1675 Westchester Avenue Housing Development Fund Corporation
Nonprofit profile at a glance
- EIN
- 822957270
- IRS 990 coverage
- 2022–2024
- Forms available
- Form 990 2024, Form 990-N 2020
- Location
- New York, NY, USA
- Phone
- 2122439090
- Rating
- 61
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $561,409
- Expenses
- $446,964
- Assets
- $106,198
- Liabilities
- $20,676
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
3 people listed
Executive titles in this filing
- ADAM WEINSTEIN (PRESIDENT/CEO)
- JAMES ROBERT PIGOTT JR (VICE PRESIDENT/SECRETARY)
Highest reported compensation
- ADAM WEINSTEIN (PRESIDENT/CEO): $1,043,975 total reported compensation
- JAMES ROBERT PIGOTT JR (VICE PRESIDENT/SECRETARY): $454,550 total reported compensation
- LUKEMAN OGUNYINKA (TREASURER): $367,205 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide affordable housing located at 1675-1679 westchester avenue, the bronx, New York providing 249 residential apartment units for persons of low income.
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.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.
Rating breakdown
- Financial Efficiency: 77
- Transparency & Controls: 60
- Accountability: 23
- Sustainability: 43
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 79.1%; rating input score 79
- Program expense ratio: 99.4%; rating input score 99
- 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: 0%; rating input score 0; 5th percentile among comparable filings
- Governance controls: 5 of 9 controls in place; rating input score 56
- 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: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 20.4%; rating input score 77; 77th percentile among comparable filings
- Total-asset coverage ratio: 0.24; rating input score 11; 11th percentile among comparable filings
- Liabilities to assets ratio: 0.19; rating input score 32; 32nd percentile among comparable filings
- Officer compensation ratio: 62.2%; rating input score 1; 1st percentile among comparable filings
Growth
- Program expense growth: 14.9% per year; rating input score 100; 75th percentile among comparable filings
- Revenue growth: 27% per year; rating input score 100; 91st percentile among comparable filings
- Asset growth: 45.2% per year; rating input score 100; 96th percentile among comparable filings
Details
- Where the money goes: 79.1% of revenue deployed · 99.4% of spending went to programs
- Governance: 0 of 3 board members independent · 5 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $444K in reported program spending
- Leadership: top reported pay $1M · 3 people listed · 0 of 6 pay-setting controls reported
- Consistency: 21 of 21 current checks pass
- Schedules: 4 filed schedules · includes executive pay
- Filing history: 3 filing years from 2022 to 2024
- Contacts: How to reach this organization
- Related organizations: 100 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 — Accountability: Independent voting board scored 0/100.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Governance controls: 3 of 8 not reported.
- High — Sustainability: Total-asset coverage ratio scored 11/100.
- High — Sustainability: Officer compensation ratio scored 1/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 32/100.