Bridgewell Merrimac Housing Corporation
Nonprofit profile at a glance
- EIN
- 743248920
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024
- Location
- Peabody, MA, USA
- Phone
- 3398832115
- Rating
- 68
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $52,633
- Expenses
- $83,533
- Assets
- $581,087
- Liabilities
- $388,831
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
6 people listed
Executive titles in this filing
- CHRISTOPHER TUTTLE (CEO)
Highest reported compensation
- CHRISTOPHER TUTTLE (CEO): $337,647 total reported compensation
- KENNETH HALKIN (CHIEF FINANCIAL OFFICER (UNTIL 12/24)): $248,992 total reported compensation
- ELAINE WHITE (CHIEF OPERATIONAL OFFICER): $219,242 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Low income housing for the handicapped.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- 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 the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.
Rating breakdown
- Financial Efficiency: 85
- Transparency & Controls: 61
- Accountability: 62
- Sustainability: 31
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 89.2%; rating input score 89
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 93.3%; rating input score 93; 26th 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: No; rating input score 0
Accountability
- Independent voting board: 50%; rating input score 50; 20th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- 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: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -58.7%; rating input score 27; 27th percentile among comparable filings
- Total-asset coverage ratio: 6.96; rating input score 56; 56th percentile among comparable filings
- Liabilities to assets ratio: 0.67; rating input score 9; 9th percentile among comparable filings
- Officer compensation ratio: 153.4%; rating input score 3; 3rd percentile among comparable filings
Growth
- Program expense growth: 1.7% per year; rating input score 100; 56th percentile among comparable filings
- Revenue growth: -4.6% per year; rating input score 0; 44th percentile among comparable filings
- Asset growth: -3.3% per year; rating input score 0; 25th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 89.2% of spending went to programs
- Governance: 1 of 2 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $75K in reported program spending
- Leadership: top reported pay $338K · 6 people listed · 0 of 6 pay-setting controls reported
- Consistency: 22 of 23 current checks pass · 1 finding to review
- Schedules: 6 filed schedules · includes major donors and executive pay
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Related organizations: 5 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 — Accountability: Independent voting board scored 50/100.
- High — Growth: Revenue growth scored 0/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- High — Transparency & Controls: Related-party transparency scored 0/100.
- High — Sustainability: Operating margin scored 27/100.
- High — Growth: Asset growth scored 0/100.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
- Review — Sustainability: Total-asset coverage ratio scored 56/100.
- High — Sustainability: Officer compensation ratio scored 3/100.
- High — Sustainability: Liabilities to assets ratio scored 9/100.