East One Thirty Eighth Housing Development Fund Company Inc
Nonprofit profile at a glance
- EIN
- 272817926
- IRS 990 coverage
- 2011–2024
- Forms available
- Form 990 2024, Form 990-N 2010
- Location
- New York, NY, USA
- Phone
- 2127216032
- Rating
- 59
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Low-Income & Subsidized Rental Housing
Reported finances
- Revenue
- $716,194
- Expenses
- $292,563
- Assets
- $3,418,490
- Liabilities
- $653,082
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
5 people listed
Executive titles in this filing
- PAUL R FREITAG (VICE PRESIDENT)
- SHELDON J FINE (PRESIDENT)
Highest reported compensation
- PAUL R FREITAG (VICE PRESIDENT): $300,806 total reported compensation
- CLAIRE HILGER (COO/ASSIST SECRETARY): $217,076 total reported compensation
- DANIEL J DROSIN (ASST. VP/FACILITIES MGMT (OUTGOING)): $177,696 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
A not-for-profit housing development corporation committed to developing, operating and managing housing for persons of low income.
What it reported doing in 2024
Providing social services to low income persons who reside in low income housing.
Operating model
- Revenue model
- Earned-program. 85% 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
MIXED - The filed numbers largely add up and revenue comfortably covers expenses. 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: 55
- Transparency & Controls: 65
- Accountability: 52
- Sustainability: 76
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 39.8%; rating input score 40
- Program expense ratio: 98.3%; rating input score 98
- 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: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 33.3%; rating input score 33; 10th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 59.2%; rating input score 94; 94th percentile among comparable filings
- Total-asset coverage ratio: 11.68; rating input score 93; 93rd percentile among comparable filings
- Liabilities to assets ratio: 0.19; rating input score 32; 32nd percentile among comparable filings
- Officer compensation ratio: 39%; rating input score 4; 4th percentile among comparable filings
Growth
- Program expense growth: 10.6% per year; rating input score 100; 64th percentile among comparable filings
- Revenue growth: -16.3% per year; rating input score 0; 2nd percentile among comparable filings
- Asset growth: 1.7% per year; rating input score 100; 24th percentile among comparable filings
Details
- Where the money goes: 39.8% of revenue deployed · 98.3% of spending went to programs
- Governance: 1 of 3 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $287K in reported program spending
- Leadership: top reported pay $301K · 5 people listed · 0 of 6 pay-setting controls reported
- Consistency: 25 of 25 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: 37 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 — Financial Efficiency: Mission deployment rate scored 40/100.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Moderate — Accountability: Independent voting board scored 33/100.
- High — Growth: Revenue growth scored 0/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- High — Sustainability: Officer compensation ratio scored 4/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 32/100.