Cogic Memorial Home for the Elderly

Nonprofit profile at a glance

EIN
540971309
IRS 990 coverage
2010–2021
Forms available
Form 990 2021
Location
Norfolk, VA, USA
Phone
7576222513
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$224,289
Expenses
$340,644
Assets
$15,068,340
Liabilities
$1,663,883

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • JOSEPH E WILLIAMS (PRESIDENT)
  • TONY MCNAIR (VICE PRESIDENT)
  • WILBERT L DANIELS (PRESIDENT EMERITUS)

Highest reported compensation

  • LEMUEL WILLIAMS (DIRECTOR OF PROPERTY MANAGEMENT): $180,657 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide affordable housing to the handicapped and elderly.

What it reported doing in 2021

In 2020, cogic memorial home for the elderly, inc. ("home") sold its 150-unit apartment complex providing housing to low-to-moderate income individuals to cogic home for the elderly preservation lp ("lp") taking back a low-interest note receivable from the lp. The lp intends to rehabilitate the property utilizing low income housing tax credits. The organization owns a 54% interest in cogic memorial preservation, llc ("llc") which is the general partner of the lp. While the primary operations of the apartment complex are conducted by the lp, the home continues to provide management oversight of the operations to ensure charitable purposes are being furthered.

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. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 66
  • Accountability: 90
  • Sustainability: 34
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.5%; rating input score 92
  • Program expense ratio: 60.3%; rating input score 60
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Scored; rating input score 0

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: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -51.9%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 44.23; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 53%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: -2.6% per year; rating input score 0; 32nd percentile among comparable filings
  • Revenue growth: 14.9% per year; rating input score 100; 81st percentile among comparable filings
  • Asset growth: 29.5% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 91.5% of revenue deployed · 60.3% of spending went to programs
  • Governance: 7 of 7 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $205K in reported program spending
  • Leadership: top reported pay $181K · 8 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 5 filed schedules · includes executive pay and related organizations
  • Filing history: 12 filing years from 2010 to 2021
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.