Car Housing Affordability Fund

Nonprofit profile at a glance

EIN
912157935
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Sacramento, CA, USA
Phone
2137398200
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing, Shelter N.E.C.

Official website

Reported finances

Revenue
$1,409,548
Expenses
$1,206,548
Assets
$998,249
Liabilities
$98,995

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

Leadership & pay

19 people listed

Highest reported compensation

  • IQBAL BHOLAT (TREASURER): $323,203 total reported compensation

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

Overview

Mission

The California association of realtors housing affordability fund plays an active role in addressing the ongoing housing affordability crisis facing our state. The fund will raise and distribute funds and partner with other groups to promote housing and homeownership.

What it reported doing in 2024

The c.a.r. Housing affordability fund made grants totaling $1,080,000 to support local associations' efforts to increase affordable homeownership opportunities in their local communities and provide closing costs assistance to qualified first-time California homebuyers.grants to organizations=====================during 2024, c.a.r. Housing affordability fund made grants totaling $80,000 to support local associations' efforts to increase affordable homeownership opportunities in their local communities.grants to individuals=====================during 2024, c.a.r.'s closing cost assistance grant program provided $1,000,000 to 103 households to help first-time homebuyers who are members of an "underserved community" bridge the affordability gap by providing them with up to $10,000 in closing cost assistance. Through the 3 years of the program a total of $3,000,000 (311 households) thus far. Each grant is provided to low-to-moderate income (120% ami and below) first-time homebuyers who utilize the services of a California realtor.

Operating model

Revenue model
Affiliate-supported. 71% of the money available for current operations came from contributions from related organizations.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as 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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 71
  • Accountability: 90
  • Sustainability: 55
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76.8%; rating input score 77
  • Program expense ratio: 89.5%; rating input score 90
  • 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 14.4%; rating input score 69; 69th percentile among comparable filings
  • Total-asset coverage ratio: 0.83; rating input score 37; 37th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 43; 43rd percentile among comparable filings
  • Officer compensation ratio: 4.7%; rating input score 54; 54th percentile among comparable filings

Growth

  • Program expense growth: 8.3% per year; rating input score 100; 57th percentile among comparable filings
  • Revenue growth: 6.2% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: -11.3% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 76.8% of revenue deployed · 89.5% of spending went to programs
  • Governance: 18 of 18 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.1M in reported program spending
  • Leadership: top reported pay $323K · 19 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $118K reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 9 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 14 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: Governance controls: 2 of 8 not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 37/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 43/100.
  • Review — Sustainability: Officer compensation ratio scored 54/100.