Broadway Rio Housing Development Fund Company Inc

Nonprofit profile at a glance

EIN
452155957
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2125682030
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$813,549
Expenses
$1,188,795
Assets
$3,193,170
Liabilities
$4,205,671

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

Leadership & pay

4 people listed

Executive titles in this filing

  • CHARLENE MELVILLE (PRESIDENT)
  • ALAN WEIL (VICE PRESIDENT)

Highest reported compensation

  • CHARLENE MELVILLE (PRESIDENT): $289,078 total reported compensation
  • DAVID NATHANSON (TREASURER/SECRETARY): $244,625 total reported compensation
  • JAN PETRIGAN (DIRECTOR OF OPERATIONS): $176,738 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 operate a low-income housing project known as the rio comprised of 82 apartments located at 10 fort Washington avenue, New York, New York.

What it reported doing in 2024

Broadway rio housing development fund company inc owns and operates New York city's first housing project to integrate supportive housing for children, the rio has 75 studio apartments and 7 family units. The building includes an afterschool program for resident and neighborhood children and a community art gallery providing academic, cultural and social enrichment opportunities for the entire community.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 74% for direct work, and 26% for grants.

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: 86
  • Transparency & Controls: 68
  • Accountability: 62
  • Sustainability: 29
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 92.3%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 100%; rating input score 100; 76th 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: 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: -46.1%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 2.69; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 1.32; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 7.9%; rating input score 44; 44th percentile among comparable filings

Growth

  • Program expense growth: 7.7% per year; rating input score 100; 54th percentile among comparable filings
  • Revenue growth: 0.4% per year; rating input score 100; 16th percentile among comparable filings
  • Asset growth: -2.4% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 92.3% of spending went to programs
  • Governance: 1 of 2 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.1M in reported program spending
  • Leadership: top reported pay $289K · 4 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 13 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 — Sustainability: Operating margin scored 3/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • Moderate — Sustainability: Officer compensation ratio scored 44/100.