Farmingdale Housing Development Fund Company Inc

Nonprofit profile at a glance

EIN
112614312
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Hempstead, NY, USA
Phone
5164861000
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$1,790,936
Expenses
$875,658
Assets
$5,309,939
Liabilities
$160,478

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

Leadership & pay

15 people listed

Executive titles in this filing

  • STEPHEN KRESSEL ESQUIRE (TREASURER/PRESIDENT)

People named in this filing

  • STEPHEN KRESSEL ESQUIRE (TREASURER/PRESIDENT)
  • KATHERINE MCDONALD (SECRETARY)
  • REVEREND EDWARD BARNETT (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 company has been organized exclusively to develop on a non-profit basis, a housing project for elderly and handicapped persons of low income where no adequate housing exists for such persons, which project is to be aided by a federally-aided mortgage, state-aided mortgage or municipally-aided mortgage as defined in section 572 of the private housing finance law of the state of New York.

What it reported doing in 2024

The company provides housing for the elderly and handicapped. Hud project number 012 eh 288 is an 80-unit apartment facility, located in farmingdale, New York. The project is operated under section 202 of the national housing act and is regulated by u.s. Department of housing and urban development (hud) with respect to rental charges and operating methods.the project also is subject to section 8 housing assistance payments (hap) agreements with hud, and a significant portion of the project's rental income is received from hud.

Operating model

Revenue model
Grant-funded. 72% 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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 45
  • Transparency & Controls: 92
  • Accountability: 82
  • Sustainability: 86
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 39.4%; rating input score 39
  • Program expense ratio: 70.1%; rating input score 70
  • 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: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: 51.1%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 6.06; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 58; 58th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 29.9% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 20.5% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 13.8% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 39.4% of revenue deployed · 70.1% of spending went to programs
  • Governance: 15 of 15 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $613K in reported program spending
  • Leadership: top reported pay $0 · 15 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • 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 — Financial Efficiency: Mission deployment rate scored 39/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • Review — Sustainability: Liabilities to assets ratio scored 58/100.