Colosimo Apartments Inc

Nonprofit profile at a glance

EIN
942711709
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-EZ 2022
Location
San Francisco, CA, USA
Phone
4158646432
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$61,710
Expenses
$63,561
Assets
$584,302
Liabilities
$194,143

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

Leadership & pay

7 people listed

Highest reported compensation

  • SAM MOSS (VICE CHAIR): $326,186 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 benefit and support mission housing development corporation, a California nonprofit public benefit corporation, and its purposes in accordance with section 509(a)(3) of the internal revenue code by (i)providing decent, safe and sanitary housing and related facilities and services, and expand economic opportunities for low-income persons; (ii) serving as a general partner (either directly or as the sole member of a limited liability company) in limited partnerships and serving as the sole or managing member in limited liability companies which will own and operate housing for low-income persons and households described in (i) above; (iii) borrowing money and issuing evidence of indebtedness in furtherance of any or all of the objects of its businees, and to secure the same by mortgage, pledge or other lien on the corporation's property; and (iv) lending money, and doing any and all other lawful things in furtherance of the charitable purposes of mhdc.

What it reported doing in 2024

The corporation serves as a member of two limited liability companies which serve as the general partner in two limited partnerships which provide 238 units of low-income housing for low-income persons in san francisco, ca. The corporation also serves as the general partner of a limited partnership which provides 131 units of low-income housing for low-income persons in san francisco, California.

Operating model

Revenue model
Earned-program. 98% 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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 60
  • Accountability: 83
  • Sustainability: 45
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • 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: 71.4%; rating input score 71; 23rd 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: NotApplicable
    • Other executive compensation review process: Pass
    • 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%; rating input score 51; 51st percentile among comparable filings
  • Total-asset coverage ratio: 9.19; rating input score 62; 62nd percentile among comparable filings
  • Liabilities to assets ratio: 0.33; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 15.3%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: -24.4% per year; rating input score 0; 14th percentile among comparable filings
  • Revenue growth: -38.5% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: -20.8% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 5 of 7 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $64K in reported program spending
  • Leadership: top reported pay $326K · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 8 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 17 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 — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 51/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.