375 Beale Condominium Corporation

Nonprofit profile at a glance

EIN
822415988
IRS 990 coverage
2018–2019
Forms available
Form 990 2019
Location
San Francisco, CA, USA
Phone
4157786730
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Homeowners & Tenants Associations

Reported finances

Revenue
$4,971,014
Expenses
$4,971,014
Assets
$733,805
Liabilities
$733,805

Source: IRS Form 990. Selected filing: tax year 2019. Amounts in USD.

Leadership & pay

5 people listed

People named in this filing

  • JACK BROADBENT (SECRETARY)
  • ANDREW FREMIER (DIRECTOR)
  • BRAD PAUL (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2019. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide for the management, maintenance and care of certain common areas of and jointly used space in the property known as 375 beale street, san francisco, ca. Assist owners in operating and maintaining the property. Undertake other functions/activities that are ancillary to the operation of the property for governmental purposes as authorized/directed by owners. Engage in any ancillary or related activities, all in order to reduce the burdens of government for each of the owners by assuming responsibilities for the operation of the property that the owners would otherwise be required to perform.

What it reported doing in 2019

Act as the condominium association for 375 beale in which government or quasi government entities own units for the benefit of state or local governments. Provide for the management, maintenance and care of the common areas and perform other services or functions as requested by the owners.

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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 76
  • Sustainability: 28
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 0.15; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 1; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 93; 93rd percentile among comparable filings

Growth

  • Program expense growth: 6.4% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 6.4% per year; rating input score 100; 60th percentile among comparable filings
  • Asset growth: -27.1% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 4 of 4 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $5M in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Highest-paid contractors: 2 contractors listed · $420K reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 2 filing years from 2018 to 2019
  • Contacts: How to reach this organization
  • 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.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.