CAHEC Properties Corporation

Nonprofit profile at a glance

EIN
562217808
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Raleigh, NC, USA
Phone
9194200063
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$3,499,876
Expenses
$1,525,515
Assets
$19,349,148
Liabilities
$9,475,708

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

Leadership & pay

8 people listed

Executive titles in this filing

  • Dana Boole (President)
  • George Baker (Vice President and Secretary)
  • Robert Landis (Vice President)
  • Andrea Wolford (Vice President)

Highest reported compensation

  • Dana Boole (President): $754,867 total reported compensation
  • Erin Griffin (Treasurer): $401,477 total reported compensation
  • George Baker (Vice President and Secretary): $310,871 total reported compensation

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

Overview

Mission

Acquires, develops, constructs, rehabilitates, preserves, maintains, owns, operates, finances, and otherwise fosters and supports, directly or indirectly, decent, safe, and sanitary housing for low-income persons.

What it reported doing in 2024

Assists in low income housing/historic tax credit properties that are distressed for financial/managerial reasons in which community affordable housing equity corporation (cahec - parent company) sponsored equity funds made an investment.

Operating model

Revenue model
Other-operating. 99% of the money available for current operations came from other operating 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 total spending goes to programs. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 88
  • Accountability: 30
  • Sustainability: 74
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 48.1%; rating input score 48
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 20%; rating input score 20; 6th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: 56.4%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 12.68; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.49; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 48%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: 20.3% per year; rating input score 100; 85th percentile among comparable filings
  • Revenue growth: 29.4% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: 25.8% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 48.1% of revenue deployed · 100% of spending went to programs
  • Governance: 1 of 5 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.5M in reported program spending
  • Leadership: top reported pay $755K · 8 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 299 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 48/100.
  • High — Accountability: Independent voting board scored 20/100.
  • Moderate — Accountability: Governance controls: 5 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 1/100.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.