Flora Vista Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
113681245
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
New York, NY, USA
Phone
2126336900
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing, Shelter N.E.C.

Reported finances

Revenue
$354,402
Expenses
$747,906
Assets
$2,111,801
Liabilities
$1,819,025

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

Leadership & pay

3 people listed

Executive titles in this filing

  • PERRY J PERLMUTTER (PRESIDENT & CEO)

Highest reported compensation

  • PERRY J PERLMUTTER (PRESIDENT & CEO): $631,473 total reported compensation
  • DOUGLAS J WALERSTEIN (TREASURER): $419,581 total reported compensation
  • ARLO M CHASE (SECRETARY): $388,913 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Organized to own, construct, and operate a 20-unit housing project providing permanent housing to low-income individuals.

Operating model

Revenue model
Other-operating. 97% of the money available for current operations came from other operating 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. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 64
  • Accountability: 32
  • Sustainability: 23
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 89%; rating input score 89
  • 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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -111%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 2.82; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0.86; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 25.4%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 33.3% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: 34.4% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: -9.1% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 89% of spending went to programs
  • Governance: 0 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $665K in reported program spending
  • Leadership: top reported pay $631K · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 80 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 — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 2/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.