Fifth Street Highrise Inc

Nonprofit profile at a glance

EIN
610734695
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Louisville, KY, USA
Phone
5025871259
Rating
43
Verdict
MIXED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$3,200
Expenses
$1,360
Assets
$15,145,674
Liabilities
$0

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

Leadership & pay

8 people listed

Executive titles in this filing

  • CECIL BROOKINS (PRESIDENT)
  • LAWRENCE DULIN (VICE PRESIDENT)

People named in this filing

  • CECIL BROOKINS (PRESIDENT)
  • LAWRENCE DULIN (VICE PRESIDENT)
  • CHARLES V PIPHUS JR (SECRETARY)

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

Fifth street highrise, inc. Was organized as a nonprofit organization, in accordance with the state of Kentucky, to acquire, own, construct and operate j.o. Blanton house, a 258-unit apartment complex in louisville, Kentucky. The corporation receives housing assistance payments from the u.s. Department of housing and urban development pursuant to section 236 of the national housing act, as amended. On october 19, 2018, the property sold to jo blanton affordable limited partnership.fifth street highrise inc. Now funds the project through a seller carryback loan, and is the managing member of fifth street housing gp, llc. Fifth street housing gp, llc is the general partner of jo blanton affordable limited partnership. The main purpose of fifth street highrise inc. Going forward will be to serve as a financing arm of the low income project now owned by jo blanton affordable limited partnership.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - 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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 80
  • Accountability: 70
  • Sustainability: 87
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 88.9%; rating input score 89; 9th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 57.5%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 11,136.52; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -21.1% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: -12.9% per year; rating input score 0; 27th percentile among comparable filings
  • Asset growth: 18.7% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 8 of 8 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 12 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 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.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.