Fairmont Place Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
133819617
IRS 990 coverage
2010–2022
Forms available
Form 990 2022
Location
Bronx, NY, USA
Phone
7188426440
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$226,997
Expenses
$511,494
Assets
$306,342
Liabilities
$155,983

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

9 people listed

Highest reported compensation

  • JEAN BONHOMME (CONTROLLER): $114,039 total reported compensation
  • ANTHONY LYNCH (EXECUTIVE DI): $107,954 total reported compensation
  • STEVEN SELTZER (EXECUTIVE DI): $82,154 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide quality housing and social services to the low and moderate- income families of the south bronx, ny.

What it reported doing in 2022

To provide safe, clean and affordable housing to low income families located in the south bronx, ny.

Operating model

Revenue model
Earned-program. 99% 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. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 90
  • Accountability: 55
  • Sustainability: 10
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.6%; rating input score 98
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 18th percentile among comparable filings
  • Governance controls: 3 of 9 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -125.3%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 0.6; rating input score 26; 26th percentile among comparable filings
  • Liabilities to assets ratio: 0.51; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 12.9% per year; rating input score 100; 77th percentile among comparable filings
  • Revenue growth: -0% per year; rating input score 0; 29th percentile among comparable filings
  • Asset growth: -4.6% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.6% of spending went to programs
  • Governance: 4 of 6 board members independent · 3 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $499K in reported program spending
  • Leadership: top reported pay $114K · 9 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 10 filing years from 2010 to 2022
  • Contacts: How to reach this organization
  • Related organizations: 26 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 — Accountability: Governance controls: 4 of 7 not reported.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 26/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.