722 Henry Street Apartments Hdfc

Nonprofit profile at a glance

EIN
454311886
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Brooklyn, NY, USA
Phone
7182404111
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$203,231
Expenses
$326,435
Assets
$900,372
Liabilities
$1,751,953

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

Leadership & pay

4 people listed

Executive titles in this filing

  • CYNTHIA GONZALEZ (PRESIDENT)

People named in this filing

  • BENJAMIN FULLER-GOOGINS (EXECUTIVE DI)
  • CYNTHIA GONZALEZ (PRESIDENT)
  • BENJAMIN M LEVINE (VICE-PRESIDE)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization was organized exclusively for the purpose of owning, constructing, rehabilitating, leasing, managing, equipping, maintaining, developing, and operating a housing project for persons of low-income within the meaning of article xi of the private housing finance law. The organization is empowered to do and perform all acts necessary to accomplish the above-mentioned purpose, including but not limited to obtaining a loan pursuant to article viii or article xi of the private housing finance law.

What it reported doing in 2024

The 722 henry street project is the first affordable housing development in red hook of carroll gardens association, inc. This building provides 16 spacious apartments, with 30% of the units set aside for community residents and 30% for homeless families and individuals. The organization continues to provide housing to low-income tenants in its 16 apartment units. 722 henry street apartments hdfc was repositioned on september 25, 2012. Ownership was transferred from the henry street associates limited partnership to the 722 henry street apartments housing development fund corporation, an entity 100% owned by the carroll gardens association.

Operating model

Revenue model
Earned-program. 77% 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. Expenses are high relative to revenue and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 30
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 96.9%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -60.6%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 2.76; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 1.95; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 2.5% per year; rating input score 100; 42nd percentile among comparable filings
  • Revenue growth: -2.5% per year; rating input score 0; 15th percentile among comparable filings
  • Asset growth: -2.8% per year; rating input score 0; 15th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 96.9% of spending went to programs
  • Governance: 3 of 3 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $316K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 11 filing years from 2014 to 2024
  • 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.

  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.