HERKIMER AFFORDABLE HOUSING 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

2017

Legal Domicile

Principal Officer

RICHARD DOWE

Phone

3158662252

Tax Period

2023-01-01 to 2023-12-31

HERKIMER AFFORDABLE HOUSING INC, founded in 2017, is a small nonprofit in the Housing & Shelter sector that reported $379K in total revenue in fiscal year 2023. Revenue fell 93% from the prior year — a significant decline worth monitoring. Expenses of $472K exceeded revenue, resulting in a 25% operating deficit.

Mission

THE CORPORATION'S PRIMARY PURPOSES AND PUBLIC OBJECTIVES ARE TO (A) INCREASE THE AVAILABILITY, QUALITY AND ACCESSIBILITY OF HOUSING FOR LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES WITHIN HERKIMER COUNTY, NEW YORK AND ENHANCE THE QUALITY OF LIFE AND ECONOMIC SELF-SUFFICIENCY OF THE FAMILIES AND INDIVIDUALS WITHIN THE HERKIMER AREA; (B) WORK WITH ORGANIZATIONS, BUSINESSES, GOVERNMENTS AND OTHERS TO IDENTIFY AND ATTAIN RESOURCES FOR INCREASING THE AVAILABILITY OF HOUSING FOR LOW AND MODERATE INCOME RESIDENTS; (C) SEEK AND SOLICIT FINANCIAL AND OTHER RESOURCES FROM GOVERNMENTAL ORGANIZATIONS AND AGENCIES, PRIVATE FOUNDATIONS AND OTHER ENTITIES TO SUPPORT THE MISSION AND GOALS OF THE CORPORATION; AND (D) PROVIDE SUPPORTIVE SERVICES TO ENHANCE THE ECONOMIC AND SOCIAL SELF-SUFFICIENCY OF THE FAMILIES AND INDIVIDUALS WITHIN HERKIMER, NEW YORK.

Program Service Accomplishments

Program 1

Expenses: $90,085 Revenue: $175,921

WORKED TO DEVELOP A PUBLIC-PRIVATE PARTNERSHIP THAT WAS AWARDED A HIGHLY COMPETITIVE ALLOCATION OF NYS HCR 9% LIHTC TO FURTHER THE HUD/RAD CONVERSION AND PRESERVATION OF THE HERKIMER HOUSING...

WORKED TO DEVELOP A PUBLIC-PRIVATE PARTNERSHIP THAT WAS AWARDED A HIGHLY COMPETITIVE ALLOCATION OF NYS HCR 9% LIHTC TO FURTHER THE HUD/RAD CONVERSION AND PRESERVATION OF THE HERKIMER HOUSING AUTHORITY'S EASTERN GARDENS RESIDENCE.

Program 2

AWARDED A HIGHLY COMPETITIVE ALLOCATION OF NYS HOME PROGRAM: SRDI FUNDING TO DEVELOP A NEW, 24-UNIT, AFFORDABLE MULTIFAMILY RESIDENCE FOR THE HERKIMER HOUSING AUTHORITY.

Program 3

Expenses: $305,078 Revenue: $11,863

AWARDED AN ALLOCATION OF NYS HCR COMMUNITY INVESTMENT FUNDS TO CONSTRUCT A NEW HEAD START AND EARLY HEAD START CHILD CARE FACILITY IN THE VILLAGE OF HERKIMER ON BEHALF OF THE HERKIMER HOUSING...

AWARDED AN ALLOCATION OF NYS HCR COMMUNITY INVESTMENT FUNDS TO CONSTRUCT A NEW HEAD START AND EARLY HEAD START CHILD CARE FACILITY IN THE VILLAGE OF HERKIMER ON BEHALF OF THE HERKIMER HOUSING AUTHORITY

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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 $190,992

Program Service Revenue $187,784

Investment Income $0

Other Revenue $0

TOTAL REVENUE $378,776

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $395,163

Other Expenses $471,979

TOTAL EXPENSES $471,979

Year-over-Year Comparison

	2023	2022	Change
Revenue	$378,776	$5,539,862	-0.9%
Expenses	$471,979	$1,185,935	-0.6%
Net Income	$-93,203	$4,353,927	-1.0%

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

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
RICHARD DOWE	EXECUTIVE DIRECTOR	1.00	Officer Director	$0	$0	$0
ROBERT BRENCHLEY	CHAIR	0.25	Director	$0	$0	$0
AUDREY PICCIONE	TREASURER/VICE CHAIR	0.25	Officer Director	$0	$0	$0
LISA MASTRACCO	SECRETARY	0.25	Officer Director	$0	$0	$0
ELIZABETH RANDO	BOARD MEMBER	0.25	Director	$0	$0	$0
GEORGE NEVERUSKY	BOARD MEMBER	0.25	Director	$0	$0	$0
WILLIAM WILICZKA	TREASURER/VICE CHAIR	0.25	Officer Director	$0	$0	$0
DAVID RONAN	BOARD MEMBER	0.25	Director	$0	$0	$0
KEITH JOHNSON	BOARD MEMBER	0.25	Director	$0	$0	$0
CHRISTINE MCKINNEY	BOARD MEMBER	0.25	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	$378,776	$471,979	$5,809,082	$-93,203
2022	$5,539,862	$1,185,935	$5,910,232	$4,353,927
2022	$5,539,862	$1,185,935	$5,910,232	$4,353,927
2021	$554,486	$460,466	$2,084,760	$94,020
2020	$100,050	$64,631	$167,337	$35,419
2019	$263,876	$131,958	$131,918	$131,918