Credo Housing Development Inc

Nonprofit profile at a glance

EIN
222813920
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Waterbury, CT, USA
Phone
2034377960
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$130,899
Expenses
$397,568
Assets
$558,524
Liabilities
$2,893

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • PETER JAY HOPSON (PRESIDENT)

Highest reported compensation

  • ROBERT DORR (EXECUTIVE DI): $40,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To address the critical shortage of decent, safe, and affordable housing for low-income households in waterbury.

What it reported doing in 2025

Providing decent, safe, and affordable housing for low-income individuals

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Grant intermediary. The nonprofit sent 78% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 87
  • Accountability: 74
  • Sustainability: 24
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 92.8%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 15th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.1%; rating input score 99; 61st percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -203.7%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 1.4; rating input score 50; 50th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 44; 44th percentile among comparable filings
  • Officer compensation ratio: 10.1%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 5.2% per year; rating input score 100; 52nd percentile among comparable filings
  • Revenue growth: 1.1% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: 0.2% per year; rating input score 100; 23rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 92.8% of spending went to programs
  • Governance: 8 of 8 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $369K in reported program spending
  • Leadership: top reported pay $40K · 9 people listed
  • Consistency: 22 of 23 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 50/100.
  • High — Sustainability: Officer compensation ratio scored 27/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 44/100.