Chp Cove Inc

Nonprofit profile at a glance

EIN
521949584
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
6463364936
Rating
58
Verdict
MIXED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$6,363,986
Expenses
$5,726,429
Assets
$9,486,037
Liabilities
$40,129,441

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

Leadership & pay

10 people listed

Executive titles in this filing

  • RICHARD F BURNS (PRESIDENT)
  • ERIC PRICE (SENIOR VICE PRESIDENT)
  • CARLOS GONZALEZ (SENIOR VICE PRESIDENT)

Highest reported compensation

  • RICHARD F BURNS (PRESIDENT): $760,054 total reported compensation
  • STEVEN GREEN (VP): $548,069 total reported compensation
  • ERIC PRICE (SENIOR VICE PRESIDENT): $512,500 total reported compensation

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

Overview

Mission

To provide for the acquisition, development, ownership and operation of affordable housing for low income families.

What it reported doing in 2024

The corporation provides housing to low income tenants in a 384 unit apartment complex located in boynton beach, Florida operated under the name clipper cove apartments.

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

MIXED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 60
  • Accountability: 14
  • Sustainability: 54
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.3%; rating input score 87
  • Program expense ratio: 97%; rating input score 97
  • 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: 0%; rating input score 0; 3rd percentile among comparable filings
  • Governance controls: 3 of 9 controls in place; rating input score 33
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 10%; rating input score 63; 63rd percentile among comparable filings
  • Total-asset coverage ratio: 1.66; rating input score 55; 55th percentile among comparable filings
  • Liabilities to assets ratio: 4.23; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: 2.9%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -0.2% per year; rating input score 0; 13th percentile among comparable filings
  • Revenue growth: 3.6% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: -1% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 87.3% of revenue deployed · 97% of spending went to programs
  • Governance: 0 of 3 board members independent · 3 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $5.6M in reported program spending
  • Leadership: top reported pay $760K · 10 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $797K reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 126 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 — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Governance controls: 6 of 9 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 55/100.
  • High — Sustainability: Liabilities to assets ratio scored 0/100.