Vietnamese American Initiative for Development Inc

What it reported doing in 2024

Real estate development - as a community development corporation, vietaid's primary goal is to develop affordable housing to support stabilizing the working class core of dorchester. One way we have worked to achieve this goal is by building affordable housing developments and deed restricting them in perpetuity to create stability among housing offerings in the community. Vietaid has developed five significant, mixed-use affordable housing projects, all of which are located within a half-mile radius of public transportation in dorchester. Vietaid has hired trinity management, llc, a company that specializes in managing affordable housing in an urban setting, to manage our portfolio of 123 affordable rental units that provide affordable and quality housing to over 123 families and individuals. We help applicants navigate low-income housing tax credits (lihtc) and the Massachusetts rental voucher programs (mvrp).as a Massachusetts homeownership collaborative approved counseling agency, vietaid supports families through the process of renting a home or acquiring affordable housing, including understanding tenant and landlord's rights and responsibilities and navigating the contract between the housing agent, landlord, and tenant. Vietaid's first-time homebuyer training teaches about basic home purchasing, financing application procedures, building credit, mortgage qualification, financial literacy, and homeownership. Vietaid is the only program in Massachusetts that provides home buying counseling in vietnamese. We have assisted over 400 families through housing counseling programs and certified approximately 600 limited english proficient individuals in our ten-hour workshops. Vietaid helps low-income families improve their income as well as accumulate and expand family wealth by educating 250-300 prospective homebuyers/homeowners on the home-buying process and homeownership, assisting 40-50 graduates in purchasing their first homes, and assisting 100 homeowners to access resources to retrofit or repair their homes.

Financial Efficiency

• Mission deployment rate: 69.8%; rating input score 70
• Program expense ratio: 76.1%; rating input score 76
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 8.8%; rating input score 60; 60th percentile among comparable filings
• Total-asset coverage ratio: 4.43; rating input score 82; 82nd percentile among comparable filings
• Liabilities to assets ratio: 0.58; rating input score 17; 17th percentile among comparable filings
• Officer compensation ratio: 7%; rating input score 41; 41st percentile among comparable filings

Growth

• Program expense growth: 2.2% per year; rating input score 100; 23rd percentile among comparable filings
• Revenue growth: 1.6% per year; rating input score 100; 18th percentile among comparable filings
• Asset growth: 2.7% per year; rating input score 100; 22nd percentile among comparable filings