Federation Building 74 Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
273339228
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
West Babylon, NY, USA
Phone
2128191130
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Independent Housing for People with Disabilities

Reported finances

Revenue
$1,201,616
Expenses
$254,150
Assets
$17,370,089
Liabilities
$5,853,089

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

Leadership & pay

4 people listed

Executive titles in this filing

  • BARBARA FARON (PRESIDENT)
  • PHIL MATCOVSKY (VICE PRESIDENT)

People named in this filing

  • BARBARA FARON (PRESIDENT)
  • PHIL MATCOVSKY (VICE PRESIDENT)
  • NANCY SCHONBERG (TREASURER)

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

Real estate development of low income housing

What it reported doing in 2024

Development of low income housing

Operating model

Revenue model
Grant-funded. 62% 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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 52
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 87
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 34.3%; rating input score 34
  • Program expense ratio: 100%; rating input score 100
  • 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: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 78.8%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 68.35; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.34; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: -8% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: -4.2% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: 1.6% per year; rating input score 100; 23rd percentile among comparable filings

Details

  • Where the money goes: 34.3% of revenue deployed · 100% of spending went to programs
  • Governance: 4 of 4 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $254K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 12 of 12 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 12 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 3 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 — Financial Efficiency: Mission deployment rate scored 34/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.