Affordable Housing and Economic Development Foundation

Nonprofit profile at a glance

EIN
475018774
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-EZ 2019
Location
Honolulu, HI, USA
Phone
8085344434
Rating
59
Verdict
MIXED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$8,947,714
Expenses
$1,499
Assets
$16,081,141
Liabilities
$0

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

Leadership & pay

4 people listed

Executive titles in this filing

  • SCOTT W SETTLE (President)
  • DAVID F FASI (Vice President)

People named in this filing

  • SCOTT W SETTLE (President)
  • PAUL MARX (Director)
  • DAVID F FASI (Vice President)

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 is incorporated to support the preservation, rehabilitation and development of, and access to, affordable housing, and to support economic opportunities for lower-income families.

What it reported doing in 2024

The organization materially participated in the development of the following affordable housing projects in 2024:1. Projects previously completed and continually in operation: a. Kokua: 224-unit senior rental project in Honolulu, Oahu. b. Pua Loke: 54-unit senior-rental project in Lihue, Kauai. c. Pahala: 8-unit multifamily rental project in Pahala, Hawaii d. Queen Emma Apartments: 71-unit multifamily rental project in Honolulu, Oahu. e. Waimea Huakai: 35-unit senior rental project in Waimea, Kauai. f. Waipahu Tower: 64-unit multifamily rental project in Waipahu, Oahu. g. Rice Camp II: 30-unit senior rental project in Lihue, Kauai. h. Kai Olino: 48-unit rental project in Lihue, Kauai. i. Kapolei Parkways (Lot 6): 236 multifamily rental project in Kapolei, Oahu. j. Kapolei Parkways (Lot 7): 169 multifamily rental project in Kapolei, Oahu.2. Projects currently under construction: a. Lima Ola Family: 44-unit multifamily rental project in Eleele, Kauai. b. Lima Ola Kupuna: 40-unit senior rental project in Eleele, Kauai. c. Kuulei: 34-unit multifamily rental project in Kailua, Oahu.3. Projects in the pre-development stage seeking entitlements and financing: a. Kailua Lofts: 42-unit multifamily rental project in Kailua, Oahu. b. Pohukaina Commons: 428-unit multifamily rental project in Honolulu, Oahu. c. Keawalau (Phases I, II, & III): 531-unit multifamily and senior rental project in Waipahu, Oahu. d. Kahoapili: 188-unit multifamily rental or for-sale project in Salt Lake, Oahu.4. Other work: a. The organization worked to build further capacity as an affordable housing non-profit by submitting funding applications under the low-income housing tax credit program as administered by the State of Hawaii. b. The organization submitted funding applications for various grants administered by State and local agencies for the acquisition, rehabilitation and new construction of affordable rental housing projects. c. The organization submitted applications and solicitaton letters from various funding organizations. d. The organization coordinated tenant social service and partnership services with affiliates for projects under construction and in operation.

Operating model

Revenue model
Grant-funded. 100% of the money available for current operations came from government grants.
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

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 20
  • Transparency & Controls: 92
  • Accountability: 76
  • Sustainability: 99
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 60%; rating input score 60
  • 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: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: 100%; rating input score 100; 100th percentile among comparable filings
  • Total-asset coverage ratio: 10,727.91; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: -36.3% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: 41.3% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: 41.7% per year; rating input score 100; 97th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 60% of spending went to programs
  • Governance: 4 of 4 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $899 in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 13 of 13 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 8 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 28 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.