Core Community Partners

Nonprofit profile at a glance

EIN
834273534
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Bingham Farms, MI, USA
Phone
2488330550
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Temporary Housing

Official website

Reported finances

Revenue
$3,215,914
Expenses
$510,947
Assets
$10,317,865
Liabilities
$2,244,910

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

Leadership & pay

8 people listed

Executive titles in this filing

  • TIMOTHY V FOX (PRESIDENT)

Highest reported compensation

  • TIMOTHY V FOX (PRESIDENT): $690,829 total reported compensation
  • BRIAN GALLAHER (CHIEF FINANCIAL OFFICER): $545,316 total reported compensation
  • ANDREW MARTIN (VP OF DEVELOPMENT): $315,785 total reported compensation

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

Overview

Mission

The mission of core community partners is to provide timely and cost-effective lending, investing, consulting and other financial services to support the development and re-development of affordable housing stock and related community economic development in order to increase the quality of life in low-income communities.

What it reported doing in 2024

For the fiscal year ending 3/31/2025, core community partners (core) consulted on four affordable housing projects totaling 317 new construction affordable units and 97 preservation affordable units. Four new loans were disbursed during this fiscal year as well resulting in the rehabilitation of 188 affordable units. One loan was paid off and closed out during this time period accounting for 97 rehabilitated units. Six loans were disbursed before this fiscal year and are still outstanding with 321 affordable units either constructed or preserved with this support. Four developments paid financing fees during this fiscal year and core received dividends and interest on stock invested in a federal home loan bank.

Operating model

Revenue model
Grant-funded. 86% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 99% 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 - 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 few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 47
  • Transparency & Controls: 71
  • Accountability: 88
  • Sustainability: 80
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 24.4%; rating input score 24
  • Program expense ratio: 99.8%; 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: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 14th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 84.1%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 20.19; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.22; rating input score 42; 42nd percentile among comparable filings
  • Officer compensation ratio: 27.9%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: 34% per year; rating input score 100; 94th percentile among comparable filings
  • Revenue growth: 18.8% per year; rating input score 100; 87th percentile among comparable filings
  • Asset growth: 28.2% per year; rating input score 100; 92nd percentile among comparable filings

Details

  • Where the money goes: 24.4% of revenue deployed · 99.8% of spending went to programs
  • Governance: 4 of 5 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $510K in reported program spending
  • Leadership: top reported pay $691K · 8 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $348K reported
  • Consistency: 21 of 21 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 3 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 24/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 6/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 42/100.