LUBBOCK APARTMENT ASSOCIATION 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

1967

Legal Domicile

Principal Officer

SUZANNE COMER

Phone

8067942037

Tax Period

2023-01-01 to 2023-12-31

LUBBOCK APARTMENT ASSOCIATION INC, founded in 1967, is a small nonprofit that reported $738K in total revenue in fiscal year 2023. Revenue decreased 7% compared to the prior year.

Mission

TO EDUCATE, ADVOCATE, CULTIVATE RELATIONSHIPS AND PROVIDE RESOURCES TO STRENGTHEN OUR RENTAL HOUSING INDUSTRY.

Program Service Accomplishments

Program 1

THE ASSOCIATION PROVIDES BENEFITS INCLUDING EDUCATION, MARKET AND INDUSTRY SURVEYS AND PUBLICATIONS. DURING THE YEAR ENDED, THE ASSOCIATION HAD OVER 550 MEMBERS REPRESENTING OVER 33,000 RENTAL UNITS...

Program 2

ONLINE AND EMAIL PUBLICATIONS ARE DISTRIBUTED TO MEMBERS AND NON-MEMBERS TO AID AND UPDATE APARTMENT OWNERS AND MANAGERS IN THE LUBBOCK AREA. THE ASSOCIATION SUPPORTS A LISTING WEBSITE WITH AN ONLINE...

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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 $81,202

Program Service Revenue $614,532

Investment Income $17,050

Other Revenue $25,144

TOTAL REVENUE $737,928

Expense Breakdown

Grants Paid $35,300

Salaries & Benefits $278,582

Fundraising Expenses $0

Other Expenses $495,421

TOTAL EXPENSES $809,683

Year-over-Year Comparison

	2023	2022	Change
Revenue	$737,928	$795,920	-0.1%
Expenses	$809,683	$719,513	+0.1%
Net Income	$-71,755	$76,407	-1.9%

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

$107,351

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SUZANNE COMER	EXECUTIVE DIRECTOR	37.50	Officer	$81,462	$25,889	$107,351
ALBERT GILLESPIE	PRESIDENT	2.00	Officer Director	$0	$0	$0
LYNDSAY SNYDER	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
JASON CANTU	SECRETARY/TREASURER	1.00	Officer Director	$0	$0	$0
TANNER NOBLE	PAST PRESIDENT	2.00	Officer Director	$0	$0	$0
MONT MCCLENDON	DIRECTOR	1.00	Director	$0	$0	$0
DREW GRAY	DIRECTOR	1.00	Director	$0	$0	$0
TY CRAFT	DIRECTOR	1.00	Director	$0	$0	$0
DEANNA BRANDT	DIRECTOR	1.00	Director	$0	$0	$0
WENDELL BURRIS	DIRECTOR	1.00	Director	$0	$0	$0
MILES SEYBERT	DIRECTOR	1.00	Director	$0	$0	$0
JON WILLY	DIRECTOR	1.00	Director	$0	$0	$0
ALEX GRASSANO	DIRECTOR	1.00	Director	$0	$0	$0
OSCAR ARMENDARIZ	DIRECTOR	1.00	Director	$0	$0	$0
GREG BROWND	DIRECTOR	1.00	Director	$0	$0	$0
GLORIA QUINTON	DIRECTOR	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	No data	No data	No data	No data
2023	$737,928	$809,683	$681,486	$-71,755
2022	$795,920	$719,513	$770,318	$76,407
2021	$690,131	$723,775	$723,643	$-33,644
2021	$727,076	$758,958	$751,306	$-31,882
2020	$798,564	$835,210	$731,599	$-36,646
2019	$822,944	$905,944	$793,207	$-83,000