Buchanan Housing Inc

Nonprofit profile at a glance

EIN
421487279
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Independence, IA, USA
Phone
3193100973
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$149,299
Expenses
$131,654
Assets
$624,423
Liabilities
$185,433

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

Leadership & pay

7 people listed

Executive titles in this filing

  • SHERRI KAVALIER (Vice President)
  • GREG BECKER (President)
  • PAT KAYSER (Vice President)

People named in this filing

  • TAMMY FENNER (Treasurer)
  • DAWN VOGEL (Chairman)
  • SHERRI KAVALIER (Vice President)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To provide low cost housing for people with mental disabilities. The agency owns three duplexes in independence, Iowa, one duplex in winthrop, Iowa, one duplex in jesup, Iowa, and one duplex in fairbank, Iowa. Each duplex has two apartments and each apartment has two bedrooms.

What it reported doing in 2024

There are three duplexes in independence, Iowa which house a total of 12 tenants. One duplex in winthrop, Iowa houses 4 tenants, a duplex in jesup, Iowa houses 4 tenants, and another duplex in fairbank, Iowa houses 4 tenants. All of the duplexes except the fairbank, Iowa duplex and one independence, Iowa duplex were built with loans from the usda, and the loans are payable from tenant's rental income. The fairbank, Iowa duplex was built with existing cash balances and a loan from fairbank state bank. The independence, Iowa duplex purchased in 2011 was paid for with existing cash balances, grants, and a loan from bankiowa which is a local financial institution. Each tenant receives hud assistance which helps pay their portion of the rent. The apartments are currently being rented by tenants who have been diagnosed as having a mental disability. The county mental health advocate performs screenings of the individuals who would qualify for the housing and makes references to the organization for potential tenants who have a mental impairment. This housing is an alternative to a group home setting for the individuals. They have more freedom and can choose services that better meet their individual needs.the expenses associated with the primary exempt purpose of the organization are mainly due to interest expense on the usda and bank loans, depreciation expense of the duplexes, and occupancy expenses (including maintenance, upkeep, and utilities) for the duplexes.

Operating model

Revenue model
Earned-program. 86% 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 the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 90
  • Accountability: 58
  • Sustainability: 63
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 78.8%; rating input score 79
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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; 63rd percentile among comparable filings
  • Governance controls: 0 of 7 controls in place; rating input score 0
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 11.8%; rating input score 63; 63rd percentile among comparable filings
  • Total-asset coverage ratio: 4.74; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.3; rating input score 16; 16th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 1% per year; rating input score 100; 35th percentile among comparable filings
  • Revenue growth: 0.4% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: -2.8% per year; rating input score 0; 15th percentile among comparable filings

Details

  • Where the money goes: 78.8% of revenue deployed · 100% of spending went to programs
  • Governance: 8 of 8 board members independent · 0 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $132K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • 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 — Accountability: Governance controls: 6 of 6 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 16/100.