Bowdoin Apartments Corporation C/o Kelliher & Callaghan

Nonprofit profile at a glance

EIN
042399546
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Malden, MA, USA
Phone
7813229090
Rating
80
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$780,804
Expenses
$788,024
Assets
$13,783,737
Liabilities
$400,000

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

Leadership & pay

6 people listed

Executive titles in this filing

  • JAMES C MILLER (PRESIDENT/DIRECTOR)

Highest reported compensation

  • JAMES C MILLER (PRESIDENT/DIRECTOR): $3,000 total reported compensation
  • JOHN R DALY JR (TREASURER/DIRECTOR): $3,000 total reported compensation
  • NIGEL A MOFFETT - CLERK UNTIL (11/15/24)/DIRECTOR (FULL YEAR)): $3,000 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 support affordable housing through below market rate loans and grants and facilitate technical assistance through the due diligence process to 501(c) organizations.

What it reported doing in 2024

The program service activity is the support of affordable residential housing in terms of below market rate loans, grants, and counseling. The organization's loan portfolio balance at september 30, 2025 was $1,950,000. The organization also made 25 grants to other 501(c)(3) organizations that have similar programs.

Operating model

Revenue model
Investment-supported. 81% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 97% of its reported program spending out as grants.

The verdict

STRONG - 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: 85
  • Transparency & Controls: 93
  • Accountability: 52
  • Sustainability: 57
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87.2%; rating input score 87
  • 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: 99.6%; rating input score 100; 50th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 11th 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: -0.9%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 17.49; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 59; 59th percentile among comparable filings
  • Officer compensation ratio: 1.9%; rating input score 59; 59th percentile among comparable filings

Growth

  • Program expense growth: 19.7% per year; rating input score 100; 82nd percentile among comparable filings
  • Revenue growth: 9% per year; rating input score 100; 63rd percentile among comparable filings
  • Asset growth: 3.8% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 87.2% of spending went to programs
  • Governance: 3 of 6 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $687K in reported program spending
  • Leadership: top reported pay $3K · 6 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 3 filed schedules · includes grants
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 29 filed money-flow records
  • Related organizations: 23 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: Independent voting board scored 50/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • Review — Sustainability: Liabilities to assets ratio scored 59/100.
  • Review — Sustainability: Officer compensation ratio scored 59/100.