50Th Street Housing Development Fund Corporation

Overview

Mission

The mission of the organization is to own and operate two apartment buildings and provide social services to qualified low income individuals in the brooklyn, New York area.

What it reported doing in 2024

The organization's apartment buildings have a capacity of 48 apartments which were approximately 80% occupied during the year.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
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
113270117
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Headquarters
Brooklyn, NY, USA
Phone
7182372017
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Rehabilitation

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 60
  • Accountability: 95
  • Sustainability: 49
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 79.5%; rating input score 80
  • Program expense ratio: 78.1%; rating input score 78
  • 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: Limited
  • 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: -1.9%; rating input score 35; 35th percentile among comparable filings
  • Total-asset coverage ratio: 19.53; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 1.08; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 2.7%; rating input score 35; 35th percentile among comparable filings

Growth

  • Program expense growth: -7.1% per year; rating input score 0; 14th percentile among comparable filings
  • Revenue growth: -1.9% per year; rating input score 0; 17th percentile among comparable filings
  • Asset growth: 36.3% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 79.5% of revenue deployed · 78.1% of spending went to programs
  • Governance: 3 of 3 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $385K 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: 5 filed schedules · includes executive pay
  • Filing history: 5 annual filings from 2020 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.