Cheverus School Apartments Inc

Nonprofit profile at a glance

EIN
043292605
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
East Boston, MA, USA
Phone
6175695590
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Supportive Housing for Older Adults

Reported finances

Revenue
$857,659
Expenses
$888,247
Assets
$2,393,238
Liabilities
$5,136,188

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

Leadership & pay

9 people listed

Executive titles in this filing

  • GREGORY WILMOT (PRESIDENT)
  • ALBERT F CALDARELLI (FORMER PRESIDENT/EBCDC, INC.)

Highest reported compensation

  • ALBERT F CALDARELLI (FORMER PRESIDENT/EBCDC, INC.): $529,751 total reported compensation
  • SALVATORE J COLOMBO (TREASURER AND CLERK): $372,991 total reported compensation
  • ALBERT FESTA (FORMER CHIEF OPERATING OFFICER/EBCDC, INC.): $324,351 total reported compensation

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

Overview

Mission

Housing for low- and moderate-income elderly

What it reported doing in 2024

Operating a 47-unit housing facility at 10 moore street, east boston, ma, providing affordable housing and support services to elderly at risk in the east boston, ma community.

Operating model

Revenue model
Earned-program. 100% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 64
  • Accountability: 62
  • Sustainability: 38
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74%; rating input score 74
  • Program expense ratio: 71.6%; rating input score 72
  • 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 11th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: -3.6%; rating input score 27; 27th percentile among comparable filings
  • Total-asset coverage ratio: 2.69; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 2.15; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 10.8%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 2.1% per year; rating input score 100; 27th percentile among comparable filings
  • Revenue growth: 4.8% per year; rating input score 100; 42nd percentile among comparable filings
  • Asset growth: -3.3% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 74% of revenue deployed · 71.6% of spending went to programs
  • Governance: 3 of 6 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $636K in reported program spending
  • Leadership: top reported pay $530K · 9 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 16 filing years from 2009 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.
  • Review — Accountability: Independent voting board scored 50/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Operating margin scored 27/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.