Elmcor Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
843927201
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Corona, NY, USA
Phone
7186510096
Rating
85
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$668,606
Expenses
$1,051,594
Assets
$15,246,685
Liabilities
$15,277,948

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

Leadership & pay

4 people listed

Executive titles in this filing

  • saeeda l dunston (President)

Highest reported compensation

  • saeeda l dunston (President): $282,633 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 organization seeks to provide housing and related accessory facilities to the broadest range of low and moderate income persons, elderly persons and handicapped persons in need on a nonprofit basis without regard to race, creed, sex and national origin.

What it reported doing in 2024

The organization provides housing and related accessory facilities to the broadest range of low and moderate income persons, elderly persons and handicapped persons in need on a nonprofit basis without regard to race, creed, sex and national origin.

Operating model

Revenue model
Earned-program. 80% 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

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

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 79
  • Accountability: 95
  • Sustainability: 36
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.3%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -57.3%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 14.5; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 1; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 3%; rating input score 57; 57th percentile among comparable filings

Growth

  • Program expense growth: 88.7% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: 74.2% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 25.2% per year; rating input score 100; 87th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.3% of spending went to programs
  • Governance: 3 of 3 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1M in reported program spending
  • Leadership: top reported pay $283K · 4 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 2/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • Review — Sustainability: Officer compensation ratio scored 57/100.