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Jm Apartments EIN 05-0435537 Form 990 (PDF) Claim this org

Jm Apartments

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Provides low-income housing and services for elderly and handicapped individuals. For fiscal year 2024 it reported $156K in revenue, $219K in expenses, and $-1.5M in net assets.Pt I

Founded
2007
Type
Public charity (501(c)(3)) · Housing
Location
Providence, RI
Website
www.gatewayhealth.org
Filings
5 on file (2020–2024)
Revenue
$156KFY2024
Expenses
$219K
Net assets
$-1.5M
People
9
Filings
5
Updates
0
More identity details & actions ⌄
EIN  05-0435537 Public charity (501(c)(3)) Providence, RI Founded 2007
Form 990 (PDF)
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Size
$100K–1M
What they do
Provides low-income housing and services for elderly and handicapped individuals.
Leadership
Henry Sachs III · President
Money in and out
$156K revenue, $219K expenses
Bottom line
78% program efficiency
Where the money goes · FY2024
Total revenue
$156K
Pt VIII · Ln 12
Total expenses
$219K
Pt IX · Ln 25
Net assets
$-1.5M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$63K
Where spending went · Part IX cols B–D
Program services $0.78 Management & general $0.22
Program efficiency
78%
of spending reaches programs▲ +1% vs prior filing year
Operating runway
5.5mo
months of highly liquid reserves at operating expense rate▲ +38% vs prior filing year
Surplus margin
-40%
revenue over expenses, this year▲ +50% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$156K
FY2024▲ +36%
Expenses
$219K
FY2024▲ +6%
Total assets
$1.1M
FY2024▼ -4%
Total liabilities
$2.5M
FY2024▲ +0.8%
Total revenue
$156K
Pt VIII · Ln 12
Total expenses
$219K
Pt IX · Ln 25
Net assets
$-1.5M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$63K
Total assetsPt X · Ln 16$1.1M
Program-expense ratioPt IX · col B78%
Voting members of governing bodyPt I · Ln 38
Independent voting membersPt I · Ln 47
Mission & Programs · Part III

Where the work happens

1 program service account for $170K of program spending, described in the organization's own filed words · FY2024.
01

To provide low-income housing and access to support services to people with physical and psychological challenges. JM has a total of 10 units in two locations in Central Falls, Rhode Island: 5 units located at 5-7 Echo Street and 5 units located at 135-137 Liberty Street.

$170Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CJm Apartments
EINHdr · item D05-0435537
Principal addressHdr · item CProvidence, RI
WebsiteHdr · item Jwww.gatewayhealth.org
Year of formationHdr · item L2007
State of legal domicileHdr · item MRI
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFHousing (L20)
Ruling yearIRS BMFJan 2007

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a8
Independent voting membersPt VI · Ln 1b7
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Scott Dichristofero
Former Officer
$0Pt VII · Sec A
Jay Burdick
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
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Statement of Revenue

Part VIII
Contributions & grants$120K · 77%
Program service revenue$35K · 22%
Other revenue$1K · 1%
Contributions & grants77%$120K
Program service revenue22%$35K
Other revenue1%$1K
Investment income$313
— government grantsLn 1e$120K
Total revenueLn 12$156K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.78 Management & general $0.22
Program services78%$170K
Management & general22%$49K
Total functional expensesLn 25$219K

Balance Sheet

Part X · end of year
CashLn 1$101K
Total assetsLn 16$1.1M
Total liabilitiesLn 26$2.5M
Total net assetsLn 32$-1.5M
Months of cash on handcomputed5.5

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $101K · Operating expenses/yr $219K
5.5 months
Where the money goes
Program services
Program services $170K · Total expenses $219K
78%
Management & General
Management & general $49K · Total expenses $219K
22%
Fundraising
Fundraising $0 · Total expenses $219K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $120K · Total revenue $156K
77%
Government reliance
Government grants $120K · Total revenue $156K
77%
Earned-income share
Program service revenue $35K · Total revenue $156K
22%
Investment reliance
Investment income $313 · Total revenue $156K
+0.2%
Program self-sufficiency
Program service revenue $35K · Total expenses $219K
16%
Growth & trend
Revenue growth (YoY)
This year $156K · Prior year $115K
+36%
Revenue CAGR
FY2019 $117K · FY2024 $156K
+6%
Net-asset trend (YoY)
End of year $-1.5M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $156K · Expenses $219K
-40%
Liabilities-to-Assets
Total liabilities — · Total assets $1.1M
—
Net-asset ratio
Net assets $-1.5M · Total assets $1.1M
-136%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.1M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Henry Sachs III · Reported title President · Highest reported compensation $0 · Total expenses $219K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $219K
—
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 78%——
Overhead ratio 22%——
Revenue growth 36%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$115K revenue · ⤓ 990 PDF
FY2023$115K revenue · ⤓ 990 PDF
FY2022$112K revenue · ⤓ 990 PDF
FY2021$115K revenue · ⤓ 990 PDF
FY2020$117K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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