Affordable Housing Access Inc

Nonprofit profile at a glance

EIN
311682049
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Newport Beach, CA, USA
Phone
9492533120
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$17,498,638
Expenses
$17,640,300
Assets
$111,083,332
Liabilities
$63,154,822

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

Leadership & pay

16 people listed

Executive titles in this filing

  • WILLIAM W HIRSCH (CHIEF EXECUTIVE OFFICER)
  • VASILIOS SALAMANDRAKIS (PRESIDENT)
  • SCOTT S STEPHENS (VICE PRESIDENT, ASSET MANAGEMENT)

Highest reported compensation

  • WILLIAM W HIRSCH (CHIEF EXECUTIVE OFFICER): $801,896 total reported compensation
  • VASILIOS SALAMANDRAKIS (PRESIDENT): $752,365 total reported compensation
  • SHAWN R BOYD (CHIEF INVESTMENT OFFICER/EXEC. VP): $706,389 total reported compensation

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

Overview

Mission

To alleviate the critical shortage of affordable housing opportunities for low moderate income, handicapped and elderly persons. To accomplish this goal, the organization organizes partnerships that construct, acquire, rehabilitate and preserve affordable multi-family housing.

What it reported doing in 2024

The organization provides affordable housing for low-income persons and serves as an owner or general partner of limited partnerships or joint ventures that own affordable housing for the benefit of low-income persons. They also provide social service outreach ventures aimed at empowering both low-income individuals and their communities. As an indication of its success, the organization has ownership or beneficial interests in 21,027 dwelling units in 191 separate housing communities throughout California, Arizona, Florida, Maryland, Ohio, Oregon, Texas, and Washington.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 95% 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: 79
  • Accountability: 74
  • Sustainability: 41
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92.1%; rating input score 92
  • Program expense ratio: 94%; rating input score 94
  • Fundraising efficiency: $24.49 raised per $1 spent on fundraising; rating input score 62; 62nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 8th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 92.8%; rating input score 93; 22nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 71.4%; rating input score 71; 12th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.8%; rating input score 27; 27th percentile among comparable filings
  • Total-asset coverage ratio: 6.3; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.57; rating input score 24; 24th percentile among comparable filings
  • Officer compensation ratio: 26.6%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 11.4% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: 7.9% per year; rating input score 100; 64th percentile among comparable filings
  • Asset growth: 16.5% per year; rating input score 100; 84th percentile among comparable filings

Details

  • Where the money goes: 92.1% of revenue deployed · 94% of spending went to programs
  • Governance: 5 of 7 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $16.6M in reported program spending
  • Leadership: top reported pay $802K · 16 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $198K reported
  • Consistency: 32 of 33 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 28 filed money-flow records
  • Related organizations: 169 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Operating margin scored 27/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • High — Sustainability: Liabilities to assets ratio scored 24/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.