Aof Georgia Affordable Housing Corp

Nonprofit profile at a glance

EIN
873241481
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
Atlanta, GA, USA
Phone
7147991339
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$4,798,368
Expenses
$7,873,061
Assets
$44,351,219
Liabilities
$53,211,440

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

Leadership & pay

5 people listed

Executive titles in this filing

  • PHILIP J KENNEDY (PRESIDENT AND TREASURER)

Highest reported compensation

  • PHILIP J KENNEDY (PRESIDENT AND TREASURER): $598,720 total reported compensation
  • KATHRYN WALKER (VP AND SECRETARY): $443,415 total reported compensation
  • SARA FAY (OFFICER): $373,484 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To develop , acquire, construct, own, operate or otherwise support affordable housing to be occupied by persons or families of low or moderate income and/or elderly.

What it reported doing in 2024

Operation of a 150-unit apartment complex and a 220-unit apartment complex for low-income individuals or families

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program 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.

The verdict

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

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 88
  • Accountability: 47
  • Sustainability: 34
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 95.2%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 40%; rating input score 40; 7th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -64.1%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 5.63; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 1.2; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 2.6%; rating input score 72; 72nd percentile among comparable filings

Growth

  • Program expense growth: 11.7% per year; rating input score 100; 69th percentile among comparable filings
  • Revenue growth: 11.8% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: -5.5% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 95.2% of spending went to programs
  • Governance: 2 of 5 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $7.5M in reported program spending
  • Leadership: top reported pay $599K · 5 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $575K reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 6 filed schedules · includes executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 3 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.

  • Moderate — Accountability: Independent voting board scored 40/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.