TERRACE GARDENS 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

1986

Legal Domicile

Principal Officer

JILL KAUFFMAN

Phone

8314385725

Tax Period

2024-01-01 to 2024-12-31

TERRACE GARDENS INC, founded in 1986, is a community nonprofit that reported $2.8M in total revenue in fiscal year 2024. Expenses of $2.6M left a modest 5% surplus.

Mission

THE PUBLIC PURPOSES FOR WHICH THIS CORPORATION IS ORGANIZED INCLUDE THE DEVELOPMENT AND MANAGEMENT OF LOW AND MODERATE INCOME HOUSING IN THE STATE OF CALIFORNIA.

Program Service Accomplishments

Program 1

Expenses: $1,826,916 Revenue: $1,781,190

THE ORGANIZATION DEVELOPS AND MANAGES THE OPERATIONS OF A RESIDENTIAL COMPLEX WHICH CONSISTS OF 148 RENTAL UNITS, 3 GUEST ROOMS, AND 2 STAFF UNITS. THE COMPLEX IS LOCATED IN THE CITY OF MILPITAS AND IS DEDICATED TO THE NEEDS OF ELDERLY PERSONS. A TOTAL OF 183 PEOPLE WERE SERVED DURING THE YEAR.

Program 2

Expenses: $686,930 Revenue: $653,338

FOOD SERVICES ARE PROVIDED FOR THE WELL-BEING OF THE ELDERLY TENANTS, FOR A NUMBER OF 183 PEOPLE.

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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 $199,939

Program Service Revenue $2,434,528

Investment Income $128,423

Other Revenue $0

TOTAL REVENUE $2,762,890

Expense Breakdown

Grants Paid $0

Salaries & Benefits $606,951

Fundraising Expenses $0

Program Expenses $2,513,846

Other Expenses $2,022,782

TOTAL EXPENSES $2,629,733

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,762,890	$2,607,745	+0.1%
Expenses	$2,629,733	$2,521,341	+0.0%
Net Income	$133,157	$86,404	+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

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
JILL KAUFFMAN	PRESIDENT	1.00	Officer Director	$0	$0	$0
DOLORES HOVEY	VICE PRESIDENT (THRU 03/24)	1.00	Officer Director	$0	$0	$0
THOMAS VALORE	VICE PRESIDENT (START 03/24)	1.00	Officer Director	$0	$0	$0
STEVEN SHARP	SECRETARY/TREASURER	1.00	Officer Director	$0	$0	$0
YOLIE GARCIA	DIRECTOR	1.00	Director	$0	$0	$0
MARSHA GRILLI	DIRECTOR	1.00	Director	$0	$0	$0
NASIR LALANI	DIRECTOR	1.00	Director	$0	$0	$0
DEEPKA LALWANI	DIRECTOR (THRU 05/24)	1.00	Director	$0	$0	$0
JAMES NICHOLS	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	$2,762,890	$2,629,733	$10,637,121	$133,157
2023	$2,607,745	$2,521,341	$10,492,737	$86,404
2022	$2,340,403	$2,414,946	$10,437,260	$-74,543
2021	$2,369,095	$2,361,448	$10,407,422	$7,647
2020	$2,410,848	$2,369,426	$10,393,067	$41,422
2019	$2,272,649	$2,253,930	$10,327,000	$18,719
2018	$2,227,407	$2,116,203	$10,352,869	$111,204