721 East 6Th Street Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
133636346
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-EZ 2009
Location
New York, NY, USA
Phone
2127771010
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$125,920
Expenses
$256,133
Assets
$446,375
Liabilities
$225,105

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

Leadership & pay

7 people listed

Executive titles in this filing

  • RACHEL LEVINE (EXECUTIVE DIRECTOR)
  • STEVE WRONSKI (PRESIDENT)
  • ROSS M SARRAF (VICE PRESIDENT)

Highest reported compensation

  • RACHEL LEVINE (EXECUTIVE DIRECTOR): $164,941 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

721 east 6th street hdfc is committed to providing permanent affordable, supportive housing to low-income and formerly homeless households. The building maintains 13 apartments for qualifying individuals. Supportive housing entails support services and low rents that enable families to continue living in their communities.

What it reported doing in 2024

See schedule o721 east 6th street hdfc (also referred to as the o'toole residence) provides 13 permanently affordable apartments to formerly homeless families and individuals. Located in the heart of alphabet city, the building was homesteaded in the early 1980's and originally served as a home for formerly incarcerated women. Exposed to extensive flooding during superstorm sandy in 2012, the building has since made strides in sustainability and resiliency, becoming one of the first solarized multifamily buildings in lower manhattan as well as an early participant in enterprise community partner's residential technical assistance pilot program (rtapp), an initiative designed to make multifamily buildings more energy efficient and resilient to natural disasters. Residents of 721 east 6th street hdfc benefit from nearby programming and services offered out of nazareth housing, inc.'s office at 1 haven plaza/200 avenue c and 206 east 4th street. These include louise's food pantry, supportive case management, housing counseling, and individualized financial capability programming. The housing provided by 721 east 6th street hdfc allows our low-income residents to remain in their community.

Operating model

Revenue model
Earned-program. 85% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 65
  • Accountability: 74
  • Sustainability: 23
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.8%; rating input score 87
  • Program expense ratio: 42.7%; rating input score 43
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 22nd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -103.4%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 1.74; rating input score 56; 56th percentile among comparable filings
  • Liabilities to assets ratio: 0.5; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 3.6%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 1.9% per year; rating input score 100; 39th percentile among comparable filings
  • Revenue growth: 0.7% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: -3.4% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 86.8% of revenue deployed · 42.7% of spending went to programs
  • Governance: 5 of 6 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $109K in reported program spending
  • Leadership: top reported pay $165K · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 12 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 4 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.
  • Moderate — Financial Efficiency: Program expense ratio scored 43/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 56/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.