITIONALLY, UNITS IN THE PROJECT ARE COVERED UNDER A PROJECT RENTAL ASSISTANCE CONTRACT WITH HUD AND A SIGNIFICANT PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD.

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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 $20,531

Program Service Revenue $43,476

Investment Income $3

Other Revenue $60

TOTAL REVENUE $64,070

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $65,940

Other Expenses $69,589

TOTAL EXPENSES $69,589

Year-over-Year Comparison

	2024	2023	Change
Revenue	$64,070	$68,674	-0.1%
Expenses	$69,589	$84,998	-0.2%
Net Income	$-5,519	$-16,324	-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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
HOWARD MYERS	PRESIDENT	1.00	Officer Director	$0	$0	$0
MARGARET SHELTON	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
MILDRED MORTON	SECRETARY/TREASURER	1.00	Officer Director	$0	$0	$0
CHRIS LASHER	MEMBER	1.00	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	$64,070	$69,589	$94,031	$-5,519
2023	$68,674	$84,998	$96,519	$-16,324
2022	$68,909	$96,335	$122,308	$-27,426
2021	$70,392	$100,487	$139,189	$-30,095
2020	$65,736	$96,297	$173,605	$-30,561
2019	$63,442	$86,722	$199,867	$-23,280
2018	$62,713	$81,830	$223,201	$-19,117