RIVERSIDE HOUSING INC

EIN: 854387037 501(c)(3)

MANISTEE, MI

Total Revenue
$395,956
Total Expenses
$367,570
Total Assets
$418,931
Net Assets
$113,205
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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
2021
Legal Domicile
MI
Principal Officer
LAURIE HATCHEW
Phone
2317236201
Tax Period
2023-01-01 to 2023-12-31

RIVERSIDE HOUSING INC, founded in 2021, is a small nonprofit that reported $396K in total revenue in fiscal year 2023. Expenses of $368K left a modest 7% surplus.

Mission

ACQUIRE, CONSTRUCT, PROVIDE, ADMINISTOR AND MAINTAIN SAFE, DECENT AND SANITARY AFFORDABLE PUBLIC HOUSING FOR LOW AND MODERATE INCOME INDIVIDUAL AND FAMILIES.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $395,956
Investment Income $0
Other Revenue $0
TOTAL REVENUE $395,956

Expense Breakdown

Grants Paid $0
Salaries & Benefits $276,519
Fundraising Expenses $0
Program Expenses $367,570
Other Expenses $91,051
TOTAL EXPENSES $367,570

Year-over-Year Comparison

2023 2022 Change
Revenue $395,956 N/A N/A
Expenses $367,570 N/A N/A
Net Income $28,386 N/A N/A
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

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Governance

Voting Members
5
Independent Members
5
Employees
N/A
Volunteers
2

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
0
$0
Total Directors
5
$0
Key Employees
2
$60,000
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
STEVE FOSDICK PRESIDENT 2.00
Director
$0 $0 $0
KAREN GOODMAN BOARD MEMBER 2.00
Director
$0 $0 $0
JAMES SMITH BOARD MEMBER 2.00
Director
$0 $0 $0
VIGINIA PELTON BOARD MEMBER 2.00
Director
$0 $0 $0
JAMES TAYLOR III BOARD MEMBER 2.00
Director
$0 $0 $0
LAURIE HATCHEW EXECUTIVE DIRECTOR 10.00
Key Emp
$0 $60,000 $60,000
MARK SOCHOCKI OPERATIONS DIRECTOR 2.00
Key Emp
$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 $395,956 $367,570 $418,931 $28,386
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