RITES OF PASSAGE DEVELOPMENT INC (EIN 742744850) - Form 990 Financial Analysis & Trantor Score

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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

1995

Legal Domicile

Principal Officer

STERLING LANDS II

Phone

5124546170

Tax Period

2023-01-01 to 2023-12-31

RITES OF PASSAGE DEVELOPMENT INC, founded in 1995, is a small nonprofit in the Housing & Shelter sector that reported $212K in total revenue in fiscal year 2023. Revenue fell 32% from the prior year — a significant decline worth monitoring. Expenses of $184K left a modest 13% surplus.

Mission

Assist low income families with affordable housing needs

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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 (2023)

Revenue Breakdown

Contributions & Grants $25,000

Program Service Revenue $2,306

Investment Income $0

Other Revenue $184,402

TOTAL REVENUE $211,708

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $183,549

Other Expenses $183,549

TOTAL EXPENSES $183,549

Year-over-Year Comparison

	2023	2022	Change
Revenue	$211,708	$311,681	-0.3%
Expenses	$183,549	$250,551	-0.3%
Net Income	$28,159	$61,130	-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

N/A

Employees

N/A

Volunteers

N/A

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
STERLING LANDS II	PRESIDENT/CEO	000.92	Officer Director	$0	$0	$0
MARY L THOMAS	SECRETARY	000.92	Officer Director	$0	$0	$0
JAMES HUTCHINGS	MEMBER	000.92	Officer Director	$0	$0	$0
NIKKI SIMMS	MEMBER	000.92	Director	$0	$0	$0
MICHAEL WHITE	MEMBER	000.92	Director	$0	$0	$0
TERRY SMITH	MEMBER	000.92	Officer Director	$0	$0	$0
THRESA COWAN	MEMBER	000.92	Director	$0	$0	$0
CHARLES HENRY	MEMBER	000.92	Director	$0	$0	$0
SUNNY UZUH	MEMBER	000.92	Director	$0	$0	$0
TROY OFFICER	MEMBER	000.92	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
2023	$211,708	$183,549	$210,817	$28,159
2022	$311,681	$250,551	$161,628	$61,130
2021	$704,568	$686,470	$100,781	$18,098

RITES OF PASSAGE DEVELOPMENT INC