Affordable Housing Partners Inc
Nonprofit profile at a glance
- EIN
- 351993520
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Carmel, IN, USA
- Phone
- 3175870329
- Rating
- 87
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $36,559,272
- Expenses
- $25,803,877
- Assets
- $413,514,142
- Liabilities
- $346,858,975
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
10 people listed
Executive titles in this filing
- BRUCE A CORDINGLEY (PRESIDENT)
- PHILLIP J STOFFREGEN (EXECUTIVE VICE PRESIDENT)
- SHURON AGNEW (VICE PRESIDENT)
Highest reported compensation
- KATHLEEN LARA (EXEC DIRECTOR - INCLUSIVITY): $133,508 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The corporation's charitable purposes include developing or facilitating the development of affordable, safe, good quality, well-maintained housing communities. See the program service accomplishments for a detailed list of communities owned.
What it reported doing in 2024
The corporation developed, owns and operates fourteen affordable housing communities. Crystal glen apartments, phase ii is a 64 unit apartment community located in findlay, Ohio. Crystal glen apartments, phase ii was sold in 2024. Autumn woods apartments and autumn woods ii apartments are both 96 unit apartment communities located contiguous to each other in crawfordsville, Indiana. Autumn woods apartments and autumn woods ii apartments were sold in 2024. Mill run is a 200 unit apartment community located in columbia, South Carolina. Landings of gastonia apartment homes is a 156 unit apartment community in gastonia, North Carolina. The bluffs apartment homes is a 144 unit apartment community located in spartanburg, South Carolina. Woodwinds apartment homes is a 144 unit apartment community locatred in greenville, South Carolina. Broad river village apartments is a 160 unit apartment community and broad river village ii apartments is a 120 unit apartment community. They are located contiguous to each other in beaufort, South Carolina. Broad river village l.p. Owns broad river village apartments. The corporation is the 100% owner of ahp-broad river, llc. Ahp-broad river, llc is the general partner of broad river village l.p. And has total ownership in this entity of .0083%. Broad river village ii is owned by port royal, i llc whose sole member is the corporation. The corporation has 4.99% ownership in spartanburg-crown pointe, llc and rock hill si, llc. These entities own crown pointe apartment homes (a 241 unit apartment community in spartanburg, South Carolina) and stone haven pointe apartments (a 264 unit apartment community in rock hill, South Carolina) respectively. The corporation is the 100% owner of ahp-highland oaks, llc and ahp-carriage house, llc who each have a total ownership of 0.1% in ws-highland oaks, llc and sd-carriage house, llc, respectively. These entities own highland oaks apartments (a 200 unit apartment community in winston-salem, North Carolina) and carriage house apartments (a 156 unit apartment community in gaston county, North Carolina), respectively. Hawthorn springs apartment homes is a 240 unit apartment community located in columbia, South Carolina. Silver station apartments is a 240 unit apartment community located in columbia, South Carolina. The corporation also formed the inclusivitiy institute to further its charitable purposes.
Operating model
- Revenue model
- Earned-program. 82% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 98% 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 some filed totals do not add up.
Rating breakdown
- Financial Efficiency: 83
- Transparency & Controls: 89
- Accountability: 88
- Sustainability: 81
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 98.2%; rating input score 98
- Program expense ratio: 86.5%; rating input score 87
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 93.3%; rating input score 93; 14th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 98%; rating input score 98; 29th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
- Governance controls: 5 of 7 controls in place; rating input score 71
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- 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: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 29.4%; rating input score 88; 88th percentile among comparable filings
- Total-asset coverage ratio: 16.03; rating input score 95; 95th percentile among comparable filings
- Liabilities to assets ratio: 0.84; rating input score 12; 12th percentile among comparable filings
- Officer compensation ratio: 0.5%; rating input score 89; 89th percentile among comparable filings
Growth
- Program expense growth: 21.6% per year; rating input score 100; 91st percentile among comparable filings
- Revenue growth: 16.6% per year; rating input score 100; 89th percentile among comparable filings
- Asset growth: 24.4% per year; rating input score 100; 93rd percentile among comparable filings
Details
- Where the money goes: 98.2% of revenue deployed · 86.5% of spending went to programs
- Governance: 5 of 5 board members independent · 5 of 7 filing controls reported
- Programs: 2 filed program accomplishments · $22.3M in reported program spending
- Leadership: top reported pay $134K · 10 people listed
- Highest-paid contractors: 3 contractors listed · $802K reported
- Consistency: 33 of 34 current checks pass · 1 finding to review
- Schedules: 8 filed schedules · includes major donors and grants
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Related organizations: 29 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 7 not reported.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- High — Sustainability: Liabilities to assets ratio scored 12/100.