HOUSING CORPORATION OF AMERICA

EIN: 870457932 501(c)(3)

BOUNTIFUL, UT

Total Revenue
$5,270,140
Total Expenses
$2,057,821
Total Assets
$16,777,436
Net Assets
$16,755,340
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1990
Legal Domicile
UT
Principal Officer
CAROL CROMAR
Phone
8018197989
Tax Period
2023-01-01 to 2023-12-31

HOUSING CORPORATION OF AMERICA, founded in 1990, is a community nonprofit that reported $5.3M in total revenue in fiscal year 2023. Revenue surged 140% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.2M, a strong 61% operating margin.

Mission

TO PRESERVE AND PROVIDE AFFORDABLE HOUSING WHILE IMPROVING THE SURROUNDING COMMUNITIES AND OFFERING RESIDENTS A SENSE OF DIGNITY AND PRIDE ASSOCIATED WITH AN IMPROVED STANDARD OF LIVING

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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 $2,070,000
Program Service Revenue $2,842,663
Investment Income $249,884
Other Revenue $107,593
TOTAL REVENUE $5,270,140

Expense Breakdown

Grants Paid $73,120
Salaries & Benefits $1,364,563
Fundraising Expenses $0
Program Expenses $1,667,810
Other Expenses $620,138
TOTAL EXPENSES $2,057,821

Year-over-Year Comparison

2023 2022 Change
Revenue $5,270,140 $2,192,630 +1.4%
Expenses $2,057,821 $1,724,624 +0.2%
Net Income $3,212,319 $468,006 +5.9%
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

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Governance

Voting Members
6
Independent Members
N/A
Employees
12
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
4
$520,743
Total Directors
6
$368,043
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
COREY HEIMLICH VICE PRESIDENT 30.00
Officer Director
$170,067 $48,599 $218,666
CAROL CROMAR PRESIDENT/TREASURER 30.00
Officer Director
$124,000 $21,377 $145,377
SCOTT L BRINGHURST JR CHAIRMAN 0.50
Officer Director
$1,000 $0 $1,000
MARK F NELSON TRUSTEE 0.50
Director
$1,000 $0 $1,000
SANDRA GREENWAY TRUSTEE 0.50
Director
$1,000 $0 $1,000
MARK B COHEN TRUSTEE 0.50
Director
$1,000 $0 $1,000
BONNIE YOUNG SECRETARY 30.00
Officer
$134,100 $21,600 $155,700
NICOLE WEINSTOCK DIRECTOR OF RESIDENT SERVI 30.00
Highest
$114,075 $15,343 $129,418
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 $5,270,140 $2,057,821 $16,777,436 $3,212,319
2022 $2,192,630 $1,724,624 $13,575,832 $468,006
2021 $2,559,381 $1,598,269 $13,083,814 $961,112
2020 $2,073,263 $1,624,086 $12,226,776 $449,177
2019 $2,014,326 $1,595,183 $11,681,275 $419,143
2018 $2,902,237 $2,026,756 $7,970,722 $875,481
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