Alverno Apartments Inc

Nonprofit profile at a glance

EIN
421096027
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Dubuque, IA, USA
Phone
5635822364
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$1,381,254
Expenses
$958,112
Assets
$2,934,110
Liabilities
$1,800,073

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

Leadership & pay

7 people listed

Executive titles in this filing

  • LEANNE GOLINVAUX (PRESIDENT)

People named in this filing

  • DAVID HARRIS (DIRECTOR)
  • DAN WELLIK (DIRECTOR)
  • SR BRENDA WHETSTONE (DIRECTOR)

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

Alverno apartments meets the needs of low-income elderly or handicapped individuals who are capable of living independently by providing safe and secure housing at an affordable cost.

What it reported doing in 2024

Alverno apartments provides housing for elderly and handicapped individuals who qualify for federal housing assistance. Alverno consists of 100 one-bedroom apartments and rent is based on 30% of annual adjusted income. Head of household or spouse must be age 62 or older. Persons younger than 62 may be eligible if they are handicapped and meet hud requirements.

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

SUPPORTED - 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: 55
  • Transparency & Controls: 92
  • Accountability: 82
  • Sustainability: 73
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 53.4%; rating input score 53
  • Program expense ratio: 77%; rating input score 77
  • 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: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 30.6%; rating input score 85; 85th percentile among comparable filings
  • Total-asset coverage ratio: 3.06; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.61; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 1.7% per year; rating input score 100; 25th percentile among comparable filings
  • Revenue growth: 5.2% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 0.3% per year; rating input score 100; 19th percentile among comparable filings

Details

  • Where the money goes: 53.4% of revenue deployed · 77% of spending went to programs
  • Governance: 7 of 7 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $737K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 14 filing years from 2011 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 — Financial Efficiency: Mission deployment rate scored 53/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.