Family Promise of Bergen County

What it reported doing in 2024

New leaf/new life transitional housing program: homelessness is a complex situation with many causes and underlying issues. After a thorough screening and assessment period in the bridge program, client families who show particular motivation and need additional time to address their personal, financial, and employment goals have the opportunity to live in one of the apartments that family promise rents and manages. Family case managers offer guidance and support to families as they assume these independent living situations. Families may remain in an apartment for up to two years as long as they are working toward their goals. Families in this program are able to avail themselves of all of the services family promise offers including:- job training and educational advancement in order to qualify for better paying jobs- childcare and transportation assistance removes common barriers to successful employment- financial education improves money management skills. With the help of professional financial coaches, families are given the tools they need to address their particular financial challenges.- participation in a mandatory savings plan to create an emergency fund to be able to face unexpected challenges once they leave the program- personal empowerment workshops help families increase their knowledge and gain confidence. When families become empowered, they begin operating from a standpoint of optimism and self-determination as they advance toward their goals. Interview and soft skills training, communication and assertiveness, positive parenting, and relaxation techniques are examples of topics that are explored.

Financial Efficiency

• Mission deployment rate: 79.3%; rating input score 79
• Program expense ratio: 73.9%; rating input score 74
• Fundraising efficiency: $6.68 raised per $1 spent on fundraising; rating input score 25; 25th percentile among comparable filings

Transparency & Controls

• Consistency checks: 94.1%; rating input score 94; 25th percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
• 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: -5.3%; rating input score 23; 23rd percentile among comparable filings
• Total-asset coverage ratio: 1.54; rating input score 57; 57th percentile among comparable filings
• Liabilities to assets ratio: 0.01; rating input score 65; 65th percentile among comparable filings
• Officer compensation ratio: 7%; rating input score 47; 47th percentile among comparable filings

Growth

• Program expense growth: 8.4% per year; rating input score 100; 57th percentile among comparable filings
• Revenue growth: 7.2% per year; rating input score 100; 55th percentile among comparable filings
• Asset growth: 17.1% per year; rating input score 100; 77th percentile among comparable filings