Crown Heights Residence for Adults Housing Development Fund Corp

Nonprofit profile at a glance

EIN
113018126
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Brooklyn, NY, USA
Phone
7184937400
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$687,110
Expenses
$744,295
Assets
$302,866
Liabilities
$2,934,270

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

Leadership & pay

11 people listed

Highest reported compensation

  • VAL HENRY (EXECUTIVE DI): $203,098 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 corporation was organized exclusively for the charitable purpose of owning, constructing, rehabilitating, and leasing, managing, equipping, maintaining, developing and operating housing corporations for persons of low income and needy.

What it reported doing in 2024

The corporation has 53 single room occupancy (sro) units and participates in the sro program as authorized by section 441 of the mckinney-vento homeless assistance act. Assistance provided under the sro program is designed to bring more standard sro units into the local housing supply and to use those units to assist homeless persons. Under the program, the corporation rehabilitated in 1994, then continuously maintains its 53-unit complex and makes these units available for homeless and needy individuals. The tenants are eligible to receive section 8 rental assistance payments. Eligibility is determined by the nyc department of homeless services; and rental assistance payments are made on behalf of homeless individuals who rent the rehabilitated dwellings.

Operating model

Revenue model
Earned-program. 69% 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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 61
  • Transparency & Controls: 74
  • Accountability: 100
  • Sustainability: 22
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 70.5%; rating input score 71
  • Program expense ratio: 65.1%; rating input score 65
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd 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: -8.3%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 0.41; rating input score 19; 19th percentile among comparable filings
  • Liabilities to assets ratio: 9.69; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: 1%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 0.7% per year; rating input score 100; 21st percentile among comparable filings
  • Revenue growth: 0% per year; rating input score 100; 15th percentile among comparable filings
  • Asset growth: -10.9% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 70.5% of revenue deployed · 65.1% of spending went to programs
  • Governance: 10 of 10 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $485K in reported program spending
  • Leadership: top reported pay $203K · 11 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 9 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 — Sustainability: Operating margin scored 19/100.
  • High — Sustainability: Total-asset coverage ratio scored 19/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 0/100.