353-365 Housing Fund Development Fund Company Inc

Nonprofit profile at a glance

EIN
132840838
IRS 990 coverage
2016–2023
Forms available
Form 990 2023
Location
New York, NY, USA
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$3,061,187
Expenses
$2,163,322
Assets
$16,262,429
Liabilities
$11,193,932

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • PAUL MOORE (PRESIDENT)
  • NESTOR OLIVER (V PRESIDENT)

Highest reported compensation

  • PAUL MOORE (PRESIDENT): $120,507 total reported compensation
  • NESTOR OLIVER (V PRESIDENT): $116,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide clean, affordable housing to 70 low-income families in New York, ny

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 - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 90
  • Accountability: 72
  • Sustainability: 77
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 61.5%; rating input score 62
  • Program expense ratio: 87%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 87.5%; rating input score 88; 19th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 29.3%; rating input score 85; 85th percentile among comparable filings
  • Total-asset coverage ratio: 7.52; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.69; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 0.6%; rating input score 82; 82nd percentile among comparable filings

Growth

  • Program expense growth: 8.3% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 9.2% per year; rating input score 100; 66th percentile among comparable filings
  • Asset growth: 27.6% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 61.5% of revenue deployed · 87% of spending went to programs
  • Governance: 7 of 8 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.9M in reported program spending
  • Leadership: top reported pay $121K · 9 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 8 filing years from 2016 to 2023
  • Contacts: How to reach this organization
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.