Esther Gitlow Towers Ii Housing Development Fund Corp

Nonprofit profile at a glance

EIN
203265317
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Suffern, NY, USA
Phone
8453579507
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$901,435
Expenses
$1,249,090
Assets
$9,370,241
Liabilities
$12,407,838

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

Leadership & pay

9 people listed

Executive titles in this filing

  • IRA PERLSTEIN (PRESIDENT)

People named in this filing

  • JEANNE FEFFERMAN (BOARD MEMBER)
  • DEANNA GITLOW (BOARD MEMBER)
  • DEVRA KANTOR (BOARD MEMBER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The organization's mission is to offer low-income senior citizens with safe and affordable housing. The organization makes sure every tenant gets every benefits which they are entitled to, which helps reduce their rent and make living affordable.

What it reported doing in 2024

The organization is to own, manage, and operate a senior citizen apartment complex comprising of 80 units. The organization is administered and regulated by u.s. Department of housing and urban development (hud). Under this program, the organization offers housing to the low-income senior citizens, subject to regulation by hud as to rental charges and operating methods. Lower rental charges to tenants are recovered by hud.

Operating model

Revenue model
Grant-funded. 73% of the money available for current operations came from government grants.
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: 81
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 38
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 77.4%; rating input score 77
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -38.6%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 7.5; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 1.32; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 2.2% per year; rating input score 100; 27th percentile among comparable filings
  • Revenue growth: 2.3% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: -2.6% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 77.4% of spending went to programs
  • Governance: 9 of 9 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $967K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: Filed and resolved organization relationships.
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 4/100.
  • Review — Accountability: Governance controls: Board meeting minutes documented not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.