Fernclif Housing Development Fund Company Inc
Nonprofit profile at a glance
- EIN
- 223183508
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Rochester, NY, USA
- Phone
- 5853402000
- Rating
- 62
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $192,960
- Expenses
- $213,191
- Assets
- $463,429
- Liabilities
- $33,046
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
6 people listed
Executive titles in this filing
- ANNA MULCAHY (PRESIDENT THROUGH MAY 2024)
- MARISA GEITNER (VICE PRESIDENT)
- SHADI SIFAIN (PRESIDENT FROM JUNE 2024)
Highest reported compensation
- MARISA GEITNER (VICE PRESIDENT): $489,328 total reported compensation
- SHADI SIFAIN (PRESIDENT FROM JUNE 2024): $201,577 total reported compensation
- ANNA MULCAHY (PRESIDENT THROUGH MAY 2024): $85,093 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Fernclif gardens is a one-story building, with twenty-three one bedroom apartments. The purpose is to provide housing for those who would benefit from housing with maximum accessibility and supportive shared attendant services. All apartments are specially designed to be barrier-free for a person utilizing a wheelchair.
What it reported doing in 2024
Fernclif gardens is a one-story building, with twenty-three one-bedroom apartments. The purpose is to provide housing for those who would benefit most from housing with maximum accessibility and supportive shared attendant services. All apartments are specially designed to be barrier-free for a person utilizing a wheelchair.
Operating model
- Revenue model
- Earned-program. 94% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.
Rating breakdown
- Financial Efficiency: 68
- Transparency & Controls: 60
- Accountability: 66
- Sustainability: 33
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 78.5%; rating input score 78
- Program expense ratio: 74.8%; rating input score 75
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 50%; rating input score 50; 16th 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: -10.5%; rating input score 22; 22nd percentile among comparable filings
- Total-asset coverage ratio: 2.17; rating input score 61; 61st percentile among comparable filings
- Liabilities to assets ratio: 0.07; rating input score 29; 29th percentile among comparable filings
- Officer compensation ratio: 35.1%; rating input score 8; 8th percentile among comparable filings
Growth
- Program expense growth: -2.5% per year; rating input score 0; 22nd percentile among comparable filings
- Revenue growth: 0.8% per year; rating input score 100; 28th percentile among comparable filings
- Asset growth: -3.7% per year; rating input score 0; 13th percentile among comparable filings
Details
- Where the money goes: 78.5% of revenue deployed · 74.8% of spending went to programs
- Governance: 2 of 4 board members independent · 7 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $159K in reported program spending
- Leadership: top reported pay $489K · 6 people listed · 0 of 6 pay-setting controls reported
- Consistency: 21 of 21 current checks pass
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 8 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Related organizations: 1 filed related-organization link
- 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.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Independent voting board scored 50/100.
- High — Growth: Program expense growth scored 0/100.
- High — Sustainability: Operating margin scored 22/100.
- Review — Accountability: Governance controls: CEO compensation review process not reported.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 8/100.
- High — Sustainability: Liabilities to assets ratio scored 29/100.