Famicos Foundation

What it reported doing in 2025

Famicos foundation is one of cleveland's oldest community development corporations (cdc), founded in 1969 by sister henrietta gorres, csa shortly after the hough riots and incorporated in 1970. The name famicos comes from "families in cooperation", as sr. Henrietta believed that lasting neighborhood change could only come from the resident families working together toward change. Famicos has a staff of 55 employees working across nine departments and four lines of business. With a mission of improving the quality of life in greater cleveland through neighborhood revitalization, affordable housing and integrated social services, famicos is prominent in the development of affordable housing, especially the preservation of historic properties. In 2014, famicos foundation became a charter member of neighborworks america (nwa), a network of excellence in neighborhood revitalization, with 250 chartered members across the united states of america, puerto rico and guam. As a member of nwa, famicos foundation is involved in a nationwide movement to create community wealth through community empowerment, economic empowerment, financial empowerment, housing empowerment and real estate empowerment. Famicos foundation is a state, county and city chdo with focus in cuyahoga county, mainly the city of cleveland. Famicos foundation owns and / or manages 21 partnerships consisting of 760 units of affordable and mixed-income housing for families, seniors and formerly chronically homeless individuals funded in most part by the 9% lihtc from ohfa. Famicos signature market rate project, heritage lane homes, are located on e. 105th street consisting of thirteen historic duplexes converted to single units and sold at more than 300,000.00 to owner occupants. Heritage lane has helped to boost home prices in creating strong housing market in glenville and neighboring hough. In 2021, famicos completed the construction and lease up of circle north homes consisting of 30-unit single-family homes, using the 9% lihtc funding and in 2025, famicos completed the construction and lease-up of another new 9% development called sr. Henrietta homes consisting of 40 units in hough. Famicos operates a robust home repair program completing 37 jobs totaling 308k for seniors and disabled "to age in place- and another 33 jobs under the lead safe remediation program totaling 832k for seniors and disabled. In addition to property management and real estate lines of businesses, community building and engagement (cb & e) department provided health & wellness services including health screenings, safe sleep training for infants, free reading glasses, free internet connectivity, food distribution etc. To more than eight thousand (8,000) residents spread across glenville, hough & st. Clair superior neighborhoods. The homeownership resource center (hrc) provided financial coaching, credit and wealth building, home buyer education, and housing stability counseling and advocacy services to clients throughout the county. Other services include free tax preparation (1237 tax returns bringing back nearly 1,404 million back to the community and famicos cares legal works assists individuals with minor misdemeanor offenses and outstanding warrants through free records expungement services. In 2025, legal works sealed 498 new records, allowing residents to get better jobs and more choices in life. At famicos foundation, we place high priority on youth engagement and development. Our emphasis on youth employment made famicos a perfect fiscal agent partner for mycom, a non-profit that provides resources to youth in over 20 greater cleveland communities. Mycom assisted youth to connect, navigate and be productive during out-of-school summer programming such as our youth landscaping program employing more than 40 youth every year. Famicos foundation has the ability to complete projects and is a key stakeholder in the transformation of cleveland's eastside neighborhoods. Famicos foundation dev

Financial Efficiency

• Mission deployment rate: 74.2%; rating input score 74
• Program expense ratio: 87.7%; rating input score 88
• Fundraising efficiency: $33.59 raised per $1 spent on fundraising; rating input score 68; 68th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
• Pay-setting controls: 1 of 6 controls in place; rating input score 17
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • 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; 64th 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: NotApplicable
  • 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: 15.4%; rating input score 69; 69th percentile among comparable filings
• Total-asset coverage ratio: 5.46; rating input score 79; 79th percentile among comparable filings
• Liabilities to assets ratio: 0.39; rating input score 33; 33rd percentile among comparable filings
• Officer compensation ratio: 6.6%; rating input score 45; 45th percentile among comparable filings

Growth

• Program expense growth: 9.3% per year; rating input score 100; 64th percentile among comparable filings
• Revenue growth: 4.7% per year; rating input score 100; 38th percentile among comparable filings
• Asset growth: 2.2% per year; rating input score 100; 14th percentile among comparable filings