Cedar Street Apartments Inc

Nonprofit profile at a glance

EIN
320221793
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Redwood City, CA, USA
Phone
6503683345
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$193,927
Expenses
$405,298
Assets
$4,588,402
Liabilities
$3,999,290

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

Leadership & pay

5 people listed

Executive titles in this filing

  • CAROL-ANN CASNER (PRESIDENT)
  • ELISE CLOWES (VICE PRESIDENT)
  • MELISSA PLATTE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MELISSA PLATTE (EXECUTIVE DIRECTOR): $278,615 total reported compensation

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

Overview

Mission

A single purpose, single asset corporation to provide permanent supportive housing to very low-income disabled adults.

What it reported doing in 2024

Cedar street apartments provides permanent supportive housing to 14 formerly homeless individuals diagnosed with serious mental illness. In cooperation with mental health association of san mateo county, support services on-site include service coordination, case management, occupational therapy, medication management assistance and other groups and programs as needed.

Operating model

Revenue model
Grant-funded. 70% of the money available for current operations came from government grants.
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

STRONG - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 65
  • Accountability: 100
  • Sustainability: 32
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 92.4%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Limited

Accountability

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

Sustainability

  • Operating margin: -109%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 11.32; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.87; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 5.1%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 1.1% per year; rating input score 100; 35th percentile among comparable filings
  • Revenue growth: 3.9% per year; rating input score 100; 46th percentile among comparable filings
  • Asset growth: -2.5% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 92.4% of spending went to programs
  • Governance: 4 of 4 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $375K in reported program spending
  • Leadership: top reported pay $279K · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 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.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.