Argonaut House 2

Nonprofit profile at a glance

EIN
454880509
IRS 990 coverage
2013–2024
Forms available
Form 990 2024, Form 990-N 2013
Location
Seattle, WA, USA
Phone
2067554597
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$108,603
Expenses
$156,506
Assets
$1,291,252
Liabilities
$1,657,628

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

Leadership & pay

6 people listed

Executive titles in this filing

  • ROBIE FLANNAGAN (DIRECTOR, PRESIDENT)
  • PADRICA HOFFMAN (EXECUTIVE DIRECTOR)

Highest reported compensation

  • PADRICA HOFFMAN (EXECUTIVE DIRECTOR): $145,019 total reported compensation

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

Overview

Mission

Argonaut house 2 provides quality affordable housing and companionship to those who are homeless and living with mental illness.

What it reported doing in 2024

Operates a six-unit affordable housing apartment complex.

Operating model

Revenue model
Grant-funded. 68% of the money available for current operations came from government grants.
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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 33
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 79.9%; rating input score 80
  • 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 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: Pass

Sustainability

  • Operating margin: -44.1%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 8.25; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 1.28; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 6.9%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: 7.5% per year; rating input score 100; 63rd percentile among comparable filings
  • Revenue growth: -15% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: -1% per year; rating input score 0; 21st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 79.9% of spending went to programs
  • Governance: 5 of 5 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $125K in reported program spending
  • Leadership: top reported pay $145K · 6 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • 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.

  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Sustainability: Operating margin scored 6/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.