Arverne East Phase 1 & Phase 2 Inc

Nonprofit profile at a glance

EIN
863966436
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
New York, NY, USA
Phone
6462173370
Rating
24
Verdict
REVIEW
Rating confidence
Moderate
Sector
Parks and Playgrounds

Reported finances

Revenue
$39,446,704
Expenses
$0
Assets
$82,971,547
Liabilities
$13,926,509

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

Leadership & pay

4 people listed

Executive titles in this filing

  • JAMIE SMARR (PRESIDENT & CEO)
  • NADJA ALVARADO (VICE PRESIDENT)

Highest reported compensation

  • JAMIE SMARR (PRESIDENT & CEO): $444,224 total reported compensation
  • THERESA OMANSKY (SECRETARY): $305,830 total reported compensation
  • ADAM GOLD (TREASURER): $263,569 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 is operated exclusively for the benefit of, to perform the functions of and to carry out the purposes of housing partnership development corporation.

What it reported doing in 2024

The organization is operated exclusively for the benefit of, to perform the functions of, and to carry out the purposes of housing partnership development corporation. In order to fulfill its mission, the organization coordinated activities for the improvement of the waterfront community in far rockaway, New York. The organization is currently working on a ten year project that involves the following: 1. Rental and homeownership opportunities for all, ranging from the formerly homeless to low, moderate, middle, and market rate households.2. Over 60 acres of outdoor recreation space programmed with a variety of active and passive uses.3. Retail and community facility space driven by local needs and supporting local jobs and businesses.4. Local job creation for construction trades, green infrastructure, agriculture, building maintenance, and culinary industries, plus opportunities for job training programs across sectors.5. A community built with resilient and sustainable design features that proactively combats future impacts of climate change while integrating stateoftheart methods to optimize energy efficiency.

Operating model

Revenue model
Grant-funded. 100% of the money available for current operations came from government grants.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - The filed numbers largely add up and revenue has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 65
  • Accountability: 5
  • Sustainability: 7
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 3rd percentile among comparable filings
  • Governance controls: 1 of 9 controls in place; rating input score 11
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: Limited
  • Liabilities to assets ratio: 0.17; rating input score 63; 63rd percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -150% per year; rating input score 0; 0th percentile among comparable filings
  • Revenue growth: 35.9% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: 42.8% per year; rating input score 100; 98th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed
  • Governance: 0 of 2 board members independent · 1 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $444K · 4 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 276 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.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Governance controls: 7 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.