Big Rapids Housing Commission

Nonprofit profile at a glance

EIN
382884843
IRS 990 coverage
2010–2022
Forms available
Form 990 2022, Form 990-EZ 2011
Location
Big Rapids, MI, USA
Phone
2317968689
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$-9,602
Expenses
$31,622
Assets
$372,554
Liabilities
$249,196

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • DAN FARROW (PRESIDENT)

Highest reported compensation

  • MARK SOCHOCKI (PAST EXEC DI): $137,586 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide affordable housing

What it reported doing in 2022

Develop and operate affordable housing.

Operating model

Revenue model
Earned-program. 83% 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 - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 100
  • Accountability: 84
  • Sustainability: 25
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.2%; rating input score 74
  • Program expense ratio: 76.4%; rating input score 76
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -429.3%; rating input score 10; 10th percentile among comparable filings
  • Total-asset coverage ratio: 11.78; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0.67; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -10.6% per year; rating input score 0; 30th percentile among comparable filings
  • Revenue growth: 1% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 4.1% per year; rating input score 100; 64th percentile among comparable filings

Details

  • Where the money goes: 74.2% of revenue deployed · 76.4% of spending went to programs
  • Governance: 5 of 5 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $24K in reported program spending
  • Leadership: top reported pay $138K · 7 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 11 filing years from 2010 to 2022
  • 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: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 10/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.