Fac Advance Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
264642733
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Brooklyn, NY, USA
Phone
7182372017
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$292,677
Expenses
$412,327
Assets
$2,250,462
Liabilities
$3,133,446

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

Leadership & pay

3 people listed

Executive titles in this filing

  • DANY CUNNINGHAM (PRESIDENT)

Highest reported compensation

  • MICHELLE DE LA UZ (SECRETARY): $290,232 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 mission of the organization is to own, develop and operate apartment buildings for qualified low income individuals in the brooklyn New York area.

What it reported doing in 2024

The corporation was formed to provide low-income housing facilities and operate 12 residential units located at 31 st. Marks place, 258 51st street and 237 fifth avenue in brooklyn, New York (the "project") under the confines of the regulatory agreements with the New York city department of housing preservation and development ("nyc hpd").

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 65
  • Accountability: 65
  • Sustainability: 32
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 75.5%; rating input score 75
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 66.7%; rating input score 67; 18th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -40.9%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 5.46; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 1.39; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 2.8%; rating input score 35; 35th percentile among comparable filings

Growth

  • Program expense growth: -3.6% per year; rating input score 0; 20th percentile among comparable filings
  • Revenue growth: 4.4% per year; rating input score 100; 49th percentile among comparable filings
  • Asset growth: -8.3% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 75.5% of spending went to programs
  • Governance: 2 of 3 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $311K in reported program spending
  • Leadership: top reported pay $290K · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 5 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 40 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 7/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.
  • Moderate — Sustainability: Officer compensation ratio scored 35/100.