Kenneth Gladstone Building Housing Development Fund Company Inc

Overview

Mission

Our mission is to empower older adults to enhance purpose and well-being through a portfolio of innovative health care services.

What it reported doing in 2024

The gladstone building, an affiliate of jewish home lifecare (d/b/a the new jewish home), reflects jewish home's commitment to providing affordable housing with supportive services in the community. This is jewish home's second housing and urban development (hud) section 202 rent-subsidized housing for low-income seniors. The 49 one-bedroom apartment building features community spaces, laundry, parking and landscaped grounds. All apartments have full kitchens and are adaptable for use by disabled persons. The gladstone building, located at 2620 university avenue, bronx, ny, opened in 2005.

Operating model

Revenue model
Earned-program. 96% 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
134078893
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2128705000
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$1,004,623
Expenses
$1,242,830
Assets
$7,189,884
Liabilities
$8,055,268

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 60
  • Accountability: 74
  • Sustainability: 35
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 93.8%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 71.4%; rating input score 71; 15th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: -23.7%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 5.79; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 1.12; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 8.1%; rating input score 43; 43rd percentile among comparable filings

Growth

  • Program expense growth: 5.4% per year; rating input score 100; 44th percentile among comparable filings
  • Revenue growth: 2.9% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: -1.1% per year; rating input score 0; 14th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 93.8% of spending went to programs
  • Governance: 5 of 7 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.2M in reported program spending
  • Leadership: top reported pay $1.1M · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 14 annual filings from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 21 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 8/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • Moderate — Sustainability: Officer compensation ratio scored 43/100.

Leadership & pay

7 people listed

Highest reported compensation

  • JEFFREY FARBER MD (PRESIDENT AND CEO): $1,116,400 total reported compensation
  • MARK WEISS (CFO): $568,601 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024.