PROVIDENCE SENIOR LIVING 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

2016

Legal Domicile

Principal Officer

BARRY A RAY

Phone

4234788070

Tax Period

2024-01-01 to 2024-12-31

PROVIDENCE SENIOR LIVING INC, founded in 2016, is a community nonprofit in the Housing & Shelter sector that reported $5.1M in total revenue in fiscal year 2024. Revenue grew 8% year-over-year, indicating healthy expansion.

Mission

TO SERVE THE GREATEST GENERATION WITH HONOR, RESPECT, FAITH AND INTEGRITY BY PROVIDING EXCELLENT ASSISTED LIVING AND ALZHEIMER'S CARE SERVICES.

Program Service Accomplishments

Program 1

Expenses: $4,772,312 Revenue: $5,053,877

IT IS OUR MISSION TO SERVE THE GREATEST GENERATION AND TO MAKE A GREAT IMPACT ADDRESSING A GREAT NEED. LEGACY VILLAGE OF CLEVELAND HAD ANOTHER SOLID YEAR IN 2024, DESPITE THE ONGOING CHALLENGES OF...

IT IS OUR MISSION TO SERVE THE GREATEST GENERATION AND TO MAKE A GREAT IMPACT ADDRESSING A GREAT NEED. LEGACY VILLAGE OF CLEVELAND HAD ANOTHER SOLID YEAR IN 2024, DESPITE THE ONGOING CHALLENGES OF THE RISING COSTS TO DO BUISNESS. SENIORS CONTINUED TO TRUST LEGACY VILLAGE OF CLEVELAND AS OCCUPANCY CONTINUED AT 98% IN 2024. AS A RESULT OF THE STRONG LEADERSHIP AND COMMITMENT TO EXCELLENCE, LEGACY CLEVELAND CONTINUES TO BE THE FACILITY OF CHOICE IN OUR COMMUNITY.

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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 $1,091

Program Service Revenue $5,053,877

Investment Income $1,584

Other Revenue $0

TOTAL REVENUE $5,056,552

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,384,083

Fundraising Expenses $0

Program Expenses $4,772,312

Other Expenses $2,737,672

TOTAL EXPENSES $5,121,755

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,056,552	$4,667,614	+0.1%
Expenses	$5,121,755	$5,104,350	+0.0%
Net Income	$-65,203	$-436,736	-0.9%

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

199

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
BARRY A RAY	PRESIDENT	2.00	Officer Director	$0	$0	$0
BRYAN A COOK	SECRETARY & TREASURER	2.00	Officer Director	$0	$0	$0
KELVIN PAGE	DIRECTOR	0.00	Director	$0	$0	$0
DR JOHN LOOPER	DIRECTOR	0.00	Director	$0	$0	$0
DENNIS W WATKINS	DIRECTOR	0.00	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	$5,056,552	$5,121,755	$4,984,655	$-65,203
2023	$4,667,614	$5,104,350	$6,775,228	$-436,736
2022	$4,844,951	$4,808,732	$7,994,434	$36,219
2021	$4,504,316	$4,503,056	$694,830	$1,260
2020	$4,539,132	$4,352,323	$883,339	$186,809
2019	$3,762,028	$3,799,384	$754,423	$-37,356
2018	$474,916	$1,264,439	$742,250	$-789,523