Mamaroneck Senior Citizens Apartment Housing Development Fund Corp Inc

What it reported doing in 2024

Affordable Housing Development Planning - Mamaroneck, NY During the tax year, the organization did not conduct direct program services but remained actively engaged in furthering its exempt purpose of promoting affordable housing. The organization is currently focused on identifying and developing opportunities to support affordable housing initiatives specifically within the Village of Mamaroneck, New York. Key activities included: - Conducting preliminary research and feasibility assessments for potential housing development sites in Mamaroneck. - Engaging with local government officials, housing advocates, and nonprofit partners to explore collaborative solutions to address housing affordability. - Reviewing zoning ordinances, funding mechanisms, and regulatory frameworks to support future development efforts. Although no housing units were developed or managed during the reporting period, the organization is actively working toward launching program services in the upcoming fiscal year. These efforts are consistent with the organization's charitable mission and demonstrate ongoing operational intent to serve the public interest. All investment income earned during the year has been earmarked and reserved exclusively for future affordable housing projects. These funds will be used to support planning, acquisition, development, or other programmatic activities aligned with the organization's exempt purpose. No part of the organization's net earnings has inured to the benefit of any private individual or entity, and no private benefit has occurred or will occur in connection with its housing development activities.

Financial Efficiency

• Mission deployment rate: 0%; rating input score 0
• Program expense ratio: 0%; rating input score 0
• 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: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • 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: 99%; rating input score 100; 100th percentile among comparable filings
• Total-asset coverage ratio: 3,165.86; rating input score 100; 100th percentile among comparable filings
• Liabilities to assets ratio: 0; rating input score 58; 58th percentile among comparable filings
• Officer compensation ratio: 10,668.2%; rating input score 0; 0th percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: 21.4% per year; rating input score 100; 89th percentile among comparable filings
• Asset growth: 2.1% per year; rating input score 100; 34th percentile among comparable filings