Alexandria Housing Development Corporation

Nonprofit profile at a glance

EIN
841650039
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Alexandria, VA, USA
Phone
7037397775
Rating
87
Verdict
STRONG
Rating confidence
Standard
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$16,572,591
Expenses
$20,346,453
Assets
$229,371,203
Liabilities
$238,101,064

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

Leadership & pay

13 people listed

Executive titles in this filing

  • JON FREDERICK (PRESIDENT & CEO)

Highest reported compensation

  • JON FREDERICK (PRESIDENT & CEO): $280,307 total reported compensation
  • ELISA MONDRAGON (CHIEF OPERATING OFFICER): $203,966 total reported compensation
  • AARON REMOLONA (DIRECTOR OF SPECIAL PROJECTS): $182,894 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 organization's primary exempt purpose is to develop and preserve affordable housing in the city of alexandria, va.

What it reported doing in 2024

Groundbreaking on the sans/naja building began in 2023. The project will create 474 affordable housing units, 100 of which will be available at a deeply affordable 40% median area income threshold. The city of alexandria has approved $64 million for the project, and Virginia housing has approved $16.8 million.in 2024, the organization launched its rent ready program in alexandria with a focus on arlandria, where the sans project will be located. Thirteen classes were hosted in the arlandria-chirilagua community, including seven informational sessions and six skill-building courses. The goal of rent ready is to help the over 230 enrolled families increase the completion rate for applications to ensure individuals and families face minimal issues when moving in, facilitating access to affordable and smooth housing transitions. In the end of 2024, the organization closed on financing for phase 1 of the sans project. The real estate team signed up approximately $50 million in equity and over $70 million in construction-to-permanent debt. This is in addition to financial support from the city of alexandria, which totals $78 million for the entire project. The sans/naja development is expected to be completed in 2026.

Operating model

Revenue model
Other-operating. 86% of the money available for current operations came from other operating 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 92
  • Transparency & Controls: 82
  • Accountability: 93
  • Sustainability: 36
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 90.6%; rating input score 91
  • Fundraising efficiency: $18.39 raised per $1 spent on fundraising; rating input score 55; 55th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.4%; rating input score 94; 22nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • 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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 87.5%; rating input score 88; 20th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: -22.8%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 11.27; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 1.04; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 4.6%; rating input score 54; 54th percentile among comparable filings

Growth

  • Program expense growth: 26.5% per year; rating input score 100; 94th percentile among comparable filings
  • Revenue growth: 20.2% per year; rating input score 100; 92nd percentile among comparable filings
  • Asset growth: 20.3% per year; rating input score 100; 89th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 90.6% of spending went to programs
  • Governance: 7 of 8 board members independent · 9 of 9 filing controls reported
  • Programs: 6 filed program accomplishments · $18.4M in reported program spending
  • Leadership: top reported pay $280K · 13 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $34M reported
  • Consistency: 37 of 38 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, executive pay, and related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 21 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.

  • High — Sustainability: Operating margin scored 4/100.
  • Review — Financial Efficiency: Fundraising efficiency scored 55/100.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.
  • Review — Transparency & Controls: Schedule G fundraiser detail did not reconcile in the filed values.
  • Review — Sustainability: Officer compensation ratio scored 54/100.