573 Warren Street Housing Development Fund Corporation

Overview

Mission

The mission of the organization is to own and operate an apartment building and provide social services to qualified low income individuals in need of mental health care in the brooklyn, New York area.

What it reported doing in 2024

The organization's apartment building has a capacity of 14 apartments which were 100% occupied during the year.

Operating model

Revenue model
Grant-funded. 89% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
113143585
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Headquarters
Brooklyn, NY, USA
Phone
7182372017
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

The verdict

SUPPORTED - A large share of total spending goes to programs and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 65
  • Accountability: 95
  • Sustainability: 67
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 54.2%; rating input score 54
  • Program expense ratio: 90.6%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 40.2%; rating input score 88; 88th percentile among comparable filings
  • Total-asset coverage ratio: 2.5; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 5.7%; rating input score 32; 32nd percentile among comparable filings

Growth

  • Program expense growth: 0.4% per year; rating input score 100; 32nd percentile among comparable filings
  • Revenue growth: 14.1% per year; rating input score 100; 81st percentile among comparable filings
  • Asset growth: -1% per year; rating input score 0; 21st percentile among comparable filings

Details

  • Where the money goes: 54.2% of revenue deployed · 90.6% of spending went to programs
  • Governance: 3 of 3 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $209K in reported program spending
  • Leadership: top reported pay $292K · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 6 annual filings from 2019 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 41 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

3 people listed

Highest reported compensation

  • MICHELLE DE LA UZ (SECRETARY): $291,920 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.