Aldersgate Properties Inc

Nonprofit profile at a glance

EIN
611249570
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Florence, KY, USA
Phone
5132411911
Rating
81
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$438,273
Expenses
$388,261
Assets
$275,901
Liabilities
$2,389,699

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

Leadership & pay

5 people listed

Executive titles in this filing

  • MICHAEL ALBRECHT (PRESIDENT)

People named in this filing

  • MICHAEL ALBRECHT (PRESIDENT)
  • J CARLYLE ACKLEY (TREASURER)
  • DIANNE COLEMAN (SECRETARY)

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

Organized to own, operate, and maintain a housing facility for the elderly and/or handicapped.

What it reported doing in 2024

The organization owns, operates and maintains a 40-unit housing facility located in florence, Kentucky for the elderly and/or handicapped. Residents are qualified under section 202 of the national affordable housing act.

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 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. Some filing-based governance responses are negative or unanswered and assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 92
  • Accountability: 82
  • Sustainability: 47
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83%; rating input score 83
  • Program expense ratio: 93.5%; rating input score 94
  • 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: 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: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 11.4%; rating input score 62; 62nd percentile among comparable filings
  • Total-asset coverage ratio: 0.71; rating input score 32; 32nd percentile among comparable filings
  • Liabilities to assets ratio: 8.66; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 4.2% per year; rating input score 100; 50th percentile among comparable filings
  • Revenue growth: 5.8% per year; rating input score 100; 57th percentile among comparable filings
  • Asset growth: -10.9% per year; rating input score 0; 6th percentile among comparable filings

Details

  • Where the money goes: 83% of revenue deployed · 93.5% of spending went to programs
  • Governance: 8 of 8 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $363K in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 15 filing years from 2010 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 32/100.
  • High — Sustainability: Liabilities to assets ratio scored 0/100.