Chelsea Restoration

Nonprofit profile at a glance

EIN
042614551
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Chelsea, MA, USA
Phone
6178892277
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Rehabilitation

Official website

Reported finances

Revenue
$523,313
Expenses
$324,054
Assets
$1,531,005
Liabilities
$290,060

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

Leadership & pay

8 people listed

Executive titles in this filing

  • MARILYN GARCIA (EXECUTIVE DIRECTOR)
  • CHRISTINE DEPRIZIO (PRESIDENT)

Highest reported compensation

  • MARILYN GARCIA (EXECUTIVE DIRECTOR): $101,344 total reported compensation

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

Overview

Mission

Chelsea restoration corporation (the organization) was founded in 1977 as a Massachusetts nonprofit organization. The organization provides community revitalization support and services for homebuyer education, pre-purchase counseling, and down payment assistance.

What it reported doing in 2024

Programs include workshops, mortgage and housing rehabilitation assistance, property receivership and a management

Operating model

Revenue model
Donor-supported. 70% of the money available for current operations came from contributions and gifts.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 86
  • Accountability: 56
  • Sustainability: 71
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.5%; rating input score 73
  • Program expense ratio: 89.2%; rating input score 89
  • Fundraising efficiency: $106.47 raised per $1 spent on fundraising; rating input score 87; 87th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 87.5%; rating input score 88; 21st percentile among comparable filings
  • Governance controls: 1 of 8 controls in place; rating input score 12
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 38.1%; rating input score 88; 88th percentile among comparable filings
  • Total-asset coverage ratio: 4.72; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.19; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 31.3%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: 0.3% per year; rating input score 100; 19th percentile among comparable filings
  • Revenue growth: 2.2% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: 1.5% per year; rating input score 100; 23rd percentile among comparable filings

Details

  • Where the money goes: 72.5% of revenue deployed · 89.2% of spending went to programs
  • Governance: 7 of 8 board members independent · 1 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $289K in reported program spending
  • Leadership: top reported pay $101K · 8 people listed
  • Consistency: 21 of 22 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 7 of 8 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 6/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.