Cordova Community Facilities Corp

Nonprofit profile at a glance

EIN
593362279
IRS 990 coverage
2009–2017
Forms available
Form 990 2017
Location
Destin, FL, USA
Phone
8506646000
Rating
55
Verdict
MIXED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$33,989,266
Expenses
$3,792,580
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2017. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • BENJAMIN N PEARCE (PRESIDENT)
  • REBECCA FREEMAN (VICE PRESIDENT)

Highest reported compensation

  • LAURA B WRIGHT (SECRETARY/TREASURER): $20,602 total reported compensation
  • CYNTHIA WILCOX (DIRECTOR): $2,569 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2017. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The corporation shall provide positive housing opportunities to those families of low and modest financial means and shall strive to promote self-respect and self-reliance among its residents while maintaining the integrity of the properties and the financial goals established by the board of directors. This mission shall be accomplished through competent, professional management, active participation by the board of directors, the residents and the community, all working together to care for the property of each other.

What it reported doing in 2017

Creekside housing project- provide and maintain low cost affordable housing to 255 low to moderate income families and individuals.

Operating model

Revenue model
Other-operating. 96% of the money available for current operations came from other operating 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and the required major-donor schedule is missing or incomplete.

Rating breakdown

  • Financial Efficiency: 33
  • Transparency & Controls: 75
  • Accountability: 70
  • Sustainability: 58
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 9.4%; rating input score 9
  • Program expense ratio: 83.9%; rating input score 84
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: No; rating input score 0
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 12th 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: 88.8%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0.1%; rating input score 93; 93rd percentile among comparable filings

Growth

  • Program expense growth: -6.9% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: 33.2% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: -11.1% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 9.4% of revenue deployed · 83.9% of spending went to programs
  • Governance: 4 of 6 board members independent · 6 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $3.2M in reported program spending
  • Leadership: top reported pay $21K · 6 people listed
  • Highest-paid contractors: 1 contractor listed · $650K reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 8 filing years from 2009 to 2017
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 5 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 — Financial Efficiency: Mission deployment rate scored 9/100.
  • High — Transparency & Controls: Major donor itemization scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.