90 Sands Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
831511962
IRS 990 coverage
2019–2024
Forms available
Form 990 2024, Form 990-N 2018
Location
New York, NY, USA
Phone
2123899300
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$8,962,161
Expenses
$22,147,685
Assets
$242,157,565
Liabilities
$289,151,541

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

Leadership & pay

5 people listed

Executive titles in this filing

  • BRENDA ROSEN (PRESIDENT & CEO)

Highest reported compensation

  • BRENDA ROSEN (PRESIDENT & CEO): $656,013 total reported compensation
  • KEVIN MORAN (CHIEF FINANCIAL OFFICER): $415,906 total reported compensation
  • DAVID BEER (CHAIRMAN & VP): $384,032 total reported compensation

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

Overview

Mission

90 sands operates a housing project that provides housing, access to jobs training and employment services to eligible young adults, formerly homeless & low income single adults.

What it reported doing in 2024

90 sands street is a 29-story building with 305 studio units of supportive housing for formerly homeless adults with chronic mental illness and 202 units for low- and moderate-income households with incomes ranging from 30 percent to 100 percent of the area median income (ami). On-site social services include individualized case management, primary medical care, mental health services, vocational guidance, and benefits counseling. A portion of the ground floor and cellar spaces would support the community facility and manufacturing tenants.

Operating model

Revenue model
Earned-program. 98% 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 voting board members are independent.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 60
  • Accountability: 47
  • Sustainability: 37
  • Growth: 100

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; 63rd 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 25%; rating input score 25; 6th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -147.1%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 10.93; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 1.19; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 0.6%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 25.8% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 54.5% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 7.5% per year; rating input score 100; 47th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 1 of 4 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $22.1M in reported program spending
  • Leadership: top reported pay $656K · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 5 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 54 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.
  • High — Accountability: Independent voting board scored 25/100.
  • High — Sustainability: Operating margin scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.