Association Properties Inc

Nonprofit profile at a glance

EIN
042968080
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-EZ 2019
Location
Chicopee, MA, USA
Phone
4137345376
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$220,647
Expenses
$204,404
Assets
$207,250
Liabilities
$541,528

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

Leadership & pay

14 people listed

Executive titles in this filing

  • CHERYL FASANO (PRESIDENT & CEO)
  • SARAH SMITH (VICE PRESIDENT OF FINANCE)

Highest reported compensation

  • CHERYL FASANO (PRESIDENT & CEO): $272,784 total reported compensation
  • SARAH SMITH (VICE PRESIDENT OF FINANCE): $191,823 total reported compensation

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

Overview

Mission

Providing residential & support services to people with disabilities & other vulnerable individuals.

What it reported doing in 2024

The organization operated an apartment complex of 15 units under section 202 of the national housing act. The complex primarily houses people with disabilities.

Operating model

Revenue model
Earned-program. 99% 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 most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 60
  • Accountability: 95
  • Sustainability: 41
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81.2%; rating input score 81
  • Program expense ratio: 87.6%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 7.4%; rating input score 55; 55th percentile among comparable filings
  • Total-asset coverage ratio: 1.01; rating input score 41; 41st percentile among comparable filings
  • Liabilities to assets ratio: 2.61; rating input score 1; 1st percentile among comparable filings
  • Officer compensation ratio: 15.7%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: 0.4% per year; rating input score 100; 32nd percentile among comparable filings
  • Revenue growth: 2.5% per year; rating input score 100; 38th percentile among comparable filings
  • Asset growth: -6.5% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 81.2% of revenue deployed · 87.6% of spending went to programs
  • Governance: 11 of 11 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $179K in reported program spending
  • Leadership: top reported pay $273K · 14 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 10 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 24 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Sustainability: Operating margin scored 55/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 41/100.
  • High — Sustainability: Liabilities to assets ratio scored 1/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.